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VirTra : THE EVOLUTION OF SIMULATED TRAINING FIREARMS
https://www.marketscreener.com/quote/stock/VIRTRA-INC-42567604/news/VirTra-THE-EVOLUTION-OF-SIMULATED-TRAINING-FIREARMS-48169579/
Thanks much for the update ARZ. Holding onto the faith for now.
Yes, thanks ARZ. Much appreciated. Confirms the sense of things that I observed a few months ago when I was there.
Thanks for the report!
arz, great gouge, thx, good to hear overall positive assessment from you, a long term guy w a clue, much more confident to bulk up on shares,
Thanks for sharing ARZ! Much appreciated!
here you go. all comments are IMO
My summary of VTSI's Shareholders meeting IMO
1) Bohemia - John has a nice relationship with them and there are synergies that enhances both relationships. John played a crucial role in establishing BISim which specialized in military training software. That company was sold in 2022 for $200M to BAE Systems. The relationship is deep rooted.
2) Cash Balance - John (and the rest of management) feels like it is at a good level
a) Covers salaries for 1 year
b) If they have to ramp up production they have enough cash on hand
3) Shareholder value – Management feels its undervalued but sooner or later that markets will correct once bookings and topline traction start to get noticed markets will correct itself.
Regarding a shares buyback - they do not feel a buyback is warranted and would like to focus on using the cash towards investing in hiring new talented employees, technology and possible acquisitions (when we toured the factory we were shown how the purchase, a few years back, of a machine tooling company has improved both quality and shorter production times.
4) Sales – John’s first priority was to get his house in order (i.e. get operations in order) before tackling salesforce enhancements. Over the past 18 months or so the team has implemented a new ERP, streamlined and optimized Production, built out the accounting function, enhanced QC and now is tackling his sales force issue. à management has been focused on building the appropriate sales team and incentives throughout 2024
5) Board of directors - I met with Gregg and to my surprise he is a great independent board member. Has great visions and answered all my questions. He is an asset to VTSI. The 2 new appointees are also an asset to the Board, James also an asset to the board. I feel the board is solid and all have future vision for this company.
6) compensation - bonuses - are no longer based on purely profits - they will be based on a few criteria’s ie profits, employees production, and a few others.
In summary:
VTSI is no longer a small company with no focus. Jonh has implemented so many improvements at the company. They look at areas of opportunities and will adapt their current resources to fill a potential niche that has large potential. Ie security in hospitals-training security personnel
1) 90% or more of the production and tooling is done in-house, which has dramatically improved efficiency, quality and speed to deliver their product.
2) ERP is now in place and data can properly be analyzed
3) the new building is being utilized in efficiency and will allow for quick expansion when needed.
Did anyone get some answers to questions?
thanks ztect,looking forward to hearing your observations from the shareholder meeting. The appointment of the two high-ranking military guys seems encouraging.
VirTra Appoints Retired U.S. Army Lieutenant General Maria R. Gervais and Georgia POST Executive Director Mike Ayers to Board of Directors
October 22, 2024 16:05 ET
https://www.globenewswire.com/news-release/2024/10/22/2967308/0/en/VirTra-Appoints-Retired-U-S-Army-Lieutenant-General-Maria-R-Gervais-and-Georgia-POST-Executive-Director-Mike-Ayers-to-Board-of-Directors.html
CHANDLER, Ariz., Oct. 22, 2024 (GLOBE NEWSWIRE) -- VirTra, Inc. (Nasdaq: VTSI) (“VirTra” or the “Company”), a global provider of judgmental use-of-force and firearms training simulators for law enforcement and military markets, has announced the appointment of two high-ranking and distinguished leaders in military operations and police training to its board of directors: retired U.S. Army Lieutenant General Maria R. Gervais and Executive Director Mike Ayers of the Georgia Peace Officer Standards and Training (POST) Council. The appointments became effective on October 21, 2024.
With the addition of Gervais and Ayers, four of VirTra’s five board members are now independent, reinforcing the Company’s focus on effective governance and strategic leadership. Their leadership backgrounds in military operations and police training will support VirTra’s efforts to innovate and deliver life-saving training solutions for public safety and military professionals.
Both appointees have led transformative programs in their respective fields, restructuring training programs that resulted in lasting and profound performance improvements. Their expertise will help guide VirTra during an important phase of growth as the Company expands its product and scenario offerings into new industries, further solidifying its leadership in immersive training technology.
VirTra’s Newest Board Members
Lieutenant General Maria R. Gervais, USA (Ret.)
