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.
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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.