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VirTra: Short-Term Hiccup Or Long-Term Troubles?
May 15, 2024 2:45 PM ETVirTra, Inc. (VTSI) Stock19 Comments
Diesel profile picture
Diesel
2.99K Followers
Summary
VirTra's quarterly earnings missed estimates, causing VTSI stock to drop 30% overnight.
VirTra's revenues dropped almost 20% year-over-year, with operating expenses increasing, putting pressure on net income. Cash flow rose, but it was due to the company working through its backlog.
Most of the revenue decline actually came from international markets where pipeline is still growing, but contract lead times are longer.
It's too early to tell whether this is a short-term trouble or a sign of something bigger. The next couple of quarters will tell us.
Practicing at the Shooting Range
RichLegg/E+ via Getty Images
VirTra Q1 Earnings Results
VirTra, Inc. (NASDAQ:VTSI) announced its quarterly earnings this week, and investors weren't thrilled with the results as the company missed estimates both on the top line and bottom lines. This caused the stock to drop about 30% overnight. Analysts were looking for the company to report 12 cents of net income on revenues of $8.5 million, whereas the company delivered net income of 11 cents per share on revenues of $8.1 million. The stock was having a good run this year before this latest drop, and it's still up more than 100% year-over-year despite this sharp drop.
Chart
Data by YCharts
I originally covered this stock in an article titled "VirTra: Still Offers Value Despite Recent Rally," and this article serves as an update on that one. In the original article, I argued that the company's growth story was impressive, and its valuation was still attractive despite having had a strong rally up to that point. Since then, the stock became more expensive as it rallied another 80% or so (until today's 30% drop) and the company's growth story seems to have hit a speed bump as it reported a decline of almost 20% in revenues.
The big question is whether this is a short-term trouble or a serious reversal of a long-term trend. If the first is true, it would mean we are looking at a nice panic-driven buying opportunity, but if the second scenario is true, this could be the end of this stock's appeal for the bulls.
One bad quarter rarely breaks a company, but it can also signal that things might be about to change if it shows some signs of long-term trouble. The most troubling part of the latest report is that it shows revenues down almost 20% year over year, while operating expenses are actually higher. The company's total revenues dropped from $10 million to $8.1 million whereas its operating costs rose from $3.48 million to $4.06 million, which put a pressure on net income which dropped by more than half from 27 cents to 11 cents.
The interesting thing was that the company's gross margins barely moved from 69% to 67% even with its revenues dropping so sharply. The company's general and administrative costs rose from 27% of its revenues to 42% of revenues, which is a pretty large increase. This is probably why profits dropped even faster than revenues did, while gross margins actually stayed stable.
Income Statement
Income Statement (VirTra )
VirTra used to enjoy a pretty large backlog before this quarter, which allowed it to have visibility and consistency in its revenue growth path, but the backlog seems to have shrunk during the quarter. As of this quarter, the company's backlog size is down from $20 million to $14 million, which includes $5.4 million in capital, $6.4 million in service and warranties and $2.2 million in other contracts so not all of this backlog is product orders. Some of it actually relates to long-term warranty and service contracts. The company received only $2.9 million of new orders into its backlog during the quarter, which could have been a lot better.
Most of the revenue decline from last year actually came from international markets. The U.S. government market was mostly flat year over year between last year and this year ($6.72 million vs $6.75 million this year) whereas international market revenues were down from $3.2 million to $1.3 million, down about 1.8 million. Considering that the company's total revenues were down by about 2 million, most of this was accounted by international sales. The company actually said that its international pipelines are growing, but it's taking longer to finalize those contracts since sales cycles tend to be longer in international markets, but eventually, growth should return to these markets. Since revenues are not recognized until a product is delivered and signed off on, it makes sense for longer pipeline timelines to impact this company's revenues, but if this trend continues it may signal troubles in the future.
