VirTra, Inc. (NASDAQ:VTSI) Q3 2024 Earnings Conference Call November 12, 2024 4:30 PM ET

Company Participants

John Givens - CEO
Alanna Boudreau - CFO

Operator

Good afternoon and welcome to VirTra's Third Quarter 2024 Earnings Conference Call. My name is Matt, and I'll be your operator for today's call. Joining us for today's presentation are the company's CEO, John Givens; and CFO, Alanna Boudreau. Following the remarks, we will open the call for questions.

Before we begin the call, I'd 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 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 would like to turn the call over to VirTra's CEO, Mr. John Givens. Thank you. You may begin.

John Givens

Thank you, Matt, 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 third quarter ending September 30, 2024, along with highlighted business accomplishments.

I'll start by reviewing our third quarter performance, including a discussion about the progress in our bookings growth and our V-XR platform introduction. I'll also provide updates on strategic advancements in core-markets and early-stage growth markets, where we are seeing promising progress. Afterwards, I'll hand it over to Alanna for a detailed financial review, then I'll provide some closing remarks before moving to the Q&A.

In the third quarter we made positive strides towards accelerating our sales momentum. Our revenues came in at $7.5 million, up 23% from Q2 of 2024 and in-line with the $7.6 million in Q3 of 2023. Importantly, Q3 bookings increased to $8.9 million, up 51% from the $5.9 million in Q2 of 2024, and up 22% from the $7.3 million in Q3 of 2023. The performance reflects the early impact of our sales enhancement initiatives in the second half of 2023 and marks a solid recovery from earlier in the year.