Wrap Technologies, Inc. reported a revenue of approximately $4.5 million for the fiscal year ending December 31, 2024, a decline of 27% from the $6.1 million recorded in 2023. The decrease was primarily attributed to a significant drop in international sales, which fell from $2.3 million in 2023 to about $84,000 in 2024. This decline was influenced by the absence of large orders that had previously bolstered revenue. Despite the overall revenue drop, the company achieved a gross profit of approximately $2.5 million, reflecting a gross margin of 55%, up from 47% in the prior year, due to cost containment measures.
In terms of operational changes, Wrap Technologies has focused on reducing operating expenses, which totaled $18 million in 2024, down 17% from $21.6 million in 2023. This reduction was largely a result of strategic cost containment initiatives implemented by the new management team. The company also reported a net loss of $5.9 million for 2024, a decrease from the $30.2 million loss in 2023, primarily due to non-cash income related to changes in warrant liabilities and reduced operating expenses.
Strategically, Wrap Technologies has made significant moves to enhance its product offerings and market presence. In August 2023, the company acquired Intrensic, a provider of body-worn cameras and digital evidence management solutions, which expanded its portfolio and market reach. Additionally, the company launched the BolaWrap 150, a new generation of its remote restraint device, which is designed to be more effective and user-friendly than its predecessor. The company has also focused on increasing its training programs for law enforcement agencies, with over 1,540 agencies receiving BolaWrap training as of December 31, 2024.
Wrap Technologies has reported a backlog of approximately $64,000 as of December 31, 2024, which was delivered in the first quarter of 2025. The company anticipates that its revenue will increase in 2025, driven by growing demand for less-lethal alternatives in law enforcement, particularly in international markets where lethal force is often restricted. The company is also exploring new market opportunities and expanding its distributor relationships to enhance sales.
Looking ahead, Wrap Technologies remains optimistic about its growth potential, particularly in the context of increasing global demand for non-lethal policing solutions. The company plans to continue investing in research and development to innovate its product offerings and improve operational efficiencies. However, it acknowledges the challenges posed by market conditions and the need for ongoing capital to support its growth strategy.
About WRAP TECHNOLOGIES, INC.
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