VirTra (VTSI) 2026財年第二季度業績電話會：營收改善，在手訂單達2490萬美元

VirTra (NASDAQ: VTSI) 公佈，截至2026年6月30日的第二財季營收轉化與新簽訂單環比有所改善。然而，由於客户資金撥付、採購和驗收時點繼續推迟收入確認，營收和盈利能力同比有所下滑。

核心要點

• 2026財年第二季度營收為580萬美元，低於去年同期的700萬美元，但在國際交付的支撐下，較2026財年第一季度的350萬美元環比增長約66%。
• 新簽訂單額從上季度的380萬美元增至550萬美元。在該公司補足第二季度轉化的絕大部分收入后，在手訂單維持在約2490萬美元。
• 毛利率從去年同期的69%降至59%，反映出營收規模下降以及在內容製作和產品開發方面的持續投資。
• VirTra 錄得淨虧損30萬美元（即稀釋后每股虧損0.02美元），而去年同期淨利潤為20萬美元（即稀釋后每股收益0.02美元）。
• 管理層表示，底層需求環境依然健康，但資金撥付、採購審批、安裝及客户驗收的時點仍是近期主要的變量。
• VirTra 已在三個能力領域入選美國陸軍市場採購名錄：武器技能開發、聯合火力訓練以及反無人機系統。

關鍵財務數據

2026財年前六個月，營收為920萬美元，而去年同期為1410萬美元。毛利潤為550萬美元（佔營收的60%），而去年同期為1000萬美元（佔營收的71%）。VirTra 錄得六個月淨虧損約160萬美元（即稀釋后每股虧損0.14美元），而去年同期淨利潤為140萬美元（即稀釋后每股收益0.13美元）。

業務與運營表現

STEP 協議、資本系統訂單、聯邦客户以及多個國內銷售區域的新簽訂單額均有所改善。管理層還提到，此前在資金緊張環境下推迟採購的部分聯邦客户活動有所復甦。

VirTra 在本季度製作了約10個全新訓練場景，大幅超出歷史平均水平。該公司表示，此項內容投資旨在提升平臺價值、支撐未來新簽訂單，並滿足客户不斷變化的需求。

國際業務營收得益於客户對此前所訂購系統的驗收。管理層表示，國際意向訂單管線包含直接的主權國家合作以及有美國參與的項目，特別是圍繞無人機系統訓練的項目。然而，在客户場地設施、安裝時間表和培訓安排就緒之前，交付和收入確認可能會推迟。

該公司通過收購臨近軍事模擬採購及項目管理機構的奧蘭多園區，擴大了其在國防領域的業務佈局。該設施將作為 VirTra 的項目管理辦公室，並支持展示、內容開發、工程設計和項目執行。管理層預計，現有的租户租賃合同將產生租金收入，並對未來的財務表現帶來積極貢獻。

管理層展望

管理層預計 2026 財年剩余時間內在手訂單將得到進一步轉化。具體時點將取決於客户資金撥付、採購流程、安裝進度及驗收時間表。

該公司表示，自2024年10月以來一直在跟蹤的三項資助計劃已正式下發，客户已提交資金申請，且決標在即。VirTra 還報告稱，軍方和聯邦政府的信息徵詢與方案提議請求有所增加。

管理層強調，由於地緣政治局勢發展、選舉、資金到位情況以及客户就緒程度可能會延長採購和交付周期，國際業務營收仍將保持不均衡。

風險與關注領域

• 客户資金撥付、採購審批和驗收流程仍不在 VirTra 的直接控制範圍內，可能會導致不同期間之間的收入發生轉移。
• 國際銷售本質上具有波動性，採購周期長且難以預測。
• 軍事領域的項目機會從評估和方案提議推進至最終簽訂合同可能需要相當長的時間。
• 營收規模下降以及在內容和產品開發方面的持續投資，對二季度的毛利率構成壓力。
• 上半年現金有所減少，部分原因是為支持交付而採購存貨以及收購奧蘭多地產。

