Wrap Expands into Indian Market Following Purchase Order for DFR-X Non-Lethal Drone Systems, BolaWrap Devices, and WrapReality Virtual Training Systems

Rhea-AI Summary

Wrap (NASDAQ: WRAP) announced a strategic distribution agreement with Crystal Works in India on Feb 25, 2026, including a pre-order for DFR-X drone systems, BolaWrap 150 devices, and WrapReality training. The deal marks Wrap's first major commercial entry into the Indian market and aims to deploy an integrated non-lethal response and training ecosystem across defense and public safety agencies.

The collaboration leverages Crystal Works' regional footprint to accelerate adoption across law enforcement, defense units, and government sectors in South Asia.

Positive

• First major commercial entry into India
• Pre-order includes DFR-X drone systems, BolaWrap 150, and WrapReality
• Strategic distribution via Crystal Works with regional defense footprint
• Positions Wrap to extend NLR capabilities into aerial domain

Negative

• None.

Key Figures

Current price: $1.70 Registered resale shares: 5,000,000 shares Private placement proceeds: $5.0 million +5 more

8 metrics

Current price $1.70 WRAP share price before reaction to India distribution news

Registered resale shares 5,000,000 shares S-3 shelf registration for resale tied to Feb 2026 private placement

Private placement proceeds $5.0 million Gross proceeds raised in February 2026 financing

Outstanding shares 54,501,638 shares Common shares outstanding as of February 6, 2026

Potential dilution 9.17% Registered resale shares as percentage of shares outstanding

Warrant exercise price $2.30 per share Exercise price for common warrants from Feb 2026 placement

Passive stake 7.6% ownership Iroquois Capital and affiliates’ reported beneficial ownership

Short interest 15.17% of float Short position and potential for elevated volatility

Market Reality Check

Price: $1.70 Vol: Volume 291,853 is below 2...

normal vol

$1.70 Last Close

Volume Volume 291,853 is below 20-day average 375,682 (relative volume 0.78). normal

Technical Price $1.70 is trading below 200-day MA at $1.96; shares sit 47.37% under the 52-week high and 41.67% above the 52-week low.

Peers on Argus

WRAP gained 7.59% while key peers like GNSS (-2.11%), ACFN (-4.21%), MIND (-1.55...

WRAP gained 7.59% while key peers like GNSS (-2.11%), ACFN (-4.21%), MIND (-1.55%), ODYS (-3.53%), and SOTK (-1.90%) declined, pointing to a stock-specific reaction to the India expansion news rather than a sector-wide move.

Historical Context

5 past events · Latest: Feb 20 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 20	Training unit launch	Positive	-3.4%	New transitional control training unit via WrapTactics and STORM partnership.
Feb 13	BolaWrap deployment	Positive	+5.3%	Loveland Police expanded to department-wide BolaWrap 150 deployment.
Feb 10	Malta program expansion	Positive	+3.9%	Instructor retraining and new certifications with Malta National Police Force.
Feb 06	WrapReality adoption	Positive	+12.7%	Clinton County Probation adopted WrapReality VR for non-lethal training.
Feb 02	Private placement	Negative	-7.8%	Raised <b>$5.0 million</b> via equity and warrants to restart manufacturing.

Pattern Detected

WRAP often trades higher on adoption/training wins, but financing news has coincided with weakness.

Recent Company History

Over recent weeks, WRAP has focused on expanding use of its non-lethal ecosystem. Adoption of WrapReality in a 3,000-square-foot training facility and international training with Malta police saw gains of 12.65% and 3.93%. U.S. agency deployments of BolaWrap produced a 5.29% move, while a training unit launch drew a -3.37% reaction. A $5.0 million private placement on Feb 2, 2026 was followed by a -7.8% decline. Today’s India distribution and DFR-X pre-order extend that recent push into international and training-driven growth.

Regulatory & Risk Context

Active S-3 Shelf · $5.0 million

Shelf Active

Active S-3 Shelf Registration 2026-02-09

$5.0 million registered capacity

An effective S-3 shelf filed on 2026-02-09 registers 5,000,000 common shares for resale tied to a February 2026 private placement. The company raised about $5.0 million in gross proceeds from that deal and will not receive cash from resale of these registered shares, only if $2.30 common warrants are exercised. Full issuance would equal about 9.17% of the 54,501,638 shares outstanding, which the filings flag as a potential dilution and stock overhang risk.

