Thu, Aug 29, 6:44 AM (138 days ago)
Wrap Technologies, Inc. reported a net loss of approximately $30.2 million for the year ending December 31, 2023, compared to a loss of $17.6 million in 2022, primarily due to a non-cash charge of $12.0 million related to warrant liabilities. Revenue decreased by 24% to $6.1 million, driven by a decline in product sales, particularly from international markets. Operating expenses remained relatively flat at $21.6 million, with significant costs attributed to selling, general, and administrative expenses. The company has focused on expanding its product offerings, including the BolaWrap 150 and Wrap Reality VR training, and has seen an increase in training-related revenues. The acquisition of Intrensic in August 2023 is expected to enhance its portfolio in body-worn cameras and digital evidence management. Wrap Technologies has also implemented a "Use of Force Reduction Guarantee" to promote the BolaWrap device's adoption. Despite challenges, including dependence on a limited number of customers and potential regulatory impacts, the company maintains a strong cash position of $11.5 million as of December 31, 2023, which it believes will support operations for the next year.