TrackingPoint, Inc. announced Monday that it sold 180 percent more units than expected by the end of 2014 and introduced a new chief executive officer and other internal changes.
Based on market reports putting the growth rate for the gun industry at 3.2 percent between 2009 to 2014, TrackingPoint deduced that it is the fastest growing gun company in the world. The Precision Guided Rifle maker reported a 281 percent year-on-year unit growth.
Reports from June put TrackingPoint’s estimated revenue at $20 million for 2014, and $10 million revenue in 2013, but the company’s new CEO, Frank Bruno, declined to say if these figures were in line with current growth.
Civilian sales presumably make up the entirety of TrackingPoint’s success, though specific details are not available, and military applications are fledgling. The Defense Department reportedly bought six TrackingPoint rifles to test out last summer and the company has been working to shore up contracts.
“We’re being as aggressive as we can on our side and the Army is being as diligent as they can on their side,” said Frank Bruno, TrackingPoint’s new CEO.
“The U.S. government is very thorough in their testing … we should see incremental growth with them as we kind of move on down the road,” he said. He did not specify a timeline, but clarified a deal will probably won’t be this year.
TrackingPoint also announced it “restructured” its workforce recently, laying off an unspecified number of employees. Bruno said they mostly let go engineers in the research and development side.
“We’ve invested $45 million and the core technology is mature,” he said, adding that was the focus for the past three years and now the company can operate at lower costs. “Now we’re all about enhancing it and innovate off of [the technology].”