Wrap Technologies, Inc. Reports Fourth Quarter and Full Year 2024 Results

MIAMI, March 31, 2025 (GLOBE NEWSWIRE) -- Wrap Technologies, Inc, (NASDAQ:WRAP) ("Wrap" or, the "Company"), a global leader in innovative public safety technologies and non-lethal tools, today announced financial and operating results for the fourth quarter and full year ended December 31, 2024.

Q4 2024 Financial Results:

Revenue increased 47%, from $0.6 million in 2023 to $0.9 million in 2024.

Gross Profit improved by $0.7 million, rising from $(0.3) million in 2023 to $0.4million in 2024

Total Operating Expenses decreased 21%, from $6.3million in 2023 to $5.0million in 2024

Sales, General & Administrative (SG&A) Expenses declined 19%, from $5.8million in 2023 to $4.7million in 2024

Net Loss from Operations improved by $10.8million, decreasing from $(18.4) million in 2023 to $(7.6) million in 2024

2024 Financial Results:

Revenue was $4.5 million in 2024, down 27% from $6.1million in 2023.

Cost of Revenue decreased 37%, from $3.2million in 2023 to $2.0million in 2024.

Gross Margin increased by over 7 percentage points, rising from 47% to over 54%.

Operating Loss improved 17%, decreasing from $(18.7) million in 2023 to $(15.6) million in 2024,

Net Loss improved 81%, from $(30.2) million in 2023 to $(5.9) million in 2024,

Recent Operational Highlights:

October 2024: Wrap regained compliance with Nasdaq's continued listing requirements.

November 2024: announced Wrap's Go-Forward Strategy, including a new advanced manufacturing facility in Wise, Virginia, focused on innovation, job creation, and expanding Wrap's presence in defense, education and public safety markets.

February 2025: introduced Wrap's Managed Safety and Response (MSR) connected ecosystem, bringing together tools, technology and training to deliver real-time, integrated public safety support.

February 2025: acquired W1 Global, LLC, integrating former FBI, DEA, and DoD leadership into Wrap's organization and enhancing its ability to deliver Made-in-America, end-to-end public safety and defense solutions.

February 2025: closed a $5.8 million private placement of the Company's securities to support the execution of its go-forward strategy.

March 2025: expanded Wrap's leadership in managed services with the addition of Joseph Bonavolonta, a 27-year FBI veteran, and Rob Heuchling, a 15-year FBI career, to scale the Company's support offerings.

March 2025: appointed Stephen M. Renna, former Executive at the Export-Import Bank of the United States, to lead Wrap's international growth and financing strategy, strengthening its global expansion efforts.

2024 Management Commentary Summary:

2024 was a transformational year for Wrap. The Company made a deliberate choice to restructure. This reset led to a significant reduction in monthly cash burn to approximately $600,000 on an annualized cash basis, which we believe allows for the rebuild of a sustainable and high-performing business.

Despite a 27% decline in revenue to $4.5 million, we believe Wrap dramatically improved financial discipline, reducing cost of revenue by 37%, operating losses by 17%, and net losses by 81%. We believe these improvements show the success of the restructuring strategy.

The Company's BolaWrap remains as an entry-point into a broader public safety platform. Usage data collected by the Company shows officers deploy the device more frequently than any ...