Market Segments
Market Segments (VirTra )
On a positive note, the company's operating cash flow was up significantly from the same quarter a year ago. It was mostly accounted by one line item (Accounts Receivable net) which rose from negative $1.6 million to positive $5.2 million, which gave the company a positive operating cash flow of $5.1 million, up significantly from less than $1 million from a year ago. This is partially because the company has been working through its existing backlog during the quarter. Notice that this amount is very similar to how much the company's backlog dropped during the quarter (close to $6 million).
Cash Flows
Cash Flows (VirTra )
The company seems to be facing some challenges and uncertainty regarding government contracting both in domestic and international markets as many governments around the world are trying to keep their costs under control and having budgeting troubles. The company will have to ramp up its marketing efforts to show its product line's value to its customers so that it can continue to win contracts from both local and international customers.
VirTra is also trying to bring new products to the market such as V-XR which will take a while to generate revenues, but the company appears to be very confident about its long-term trajectory. There seems to be still a lot of interest from law enforcement agencies about obtaining this company's products, but the big question is whether they will be able to get the budget for it. Currently, there is a lot of pressure from local governments to better train their law enforcement agents, so I could imagine them allocating more resources for this eventually, even though there might be short-term headwinds.
Throughout last year, analysts kept upgrading their estimates for this company. A year ago, analysts were expecting the company to generate 21 cents per share in 2024 which was upgraded to 49 cents, 71 cents and 80 cents. This also allowed the stock to rally significantly during this period. It is likely that these estimates will be coming down in the next few weeks and months, but 2025 estimates will also be important.
Analyst Estimates
Analyst Estimates (Seeking Alpha)
I could see this year's estimate to be slashed from 80 cents to 50 cents and next year's from 90 cents to 70 cents in light of the current quarter's results. If this holds up, the current post crash price of $10.80 would indicate a forward P/E of 21 based on 2024 earnings and 15 based on 2025 estimates. The big question is whether the company can return to growth. If it can return to growth, those valuations are not bad, but if revenues and profits continue to shrink, then a lower multiple may be warranted.
It's too early to tell whether this quarter's weak results from VirTra were just a one-off quarter or part of a long-term reversal. During the earnings call, the company's management seemed confident that they will be able to return to growth shortly, but they didn't provide a specific guidance. I believe even the company's management has limited visibility currently since they are at the mercy of government contracts, which can take a long time to negotiate and finalize at times. The company said that it's streamlining its marketing process and changing how it sells products to reduce some of this uncertainty, but I can imagine that the results of these efforts won't be visible for at least a year or so.
Conclusion
What should investors do with this? I think if they are confident that the company's long-term story is intact, they can stay invested and possibly even add on the dip. If they believe that this quarter actually changed the company's long-term growth trajectory entirely, maybe it's time to move on to greener pastures. I can understand both approaches because things are a little more uncertain right now as compared to a few months ago regarding this company. I'd like to be more optimistic than cautious, but I don't blame you if you are not as optimistic
Whoa! What’s up?
PenderFund Capital Management increases their stake in Kraken to 23.5 million shares. Here is some comment by David Barr, CFA from PenderFund:
Kraken Robotics Inc (TSXV: PNG) was another key contributor. This is a relatively new addition to the portfolio after we first initiated a position late last year. They are a marine technology company that offers subsea sensors, batteries, remotely operated vehicles and robotics services for defense and commercial applications. We believe Kraken has a strong product-market fit as one of the few mission-critical component suppliers in the marine defense technology market. We expect this market will see significant industry-wide demand over the coming years as NATO navies are increasingly adopting for autonomous defense technologies, given the productivity benefits and lower operating costs. The company provided an update in February such that they think they can achieve at least +30% Y/Y revenue growth in 2024, growing revenue off an expected +68% in 2023 [4]. With adjusted EBITDA margins that could expand into the 20% range, we believe Kraken is on a path to sustaining positive FCF generation as the firm scales.
