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Wrap Technologies, Inc. (Nasdaq: WRAP) is at the forefront of developing non-lethal public safety technologies. Headquartered in Tempe, Arizona, the company is renowned for creating innovative solutions tailored for law enforcement and security personnel across the globe. One of its flagship products, the BolaWRAP® 150 Remote Restraint Device, is a patented handheld tool that deploys a Kevlar® cord to safely restrain individuals from a distance of 10-25 feet. This device addresses the critical need for non-violent de-escalation in tense situations, making it an essential tool for over 900 agencies in the US and 60 countries worldwide.
Wrap Technologies is committed to creating safer communities through its diverse product lineup. The Wrap Reality™ virtual reality training system offers a fully immersive experience, providing first responders with realistic scenarios to hone their skills and improve decision-making in the field. This innovative platform significantly enhances public safety training by addressing the dynamic nature of modern law enforcement situations.
Adding to its portfolio, Wrap's Intrensic solution is a comprehensive body-worn camera and evidence management system. This platform ensures the accurate capture, secure handling, and reliable storage of evidence, fostering greater trust and transparency in law enforcement procedures. With features like AI Auto-Tagging, which leverages advanced machine learning to streamline video analysis, the Intrensic system supports compliance and reduces operational costs.
Wrap Technologies has established strategic partnerships to expand its reach and impact. Notably, its collaboration with Kokusai Security in the Asia-Pacific region aims to promote the adoption of Wrap's products, bolstering public safety and operational effectiveness across new markets.
Recent achievements of the company include the continued refinement and deployment of its BolaWRAP® device, advancements in virtual reality training through Wrap Reality™, and ongoing enhancements to the Intrensic platform. With a steadfast focus on innovation, Wrap Technologies remains dedicated to equipping law enforcement and security personnel with the tools they need to perform their duties safely and effectively.
For further details, visit wrap.com or contact their Investor Relations at 800.583.2652 or via email at ir@wrap.com.
Wrap Technologies, Inc. (Nasdaq: WRAP) reported a strong second quarter with revenue growth of 132% year-over-year, reaching $1.9 million. The company saw a 27% sequential increase from the previous quarter. Despite a gross loss of $0.1 million due to a one-time expense of $0.7 million, gross profit would have been $0.7 million, or 36%. Trained agencies increased by 85%, and certified instructors grew by 106%. The company generated $12.0 million in cash through warrant exercises. Management remains optimistic despite ongoing international travel restrictions.
Wrap Technologies (Nasdaq: WRAP) commended the House Appropriations Committee for integrating police reform in the FY 2022 appropriations bill. The report emphasizes the review of virtual reality de-escalation training and humane remote restraint devices to decrease lethal force incidents, especially for individuals with mental health issues. CEO Tom Smith praised bipartisan congressional support for this initiative, underpinning the importance of their technology solutions in advancing law enforcement practices.
Wrap Technologies, Inc. (Nasdaq: WRAP) will host a Zoom webcast on July 29, 2021, at 4:30 p.m. Eastern to discuss its financial and operational results for Q2 2021. The call will feature CEO Tom Smith, CFO Jim Barnes, and new COO Glenn Hickman. A Q&A session will follow the prepared remarks. Interested parties can register via the provided link and access the live webcast through the Company's Investor Relations page. Wrap Technologies focuses on public safety technologies, including the BolaWRAP device and WRAP Reality training system, enhancing law enforcement capabilities.
Wrap Technologies, Inc. (WRAP) has been accepted as a signatory member of the United Nations Global Compact, joining over 9,000 companies worldwide. This commitment aligns with WRAP's Environmental, Social, and Governance (ESG) program, showcasing their dedication to public safety through innovative technology solutions. CEO Tom Smith emphasized that the Global Compact’s guidelines resonate with their mission to enhance community safety and integrity. The company's BolaWRAP® device provides an effective, non-injurious means of detaining individuals, reinforcing WRAP's role in law enforcement.
Wrap Technologies, Inc. (WRAP) announced Glenn Hickman as the new Chief Operating Officer, succeeding retiring CTO Woody Norris. Hickman, previously with Axon Enterprises, is tasked with advancing WRAP’s product lines, including the BolaWRAP. His extensive background in R&D and manufacturing is expected to enhance operations. Norris, who has a notable career with over 80 patents, will act as a strategic consultant focusing on innovation. This leadership transition aims to foster growth in public safety technologies.
Wrap Technologies (Nasdaq: WRAP) announced that the Princeton Police Department will utilize its WRAP Reality Virtual Training Platform for law enforcement training. This platform provides immersive training scenarios focusing on skills like de-escalation and community policing. The virtual training market is expected to grow from $204.41 billion in 2019 to $601.85 billion by 2027. The collaboration aims to enhance officer preparedness and improve critical decision-making skills, marking a significant step in modern police training.
Wrap Technologies, Inc. (WRAP) will hold its virtual 2021 annual meeting of stockholders on June 22, 2021, at 9:00 A.M. PT. Stockholders as of April 26, 2021, can attend via a provided link or phone. Voting and proxy submissions are encouraged before the 5:00 P.M. PT deadline on June 21, 2021. The company emphasizes participation and has made details available through its proxy statement filed on April 30, 2021. Wrap Technologies is known for its innovative public safety solutions, including the BolaWrap device and WRAP Reality training system.
Wrap Technologies, Inc. (Nasdaq: WRAP) announced that the exercise period for warrants from its 2019 offering has expired as of June 18, 2021. Out of 2,076,922 warrants issued, approximately 99.9% were exercised, generating around $12.5 million in proceeds, with $12.05 million received in the current fiscal quarter. CFO James Barnes indicated that the capital will support sales growth, product development, and operational costs. The cancellation of the unexercised warrants will remove future dilutive effects on WRAP's public float.
On June 17, 2021, Wrap Technologies, Inc. (WRAP) announced a successful BolaWrap deployment by the Defiance, Ohio Police Department that helped prevent a potential suicide by cop incident. The BolaWrap allowed officers to safely restrain an armed subject without escalating to higher levels of force. This was the third deployment involving BolaWrap by the Department, highlighting its effectiveness in crisis situations. Over 500 agencies in the U.S. and 44 countries are currently testing and using the BolaWrap, emphasizing its growing adoption in public safety.
Wrap Technologies, Inc. (WRAP) announced its participation in the virtual Restraint & Safety International Conference on June 17, 2021. WRAP President & CEO Tom Smith will discuss the BolaWrap® Remote Restraint device, highlighting its effectiveness in non-violent restraint, particularly in healthcare settings. This innovative tool has been adopted by police across multiple states, minimizing risks during confrontations. The conference features experts from the US, UK, Israel, and Australia, focusing on safer restraint methods.
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