버트라(VTSI) 2026년 2분기 실적 발표 콘퍼런스 콜: 매출 개선, 수주 잔고 2,490만 달러 달성

버트라(VirTra, NASDAQ: VTSI)는 2026년 6월 30일로 종료된 2분기에 전분기 대비 매출 전환과 수주 실적이 개선되었다고 발표했습니다. 그러나 고객의 자금 조달, 조달 절차 및 인도 승인 시점으로 인해 매출 인식이 계속 지연되면서 전년 동기 대비 매출과 수익성은 감소했습니다.

핵심 요약

• 2026년 2분기 매출은 해외 인도실적에 힘입어 전년 동기의 700만 달러에서 감소한 580만 달러를 기록했으나, 2026년 1분기의 350만 달러 대비로는 약 66% 증가했습니다.
• 수주액은 전분기 380만 달러에서 550만 달러로 증가했습니다. 2분기 동안 매출로 전환된 물량의 상당 부분을 신규 수주로 채우면서 수주 잔고는 약 2,490만 달러 수준을 유지했습니다.
• 총이익률은 매출 규모 감소와 콘텐츠 제작 및 제품 개발에 대한 지속적인 투자를 반영하여 전년 동기의 69%에서 59%로 하락했습니다.
• 버트라는 전년 동기 순이익 20만 달러(희석 주당순이익 0.02달러)에서 적자 전환하여 30만 달러의 순손실(희석 주당순손실 0.02달러)을 기록했습니다.
• 경영진은 기저 수요 환경은 여전히 견조하지만, 자금 지원 결정, 조달 승인, 설치 및 고객 승인 시점이 단기적인 주요 변수로 남아있다고 밝혔습니다.
• 버트라는 무기 기술 개발, 합동 화력 훈련, 대드론(C-UAS) 시스템 등 3개 역량 분야에서 미 육군 마켓플레이스 공급업체로 선정되었습니다.

주요 재무 데이터

2026년 상반기(6개월) 매출은 전년 동기의 1,410만 달러 대비 감소한 920만 달러를 기록했습니다. 매출총이익은 550만 달러(매출 대비 60%)로 전년 동기의 1,000만 달러(71%) 대비 하락했습니다. 버트라는 상반기 동안 약 160만 달러의 순손실(희석 주당순손실 0.14달러)을 기록하며 전년 동기의 순이익 140만 달러(희석 주당순이익 0.13달러) 대비 적자 전환했습니다.

사업 및 영업 실적

STEP 계약, 주요 시스템 주문, 연방 정부 고객 및 여러 국내 영업 지역 전반에서 수주 실적이 개선되었습니다. 경영진은 자금 조달 제약으로 구매를 지연했던 일부 연방 정부 고객의 활동이 재개되었다고 밝혔습니다.

버트라는 이번 분기 동안 과거 평균 수준을 크게 상회하는 약 10개의 신규 훈련 시나리오를 제작했습니다. 회사 측은 이러한 콘텐츠 투자가 플랫폼 가치를 제고하고 향후 수주를 지원하며 변화하는 고객 요구사항에 대응하기 위한 목적이라고 설명했습니다.

해외 매출은 기존에 주문된 시스템에 대한 고객 승인에 힘입어 수혜를 입었습니다. 경영진은 해외 파이프라인에 개별 국가와의 직계약 및 미국의 참여를 통한 수주 기회가 모두 포함되어 있으며, 특히 무인 항공기 시스템 훈련 분야가 중심이라고 밝혔습니다. 다만 고객 시설, 설치 일정 및 훈련 준비가 완료될 때까지 인도 및 매출 인식이 지연될 수 있습니다.

버트라는 군용 시뮬레이션 획득 및 사업 관리 기관 근처의 올랜도 캠퍼스를 인수하여 방산 분야의 입지를 확장했습니다. 해당 시설은 버트라의 사업관리실(PMO) 역할을 수행하며 시연, 콘텐츠 개발, 엔지니어링 및 사업 집행을 지원할 예정입니다. 경영진은 기존 임차인과의 임대 계약을 통해 임대 수익이 발생하고 향후 재무 실적에 긍정적으로 기여할 것으로 예상하고 있습니다.

경영진 전망

경영진은 2026년 남은 기간 동안 수주 잔고의 추가적인 매출 전환을 기대하고 있습니다. 전환 시점은 고객의 자금 조달, 조달 절차, 설치 일정 및 승인 일정에 따라 달라질 수 있습니다.

회사 측은 2024년 10월부터 모니터링해 온 3개 보조금 프로그램이 공개되어 고객들이 자금 신청서를 제출했으며, 지원 결정 발표를 앞두고 있다고 밝혔습니다. 또한 버트라는 군 및 연방 정부의 정보요청서(RFI) 및 제안요청서(RFP) 제출 요청이 증가했다고 발표했습니다.

경영진은 지정학적 정세 변화, 선거, 자금 확보 가능성, 고객의 준비 상태 등에 따라 조달 및 인도 주기가 연장될 수 있으므로 해외 매출의 불균일한 흐름이 지속될 것이라고 강조했습니다.

리스크 및 주요 점검 사항

• 고객의 자금 지원 결정, 조달 승인 및 승인 절차는 버트라의 직접적인 통제 범위를 벗어난 영역으로, 기간별 매출 인식의 변동을 유발할 수 있습니다.
• 해외 매출은 본질적으로 불규칙하며, 조달 주기가 길고 예측하기 어렵습니다.
• 군 관련 수주 기회는 평가 및 제안 단계에서 실제 계약 체결까지 진전되는 데 상당한 시간이 걸릴 수 있습니다.
• 매출 규모 감소와 콘텐츠 및 제품 개발에 대한 지속적인 투자가 2분기 총이익률을 압박했습니다.
• 상반기 현금 자산 감소는 제품 인도를 지원하기 위한 재고자산 매입과 올랜도 부동산 인수가 부분적인 원인이었습니다.

투자자 Q&A 주요 내용

경영진은 재개된 보조금 프로그램, 고객의 자금 신청, 다가오는 지원 결정, 연방 정부 및 군의 입찰 요청 증가 등을 자금 조달 환경이 개선되고 있는 증거로 제시했습니다. 또한 버트라가 미 육군 마켓플레이스 공급업체로 선정된 것은 3개 훈련 분야에서 기술력을 인정받은 사례로 소개되었으나, 경영진은 이로 인한 수주 기회의 시기나 규모를 추정하기에는 아직 이르다고 밝혔습니다.

해외 사업과 관련해 경영진은 고객이 시스템을 수령할 준비가 되기 전에 자금이 조달될 수 있어 매출의 일관성이 부족하다고 주의를 당부했습니다. 따라서 매출 인식은 시설 준비 상태, 설치 접근성, 필요한 훈련 및 승인 절차의 완료 여부에 좌우됩니다.

실적 발표 컨퍼런스 콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

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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