Extracted from this filing and checked against the source text.
Earnings Releases
SEC 8-K Item 2.02
confidence 0.95
VirTra, Inc reported first quarter ended March 31, 2023 results: revenue $10.0 million, net income $2.9 million, EPS $0.27 per diluted share.
- Period
- first quarter ended March 31, 2023
- Revenue
- $10.0 million
- Net income
- $2.9 million
- EPS
- $0.27 per diluted share
- Result
- reported results
Exact text from the filing
Total revenue increased 48% to $10.0 million from $6.8 million in the first quarter of 2022. The increase in revenue was the result of the deliveries of two major government contracts and one large international contract. Gross profit increased 88% to $6.9 million from $3.7 million in the first quarter of 2022. Gross profit margin, defined as total revenue less cost of sales, was 69.3%, an improvement compared to 54.6% in the first quarter of 2022. The increase in gross profit was primarily due to the increased sales achieved while maintaining cost of sales in line with 2022 levels. The increased gross margins resulted from the favorable product mix of systems, accessories and services sold in the quarter. Net operating expense was $3.5 million, compared to $3.0 million in the first quarter of 2022. The increase in net operating expenses was due to increased R&D expenses, additional costs related to the Orlando facility, and one-time costs in payroll and related expenses. Operating inc
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