CHANDLER, AZ – VirTra, Inc. (NASDAQ:VTSI), a company specializing in manufacturing industries, announced the results of its annual meeting of stockholders held on Monday. The meeting, conducted both in person and via webcast, led to the election of five board members and the ratification of the company's independent auditors for the upcoming fiscal year.
The elected board members are John F. Givens II, Jeffrey D. Brown, Gregg C.E. Johnson, Michael T. Ayers, and Lt. Gen.(R) Maria R. Gervais. Each will serve a one-year term until the 2024 annual meeting of stockholders. Givens II received 4,500,100 votes for and 100,531 withheld, with 2,690,001 broker non-votes. Similarly, Ayers and Gervais secured strong shareholder support with over 4.5 million votes each in favor.
In addition to the election, stockholders ratified the appointment of Haynie & Company as the independent registered public accounting firm for the fiscal year ending December 31, 2024. The decision was nearly unanimous with 7,256,374 votes for, 10,821 against, and 23,437 abstentions.
The confirmation of Haynie & Company ensures continuity in the company's financial oversight as it prepares for the next fiscal year. The company, headquartered in Chandler, Arizona, is known for its diverse manufacturing operations and has a history that includes previous names such as VirTra Systems Inc and GameCom Inc.
This news is based on a recent SEC filing by VirTra, Inc. The filing provides shareholders and the public with the latest governance decisions taken by the company, reflecting its commitment to transparency and regulatory compliance.
In other recent news, VirTra, the global provider of training simulators, reported a Q2 revenue of $6.1 million with a 91% gross margin. Despite facing delays in federal funding and budget cuts in law enforcement sectors, the company's bookings have increased, totaling $5.9 million for Q2. This, along with a strong cash position of $18.4 million, has led to an optimistic outlook for the latter half of the year. The company's backlog has reached $13.8 million, reflecting diverse revenue streams from capital, service, and step contracts.
VirTra also maintains a high customer retention rate of 93%, indicative of strong loyalty and continued business. The upcoming launch of the V-XR platform and increased military engagements are expected to contribute to the company's growth.
Furthermore, Lake Street Capital Markets has adjusted its target price for the company to $10 from the previous $16, while maintaining a Buy rating. In a significant update regarding its board of directors, VirTra clarified the independence of its director nominees, a move reflecting its commitment to governance practices that meet the highest industry standards.
InvestingPro Insights
VirTra, Inc. (NASDAQ:VTSI) presents an intriguing financial profile that complements the recent governance updates. According to InvestingPro data, the company boasts a market capitalization of $69.26 million and a P/E ratio of 9.99, suggesting it may be undervalued relative to its earnings. This aligns with an InvestingPro Tip indicating that VTSI is "Trading at a low P/E ratio relative to near-term earnings growth."
The company's financial health appears robust, with an InvestingPro Tip highlighting that VTSI "Holds more cash than debt on its balance sheet." This strong liquidity position could provide the newly elected board with flexibility for future strategic initiatives.
Despite a recent stock price decline, with a 3-month price total return of -24.85%, VirTra has demonstrated profitability over the last twelve months. The company's impressive gross profit margin of 77.81% for the last twelve months as of Q2 2024 underscores its operational efficiency, which is crucial in the manufacturing sector.
For investors seeking more comprehensive analysis, InvestingPro offers additional tips and insights. Currently, there are 11 more InvestingPro Tips available for VTSI, providing a deeper understanding of the company's financial position and market performance.
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