No, nothing I can see.
No link with your post
Well, only about 10 days to find out.
Very positive, thanks Gman.
Thanks!
Teeroy: for some reason your links are not showing up in the main post
Fantastic report. Very positive and promising forecast for 2024.
VirTra (VTSI) Price Target Raised to $19.00 at Roth Mkm
https://www.tickerreport.com/banking-finance/11862051/virtra-nasdaqvtsi-price-target-raised-to-19-00-at-roth-mkm.html
No, time to add shares and dollar cost average. I’ve been doing it with this stock 20 years and I’m up well over 10x.
Thanks! I’m going to tune in.
Do you have a link and the time?
Yes, the more I think about it, I’m sure I’m up 10x also. The records I could find today showed a huge amount of my shares were bought in ‘09. Pennies.
What are your computations on that? I’ve not sold a share and have owned most of my shares pre-splits. I’m up at least 4 fold today.
Outstanding Fish. I don’t think you’ll be disappointed, but, of course, what do I know? LOL
Sorry, no idea. Other than the article posted, I couldn’t find any other recent posts suggesting reasons for the prolific share action.
Stunning volume yesterday. Unclear (at least to me) what was behind it. But here is an excellent article on the company.
https://markgomesstocks.wordpress.com/2024/03/22/new-official-pick-gatekeeper-systems-gkprf/
Well said, Spec. I agree. Get Kraken!
I’m inclined to think positively. Fantastic Q4!
Found it. Excellent interview.
Fish,
Can you send me the link to that interview? I can’t seem to find it. Thanks.
Kraken Robotics is another that I’m very confident in. KRKNF
Never mind, I just saw the financial report that came out. Nice!!
Anyone know what triggered this nice jump?
I own all mine from way, way back. I may be donating a few shares to my church, but I’m committed to VirTra.
John Givens
Gatekeeper Reports $27.8M Revenue, 39% YoY Growth in FY 2023, and Improves Net Income by 50% to $2.9M
Abbotsford, BC – December 28, 2023 - Gatekeeper Systems Inc. (‘Gatekeeper’ or the ‘Company’) (TSX-V:GSI) (OTC:GKPRF) a video and data solutions provider for public transportation and smart cities, reports its audited financial results for its fiscal year ended August 31, 2023.
Highlights for Fiscal Year Ended August 31, 2023
Revenue was $27,848,838 which compares to $20,031,288 the same prior year comparable period, representing an increase of 39%;
Gross margin was $12,543,394 which compares to $9,308,813 for the same prior year comparable period, representing an increase of 35%. Gross margin as a percentage of revenue was 45%, compared to 47% for the same prior year comparable period;
Total comprehensive income was $2,887,078 which compares to $1,929,180 for the same prior year comparable period, representing an increase of 50%;
At August 31, 2023, the Company had cash and cash equivalents of $4,110,859, working capital of $13,434,551, no borrowed-money debt, and approximately 91.8 million shares outstanding; and
Total basic and diluted income per share for the year ended August 31, 2023 was $0.03.
Management Commentary
Doug Dyment, President and CEO commented, “Our financial performance for fiscal year 2023 was record-breaking in all aspects. We continue to see significant growth in both the school and transit segments of our business. Our Platform as a Service (PaaS) business model and our comprehensive suite of product offerings are proving to be very successful in growing our business. We have grown our installed base of Mobile Data Collectors (MDCs) to more than 50,000 and we are now actively preparing and selling recurring-revenue solutions to help our customers monitor and optimize the vast amounts of video and data being recorded every day. These new offerings utilize AI, video analytics, hosted software solutions, and wireless data connectivity, and they form the data layer in our PaaS business model that enables Gatekeeper’s evolution as a data company.”
Full details of the financial reports and operating results for the fiscal year ended August 31, 2023, are described in the Company’s audited consolidated financial statements with accompanying notes and related Management’s Discussion and Analysis, available on SEDAR+ at www.sedarplus.ca.
