The 51% revenue collapse and swing to a net loss confirm that the federal funding disruption is deeper than anticipated. With EPS missing Street consensus by 33% and no hard guidance provided, the stock faces significant downside risk. Monitor the Q2 2026 earnings for evidence of the promised H2 recovery — until then, avoid the name.
Price Chart
Executive Summary
VirTra reported Q1 2026 revenue of $3.5M, down 51% YoY from $7.2M, and a net loss of $(1.3)M ($(0.12)/share) vs net income of $1.3M ($0.11/share) a year ago. The sharp decline is attributed to continued federal funding delays and customer procurement timing, with bookings of $3.8M and backlog of $25.2M. Management expects improved sales momentum in H2 2026 as funding programs reopen, but the current quarter's results represent a material deterioration in fundamentals.
Key Financial Metrics
Key Facts
- Q1 2026 revenue $3.5M, down 51% YoY from $7.2M
- Net loss $(1.3)M ($(0.12)/diluted share) vs net income $1.3M ($0.11/share) in Q1 2025
- Gross margin compressed to 61% from 73% YoY
- Adjusted EBITDA swung to negative $(0.9)M from positive $1.7M YoY
- Operating cash flow negative $(0.6)M vs positive $0.1M in prior year period
- Bookings totaled $3.8M in Q1 2026; backlog $25.2M at quarter end
- Cash and equivalents $17.9M, down from $18.6M at year-end 2025
- EPS of $(0.12) was worse than the $(0.09) Street consensus (miss of 33%)
Financial Impact
Revenue decline of $3.7M (51% YoY) and swing from $1.3M net income to $(1.3)M net loss
Risk Factors
- Continued federal funding delays could push revenue recovery further into 2027
- Negative operating cash flow may pressure balance sheet if revenue does not rebound
- STEP revenue mix shift compressing gross margins structurally
- No quantitative guidance provided — management commentary is qualitative only
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001493152-26-022226 |
| Document: form8-k.htm | 0001493152-26-022226 |
| Document: 0001493152-26-022226-index-headers.html | 0001493152-26-022226 |
| Document: 0001493152-26-022226-index.html | 0001493152-26-022226 |
| Document: 0001493152-26-022226.txt | 0001493152-26-022226 |
| 8-K Data (Synthetic) | 0001493152-26-022226 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 6, 2026 20d ago | Press Release | $2.76 | awaiting T+60 | — | $2.72 (−1.45%) |
Aug 3, 2026 12w ago | Press Release | $3.06 | awaiting T+60 | — | $2.72 (−11.11%) |
Jun 11, 2026 19w ago | Institutional Cluster | $3.41 $3.09 | ▲ +9.38% | ▲ +13.78% | $2.72 (+20.23%) |
May 11, 2026 23w ago | 8-K | $3.48 $3.07 | ▲ +11.78% | ▲ +16.17% | $2.72 (+21.84%) |
May 11, 2026 23w ago | Press Release | $3.48 $3.07 | ▲ +11.78% | ▲ +16.17% | $2.72 (+21.84%) |
Mar 26, 2026 30w ago | Press Release | $3.74 $3.17 | ▼ −15.13% | ▼ −31.19% | $2.72 (−27.18%) |
Mar 12, 2026 32w ago | Press Release | $4.29 $3.35 | ▼ −21.91% | ▼ −33.53% | $2.72 (−36.60%) |
US Market Status
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