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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) will present at the LD Micro by SRAX Invitational XII from June 7 to 9, 2022, at Four Seasons, Westlake Village, California. Management will present on June 8 at 1:00 PM PT and will be open for one-on-one meetings. Wrap focuses on innovative public safety technologies, including the BolaWrap® Remote Restraint device and Wrap Reality, a virtual reality training platform. These tools promote safe law enforcement practices by enabling officers to manage uncooperative individuals without resorting to higher levels of force.
Wrap Technologies, Inc. (Nasdaq: WRAP) has secured a five-year purchase order for its Wrap Reality virtual reality training system from a County Sheriff’s Office in Kentucky. The training tool aims to enhance law enforcement skills in de-escalation tactics through immersive simulations. The initial demo in March 2022 showcased its effectiveness in safely managing potential conflicts. CEO TJ Kennedy emphasized the significance of this long-term contract, reflecting market confidence in their training solutions.
Wrap Technologies, a leader in public safety technologies, reported a net revenue of $1.6 million for Q1 2022, reflecting a 3.7% increase from the prior year. The company achieved a gross margin of 42%, up from 39% year-over-year. Wrap appointed TJ Kennedy as CEO and Kevin Mullins as President, marking a new leadership phase. Despite incurring $0.4 million in promotional discounts for product upgrades, gross profit grew by 10% to approximately $0.7 million. The company anticipates continued sales growth and reduced promotional costs in the coming quarters.
Wrap Technologies, Inc. (Nasdaq: WRAP) will report its first quarter fiscal 2022 results on May 3, 2022. An investor conference call is scheduled for 4:30 PM ET on the same day to discuss the results. The call and supplemental materials will be accessible through the Company’s investor relations website. Wrap Technologies specializes in public safety technologies, offering innovative solutions like the BolaWrap Remote Restraint device and Wrap Reality training system, aimed at improving law enforcement practices.
Wrap Technologies (Nasdaq: WRAP) announced the appointment of Kevin Mullins as President, effective April 19, 2022, and granted him an equity award to align his interests with shareholders. Mullins aims to enhance Wrap's global sales strategy and operational capabilities. The inducement award includes restricted stock units convertible into 175,173 shares and nonqualified options for 1,049,145 shares at an exercise price of $2.89, with vesting contingent on market capitalization milestones. This strategic move is expected to support long-term growth in public safety technologies.
Wrap Technologies (Nasdaq: WRAP) announces the appointment of TJ Kennedy as CEO and Kevin Mullins as President, effective immediately. Both seasoned leaders possess extensive experience in technology and public safety, aimed at enhancing Wrap's operational capabilities and expanding its product offerings in the $50 billion public safety market. The Board's thorough search highlights their confidence in Kennedy and Mullins driving growth and innovation, particularly for the BolaWrap 150 device. The appointments are expected to foster a new level of strategic thinking within the company.
Wrap Technologies, Inc. (Nasdaq: WRAP), a leader in public safety technologies, will participate in the 2022 Virtual Growth Conference from March 28-30, 2022. Hosted by Maxim Group LLC and M-Vest, the conference will showcase executives across various sectors, including Biotech, Clean Energy, and Healthcare. Attendees can expect company presentations, fireside chats, and live Q&A sessions. Wrap develops innovative solutions like the BolaWrap Remote Restraint device and Wrap Reality training system to enhance public safety. For more details, visit wrap.com.
Wrap Technologies reported a 96% growth in full-year revenues, reaching $7.7 million. In Q4 2021 alone, net revenues grew by 73% to $2.4 million, despite a drop in gross margin to 30.1%. The company launched its upgraded product, the BolaWrap 150, and trained 940 law enforcement agencies, marking a 109% increase in training efforts. However, net losses for the year totaled $24.4 million. The company anticipates challenges in 2022 due to supply chain issues and geopolitical factors.
Wrap Technologies, Inc. (Nasdaq: WRAP) announced its participation in the 34th Annual Roth Conference from March 13-15, 2022, in Dana Point, California. The event will feature meetings and presentations from around 400 companies across various sectors, including public safety technologies. Wrap's management will be available for one-on-one meetings during the conference. The company focuses on innovative public safety solutions, highlighted by its BolaWrap® Remote Restraint device and Wrap Reality training platform.
Wrap Technologies, Inc. (Nasdaq: WRAP) announced it will report fourth quarter and full year fiscal 2021 results on March 10, 2022, after the market closes. An investor conference call will follow at 5:00 pm ET to discuss the results. The company is recognized for its innovative public safety technologies and the BolaWrap® Remote Restraint device, which helps law enforcement apprehend suspects safely. For further details, the investor relations website provides supplemental information and call details.
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