投資者問答環節亮點

管理層指出，重新開放的資助計劃、客户的資金申請、即將落地的決標決定，以及聯邦和軍方招標要求的增加，均表明資金環境正在改善。VirTra 成功入選美國陸軍市場採購名錄，也被視為對其在三個訓練類別中技術實力的認可，不過管理層表示，現在估計由此產生的業務機會的時點或規模還為時過早。

在國際業務方面，管理層提醒稱，由於訂單可能在客户準備好接收系統之前就已獲得資金，因此營收缺乏連貫性。因此，收入確認取決於場地設施就緒情況、安裝介入條件以及所需培訓和驗收流程的完成情況。

業績電話會議完整文字記錄

完整財報電話會議逐字稿

管理層陳述

Operator

Good afternoon, and welcome to BERTRA's second quarter, 2026, Earnings and Profits. conference call. My name is Drew and I will be your operator for today's call. Joining us for today's presentation are the company's CEO John Givens and CFO Alana Ujwala. Following their remarks, we will open the call for questions. Before we begin the call, I would like to provide Bertra's safe harbor statement that include cautions regarding forward-looking statements made during this call. During this presentation, management may discuss financial projections, information, and other 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 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.vertra.com. Now, I'd like to turn the call over to Vertra's CEO, Mr. John Givens. Thank you,.

John Givens

seat sir. Thank you Drew 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 second quarter, ended June 30, 2026, along with an update on our business and operating environment. For the quarter, revenue totaled $5.8 million, bookings were $5.5 million, and backlog remained strong at approximately $24.9 million. These results reflected improved revenue conversion compared to the first quarter, particularly within our international business, while customer funding and procurement timing continue to influence our overall performance. As we discussed over the last several quarters, the fundamental demand environment for VirtuaSolution has remained intact. The primary challenge has not been demand, but rather the timing associated with the funding awards, the procurement approvals, and customer acceptance processes. During the second quarter, we continue to see evidence that these processes are moving forward.

Multiple grant programs have reopened, funding allocations are moving through the system, and customers are actively submitting applications and advancing procurement efforts. While there are still several steps between an application and revenue recognition, we believe these developments represent meaningful progress compared with the constrained funding environment we've experienced over the last two years. Importantly, once funding is awarded and purchase orders are issued, our team remains well positioned to fulfill orders quickly. The uncertainty today is less about the customer's interest and more about the timing of administrative and procurement processes outside of our control. This quarter provided additional evidence that many of those processes are beginning to move. We saw stronger bookings, improved revenue conversion, and renewed activity from customers that had been largely inactive for extended periods. We also maintained a healthy backlog while converting revenue during the quarter. which speaks to the underlying level of customer interest we continue to see across our markets.

Turning to bookings, we generated $5.5 million during the quarter, up from $3.8 million in the first quarter. Activity included step agreements, capital system orders, renewed federal activity, and contributions across multiple domestic territories. One encouraging development was a return of activity from certain federal customers that had delayed purchasing decisions while funding remained constrained. Our team is also seeing progress across all of our domestic sales territories as the funding environments evolve. While individual orders may vary, varying timing, the broader participation reinforces the continued need for realistic scenario-based training solutions. Our backlog ended the quarter at approximately $24.9 million. We replenished much of what we delivered through new booking activities.

We believe this reflects continued customer engagement and provides an important foundation as funding and procurement activities continue to advance. Internationally, we recognize revenue from previously awarded deployment during the quarter and continue to see encouraging activity across our pipeline. These opportunities often involve long procurement cycles and can be difficult to forecast, but we believe our international opportunities are set to strengthen. We are submitting proposals more frequently than in the past and are seeing favorable outcomes across a number of these opportunities. of engagement we are seeing today gives us confidence that this market will remain an important contributor to our long-term growth strategy. In the military market, we recently achieved an important milestone with our acceptance into the U.S. Army's marketplace across three sections, weapons skills development, joint fires training, and counter unmanned aircraft systems capability areas. While it remains too early to predict the timing or magnitude of these resulting opportunities, this acceptance validates the capability and operational relevance of our technology while demonstrating that our solutions are aligned with the evolving mission requirements of the U.S. military.