Market Pulse Summary

This announcement highlights WRAP’s strategic push into India through a distribution agreement and p...

Analysis

This announcement highlights WRAP’s strategic push into India through a distribution agreement and pre-order for DFR-X, BolaWrap, and WrapReality systems, extending its non-lethal ecosystem internationally. Recent history shows agency deployments, VR training adoption, and a $5.0 million financing to restart manufacturing. Filings also register 5,000,000 shares (about 9.17% of outstanding) for resale, which the company notes as an overhang risk. Investors may watch follow-on orders, regional adoption, and any warrant exercises as next signals.

Key Terms

non-lethal response, counter-unmanned aerial systems, c-uas, shelf registration statement, +4 more

8 terms

non-lethal response technical

"Wrap’s Integrated Non-Lethal Response and Training Ecosystem"

Actions, products or tactics designed to stop, control or neutralize a threat without causing death, for example using rubber bullets, tasers, tear gas, or de-escalation techniques instead of lethal force. For investors, non-lethal responses matter because they create markets and regulatory risks separate from lethal weapons—demand, safety claims, liability, and public acceptance can all affect sales, approvals and a company’s reputation much like choosing a safer tool instead of a more dangerous one.

counter-unmanned aerial systems technical

"increasing demand for Counter-Unmanned Aerial Systems (“C-UAS”) and drone-enabled"

Counter-unmanned aerial systems are tools and services designed to detect, track and disable or divert hostile or unauthorized drones. Think of them as a security system for the sky—using sensors, software and neutralizing measures to stop airborne intruders before they cause damage. Investors care because demand for these systems affects revenue and contracts for defense, security and infrastructure firms and signals regulatory and liability trends that can change market value.

c-uas technical

"increasing demand for Counter-Unmanned Aerial Systems (“C-UAS”) and drone-enabled"

c‑UAS (counter‑unmanned aircraft system) are integrated tools and procedures used to detect, track, and stop unauthorized drones—like a security system that sees and disables an intruder in the sky. Investors watch c‑UAS because rising drone use and tighter rules create demand for hardware, software, and services, which can drive sales growth and affect regulatory risk for companies in defense, airports, utilities, and event security.

shelf registration statement regulatory

"Wrap Technologies, Inc. is registering 5,000,000 shares of common stock for resale by existing investors under a shelf registration statement."

A shelf registration statement is a document a company files with regulators that allows it to sell shares or bonds quickly when it’s a good time to raise money. It’s like having a pre-approved plan ready so the company can act fast without going through lengthy paperwork each time they want to sell, making fundraising more flexible.

private placement financial

"The company previously raised approximately $5.0 million of gross proceeds in that private placement."

A private placement is a way for companies to raise money by selling securities directly to a small group of investors instead of through a public offering. This process is often quicker and less regulated, making it similar to offering a special, exclusive investment opportunity to select individuals or institutions. For investors, it can provide access to unique investment options that are not available on public markets.

schedule 13g regulatory

"received a Schedule 13G from Iroquois Capital Management"

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

warrants financial

"common warrants to buy up to 2,500,000 shares at $2.30 per share"

Warrants are special documents that give you the right to buy a company's stock at a set price before a certain date. They are often used as a way for companies to attract investors or raise money, and their value can increase if the company's stock price goes up.

form 4 regulatory

"[Form 4] WRAP TECHNOLOGIES, INC. Insider Trading Activity"

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

AI-generated analysis. Not financial advice.

Crystal Works Agreement Drives South Asia Adoption of Wrap’s Integrated Non-Lethal Response and Training Ecosystem

MIAMI, Feb. 25, 2026 (GLOBE NEWSWIRE) -- Wrap Technologies, Inc. (NASDAQ: WRAP) (“Wrap” or the “Company”), a global leader in non-lethal response and public safety technology, today announced a strategic distribution agreement with Crystal Works Private Limited (“Crystal Works”), a premier supplier of advanced technology solutions for defense and law enforcement markets in India.