10/4 Thanks Fish. Happy New Year!
Fish: is that SUP on the NYSE or the TSXV ?
Hmmmmm . . . some good spec there, Spec
Additional evaluation and commentary by Sean Peasgood of Sophic Capital:
Kraken Robotics [PNG:TSX-V, KRKNF:OTCXB] - Taking A Deeper Dive on Record Q3 Results
We believe investors should look at Kraken Robotics [PNG-TSX-V; KRKNF-OTC], on the back of the Company reporting Q3/23 results this morning. While the stock has moved off the lows and is already up 33% since the middle of November, strong Q3 results and the reiteration of guidance for Q4 2023 provides very good visibility into how undervalued the stock remains compared to peers.
PNG is currently trading at 9x 23 EV/EBITDA vs the peers at 17.5x. If Kraken Robotics were to trade inline with the peers on 2023 EV/EBITDA multiples the stock would be $1.09 (81% upside) and using $20M in EBITDA for 2024 would be $1.41 per share (135% upside). See Comp table below for details.
Kraken Robotics is an underwater drone technology company that has been growing at a 63% CAGR over the last five years and is projecting to grow revenue by 70% in 2023. At recent investor conferences, management has also signalled that they anticipate continued growth of ~40% annually for the foreseeable future.
In this September 6, 2023 presentation, Kraken Robotics CEO Greg Reid explains the Company’s products, the geopolitical backdrop of why the Company has grown and should continue to grow, as well as financial guidance and expectations going forward.
The timing to purchase Kraken Robotics shares is more compelling than it has been in several years. Why?
1. Kraken Robotics is now profitable has a strong balance sheet and just reiterated its strong 2023 guidance and these growth expectations are anticipated to continue into 2024;
2. The Company reiterated 2023 guidance, meaning Q4 results are going to be very strong to end out the year and likely another record high revenue quarter, we believe coming into Q3 results the market did not believe the Company’s 2023 guidance;
3. The business has solid bookings for continued growth into 2024 and beyond with several large contracts in the pipeline that could be announced in 1H/24. Also 2024 should be less back-end loaded like the last few years meaning selling after Q4 won’t be a good strategy this year;
4. Geopolitical factors are driving a very strong tailwind and in the Company’s investor deck they call out $300 million (or over 4x 2023 revenue guidance) of opportunities they are working on;
5. Kraken Robotics is trading at 9x 2023 EV/EBITDA versus comps that trade between 17.5x; and 6.3x 2024 (assuming $20M EBITDA) versus comps at 14.7x.
6. Overhangs on the stock have all recently been removed with $0.60 warrants now all expired and more recently Ocean Infinity selling 21 million shares on November 23, which was all placed with long only fundamental institutional accounts.
Kraken Robotics 3 year Stock Chart
https://d3k81ch9hvuctc.cloudfront.net/company/RvxyY9/images/00a12860-aee4-47f5-976c-725bc8b1d5f6.png
Valuation and what is this stock really worth? Kraken Robotics is trading at one-half the multiple of comps
Kraken Robotics’ top line has now grown to where the Company is now Net Income and EBITDA positive.
Management has said they expect to grow 40-50% annually, meaning that assuming they hit their guidance for 2023 (mid-point of $69M), in 2024 Kraken Robotics could generate revenues of ~$95+M. Management has also said that EBITDA margins should be 20-25% going forward, meaning EBITDA for next year could be ~$19M (20%) - $24M (25%).
Assuming a stock price of $0.60, Kraken Robotics is currently trading at 9.3x EV/EBITDA for 2023, and assuming EBITDA of $20M in 2024, its stock is trading at 6.3x 2024 EBITDA. Below are comp tables from Raymond James Defense & Government Market Intel Report published in November 2023 that illustrates Defense Technology stocks are trading at 17.5x 2023 EV/EBITDA and 14.7x 2024.