Lt. Gen. Gervais spearheaded a $2 billion modernization initiative that reduced Army training time by three years while enhancing readiness. She introduced 3D terrain technology to accelerate virtual training, an approach later adopted by other agencies. Her experience with virtual environments will be instrumental in supporting VirTra’s integration of Virtual Battle Space (VBS) military training into its simulator systems.
“VirTra’s reputation for providing innovative simulation technology, combined with its marksmanship and law enforcement expertise, is unmatched,” said Gervais. “VirTra consistently delivers quality training to customers. I am excited to be joining the VirTra team—they have an excellent track record, believe in what they are doing, and have the potential to achieve even more. I want to be part of VirTra’s mission to build and deliver simulation training capabilities that enable organizations to achieve excellence and improve workforce performance.”
Executive Director Mike Ayers, Georgia Peace Officer Standards and Training Council
Ayers has over 37 years of experience in law enforcement training, certification, and development. As Executive Director of Georgia POST, he led a comprehensive overhaul of the state’s police credentialing program, increasing required training from 408 hours to over 800 hours and introducing innovative psychological and physical training methods that improved officer performance and community safety. As a board member and former president of the International Association of Directors of Law Enforcement Standards and Training (IADLEST), Ayers is uniquely positioned to help guide VirTra’s training curriculum development. His partnership with VirTra has its roots in the Company’s IADLEST-certified V-VICTA curriculum.
“VirTra represents the future of military and public safety training,” said Ayers. “Its products equip soldiers and officers to succeed in dynamic and dangerous situations while also protecting officers, communities, and the individuals who call these communities home. Today’s law enforcement and military deployments require split-second evaluation and decision-making in high-pressure environments. I have long supported high-quality scenario-based training, and VirTra consistently delivers that standard to our law enforcement officers and military personnel. It is an incredible honor to contribute to providing the best training products for the men and women in uniform. It is a sacred obligation that will lead to better outcomes and safer streets.”
John Givens, CEO of VirTra, emphasized the significance of these new appointments, saying: “It is a testament to the importance of VirTra’s mission that internationally recognized leaders like Lt. Gen. Gervais and Director Ayers are joining our team. Lt. Gen. Gervais will play a pivotal role in advancing our military training initiatives and VBS integration, while Ayers’ extensive experience in overseeing the training and certification of approximately 59,000 officers in Georgia will directly enhance the effectiveness and implementation of our law enforcement training programs. I am confident that their leadership will enable VirTra to continue expanding the boundaries of innovation, delivering the exceptional performance our partners have come to rely on.”
I got back from yesterday's share holder mtg this morning. I will share some of my observations soon in more detail. Though, all I'll note here right now is that I'm a lot more optimistic based on my attendance, the facility tour and the opportunity to talk and pose a lot of questions to Givens, other board members and VirTra employees. As for those other board members, I was especially impressed with new board member U.S. Army Lieutenant General Maria R. Gervais, who I spoke with at some length about AI.
How did today go? Does anyone want to share?
Someone should ask Givens today
120K units x $3000 is $360 million. We can dream right???
VirTra Engineered Tetherless M4
Kit (Tetherless rifle recoil kit for
AR15, M4 and M16. Includes
internal laser and one double
sealed standard magazine (V-M4-
SM). Includes one micro USB
charger. (All recoil kits convert
real firearms which must be suppli
4,234.62 USD 1
https://www.tamuct.edu/finance-administration/sb20-docs/Summary%20-%20PO%20AB0818606.pdf
Obviously this will be discounted if they buy bulk.
How much do you figure Vtsi is charging per recoil kit?
Someone should ask this today, these exact words: “So, since VTSI was obviously overvalued at $17 is it still overvalued at $6.40?”
The army is seeking to reduce the ultimate purchase price, but the plan is to buy 120,000 units over the next decade. Will they all be delivered with a recoil kit? Still so many uncertainties....
Army’s mixed reality device set for upgrades and battalion assessment
By Todd South Tuesday, Oct 15, 2024
Getting closer?
Wonderful news, they hold 6.2% as per the SC 13G filing dt 10/18:
https://www.sec.gov/Archives/edgar/data/1085243/000201238324000590/us92827k3014_101824.txt
US Army’s IVAS Goggles to Undergo Upgrades, Battalion Assessment
October 17, 2024
Is this potentially a lot of recoil units by "next spring", and maybe nice Q4/Q1?
Thanks, couldn't read the 13G on my phone, so used the Q2 numbers. Question remains, why ??
