VirTra, Inc. (NASDAQ:VTSI) Q4 2023 Earnings Call Transcript April 1, 2024 4:30 PM ET
Company Participants
John Givens - Chief Executive Officer
Alanna Boudreau - Chief Financial Officer
Conference Call Participants
Jaeson Schmidt - Lake Street Capital Markets
Operator
Good afternoon, and welcome to VirTra's Fourth Quarter and Full Year 2023 Earnings Conference Call. My name is Doug and I will be your operator for today's call. Joining us for today's presentation are the company CEO, John Givens; and CFO, Alanna Boudreau. 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 on 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. You may proceed, sir.
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 fourth quarter and the full year ending December 31, 2023, along with highlighted business accomplishments. We also filed our 10-K with the SEC today, which is available for review at your discretion.
As a brief overview for today's call, I'll begin by providing highlights from 2023 and detailing our recent operations and incentives -- initiatives before passing the call to Alanna to discuss our financial results in more detail. After that, I'll provide some concluding remarks before moving to Q&A. And with that, let's begin.
2023 was a year of substantial transformation and achievement, which culminated in a strong fourth quarter with revenue of $10.3 million, our third double-digit million revenue quarter in 2023. This led to record-breaking annual revenues of $38.2 million, representing a 35% increase from 2022. Our success has been the result of strategic changes we've implemented across our business, particularly in enhancing our internal operations.