Conferencia de resultados del Q2 de 2026 de VirTra (VTSI): los ingresos mejoran y la cartera de pedidos alcanza los $24.9M

VirTra (NASDAQ: VTSI) reportó una mejora secuencial en la conversión de ingresos y en las reservas durante el segundo trimestre finalizado el 30 de junio de 2026. Sin embargo, los ingresos y la rentabilidad disminuyeron interanualmente, ya que los plazos de financiación, contratación y aceptación de los clientes siguieron retrasando el reconocimiento de ingresos.

Puntos clave

• Los ingresos del segundo trimestre de 2026 fueron de 5,8 millones de dólares, frente a los 7,0 millones de un año antes, pero aumentaron aproximadamente un 66% respecto a los 3,5 millones del primer trimestre de 2026, impulsados por las entregas internacionales.
• Las reservas aumentaron a 5,5 millones de dólares desde los 3,8 millones del trimestre anterior. La cartera de pedidos pendientes se mantuvo en aproximadamente 24,9 millones de dólares después de que la empresa repusiera gran parte de los ingresos convertidos durante el segundo trimestre.
• El margen bruto cayó al 59% desde el 69% del año anterior, lo que refleja un menor volumen de ingresos y la continua inversión en producción de contenidos y desarrollo de productos.
• VirTra registró una pérdida neta de 0,3 millones de dólares, o 0,02 dólares por acción diluida, en comparación con un beneficio neto de 0,2 millones de dólares, o 0,02 dólares por acción diluida, en el mismo trimestre del año anterior.
• La dirección afirmó que el entorno de demanda subyacente sigue siendo sólido, pero que el calendario de concesión de fondos, aprobaciones de compras, instalaciones y aceptación por parte de los clientes sigue siendo la principal variable a corto plazo.
• VirTra fue aceptada en el mercado del Ejército de EE. UU. en tres áreas de capacidad: desarrollo de habilidades con armas, entrenamiento de fuegos conjuntos y sistemas contra aeronaves no tripuladas.

Datos financieros clave

Durante los primeros seis meses de 2026, los ingresos fueron de 9,2 millones de dólares frente a los 14,1 millones de dólares del año anterior. El beneficio bruto fue de 5,5 millones de dólares, o el 60% de los ingresos, en comparación con los 10,0 millones de dólares, o el 71%, del año anterior. VirTra registró una pérdida neta semestral de aproximadamente 1,6 millones de dólares, o 0,14 dólares por acción diluida, frente a un beneficio neto de 1,4 millones de dólares, o 0,13 dólares por acción diluida.

Rendimiento comercial y operativo

Las reservas mejoraron en los acuerdos STEP, los pedidos de sistemas de capital, los clientes federales y múltiples territorios de ventas nacionales. La dirección también citó una renovada actividad por parte de algunos clientes federales que habían retrasado sus compras durante el entorno de financiación restringida.

VirTra produjo aproximadamente 10 nuevos escenarios de entrenamiento durante el trimestre, cifra significativamente superior a su ritmo histórico. La empresa afirmó que esta inversión en contenidos busca aumentar el valor de la plataforma, respaldar futuras reservas y responder a las cambiantes necesidades de los clientes.

Los ingresos internacionales se beneficiaron de la aceptación por parte de los clientes de sistemas encargados anteriormente. La dirección señaló que la cartera de proyectos internacionales incluye oportunidades tanto de interacción directa con países como de participación de EE. UU., especialmente en torno al entrenamiento con sistemas de aeronaves no tripuladas. Sin embargo, la entrega y el reconocimiento de ingresos pueden retrasarse hasta que las instalaciones del cliente, los calendarios de instalación y los acuerdos de formación estén listos.

La empresa amplió su presencia en el sector de la defensa mediante la adquisición de un campus en Orlando, cerca de organizaciones de adquisición de simulación militar y gestión de programas. Las instalaciones servirán como Oficina de Gestión de Programas de VirTra y respaldarán demostraciones, desarrollo de contenidos, ingeniería y ejecución de programas. La dirección prevé que los contratos de arrendamiento existentes con inquilinos generen ingresos por alquiler y contribuyan de forma positiva al rendimiento financiero futuro.

Perspectivas de la dirección

La dirección prevé una conversión adicional de la cartera de pedidos pendientes durante el resto de 2026. El calendario dependerá de la financiación de los clientes, los procesos de contratación, los calendarios de instalación y los plazos de aceptación.

La empresa afirmó que se liberaron tres programas de subvenciones que venía monitoreando desde octubre de 2024, que los clientes habían presentado solicitudes de financiación y que las decisiones de adjudicación estaban próximas. VirTra también informó de un aumento en las solicitudes militares y federales de información y propuestas.

La dirección enfatizó que los ingresos internacionales seguirán siendo irregulares debido a que la evolución geopolítica, las elecciones, la disponibilidad de financiación y la preparación de los clientes pueden prolongar los ciclos de contratación y entrega.

Riesgos y aspectos a vigilar

• Las adjudicaciones de financiación de los clientes, las aprobaciones de compras y los procesos de aceptación se escapan al control directo de VirTra y pueden trasladar ingresos de un periodo a otro.
• Las ventas internacionales son intrínsecamente irregulares, con ciclos de contratación largos y difíciles de prever.
• Las oportunidades militares pueden tardar un tiempo significativo en pasar de la fase de evaluación y propuesta a la adjudicación de contratos.
• El menor volumen de ingresos y la inversión continua en desarrollo de contenidos y productos ejercieron presión sobre el margen bruto durante el segundo trimestre.
• El efectivo disminuyó durante el primer semestre debido en parte a las compras de inventario para respaldar las entregas y a la adquisición de la propiedad en Orlando.

Puntos destacados de las preguntas y respuestas con inversores

La dirección señaló la reapertura de programas de subvenciones, las solicitudes de financiación de los clientes, las próximas decisiones de adjudicación y el aumento de las licitaciones federales y militares como pruebas de que el entorno de financiación está mejorando. La aceptación de VirTra en el mercado del Ejército de EE. UU. también se presentó como una validación de su tecnología en tres categorías de entrenamiento, aunque la dirección indicó que era demasiado pronto para estimar el plazo o el volumen de las oportunidades resultantes.

En cuanto a las operaciones internacionales, la dirección advirtió de que los ingresos carecen de regularidad debido a que los pedidos pueden financiarse antes de que los clientes estén listos para recibir los sistemas. Por lo tanto, el reconocimiento de ingresos depende de la preparación de las instalaciones, el acceso para la instalación y la finalización de los procesos de capacitación y aceptación requeridos.

Transcripción completa de la conferencia de resultados

Transcripción completa de la conferencia de resultados

Comentarios de la dirección

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.

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