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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) announced successful deployments of its BolaWrap Remote Restraint device by the Mountlake Terrace Police Department in Washington. On May 4, 2021, officers utilized the BolaWrap to safely restrain a subject in mental crisis, preventing potential harm. The device was also effective in another incident involving an intoxicated suspect threatening family members. The company continues to highlight the effectiveness of BolaWrap in de-escalating critical situations.
Wrap Technologies (WRAP) announced a pilot program with the Seattle Police Department for testing its BolaWrap Remote Restraint device. SPD Interim Chief Adrian Diaz approved the initiative, highlighting its potential to de-escalate situations and protect human life. Training Academy trainers demonstrated the device to approximately 1,000 Seattle officers on April 12, 2021. WRAP aims to collaborate closely with SPD to ensure successful implementation. The BolaWrap has been showcased in various police departments, proving effective in safely detaining individuals without injury.
Wrap Technologies (WRAP) announced the Northern York County Regional Police Department's implementation of the WRAP Reality virtual reality training simulator and the BolaWrap remote restraint device. Chief David Lash noted that this marks the first deployment of WRAP’s de-escalation platform, enhancing officer training and performance. The simulator allows immersive training, enabling officers to practice scenarios and improve decision-making without resorting to force. Community donations largely funded the subscription, reflecting local support for enhanced police training and safety measures.
Wrap Technologies, Inc. (WRAP) released bodycam footage highlighting a successful BolaWrap deployment by the Wyoming Police Department on May 5, 2021, during a mental health crisis situation. The BolaWrap device was utilized to safely restrain an intoxicated individual without injury, demonstrating its effectiveness in de-escalating potentially volatile scenarios. Police Chief Paul Hoppe praised the device's role in ensuring safety for both the officers and the subject. The BolaWrap is gaining acceptance as a non-lethal option for law enforcement to manage crisis situations.
Wrap Technologies, Inc. (Nasdaq: WRAP) reported a remarkable 123% year-over-year revenue growth for Q1 2021, attributed to robust demand for its BolaWrap remote restraint device. The Company’s CEO, Tom Smith, will present at the Benzinga Global Small Cap Conference on May 14, 2021, detailing the growing market interest and successful implementation of the BolaWrap device in law enforcement. As a leader in public safety technologies, WRAP emphasizes the effectiveness of its product in safely detaining individuals without injury, supported by ongoing expansion in both U.S. and international markets.
Wrap Technologies (WRAP) released new bodycam footage demonstrating a successful deployment of their BolaWrap® device by the Northern York County Regional Police on April 15, 2021. The incident involved a disruptive motel guest, where the BolaWrap effectively de-escalated the situation without causing injury to the subject or officers. Chief David Lash emphasized that the BolaWrap serves as a remote restraint tool, introduced before any use-of-force measures. This marks the first indoor deployment captured on bodycam, showcasing the device's versatility.
Wrap Technologies (Nasdaq: WRAP) announced that BolaWrap has achieved an over 80% effectiveness rate in real-world law enforcement applications based on the first 50 uses reported. This device allows police to detain individuals safely without excessive force, thereby reducing potential injuries and civil liabilities. Officials from various police departments praised BolaWrap’s utility and its role in enhancing community trust. The company aims to leverage the positive outcomes to expand its market presence in public safety technologies.
On May 4, 2021, Wrap Technologies, Inc. (WRAP) announced the approval of a one-year extension for its BolaWrap Pilot Program by the Los Angeles Board of Police Commissioners. The extension follows a report highlighting the need for further evaluation due to an insufficient sample size from the initial program. The BolaWrap device aims to assist law enforcement in safely detaining individuals without injury. The pilot will continue in LAPD's Hollywood and Central divisions, where the BolaWrap may be most beneficial.
Wrap Technologies reported a remarkable 123% year-over-year revenue growth, reaching $1.5 million for Q1 2021. Despite challenges from the pandemic, the company saw a 222% increase in trained agencies, totaling 628, and a 172% rise in certified officer instructors, now at 1,961. Gross margin improved to 39%, up from 33% in Q4 2020. However, SG&A expenses surged to $5 million, primarily due to increased compensation and public reporting costs. The company aims to address market demands with its training platform while navigating expected near-term growth challenges.
Wrap Technologies (Nasdaq: WRAP) announced a collaboration with Wheaton College to utilize the WRAP Reality training platform for de-escalation training. This partnership, led by Professor David C. Iglesias, aims to align training programs with community values and enhance policing practices. CEO Tom Smith emphasized the collaboration's potential to improve officer preparedness in real-life situations. The company continues to innovate in public safety technologies, notably with its BolaWrap device and immersive training solutions.
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