VirTra, Inc. (NASDAQ:VTSI) Q3 2022 Earnings Conference Call November 14, 2022 4:30 PM ET

Company Participants

Bob Ferris – Chairman and Co-Chief Executive Officer

John Givens – Co-Chief Executive Officer

Conference Call Participants

Richard Baldry – ROTH Capital

Jaeson Schmidt – Lake Street

Operator

Good afternoon, and welcome to VirTra’s Third Quarter 2022 Earnings Conference Call. My name is Keith, and I will be your operator for today’s call. Today’s call is being recorded.

Joining us for today’s presentation are the company’s Chairman and Co-CEO, Bob Ferris; and Co-CEO, John Givens; Following their remarks, we will open the call for questions from VirTra’s institutional analysts and investors.

Before we begin the call, I would like to provide VirTra’s Safe Harbor statements that includes cautions regarding forward-looking statements made during this call. During this presentation, management may discuss financial projections, information or expectations about the company’s products and services or markets or otherwise make statements about the future, which are forward-looking and subject to a number of risks and uncertainties that could cause actual results to differ materially from the statements made.

The company does not undertake any obligation to update them as required by law. Finally, I would like to remind everyone this call will be made available for replay via a link in the Investor Relations section of the company’s website at www.virtra.com.

Now, I would like to turn the call over to VirTra’s Chairman and Co-CEO, Mr. Bob Ferris. Sir, please proceed.

Bob Ferris

Thank you, Keith, and thank you, everyone, for joining us this afternoon. After the market closed today, we issued a press release that provided our financial results for the third quarter and nine months ended September 30, 2022, along with highlighted business accomplishments. We also filed our 10-Q with the SEC today, which is available for a review at your discretion.

The third quarter included several exciting milestones for VirTra that we are proud to update you on today. Importantly, we had a record quarter of bookings of $16.7 million representing year-over-year growth of 52%, bringing our year-to-date bookings to $26.6 million. Our strong bookings in the third quarter allowed us to end the period with a record backlog of $28.3 million up 30% year-over-year. This growth was driven by our continued penetration of our core law enforcement markets.

Keep in mind, we still see massive upside in the military market for our shareholders, especially given VirTra’s technological leadership position with de-escalation and small arms training. We are increasingly convinced we can expand our military simulation market share through efforts spearheaded by John Givens that he will detail shortly.