VirTra Inc (NASDAQ: VTSI) is a simulation training technology company that designs and sells firearms and scenario-based training simulators to law enforcement and military customers. Revenue comes from hardware simulator sales, software licensing, and subscription-based contracts through its Subscription Training Equipment Partnership (STEP) program, which bundles simulator products, accessories, and coursework on a recurring basis. The company serves two distinct customer segments, law enforcement agencies and military, which require separate sales and marketing programs. Total revenues were $22,402,188 for the year ended December 31, 2025, compared to the prior fiscal year period. Net operating expense was $14,765,131 for the year ended December 31, 2025, down 15% from $17,416,184 in the year ended December 31, 2024. VirTra holds patents on core technology including its Threat-Fire shoot-back system and True-Fire recoil kits, and sells nationally accredited training coursework through its Virtual Interactive Coursework Training Academy (V-VICTA) program.

Revenue model

VirTra generates revenue through hardware simulator sales, proprietary software tools (V-Author), subscription contracts via the STEP program, and training services including V-VICTA accredited coursework. Government contracts, which can be terminated for convenience or default, are a primary revenue vehicle.

Products and services

Products and services include multi-screen video-based firearms training simulators, the patented Threat-Fire shoot-back system, True-Fire gas-powered recoil kits, V-Author scenario authoring software, V-VICTA nationally accredited training coursework, Red Dot Optic Training courses, and the STEP subscription program bundling hardware and coursework access.

Customers and end markets

Primary customer groups are law enforcement agencies and military, treated as distinct markets with separate sales programs. Contracts are predominantly with U.S. government entities, with some international government exposure evidenced by foreign exchange losses on 2023 contracts that finalized in fiscal year 2025.

Value-chain role

VirTra is an end-to-end simulation training supplier, designing proprietary hardware, developing scenario content and courseware, and delivering training programs directly to government end users. It holds its own IP through patents, trademarks, trade secrets, and copyrights covering products and training content.

Geographic exposure

Primarily U.S. government contracts. International government exposure exists, as evidenced by material foreign exchange losses in fiscal year 2025 related to contracts originating in 2023.

Source: SEC 10-K, filed 2026-03-26

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