It significantly strengthens our position. within the military training ecosystem, and it expands our visibility with key stakeholders and enhances our ability to compete for future programs and long-term opportunities. As we've said before, military opportunities tend to involve lengthy procurement cycles and can take significant time to move from initial engagement to contract award. However, we continue to participate in evaluations, proposal activities, and discussions across a number of military and defense-related opportunities, and we believe our position within that market continues to improve. We also significantly expanded our long-term presence within the military training and simulation market through the acquisition of our Orlando campus during the quarter. Strategically located within Central Florida's premier defense and modeling and simulation and training ecosystem, the facility serves as virtual. Program Management Office and positions the company in close proximity to the U.S. Army's simulation acquisition organizations located in Research Park, as well as the simulation acquisition and program management organizations supporting the other military services.

This location substantially enhances our ability to collaborate with government customers throughout the acquisition lifecycle, respond rapidly to program opportunities, and support customer demonstrations. develop training content, and conduct collaborative engineering and program execution. In addition to strengthening our operational presence and competitive position within the defense community, the property provides operational presence and competitive positions within the defense community. And the property provides operational flexibility and includes tenant leases regularly. expected to contribute positively to future financial performance. From a product standpoint, we continue to focus on expanding the ways customers can apply Virtuous Technologies. Beyond our core training business, we have also begun evaluating opportunities to leverage our immersive content production capabilities and other internal resources for adjacent commercial applications. While these efforts remain in the early stages, they reflect our ongoing focus on identifying complementary revenue opportunities that can further leverage the infrastructure, expertise, and technologies we have built over time. In addition, we continue investing in one of our key competitive differentiators, our content.

During the quarter, we produced approximately 10 new scenarios significantly above historical levels. This investment expands the value of our platform for existing customers, it supports future booking opportunities and helps ensure agencies have access to training content aligned with evolving operational requirements. Overall, we believe the second quarter demonstrated continued progress across several areas of the business. Revenue conversion improved, bookings increased, international activity contributed meaningfully to results, and customers continued moving through grant and procurement processes. We recognize that external funding timings remain the largest variable affecting near-term performance. However, the activity we are seeing today, combined with our backlog, pipeline, military initiatives, and growing international opportunities, reinforces our view that the underlying demand environment remains healthy. on helping customers navigate funding and procurement processes, delivering best-in-class training solutions, and converting opportunities into bookings, revenue, and long-term shareholder value. I'll now turn the call over to Alana to go over the financial results in more detail.

Alana?.

Unknown Speaker

Thank you, John, and good afternoon, everyone. Let's now review our unaudited financial results for the second quarter and six-month ending June 30, 2026. Our total revenue for the second quarter was $5.8 million. Compared to $7 million in the prior year period, revenue increased significantly from $3.5 IN THE FIRST QUARTER OF 2026, REFLECTING IMPROVED REVENUE CONVERSION AND CONTRIBUTIONS FROM INTERNATIONAL DELIVERIES DURING THE QUARTER. BREAKING IT DOWN BY MARKET, GOVERNMENT REVENUE FOR THE SECOND QUARTER WAS 3.5 MILLION COMPARED TO 5.4 MILLION IN THE PRIOR YEAR PERIOD. INTERNATIONAL REVENUE FOR THE SECOND QUARTER WAS 2.2 MILLION COMPARED TO 1.4 MILLION IN THE FIRST QUARTER. in the prior year period. Our total revenue for the first six months was 9.2 million compared to 14.1 million in the prior year period.