The agreement includes a pre-order purchase of the following Wrap Non-Lethal Response (“NLR”) solutions:

• Wrap Drone First Responder Interdiction (“DFR-X”) Systems: Drone-enabled non-lethal aerial response and interdiction platform
• BolaWrap® 150 Devices: Handheld non-lethal restraint tool designed for pre-escalation and lawful control
• WrapReality™ Immersive Training Platform: Virtual reality-based decision-making and scenario training system
  
  

Crystal Works’ adoption of the NLR solutions marks Wrap’s first major commercial entry into the Indian market and suggests there may be growing international demand for comprehensive NLR capabilities that combine technology, training, and operational doctrine.

Crystal Works’ purchase order indicates increased market interest in Wrap’s full technology portfolio. The NLR ecosystem aims to support non-lethal operational requirements across defense and public safety agencies, expand field options for personnel, enhance operator readiness, and reduce risk in high-stakes encounters. The adoption of Wrap’s integrated ground and aerial solutions highlights the adaptability of the Company’s NLR ecosystem across diverse operational environments.

Strategic International Expansion

The collaboration is a step towards establishing a foundational presence for Wrap within India’s rapidly modernizing security ecosystem. Leveraging Crystal Works’ deep regional expertise and established defense industry footprint, the agreement is designed to accelerate adoption of Wrap’s non-lethal technologies across Indian law enforcement, defense units, and other government sectors seeking advanced, scalable response tools.

India represents a strategic gateway to the broader South Asian market, where modernization initiatives and force-readiness programs are increasingly driving demand for next-generation public safety technologies. Globally, the Company expects that non-lethal response is increasingly becoming a core pillar of public safety strategy as agencies prioritize de-escalation, risk mitigation, and accountable use-of-force frameworks.

DFR-X Pre-Order Demonstrates Early Market Traction

In our view, Crystal Works’ pre-order of DFR-X systems underscores increasing demand for Counter-Unmanned Aerial Systems (“C-UAS”) and drone-enabled response solutions, validating Wrap’s research and development investment in drone capabilities. The Company has strategically advanced its aerial platform capabilities with the goal of addressing emerging operational requirements across public safety, critical infrastructure protection, and defense applications.

Wrap’s C-UAS drone platform extends NLR capabilities into the aerial domain, designed to combine advanced detection, situational awareness, and non-lethal interdiction options within a unified operating framework. With expanding domestic and international go-to-market pathways, we believe Crystal Works’ adoption of DFR-X positions Wrap to capture growth in both established public safety markets and high-priority global security regions seeking scalable, integrated aerial response solutions.

About Wrap Technologies, Inc.

Wrap Technologies, Inc. (Nasdaq: WRAP) a global leader in innovative public safety technologies and non-lethal tools, delivering cutting-edge technology with exceptional people to address the complex, modern day challenges facing public safety organizations.

Wrap's complete public safety portfolio includes the non-lethal BolaWrap^® 150 device, WrapReality™ immersive training platform, WrapVision™ body-worn camera system, WrapTactics™ training programs, and next-generation C-UAS solutions like PAN-DA and the 1KC Kinetic Anti-Drone Cassette, all of which supports the Company's mission to provide safer, scalable, and cost-effective technologies for public safety, defense, and critical infrastructure markets. Wrap's BolaWrap^® 150 solution leads in pre-escalation intended to provide law enforcement with a safer choice for nearly every phase of a critical incident. This innovative, patented device deploys a multi-sensory, cognitive disruption that leverages sight, sound and sensation to expand the pre-escalation period and gives officers the advantage and critical time to manage non-compliant subjects before resorting to higher-force options. The BolaWrap^® 150 is not pain-based compliance. It does not shoot, strike, shock, or incapacitate, instead, it helps officers strategically operate pre-escalation on the force continuum, reducing the risk of injury to both officers and subjects. Used by over 1,000 agencies across the U.S. and in 60 countries, BolaWrap^® is backed by training certified by the International Association of Directors of Law Enforcement Standards and Training (IADLEST), reinforcing Wrap's commitment to public safety through cutting-edge technology and expert training.

WrapReality™ VR is a fully immersive training simulator to enhance decision-making under pressure.

As a comprehensive public safety training platform, it provides first responders with realistic, interactive scenarios that reflect the evolving challenges of modern law enforcement. By offering a growing library of real-world situations, WrapReality™ is intended to equip officers with the skills and confidence to navigate high-stakes encounters effectively, which we believe leads to safer outcomes for both responders and the communities they serve.

