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VirTra (VTSI) investor relations material
VirTra Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary10 Nov, 2025
Executive summary
Q3 2025 revenue declined due to slower federal funding cycles and delayed customer acceptance, but backlog and pipeline of opportunities increased, with bookings reaching $8.4 million and a $4.8 million contract in Colombia.
Operational discipline, enhanced sales and marketing, and new product launches like the V1 portable simulator and APEX analytics platform expand the addressable market and value proposition.
International revenue more than doubled year-over-year, with notable wins and deployments in Canada and Colombia.
Board appointed Grant Barber to the advisory board and authorized a letter of intent to purchase the Orlando office building by April 2026.
Restatement of 2024 revenue comparatives due to a $748K revenue misstatement from prior software implementation.
Financial highlights
Q3 2025 revenue was $5.3 million, down 29% year-over-year; nine-month revenue was $19.5 million, down 7%.
Q3 gross profit was $3.5 million (66% margin), down from $5.5 million (73% margin) in Q3 2024; nine-month gross margin was 69%, down from 75%.
Q3 net loss was $0.4 million ($0.03 per diluted share) versus net income of $0.6 million ($0.05 per share) last year; nine-month net income was $1.05 million, down 53%.
Adjusted EBITDA for Q3 was $0.1 million, down 91% year-over-year; nine-month Adjusted EBITDA was $2.5 million, down 38%.
Cash and cash equivalents were $20.8 million at quarter-end, up from $18.0 million at year-end 2024.
Outlook and guidance
Backlog and bookings are expected to convert to revenue as federal funding resumes and customer acceptance improves.
Gross margins are anticipated to remain in the 60–65% range, with potential for slight decreases as market share is prioritized.
Management expects current capital resources to support operations for more than 12 months but remains open to raising additional funds for expansion.
The government shutdown beginning in Q4 2025 is expected to impact bookings and revenue conversion in the next quarter.
The company is positioned for growth as pent-up demand is expected to convert to orders in upcoming quarters.
V-One Portable Simulator sales outlook?
Operating cash flow drivers for 2026?
Backlog conversion timeline and risks?
Q3 booking's 2026 revenue conversion impact?
Sacrifice gross margin for market share strategy
Acquisition strategy given strong cash position?
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Frequently asked questions
VirTra Inc designs, develops, and manufactures judgmental use of force training simulators and firearms training simulators for law enforcement, military, and security organizations. Its systems offer immersive, real-world training scenarios. The company is headquartered in Tempe, Arizona, and its shares are listed on the NASDAQ.
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