If Kraken Robotics were to trade inline with the peers on 2023 EV/EBITDA multiples the stock would be $1.09 (81% upside) and using $20M in EBITDA for 2024 would be $1.41 per share (135% upside). There is no reason that given Kraken Robotics’ leadership in synthetic aperture sonar (SAS) and pressure tolerant batteries as well as the fact the Company has won several NATO Navy bids in the last few years, that the Company should be trading at a discount.
Comp Table for Defense Technology
https://d3k81ch9hvuctc.cloudfront.net/company/RvxyY9/images/f8afb50f-a8a5-44ee-b0ff-c056af56f412.jpeg
Source: Raymond James | Defense & Government Investment Banking November 2023
Finally, Kraken Robotics could be a strategic take out candidate for several large defense companies. Two key technologies that could be strategic for several buyers are:
Kraken Robotics is one of a handful of Companies that have the capability to provide synthetic aperture sonar (SAS) technology. Kraken Robotics not only uses its SAS on its own Katfish towed-fish product but also sells SAS technology to several Companies in the industry. While other defense companies have SAS, only one other (Northrop Grumman (NOC-NTSE)) sells it to other UUV providers, and SAS is now becoming the standard required on all defense and commercial RFPs. Large companies without this capability may want to lock down their own technology to be able to win and potentially block out others in these deals.
Kraken Robotics’ pressure tolerant batteries have seen strong demand over the last several years after illustrating being able to almost double endurance when replaced from traditional battery systems. Kraken Robotics has sold batteries to the U.S. Navy for testing, as well as other defence companies and recently sold several large orders to Anduril. While originally Kraken Robotics would sell between $1M-$1.5M in batteries for the mid-size unmanned underwater vehicles, recently several defense companies have announced programs to build extra large unmanned underwater vehicles, which would require $7M - $10M in batteries per vehicle. As the race for underwater dominance, as well as a desperate need to upgrade naval technology around the world, Kraken Robotics’ battery technology could look very strategic inside a larger defence company to lock down this increased endurance and performance when bidding on multi-billion programs.
While a strategic player could come in at some point and is worth highlighting, the thesis on buying Kraken Robotics now is supported by its valuation and growth opportunities. In the future it is possible that a premium valuation may be warranted if others in the space are looking to secure key technology aiding them in winning multi-billion dollar defence contracts.
Kraken Robotics Reports Record Financial Results
Revenue Increases 66% to $20.3 million, Adjusted EBITDA increases 153% to $4.4 million
ST. JOHN'S, Newfoundland and Labrador, Nov. 27, 2023 (GLOBE NEWSWIRE) -- Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF) ("Kraken" or the "Company"), announced it has filed financial results for the third quarter ended September 30, 2023 (“Q3 2023”).
Management Comments
“With Q3 being our strongest quarter in history and Q4 expected to show further improvement, we are on track to hit our financial guidance for 2023,” said Kraken President and CEO Greg Reid. “More importantly, we are confident that our momentum will continue in 2024 as our sonar and subsea power business are seeing strong growth opportunities.
There is a clear uptick in demand for Uncrewed Underwater Vehicles (UUVs) where we sell both sonar and batteries to AUVs and provide minehunting solutions to Navies with our KATFISH towed synthetic aperture sonar solution. The emergence of a new class of UUVs, the Extra Large UUV (XLUUV) is driving much higher energy requirements in UUVs and our subsea battery business is benefitting. Many countries and Navies around the world are in various stages of upgrading their subsea surveillance equipment, with underwater solutions such as towed sonar or Autonomous Underwater Vehicles (AUVs) that are deployed from crewed or Uncrewed Surface Vessels (USVs). Kraken’s technology portfolio and product and service offering are well positioned to ride this demand wave. Our second largest market, offshore wind, has seen continued solid demand for sub-seabed services. The offshore wind and offshore oil and gas market represents 15-20% of our overall revenue stream.
