Start here if you're new
what it is
VirTra sells virtual training systems that teach police, military, and security teams how to shoot, decide, and de-escalate without live fire.
how it gets paid
Last year Virtra made $26M in revenue. judgmental use-of-force simulators was the main engine at $10.4M, or 40% of sales.
what just happened
The last reported quarter showed revenue of $19M, but trailing earnings still landed weak enough that consensus shows negative trailing EPS.
At a glance
C++ balance sheet — some cracks in the foundation
30/100 earnings predictability — expect surprises
54.1x trailing p/e — you're paying up for this one
2.6% return on capital — nothing to write home about
$0.12 fy2024 eps est
xvary composite: 32/100 — weak
What they do
VirTra sells virtual training systems that teach police, military, and security teams how to shoot, decide, and de-escalate without live fire.
VirTra sells realism, and realism is hard to swap out once your agency trains on it. The company says it has over 1,000 real-world scenarios on its platform, which means your trainers are buying a library, not just a screen. That helps explain the 69.4% gross margin (gross margin → money left after direct costs → the product is pricey and software-like).
How they make money
$26M
annual revenue
judgmental use-of-force simulators
$10.4M
+4.0%
firearms training simulators
$7.8M
+4.0%
software, scenarios, and content
$3.9M
+15.5%
service, support, and maintenance
$2.6M
+4.0%
portable XR systems and other
$1.3M
+15.5%
The products that matter
scenario-based training systems
Judgmental Use-of-Force Simulators
69% of revenue
It drives roughly $18M of the $26M revenue base. The over 1,000 certified scenarios are the asset, but a 22% sales decline shows agencies do not buy on a clean schedule.
core revenue engine
recurring support and service revenue
Recurring Services
$8M · 31% of revenue
This $8M segment grew 15% and is the cleaner part of the model. If management wants investors to trust the story again, this mix needs to become a bigger share of the business.
more stable revenue
portable vr training platform
V-XR Platform
product bet
Management is spending into VR while the company is already absorbing revenue pressure and a quarterly loss. Without disclosed revenue for V-XR, you should treat it as a promise, not a proven growth engine.
execution watch
Key numbers
13%
debt load
Debt is $8M, or 13% of capital. On a $48M market cap, that is not fatal, but it leaves less room for bad quarters.
54.1x
p/e ratio
P/E → price divided by earnings → you are paying a growth multiple for a company with just $26M in annual revenue.
69.4%
gross margin
Gross margin → sales left after direct costs → VirTra's products behave more like software than heavy equipment once sold.
2.6%
return on capital
Return on capital → profit generated from the money tied up in the business → VirTra is not turning capital into earnings very efficiently.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $8M (13% of capital)
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for VTSI right now.
source: institutional data · return history unavailable
What just happened
missed estimates
The last reported quarter showed revenue of $19M, but trailing earnings still landed weak enough that consensus shows negative trailing EPS.
The weird part is simple. Sales spiked 264% vs. prior year, yet trailing EPS is still -$0.12 by consensus and full-year 2024 EPS was only $0.12 by the base data.
$19M
revenue
$0.09
eps
69.4%
gross margin
the number that mattered
$19M matters because it is roughly 73% of the company's entire $26M annual revenue base, which tells you quarterly timing drives everything here.
source: company earnings report, 2026
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What could go wrong
The top risk here is the securities fraud investigation announced in November 2025. On a $48M company, even modest legal damage matters.
high
Securities fraud investigation
The probe announced in November 2025 targets potential securities fraud and unlawful business practices. This is not background noise. It is now part of the equity story.
Legal expense and credibility damage would hit a company with just $48M in market value disproportionately hard.
high
Lumpy order book
Simulator sales are 69% of revenue and fell 22% last year. When the larger one-time orders slip, the whole income statement feels it.
Q3 revenue missed by $2.2M and landed 29% below estimates. That's what order volatility looks like in real time.
med
Thin earnings cushion
The full-year EPS estimate is only $0.12, and the business just printed a quarterly loss of $0.03 per share.
When profits are this thin, misses do not dent the thesis — they erase it.
med
VR investment may take longer to pay off
VirTra is pushing products like V-XR while the core business is under pressure. There is no disclosed revenue in this snapshot showing that spend has already turned into scale.
If development costs rise faster than adoption, the 69.4% gross margin will not save cash flow.
A legal probe, a 29% revenue miss, and earnings thin enough to disappear on contact make this a high-variance small cap.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
march 26, 2026 report
The company needs to show Q3 was a one-quarter air pocket, not evidence that the revenue base has reset lower.
legal
fraud probe disclosures
Any update tied to the November 2025 investigation matters because legal uncertainty can block multiple expansion before operations ever recover.
mix shift
recurring services as a share of revenue
Services are 31% of revenue and grew 15%. If that mix climbs, the business becomes easier to underwrite. If it stalls, volatility stays.
orders
simulator sales stabilization
Simulator sales are still the main event at 69% of revenue. You need to see fewer quarter-to-quarter swings before this stock can earn trust back.
Analyst rankings
earnings predictability
30 / 100
Low predictability means estimates move around because the business does. In human-speak: analysts do not trust this company to deliver a clean, repeatable quarter.
risk profile
5 / 100
A 5 risk rank translates to a very speculative setup in this framework. You're being paid with uncertainty, not stability.
source: institutional data
Institutional activity
institutional ownership data for VTSI is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$4
current price
n/a
target midpoint · n/a from current
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