Welcome to our dedicated page for Wrap Technologies news (Ticker: WRAP), a resource for investors and traders seeking the latest updates and insights on Wrap Technologies stock.
Wrap Technologies, Inc. develops public safety technology and non-lethal response products for law enforcement, security and related public safety organizations. Company news commonly covers BolaWrap® remote restraint devices, WrapReality™ immersive training deployments, WrapVision digital evidence capabilities, customer purchase orders, contract renewals, and international partner activity.
Recurring updates also address WRAP's broader Non-Lethal Response™ platform, including training programs, policy-centered implementation, healthcare and campus security applications, and research initiatives tied to drone and counter-drone public safety capabilities. Financial-result announcements and operating updates frame product sales, technology-enabled services, market expansion and cost management.
Wrap Technologies, Inc. (Nasdaq: WRAP) has been invited to present at Lake Street’s Take Aim Conference, taking place virtually on January 25-26, 2023. Management will conduct one-on-one and group calls with investors on January 26. The conference aims to showcase investment opportunities in consumer spaces, allowing institutional investors to engage with executives from various companies.
Wrap is recognized for its innovative public safety technologies, including the BolaWrap Remote Restraint Device and WRAP Reality, a virtual reality training system for law enforcement. These products promote non-pain compliance solutions to enhance public safety practices.
Wrap Technologies, Inc. (Nasdaq: WRAP) has announced a significant deployment of its BolaWrap 150® remote restraint devices across multiple law enforcement agencies in Montgomery County, Texas. This initiative, funded by a grant from the Court of Commissioners of Montgomery County, aims to enhance public safety by equipping the Montgomery County Sheriff’s Office, Constable Offices, and Fire Marshal’s Office with innovative restraint technology. The BolaWrap 150 enables officers to safely subdue individuals from a distance without causing pain, thereby improving safety for both officers and the community.
Wrap Technologies (Nasdaq: WRAP) announced a Professional Services and Technology Acquisition Agreement with Lumeto, Inc. to develop a cloud-based virtual reality training platform. This collaboration aims to enhance the Wrap Reality training platform, allowing for more flexible and cost-effective training solutions for law enforcement agencies. Lumeto will provide technology and licenses, expediting the development of new training scenarios. CEO TJ Kennedy emphasized that this partnership will significantly improve training methods and customer experiences in law enforcement.
Wrap Technologies, Inc. (Nasdaq: WRAP) reported its third quarter 2022 results, with significant improvements in profitability metrics. The company achieved a record 54% gross margin and $1.70 million in net revenue, despite a 6% year-over-year decline. A historic $1.5 million order for the BolaWrap 150 was received in October, indicating strong demand. Operational expenses were reduced by 28%, contributing to a 35% improvement in net loss. Wrap aims for cash flow break-even by the end of 2023 and profitability by 2024.
Wrap Technologies (Nasdaq: WRAP) announced significant international orders for its BolaWrap 150 remote restraint devices on November 9, 2022. The company secured an initial order from a large law enforcement agency in South America for 120 devices and related training services. Furthermore, an order from a new EMEA customer is valued at over $1.5 million, marking the largest single order in WRAP's history. These developments are expected to enhance WRAP’s revenue growth in Q4 2022, indicating strong momentum in international markets.
Wrap Technologies, Inc. (Nasdaq: WRAP) will host a video webcast on November 9, 2022, at 5:00 p.m. Eastern to discuss its financial results for Q3 ending September 30, 2022. A press release with results will precede the call. The event will feature management presentations and a Q&A segment, with questions submitted by November 4. Wrap specializes in public safety technologies, including its BolaWrap device and Wrap Reality training system, designed to enhance law enforcement capabilities.
Wrap Technologies (Nasdaq: WRAP) has introduced the Wrap Reality ADAPT, an advanced virtual training software for law enforcement, featuring over 6,000 customizable scenarios. This upgrade enhances immersive training by allowing real-world situations to be tailored, providing a highly engaging experience with virtually unlimited scripting. According to CEO TJ Kennedy, this innovation aims to meet the evolving needs of public safety officials, offering a cost-effective solution that ensures ongoing adaptability and significant returns on investment.
Wrap Technologies, Inc. (Nasdaq: WRAP) showcased effective deployment of its BolaWrap® Remote Restraint device by the LaGrange Police Department in Georgia on September 4, 2022. Officers responded to a call regarding a man acting erratically under the influence of drugs. The BolaWrap was successfully used to de-escalate the situation without force. CEO TJ Kennedy highlighted this success as evidence of the device's potential to enhance public safety and minimize injuries during apprehensions. The footage can be viewed online, showcasing real-world applications of the technology.
Wrap Technologies, Inc. (Nasdaq: WRAP) announced a significant advancement in the deployment of its BolaWrap 150 devices with the Los Angeles Police Department (LAPD). The large-scale field deployment involves 500 units across Hollywood and Central divisions, following training conducted in April and May 2022. This initiative aims to enhance officers' ability to de-escalate situations safely without using force, reflecting Wrap's commitment to innovative public safety technology. CEO TJ Kennedy highlighted the partnership's potential to support community policing efforts.
Usio, Inc. has appointed Paul Manley as the new Senior Vice President of Investor Relations, effective August 22, 2022. With over 25 years of experience, including prior roles at Wrap Technologies and leading financial firms, he aims to enhance Usio's investor relations efforts. Louis Hoch, President and CFO, expressed enthusiasm over Manley's expertise, indicating it will help improve stakeholder understanding of the company's strategy and financial performance. Usio specializes in cloud-based integrated payment solutions for various entities, including merchants and banks.