VTSI - VirTra Awarded $5.9M Prototype Contract from U.S. Army IVAS Prime Contractor Microsoft | Benzinga
CHANDLER, Ariz., April 18, 2024 (GLOBE NEWSWIRE) -- VirTra, Inc. (Nasdaq: VTSI) ("VirTra" or the "Company"), a global provider of judgmental use of force training simulators, firearms training simulators for the law enforcement and military markets, today announced a $5.9 million order for prototypes to support the U.S. Army's Integrated Visual Augmentation System ("IVAS") program. This order represents an important continuation in VirTra's engagement with the IVAS program. VirTra will recognize revenue in three phases with reliability testing, soldier assessment, and final hardware deliveries, all scheduled in 2024.
The order includes bolt kits and magazines and high-pressure air fill stations for the IVAS program specifications with Microsoft as the prime contractor. In its role as the prime contractor, Microsoft ensures cohesive project delivery, integrating VirTra's training hardware with the objectives of the IVAS program. The recoil hardware has been engineered with a focus on intense environmental conditions, performance and reliability. To achieve uninterrupted and realistic recoil feedback, the fill stations utilize high-pressure air (HPA) technology reaching 3,000 psi. The hardware has been engineered for a realistic training experience for our military personnel.
John Givens, CEO of VirTra, stated, "This additional prototype contract award, in support of the IVAS program, is a testament to the reliability and performance of our technology. This series of awards has implemented new features and tuned our design to meet the rigorous requirements of the program. Our enhanced production capabilities and investment in new technologies have solidified our contract execution by improving quality and capacity."
Over the past two years, VirTra has significantly expanded its production capacity and improved operating efficiencies, while refining its hardware designs. These advancements highlight the Company's readiness for mass production and ...