The decrease primarily reflects the delayed customer funding procurement timelines and the customer acceptance activity that impacted the timing of our revenue recognition. Gross profit for the second quarter was 3.4 million or 59% of the total revenue compared to 4.8 million or 69% of the total revenue in the prior year period. Our gross margin continued to reflect the impact of lower revenue volume and our ongoing investments in content production and product development. initiatives. During the quarter, we continued producing new training content at an accelerated pace to support future customer deployments and platform adoption. Our gross profit for the first six months was $5.5 million, or 60% of the total revenue, compared to $10 million, or 71% of the total revenue in the prior year period. And again, that decrease was driven by those lower revenue volumes and our continued investment in strategic content and development initiatives to support future growth opportunities. OUR NET OPERATING EXPENSE FOR THE SECOND QUARTER WAS 3.6 MILLION COMPARED TO 3.9 MILLION IN THE PRIOR YEAR PERIOD.

AND OUR NET OPERATING EXPENSE FOR THE FIRST SIX MONTHS WAS 7.1 MILLION COMPARED TO 7.7 MILLION IN THE PRIOR YEAR PERIOD. THIS REFLECTS DISCIPLINE EXPENSE MANAGEMENT WHILE CONTINUING TO INVEST IN THE SECOND QUARTER. to invest in our key growth initiatives. Loss from operations for the second quarter was approximately 0.2 million compared to operating income of 0.2 million in the prior year period. Loss from operations for the first six months was approximately 1.5 million compared to operating income of 1.5 million in the prior year period. Our net loss for the second quarter was 0.3 million or two cents per diluted share compared to net income of 0.2 million or two cents per diluted share in the prior year period. Net loss for the first six months is approximately 1.6 million or 14 cents per diluted share compared to net income of 1.4 million 13 cents per diluted share in the prior year period. Adjusted EBITDA, a non-GAAP metric, was 0.4 million for the second quarter compared to 0.7 million in the prior year period.

And for six months of 2026, adjusted EBITDA was approximately 0.4 million compared to 2.4 million in the negative 0.4 million compared to 2.4 million in the prior year period. As of June 30th, cash and cash equivalents totaled $14.3 million compared to $18.6 million at December 31st, 2025. During the first half of the year, our cash usage reflected investment in inventory supporting customer deliveries, including our international shipments, as well as the acquisition of a our Orlando facility. As John mentioned, we completed that acquisition of our Orlando campus during the quarter. And in addition to strengthening our presence within the defense training simulation market, the property includes tenant leases that generate rental income and are expected to contribute positively to future financial performance. Now, Virtro defines bookings as the total of newly signed contracts, awarded RFPs and purchase orders received in a given period, and bookings for the second quarter totaled $5.5 million compared to $3.8 million in the first quarter. The increase reflected contributions from step agreements, capital system orders, renewed activities, and new contracts. from our federal customers and a number of capital systems purchased across all of our domestic sales territories.

Gertrude defines backlog as the accumulation of bookings from signed contracts and purchase orders that are not yet started or incomplete in their performance obligations, and therefore cannot be recognized as revenue until delivered in a future period. We segment this backlog into three primary categories, capital, which includes our simulator systems, accessories, installs, training, custom content, and design work. Our service, which is primarily extended warranty and support contracts, and then STEP, our long-term subscription-based program. Our Our backlog at June 30, 2025 stood at 24.9 million. This included 13.2 million in capital, 3.8 million in service and 7.9 million in step contracts. During the quarter, we converted a portion of our backlog into revenue, including the first phase of a previously awarded international deployment. We expect additional backlog conversions during the remaining of the year.

Although timing will continue to depend on customer funding, the procurement processes and the installation schedules and accepted timelines. In summary, we're encouraged by the improvement in revenue conversion bookings and adjusted EBITDA during the quarter. And while customer funding and procurement timing continues to influence our near-term results. We believe our backlog, recurring revenue streams, discipline expense management, and strong balance sheet position positions as well to support future growth opportunities. That concludes my prepared remarks and I'll turn the call back over to John for his closing comments.