During the quarter, we eliminated most of our long-term debt as we paid off the PanGeo acquisition debt, with no further contingent consideration, and we almost doubled our credit facilities to $12 million, providing greater flexibility for our working capital requirements. Given our forecast, we believe we have all the cash we need to execute on our business plan, and expect cash balances to improve as orders are executed and we hit various payment milestones. As said previously, we believe our value in the market is not reflective of our significant investment to date, our unique competitive position, and strong pipeline. We will continue our focus on execution as we believe we are in the early days of creating significant shareholder value.”
($ 000s except per share amounts) (unaudited)
Q3 2023
Q3 2022
% change
YTD 2023
YTD 2022
% change
Total revenue
20,342
12,291
66
%
41,575
32,095
30
%
Gross margin
9,995
4,429
126
%
22,242
12,644
76
%
Gross margin percentage
49
%
36
%
53
%
39
%
Adjusted EBITDA
4,423
1,745
153
%
8,366
4,361
92
%
Adjusted EBITDA percentage
22
%
14
%
20
%
14
%
Q3 2023 Financial Highlights
Consolidated revenue for Q3 2023 was $20.3 million compared to $12.3 million, an increase of 66% over the comparable quarter and was Kraken’s strongest revenue quarter to date. Revenue mix was 85% Products / 15% Services.
Product revenue in the quarter was $17.2 million, an increase of 126% over the comparable quarter. The increase was the result of continued sales of subsea batteries, work with the Canadian Navy on its Remote Minehunting and Disposal Systems (RMDS) program, the production of our KATFISHTM product as well as the sale of synthetic aperture sonar (SAS) systems.
Service revenue in the quarter was $3.2 million, a decrease of 32% over the comparable quarter due to a large Acoustic CorerTM project in the comparable quarter a year ago.
Gross margin1 percentage in Q3 2023 was 49% compared to 36% in Q3 2022. The improvement was due to increased sales volumes of higher margin products during the quarter compared to the prior year.
Adjusted EBITDA1 for the quarter was $4.4 million compared to an Adjusted EBITDA1 of $1.7 million in the comparable quarter. Adjusted EBITDA1 margin in the quarter was 22% compared to 11% in the comparable quarter with the increase due to higher revenue and improved gross margin.
Net income in the quarter was $2.3 million, compared to net loss of $0.9 million in Q3 2022.
Highlights year-to-date September 30, 2023
Consolidated revenue year-to-date was $41.6 million compared to $32.1 million, an increase of 30% over the comparable nine-month period ending September 30th, 2022.
Product revenue year-to-date was $33.0 million compared to $19.8 million to September 30th, 2022, an increase of 66%.
Service revenue year-to-date was $8.6 million, a decrease of 30% compared to the comparable period ending September 30th, 2022. The decline is related to having a large Acoustic CorerTM project completed in the prior year that was not repeated in 2023.
Gross margin1 percentage year-to-date was 53% as compared to 39% in year-to-date 2022. The increase is due to sale of higher margin products during the current year compared to the prior year.
Adjusted EBITDA1 year-to-date was $8.4 million compared to an Adjusted EBITDA1 of $4.4 million in the comparable period, an increase of 92%. Adjusted EBITDA1 margin year-to-date was 20% compared to 14% in the comparable year. This is due to higher revenue and improved gross margins.
Total assets were $70.5 million on September 30, 2023, compared to $65.5 million on September 30, 2022.
At September 30, 2023, Kraken had $9.5 million remaining in grant funding to be offset against R&D activities. This off-balance sheet item relates to government or commercial contracts that are not recorded as revenue, but will reduce our actual R&D costs through the end of 2025.
