VirTra Inc (VTSI)

[rut2k9]

Liolios is smart. They own ZERO shares of VTSI.
BOD is smart. They own relatively few shares and do not buy more.

Expecting the BOD to own shares is reasonable.
Expecting the IR firm to is not. I don't know any IR firm that actively makes open market buys in any clients. It would be a bad, and risky, business practice.

You continue to not see the problem. They have created a cap structure which makes the stock unattractive to most investors. It is no longer an institutional story. Not even small institutions. It lacks news flow to be a good retail story. It's too small for the directors to care enough to buy (and yes, that's a problem). It's too small to pay high enough cash salaries, so they pay people in shares to keep them involved. Things given to you for free have little value, so the executives aren't "hungry" to drive shareholder value. And they have enough stock, so they don't feel a need to buy more.

The reverse split killed the stock.
And the buyback is only making it worse.

Add to it, the growth rate has slowed significantly. Obviously, it's easier to grow from 1 to 10 than it is to grow from 10 to 20. But it's also possible that they've already reaped all the low-hanging fruit, and their offering is just not compelling enough, or not priced appropriately, or is missing key features, keeping them from attracting new customers beyond that low-hanging fruit.

And if they shift to a SaaS model, you may see revenues decline until (if?) subscription revenue reaches critical mass. That may take years.