I’m seeing 688,945 for 6.2% in the 13G. Even better?
Do I read this correctly?
Blackrock has increased its position in Virtra from 104,374 (March 31) to a whopping 632,366 shares as of June 30, triggering a Form SC 13G (Now holding 5,66 %)
All great areas to probe. The challenge of course is asking in such a way as to get some sort of answer. Not easy to do. That said, Givens seems to like talking so you might have a shot. I like the idea of asking him where he sees VirTra in 3 or 4 years? 5 is too long and 1 or 2 is too short.
If Gregg Johnson is in attendance ask him directly why he owns so few shares. He also likes to talk and had Ferris’ ear. I gotta believe Givens does not trust Johnson at all….no one should in my opinion.
Here are the topics I will have questions on
VTSI
1) Bohemia- relationship
2) Cash Balance – uses of funds
3) Shareholders value
4)Sales/Sales team
5) Board of Directors
6) compensation bonus
7) future outlook 1,3,5 years –
8)Potential Buyouts/mergers/acquisitions
Hi D: Nothing except power for 3hrs. That putz probably here to go to Parksdale and eat some strawberry shortcake.
That is freaking crazy… in a good way! How on Earth does VirTra get mentioned and be presented as “on par” with those other defense giants? VirTra’s revenue from these applications is ZERO compared to the others. And really about ZERO in real terms wrt Military. VTSI is $6.34….sigh
https://www.newsherald.com/story/news/local/2024/10/14/panama-city-beach-to-buy-simulator-for-police-de-escalation-training/75634496007/
There was a time when such an article would get us all fired up
OT: Hey billpr, how did you make out in the hurricane? We got hit hard here and I saw the governor in Plant City so I'm guessing things were not good there either.
Thanks for the insights!
VirTra still farms out their IR to Gateway. I talked to Gateway today. They are worthless, an AI bot would be better. Givens should bring this in-house. Someone needs to suggest it at the shareholders meeting.
I do not follow them. I did take a quick look. I don’t like the company. They are playing in a space where they cannot compete long term. Best hope is they get bought by a bigger company.
Fish: Do you follow Legend Power Systems? (LPSIF). Major number of shares traded in the last few trading sessions. Something’s up.
8 years ago the stock was 10% higher than now!….Yet now the company is far better, more robust, ERP system, faster order fulfillment, more efficient, better CEO, better Managers, better forward prospects, and a broader product line.
Perhaps the stock was ahead of itself in 2016 but I don’t really think so. I do know that right now the stock is way behind the company. Should go up 5x from here over next two to three years.
I have been buying this past week as well and will buy more again early next week.
Bought quite a few shares around $6 today. Twister has the right idea.
Bought quite a few shares around $6 today. Twister has the right idea.
Thanks, I got a reply shortly after my prior reply to you.
They responded right away. I would email them again
Summer doldrums passing; active investing mode in play!
VirTra looking good but a bit cautious overall as NASDAQ due to pull back a bit before next BIG leg up very soon.
As an investor here, it's a given I don't think Givens has been sitting on his hands hoping the phone will ring.
The proof of that remains to be seen, but positive changes are in place unlike the SOP from the past.
Glad to see a real meeting and presentation this year, finally showing some respect to their shareholders.
I find it necessary to remind myself that Givens did not create this mess as sales continue to lag.
And I love election years in the market. The very best of luck to all.
Near the bottom, not THE bottom makes you money!
.$ 6.25
I am in 100% agreement with you Coys. I am a huge believer in share buybacks in this type of situation. Why have so much cash sitting there doing nothing? Buy back 1.5mil shares and get the count below 10mil. It will never happen with the clownshow that is the BOD. Givens I have faith in, the others not.
I mean, they refuse to even buy shares for their own accounts. Switching gears…..Axon is so stupid not to use their overpriced shares to buy out VirTra for essentially nothing.
RSVP for the RSVP? Where does it end?
Lucky for you that you have only been around for 1 year. I have been around over 15 years. Bob Ferris gave alot less information and they did or even might still have a stock repurchase program which they never really took advantage of during the Ferris year. in a mater of fact they sold additional shares when they did not have to.
Givens has been a 100% better leader then Ferris. I do have faith in him just have to give him time
Has Mr Johnson or anyone in management outlined why that is? I couldn’t find anything recent but have only been a shareholder for a little over a year.
With the company trading at 1.5 times book value – very close to its lowest point ever – and holding a record $18 million in cash, instituting a share repurchase program to me just seems prudent. This low-commitment strategy provides flexibility and creates a valuable tool for periods when government spending delays impact projects.