Financial Update
As we approach year end, Kraken is tightening its range for 2023 financial guidance. The Company expects revenue to be in the $66 - $72 million range (previously $66 - $78 million) and adjusted EBITDA1 in the $12 - $15 million range (previously $12 - $17 million). The mid-point of our guidance range ($69 million in revenue and $13.5 million in adjusted EBITDA1) implies revenue growth of 70% and adjusted EBITDA1 growth of 155% over 2022. Capex in 2023 is expected to be approximately $6 million. Consistent with the last two years, we expect to give guidance for 2024 in the April 2024 timeframe. We will enter 2024 with notable contracts in hand, a very strong pipeline, and solid end market demand in our largest market: defense.
Quarterly Financials out tomorrow morning pre-market.
OCEAN INFINITY GROUP LIMITED ANNOUNCES DISPOSITION OF SHARES IN KRAKEN ROBOTICS INC.
Source: PR Newswire (Canada)
TORONTO, Nov. 24, 2023 /CNW/ - Ocean Infinity Group Limited (formerly Ocean Infinity Limited) (the "Corporation" or "Ocean Infinity") announces the disposition of its shares of Kraken Robotics Inc. (TSXV: PNG) (OTCQB: KRKNF) (the "Issuer" or "Kraken"). This press release is being disseminated as required by National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues by the Corporation in connection with the disposition of shares of the Issuer.
On November 23, 2023, the Corporation sold (the "Disposition") all of the 21,280,000 common shares ("Common Shares") in the capital of the Issuer held by the Corporation, by way of a block trade over Cboe Canada. Aggregate consideration for the Disposition was CDN$ 10,663,408 (or approximately CDN$0.5011 per Common Share).
Immediately prior to the Disposition, the Corporation had beneficial ownership of, or control and direction over, 21,280,000 Common Shares, representing approximately 10.3% of the issued and outstanding Common Shares, on a non-diluted basis (based on the number of Common Shares most recently reported by the Issuer as being outstanding). Following the Disposition, the Corporation no longer has beneficial ownership of, or control or direction over, any Common Shares.
Ocean Infinity held a small minority ownership position in Kraken that became non-core as its business expanded to include surface robotics. The Disposition was made to redeploy funds away from its Kraken position at a good profit after 5 years of ownership. Ocean Infinity remains committed to working with Kraken as one of its key suppliers to its subsea data services business. The Corporation may, from time to time, take such actions in respect of securities of the Issuer, as it may deem appropriate, in light of the circumstances then existing, including the purchase of Common Shares or other securities of the Issuer, subject to applicable securities laws and the terms of such securities.
An early warning report will be filed by the Corporation under applicable Canadian securities laws and once filed will be available on the Issuer's SEDAR+ profile at www.sedarplus.com. Following the above-noted early warning report filing, the Corporation will no longer be required to report under the early warning requirements of National Instrument 62-104 –Take-Over Bids and Issuer Bids, unless its security holdings in the Issuer increase to 10% or more in the future.
The address of the Corporation is:
17 Grosvenor Street
London, United Kingdom
W1K 4QG.
VirTra : Unveiling Extended Reality Capabilities for Military Clients at I/ITSEC 2023 -November 21, 2023
https://www.marketscreener.com/quote/stock/VIRTRA-INC-42567604/news/VirTra-Unveiling-Extended-Reality-Capabilities-for-Military-Clients-at-I-ITSEC-2023-45411620/
Scottmarket7
Yesterday 10:18 AM
$VTSI I pulled some details from the S.4003 - Law Enforcement De-Escalation Training Act of 2022.
- V-XR addresses many of the things identified in this Act.
- 2024 has the biggest chunk of money being spent $20 Million
The Attorney General shall establish a process to--
(i) certify training programs and courses offered by public and private entities to law enforcement officers or covered mental health professionals.
Authorization of appropriations.
$3,000,000 for fiscal year 2023
$20,000,000 for fiscal year 2024
$10,000,000 for fiscal year 2025
$1,000,000 for fiscal year 2026
Bullish
No idea. I just saw the headline