WrapVision is an all-new body-worn camera and evidence management system built for efficiency.

Designed for efficiency, security, and transparency to meet the rigorous demands of modern law enforcement, WrapVision captures, stores, and helps manage digital evidence, ensuring operational security, regulatory compliance, and enhanced video picture quality and field of view.

The WrapVision camera, powered by IONODES, boasts streamlined cloud integration and final North American assembly, with a critical made-in-America roadmap projected for early 2026. This track helps ensure data integrity and helps eliminate critical concerns over unauthorized access or foreign surveillance risks.

Trademark Information

Wrap, the Wrap logo, BolaWrap^®, WrapReality™ and Wrap Training Academy are trademarks of Wrap Technologies, Inc., some of which are registered in the U.S. and abroad. All other trade names used herein are either trademarks or registered trademarks of the respective holders.

Cautionary Note on Forward-Looking Statements - Safe Harbor Statement

This release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Words such as "expect," "anticipate," "should", "believe", "target", "project", "goals", "estimate", "potential", "predict", "may", "will", "could", "intend", and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Moreover, forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond the Company's control and include, but are not limited to, statements relating to the expected benefits and performance of the agreement with Crystal Works, Wrap's planned future products, technologies, integration, intended product designs and expected benefits therefrom, expected market opportunities and outcomes related to Wrap's products to increase officer and public safety. The Company's actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to: the Company's ability to maintain compliance with the Nasdaq Capital Market's listing standards; the Company's ability to successfully implement training programs for the use of its products; the Company's ability to manufacture and produce products for its customers; the Company's ability to develop sales for its products; the market acceptance of existing and future products; the availability of funding to continue to finance operations; the complexity, expense and time associated with sales to law enforcement and government entities; the lengthy evaluation and sales cycle for the Company's product solutions; product defects; litigation risks from alleged product-related injuries; risks of government regulations; the impact resulting from geopolitical conflicts and any resulting sanctions; the ability to obtain export licenses for counties outside of the United States; the ability to obtain patents and defend intellectual property against competitors; the impact of competitive products and solutions; and the Company's ability to maintain and enhance its brand, as well as other risk factors mentioned in the Company's most recent annual report on Form 10-K, subsequent quarterly reports on Form 10-Q, and other Securities and Exchange Commission filings. These forward-looking statements are made as of the date of this release and were based on current expectations, estimates, forecasts, and projections as well as the beliefs and assumptions of management. Except as required by law, the Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.

Investor Relations Contact:

(800) 583-2652

ir@wrap.com

FAQ

What did Wrap (WRAP) announce on February 25, 2026 about India expansion?

Wrap announced a strategic distribution agreement with Crystal Works and a pre-order for NLR systems. According to the company, the deal covers DFR-X drone systems, BolaWrap 150 devices, and WrapReality immersive training to establish a presence in India.

What products did Crystal Works pre-order from Wrap (WRAP) in the February 2026 agreement?

Crystal Works pre-ordered DFR-X drone systems, BolaWrap 150 devices, and WrapReality training. According to the company, the purchase order covers an integrated non-lethal response ecosystem combining aerial, handheld, and virtual training solutions.

How will the Wrap–Crystal Works deal affect Wrap's (WRAP) market access in South Asia?

The agreement is designed to establish a foundational presence in India and open South Asian channels. According to the company, Crystal Works' regional expertise aims to accelerate adoption across law enforcement, defense, and government sectors in the region.

Does the February 25, 2026 Wrap (WRAP) announcement include financial terms or order size?

The announcement does not disclose purchase order value or detailed financial terms for the pre-order. According to the company, the release specifies products and distribution intent but omits order size and pricing information.

What are the strategic benefits of Wrap's DFR-X systems for public safety buyers (WRAP)?

DFR-X extends non-lethal response into the aerial domain for interdiction and situational awareness. According to the company, the platform is intended to integrate detection, non-lethal interdiction, and unified operations for public safety and infrastructure protection.

When did Wrap (WRAP) announce its agreement with Crystal Works and what is its purpose?

Wrap announced the Crystal Works distribution agreement on February 25, 2026 to deploy non-lethal response and training solutions in India. According to the company, the purpose is to accelerate adoption of integrated NLR technologies across defense and public safety agencies.