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    Richard Baldry • Roth Capital Partners, LLC

    Richard Baldry is a Managing Director and Senior Research Analyst at Roth Capital Partners, specializing in the software sector with a particular emphasis on Software-as-a-Service (SaaS) companies. Over his 24-year career as a technology analyst, he has covered a range of leading public SaaS and software firms while earning recognition as a TipRanks Top 100 Wall Street Analyst in both 2017 and 2018 for performance and accuracy in stock recommendations. Baldry began his sell-side research career in the early 2000s and has held positions at Wunderlich Securities, Canaccord Adams, First Albany Capital, and other boutique firms before rejoining Roth Capital Partners, where he pioneered SaaS-focused research since 2003. He holds a CFA charter, is a FINRA-registered broker, and graduated summa cum laude from Angelo State University with degrees in Finance and Real Estate.

    Richard Baldry's questions to VirTra Inc (VTSI) leadership

    Richard Baldry's questions to VirTra Inc (VTSI) leadership • Q2 2025

    Question

    Richard Baldry from Roth Capital Partners, LLC inquired about changes in STEP renewal rates and customer preferences, the potential impact of accelerated depreciation accounting, and any emerging geographic or end-market trends within the quarter's bookings.

    Answer

    CEO John Givens stated that the STEP renewal rate remains strong at over 95% despite a shift to a three-year model, with customer acquisition choices (STEP vs. capital) depending on their funding sources. He also highlighted that grant funding is beginning to open up and noted increased activity internationally. CFO Alanna Boudreau added that early STEP renewals were driven by customers wanting new technology and that she does not foresee a major impact from accelerated depreciation accounting.

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