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Second-quarter revenue of $5.8 million, down 17% from a year earlier, is the number VirTra, Inc. (Nasdaq: VTSI) put on the tape August 13.
The case for the Chandler, Arizona training simulator company rests on $24.9 million in ending backlog and acceptance into the U.S.
What complicates it: a first-half net loss of $1.6 million driven by customers who could not accept delivery on schedule, with management unable to say when that pattern breaks. The first six months are the harder read.
Revenue of $9.2 million came in 35% below the year-ago $14.1 million. Gross margin compressed from 71% to 60%.
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