During the Q2 earnings call, Givens stated:
“Our revenue came in at $6.1 million. The results are due to both controllable and uncontrollable factors. The controllables are being our go-to-market efforts, the uncontrollables being delayed decision-making from delayed budgeting resolutions during the first half of the year. We are making progress on the controllable areas and finding workarounds to the uncontrollable areas, which I'll detail shortly.”
While Givens rightfully focuses on operational controllables, he overlooks a key financial controllable: a share repurchase program. This could be an effective 'workaround' for uncontrollable market factors.
Imagine if Givens could add to his statement: 'Despite delays in budgets, we leveraged our strong cash position to repurchase 1% of outstanding shares, using less than 5% of our cash reserves. This demonstrates our confidence in the company's intrinsic value and our commitment to shareholder returns.'
A well-executed buyback program could potentially:
1. Enhance earnings per share
2. Signal management's belief in the company's undervaluation
3. Provide a buffer against short-term market volatility
While operational improvements under Givens are evident, this untapped opportunity in capital allocation warrants serious consideration. I'd be interested in hearing management's perspective on this strategy and the fact that Givens hasn’t given it any attention, at least in public is a big miss in my opinion.
A "new high-tech training gadget!"
https://bakersfieldnow.com/news/local/bakersfield-police-use-high-tech-immersive-simulator-to-enhance-officer-training-kern-county-california
For those interested in trying the simulator, it will be available at the Kern County Fair this year from September 18 to September 29.
I did not do that yet but will do it today
I sent an RSVP but didn't get a reply. Did you email to RSVP? If yes, did you get a response?
Not exactly a question, but would be nice to know why the insiders don't ever make Open market share purchases(seeing only Option grants & RSUs, no open market buys). Even nominal insider buys would instill confidence in investors, if management has skin in the game.
Thanks & have a great trip!
I love your #3 and #4 questions.
But with Gregg Johnson on the BOD there will never be a share buyback. He wants more shares outstanding, not less.
If I were attending I would ask something like this…..When will your already completed efforts to improve the Sales Org start to bear fruit with fast growing and consistent revenue growth?
Oh, and, comment on the fact that VirTras enterprise value is the same today as 10 years ago.
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COMPANY PROFILE: VirTra Systems, Inc. develops, sells, and supports use-of-force and marksmanship firearms training simulators in Arizona and internationally. Its products comprise V-300 simulator, a 300 degree wrap around screen for simulation training; V-180 simulator, a 180-degree screen for smaller spaces and budgets; V-100, a single-screen based simulator system; V-ST, a realistic single screen simulated shooting range simulator; and Top SME Content, a content supplied with its simulators. The company also offers V-Author, a software that allows users to create, edit, and train with content specific to agency objectives; Simulated Recoil, a range of realistic and reliable simulated recoil kits/weapons; and Threat-Fire, a return fire device that applies real-world stress on the trainees during simulation training. It serves law enforcement judgement use-of-force simulation training, military firearms simulation training, and civilian simulation shooting markets. The company sells its simulators and related products through a direct sales force and distribution partners. The company was formerly known as Ferris Productions, Inc. and changed its name to VirTra Systems, Inc. in April 2002. VirTra Systems, Inc. was founded in 1993 and is headquartered in Tempe, Arizona.
VIRTRA SYSTEMS WEBSITE: http://www.virtra.com/
VIRTRA SYSTEMS FACEBOOK: http://www.facebook.com/pages/Virtra-Systems-Inc/100717131887
VIRTRA SYSTEMS TWITTER: http://twitter.com/VirtraSystems
VIRTRA SYSTEMS YOUTUBE: http://www.youtube.com/user/VirtraSystems
Bob Ferris, CEO
VirTra Systems, Inc.
7970 S. Kyrene Rd.
Tempe, AZ 85284
telephone (480) 968-1488 x5014
telecopier (480) 968-1448 fax
bferris@virtra.com
Contract - Websites
https://www.usaspending.gov/#/keyword_search/virtra
https://buyandsell.gc.ca/procurement-data/search/site/virtra
https://www.tenders.gov.au/?event=public.advancedsearch.keyword&keyword=virtra
https://www.defense.gov/News/Contracts/
https://govtribe.com/vendor/virtra-systems-inc-tempe-az
https://www.fbo.gov/index?s=opportunity&mode=list&tab=list
http://www.peostri.army.mil/
ThreatFire Patent:
Click here
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