Wrap Technologies Inc (NASDAQ: WRAP) is a public safety technology company that develops and sells non-lethal restraint devices, body-worn cameras, and counter-unmanned aircraft systems to law enforcement and government agencies. Revenue comes from transactional sales of its BolaWrap devices, single-use cassettes, and associated services, with cassettes generating recurring consumable demand at lower margins than the devices themselves. The company also offers WrapVision, a body-worn camera paired with a cloud-based digital evidence management platform, and is pursuing entry into the counter-UAS market through its MERLIN program. Gross margin was 57.8% in FY2025, up from 54.7% in FY2024, on gross profit of $2.7 million in FY2025. Total SG&A was $16.1 million in FY2025. The company operates as a single segment, with Scot Cohen serving as Executive Chairman and Chief Executive Officer. As of December 31, 2025, the company carried no material long-term debt and maintained manufacturing and office space in Southwest Virginia under a lease running through 2030.

Revenue model

Transactional sales of BolaWrap devices and single-use cassettes, with cassettes providing recurring consumable revenue at lower margins than devices. Additional revenue comes from services, training through WrapTactics, and WrapVision body-worn camera and digital evidence management platform sales. Products are sold primarily to government and law enforcement agencies.

Products and services

BolaWrap remote restraint device (classified as 'Any Other Weapon' by the ATF, requiring Federal Firearms License and SOT registration); single-use BolaWrap cassettes; WrapTactics training program; WrapVision body-worn camera; cloud-based digital evidence management platform; MERLIN counter-UAS system using proprietary mechanical entanglement technology.

Customers and end markets

U.S. and international law enforcement agencies, government agencies, and defense customers. Small and mid-sized agencies are a stated focus for WrapVision. Demand for drone and counter-UAS solutions is expected to come from U.S. and international government, defense, and law enforcement agencies.

Value-chain role

Hardware designer and manufacturer of non-lethal restraint devices and counter-UAS systems, with in-house manufacturing in Southwest Virginia. Also provides software and cloud-based evidence management. Sells direct to law enforcement and government agencies, subject to ATF licensing requirements for BolaWrap transfers.

Geographic exposure

Primary focus on U.S. law enforcement and government agencies, with international sales also pursued. Manufacturing located in Southwest Virginia as of October 2025. Business address in Miami, Florida as of March 2026.

Source: SEC 10-K, filed 2026-03-26

Industry: Ordnance & Accessories, (No Vehicles/Guided Missiles) Peers: CRAWFORD UNITED Corp Daktronics Inc George Risk Industries Inc Keysight Technologies Inc Tingo Group, Inc. PowerFleet Inc Research Frontiers Inc Sono-Tek Corp