I need to reread prior cc's, but i don't think CEO tends to give firm timelines on too much and therefore the following line of commentary makes me think he has a firm end date in mind. This means waiting to build your position is a bet that one can purchase everything they want at the price they're waiting for before an announcement comes. I'm not interested in that game and already have a more than full position.
From Q2 2020 call:
"in last July, we engaged JL O’Connell & Associates to help advise us and broker relationships with military leaders and decision makers. Those investments, among others, have been gaining traction and they are beginning to bear fruit. There is tangible progress here, but given the sensitivity of some of these developments, we are not yet in a position to discuss anything in detail. However, we did want to share that there has been progress with the military market, particularly over the last quarter, and the pipeline has never been stronger than it is today. We will hopefully have some updates to share in the coming quarters, so please stay tuned."
... 2 quarters later ...
Q4 2020 call:
"On our last call, we discussed how the ADMIRE contract demonstrates the military's appetite for our solutions, as well as our ability to customize our products' functionality to seamlessly integrate with the military's training programs. Companies partner with us because we have a key piece to the puzzle that they lack: we can leverage our industry expertise and IP portfolio to partner with a larger player who has already built a relationship with key decision makers. That sales strategy by supplying a critical missing piece to help a large player better perform on a contract is one that we believe will continue to be an effective way for VirTra to expand further into the military market.
And indeed, we've already seen evidence of it in 2021. Due to the sensitive nature of some of our current work, we're constrained in what we can disclose at this time, but we hope to provide more details on the strategy and our progress later in the year. So, please stay tuned. "
and the recent call in May:
"We also understand that government agencies and prime contractors seek out well-capitalized firms for the larger size contracts. So while our track record of coming through for customer spans nearly three decades, the market need for our simulators, our training curriculum, our recoil kits, and our solutions have also grown much larger in size. With our bolstered balance sheet, we can increase our production capabilities, which should eliminate those potential concerns and provide prospects with the peace of mind that we will meet their needs. We believe this capital may help secure larger sales into the future as well. With the amount of demand we've seen from both the law enforcement community and the military, we intend to expand our production capabilities to fulfill larger orders faster.
In fact, as I speak to you today, our company is adding the second shift in our production department to help keep up with market demand for our products. In my opening remarks, I also discussed how VirTra has expanded. The proceeds from this raise will be used in our expansion efforts as we invest in the products, in the staff and an infrastructure to take VirTra to the next level. Please stay tuned for further updates on this front.
With our enhanced balance sheet, VirTra has never been in a better position than it is today to grow. While we always evaluate the business through a long-term lens with $4.4 million in revenue in the first quarter and $16.1 million in backlog, it appears that we're on track for another strong year. In fact, based on our current cash, market position and the prospects in front of us, we believe we are poised to substantially grow the business in the next few years. Of course, that is not guaranteed, but we are cautiously optimistic that it is achievable based on what we know today."
AI
