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 (WRAP) released new bodycam footage demonstrating a successful deployment of their BolaWrap® device by the Northern York County Regional Police on April 15, 2021. The incident involved a disruptive motel guest, where the BolaWrap effectively de-escalated the situation without causing injury to the subject or officers. Chief David Lash emphasized that the BolaWrap serves as a remote restraint tool, introduced before any use-of-force measures. This marks the first indoor deployment captured on bodycam, showcasing the device's versatility.
Wrap Technologies (Nasdaq: WRAP) announced that BolaWrap has achieved an over 80% effectiveness rate in real-world law enforcement applications based on the first 50 uses reported. This device allows police to detain individuals safely without excessive force, thereby reducing potential injuries and civil liabilities. Officials from various police departments praised BolaWrap’s utility and its role in enhancing community trust. The company aims to leverage the positive outcomes to expand its market presence in public safety technologies.
On May 4, 2021, Wrap Technologies, Inc. (WRAP) announced the approval of a one-year extension for its BolaWrap Pilot Program by the Los Angeles Board of Police Commissioners. The extension follows a report highlighting the need for further evaluation due to an insufficient sample size from the initial program. The BolaWrap device aims to assist law enforcement in safely detaining individuals without injury. The pilot will continue in LAPD's Hollywood and Central divisions, where the BolaWrap may be most beneficial.
Wrap Technologies reported a remarkable 123% year-over-year revenue growth, reaching $1.5 million for Q1 2021. Despite challenges from the pandemic, the company saw a 222% increase in trained agencies, totaling 628, and a 172% rise in certified officer instructors, now at 1,961. Gross margin improved to 39%, up from 33% in Q4 2020. However, SG&A expenses surged to $5 million, primarily due to increased compensation and public reporting costs. The company aims to address market demands with its training platform while navigating expected near-term growth challenges.
Wrap Technologies (Nasdaq: WRAP) announced a collaboration with Wheaton College to utilize the WRAP Reality training platform for de-escalation training. This partnership, led by Professor David C. Iglesias, aims to align training programs with community values and enhance policing practices. CEO Tom Smith emphasized the collaboration's potential to improve officer preparedness in real-life situations. The company continues to innovate in public safety technologies, notably with its BolaWrap device and immersive training solutions.
Wrap Technologies (NASDAQ: WRAP) announced a successful BolaWrap deployment during a police response in Mountlake Terrace, Washington, on April 15, 2021. The device was effectively used to restrain a violent suspect without injury, showcasing its potential to enhance public safety. Chief Strategy Officer Mike Rothans highlighted the importance of BolaWrap in de-escalating dangerous situations, providing law enforcement with a safer approach. The company continues to focus on innovative public safety solutions, including the BolaWrap and its immersive WRAP Reality training system.
Wrap Technologies, Inc. (WRAP) announced the addition of four independent members to its Board of Directors, strengthening its governance and expertise in public safety technologies. New members include Jeff Kukowski, CEO of Cloudbolt Software; Kimberly Sentovich, a veteran executive from Walmart; Kevin Sherman, Interim CEO of Tractor Beverages; and TJ Kennedy, former CEO of Qumu, Inc. The Board now consists of nine members, with seven being independent. This strategic move aims to enhance the company's growth trajectory and operational capabilities as it serves the law enforcement sector.
Summary not available.
Wrap Technologies, Inc. (WRAP) reported nine new BolaWrap deployments across eight states in March and April 2021. The BolaWrap, a remote restraint device, was effectively used by law enforcement, including Fruitland Police Department in Maryland and Mountain View Police Department in California, to safely manage crisis situations without escalating violence. The company highlights that many deployments go unreported as agencies view them as low use of force. This trend signals growing adoption of WRAP's safety technologies in public safety operations.
Wrap Technologies, Inc. (WRAP) will host a Zoom webcast on April 29, 2021, at 4:30 p.m. Eastern Time, to discuss its financial and operational results for Q1 2021. A press release containing these results will precede the webcast. The presentation will include a Q&A session, and interested participants can RSVP via a provided link. WRAP, known for its BolaWrap® Remote Restraint device and WRAP Reality training platform, focuses on innovative public safety technologies. More details can be found on the company's website.