John Givens

Thank you, Alana. We are encouraged by the progress we saw during the second quarter, including the improved revenue conversions, those stronger bookings, and continued backlog strength and growing customer activity across funding and procurement channels. We also continued advancing our position in both the international and the military markets while expanding our long-term capabilities throughout the acquisition of our Orlando campus. Funding and procurement timings remain key variables. We do believe the underlying demand environment remains healthy. Our focus remains on supporting our customers, executing on opportunities in front of us, and converting continued engagement into revenue growth over time. That concludes our prepared remarks. Drew, please open the call for questions.

Operator

Thank you. We will now begin the question and answer session. To ask a question, you may press star then 1 on your telephone keypad. If you're using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star then 2. At this time we will pause momentarily to assemble our roster. I see that there are no questions in the live queue at this time. The company has received from investors questions to address now.

Question one, you discussed seeing meaningful progress in the funding environment in including reopened grant programs and renewed federal activity, What specific indicators are giving you greater confidence today, and how should investors think about the path from that activity to bookings and ultimately revenue?.

John Givens

Yes, that's a great question. The indicators are pretty strong and pretty glaringly obvious. The grants as far as there are three separate grants that we've been waiting on since October of 2024, and they've released those and we've been, We've been assisting our customers to the level that we can, and they've been submitting to those grants for appropriate funding for their needs. So just seeing that they were released was number one. Number two, that those submissions and our customers submitted requests. And then number three is that they are about to close on those and then award, they've announced that they will have a list out of who was awarded those funds. That's from the grant side, mostly law enforcement. The side on the military is the release of both both requests for information, they're trying to see who's out there in the market space that can fulfill their requirements.

The second piece is the request for proposals that have been put out there that we've responded to. both from military to federal agencies, have requests in which we've submitted. The other positive indication is that we were awarded and accepted onto the new marketplace for the US Army in three separate categories. In the past, we would have never qualified for the other categories, but because of our content And the flexibility that we've built into the system, we now are able to do just what Virtra does, the weapons skills trainers. Then we have – there's another set for joint fires for artillery and close air support. And then the third one is counter UAS, where – drones, it's a drone defense as well. And that's both for the military and for the law enforcement. So all of those are the really positive signs that we've seen in this fund's release.

Operator

Thank you. Question two, international revenue contributed meaningfully to the sequential improvement this quarter. What are you seeing in the international pipeline?.

Unknown Speaker

And just to verify, go ahead. No, no, go ahead. I'm sorry.

Operator

Thank you. I just wanted to make sure I say this correctly. What are you seeing in the international pipeline, and how should investors think about the potential consistency of that business given the longer procurement cycles?.

John Givens

Excuse me, thank you. Yes, I'll answer the second half of that because that's a much easier one. There is no consistency in the international market. We've been in an RFP process, and you get down the pipeline, and then there's delays for some reason or the other, whether it's geopolitical or same issues that happen in the U.S. with funding and elections and those things. So I apologize. we can't give you the certainty of that long-term and the continuity of that. It's a very lumpy revenue in the international space. But what we are seeing is we are seeing a bunch of different levels, both with U.S. involvement and and directly from countries, we're seeing the need for training in the UAS with everything happening overseas now, most people are aware of, and with some of the other items and issues and threats that are out there, VIRTUA is positioned well. to be able to meet those mission critical demands. So what contributed to this last quarter were some international sales that we had made that they just couldn't take it because of facilities or timing, and they were able to take some of those orders.

So that's what we were talking about about the timing of when we receive the order because they want to spend the money and obligate it, but they're not ready to actually receive it, so we can't recognize the revenue. So we see that quite often with our foreign intermediaries national sales just because when they have the money, they want to get it obligated on something so it can't be taken away. And then we have to work with them to try to figure out when their facilities are there, when their processes are able, or when we can get in there to do the installation and training.

Operator

Thank you. At this time, this concludes our question and answer session. Thank you for joining us today for Virtra's second quarter 2026 conference call. You may now disconnect.

This live transcript is auto-generated without human intervention or review.

[Call has ended.]