VirTra, Inc. (NASDAQ:VTSI) Q3 2023 Earnings Conference Call November 14, 2023 4:30 PM ET

Company Participants

John Givens - Chief Executive Officer

Alanna Boudreau - Chief Financial Officer

Robert Ferris - Executive Chairman

Conference Call Participants

Jaeson Schmidt - Lake Street Capital Markets

Operator

Good afternoon, and welcome to VirTra's Third Quarter 2023 Earnings Conference Call. My name is Irene, and I will be your operator for today's call. Joining us for today's presentation are the company's CEO, John Givens; CFO, Alanna Boudreau; and Executive Chairman, Bob Ferris. Following their remarks, we will open the call for questions.

Before we begin the call, I would like to provide VirTra's Safe Harbor Statement 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'd like to remind everyone that 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'd like to turn the call over to VirTra's CEO, Mr. John Givens. Thank you, and you may proceed.

John Givens

Thank you, operator, 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 ended 30, September 2023.

Along with highlighted business accomplishments, we also filed our 10-Q with the SEC today, which is available for your review at your discretion. As a brief overview for today's call, I'll begin by providing highlights for the third quarter 2023 and summarizing our operations and initiatives before passing the call to Alanna to discuss our financial results in more detail. Bob will then come on to discuss our recent V-XR product development and after that, I'll provide some concluding remarks before moving to the Q&A.

And with that, we'll begin.

In Q3, we built on our success from the first half of the year, advancing our operations and sales efforts further. These improvements continue to show up in our financial performances with net income climbing over $2.4 million from the previous year and revenue increasing by 54% year-over-year. Operationally, we are finalizing our machine shop consolidation into a single facility. While being mindful to minimize the impact of our delivery schedule, we're also planning a $1.4 million capital investment to significantly enhance our manufacturing capability and speed, and most importantly, the quality of our product. As a result, we're improving the customer experience while also reducing our cost.