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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) is set to hold a video webcast on May 10, 2023, at 5:00 p.m. Eastern time to discuss its financial and operational results for Q1 2023, which will be released prior to the call. Interested parties may submit questions until May 5, 2023. Wrap Technologies specializes in public safety technologies, offering innovative solutions like the BolaWrap® Remote Restraint Device and Wrap Reality™ training system. The BolaWrap® device provides a non-painful method for detaining individuals, while Wrap Reality™ offers immersive training for law enforcement personnel. The webcast will include a presentation followed by a Q&A session, and a recording will be available on their investor relations website.
Wrap Technologies (Nasdaq: WRAP) announced the appointment of Kevin Mullins as CEO, effective immediately, following the resignation of TJ Kennedy. Mullins, who has been with the company since April 2022, aims to enhance operational efficiency and accelerate profitable growth.
The preliminary estimated revenue for Q1 2023 is between $0.60 million and $0.70 million, a significant decline from $1.6 million in the same quarter last year, attributed to delayed customer orders. However, operating expenses are projected to decrease to between $4.0 million and $4.5 million from $6.1 million, reflecting successful cost-cutting initiatives. Despite a net loss estimate of $3.7 million to $4.3 million, improved gross margins are expected.
The company plans to implement better operational efficiencies and may achieve a quarterly reduction in operating expenses of $1.5 million, aiming for sustained profitability.
Wrap Technologies, Inc (Nasdaq: WRAP) is set to host its third Investor Insights webcast on March 23, 2023, at 10:00 AM ET. The event will recap the Company's participation in the World Police Summit and will include a Q&A session where investors can submit questions until 8:00 PM ET on March 22, 2023.
Wrap Technologies specializes in innovative public safety solutions, featuring products like the BolaWrap® Remote Restraint Device and Wrap Reality™. Investors can join the webcast 5-10 minutes early through the Company’s investor relations website or via the provided registration link.
Wrap Technologies, Inc. reported record revenues for Q4 2022, achieving $3.59 million, a 47% increase year-over-year. This growth was primarily driven by substantial sales of the BolaWrap 150, including a historic $1.5 million order. The company improved gross profit by 130% to $1.70 million, aided by enhanced pricing and production efficiencies. Wrap plans to achieve quarterly adjusted EBITDA break-even by the end of 2023 and profitability by 2024. However, it anticipates a Q1 revenue decline, influenced by seasonal procurement cycles. As of the end of 2022, cash reserves stood at $19.28 million.
Wrap Technologies, Inc. (Nasdaq: WRAP) announced a video webcast on March 1, 2023, at 5:00 p.m. ET, to discuss its financial and operational results for Q4 and the full year ending December 31, 2022. The results will be released prior to the call. Interested participants can submit questions until February 24, 2023, at 8:00 p.m. ET. Wrap is known for its innovative public safety solutions, including the BolaWrap® Remote Restraint Device and Wrap Reality™, a VR training platform for law enforcement. The company aims to provide safer policing tools, focusing on non-pain compliance and effective training for first responders.
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