Wrap Technologies, Inc. reported significant financial developments in its 10-Q filing for the quarter ending June 30, 2024. The company achieved total revenues of $1,573,000 for the three months ended June 30, 2024, marking a 31% increase from $1,202,000 in the same period of 2023. For the six-month period, revenues rose to $3,049,000, up 59% from $1,913,000 year-over-year. Product sales contributed $1,251,000 in Q2 2024, a 21% increase from $1,034,000 in Q2 2023, while other revenues surged by 92% to $322,000.

Gross profit for the second quarter was $984,000, reflecting a 47% increase from $668,000 in Q2 2023, driven by higher sales volumes and improved margins from the BolaWrap 150 product and revenue from the Intrensic acquisition. The gross margin improved to 63% from 56% in the prior year. Total operating expenses decreased to $4,154,000 from $5,747,000, primarily due to cost containment measures and a reduction in share-based compensation. The net loss for the quarter was $(385,000), a significant improvement from a net loss of $(5,007,000) in Q2 2023.

For the six months ended June 30, 2024, the net loss was $(268,000), a substantial reduction from $(9,035,000) in the same period of 2023. Operating expenses for the first half of 2024 totaled $9,129,000, down from $10,359,000 in 2023, attributed to lower salaries and share-based compensation costs.

As of June 30, 2024, Wrap Technologies reported current assets of $15,008,000, down from $21,227,000 at the end of 2023. Cash and cash equivalents decreased to $2,064,000 from $3,955,000, while total assets fell to $21,763,000 from $28,501,000. However, total stockholders' equity increased to $3,841,000 from $3,163,000.

Strategically, the company continues to focus on its core products, including the BolaWrap remote restraint device and the Wrap Reality VR training platform. The acquisition of Intrensic in August 2023 has expanded its offerings in body-worn cameras and digital evidence management. The company is actively pursuing growth opportunities in both domestic and international markets, particularly in law enforcement and security sectors.

Wrap Technologies has also made adjustments to its capital structure, including the issuance of Series A Preferred Stock, which carries an 8% annual dividend. As of June 30, 2024, the company had a backlog of approximately $260,000 and deferred revenue of $585,000, indicating ongoing demand for its products and services.