Wrap Technologies Inc

wrap.com

What Do They Do?

Sells handheld non-lethal restraint devices, training, and body-worn camera and evidence systems to law enforcement agencies, correctional facilities, and defense and public-safety organizations.

How Do They Make Money?

Wrap sells devices and equipment and charges for software subscriptions, managed services, policy support, and professional training. Customers are invoiced, and service and warranty contracts are most typically paid at the start of the contract.

FY2025 revenue

Who Are Their Customers?

Wrap primarily targets federal, state, and local law enforcement agencies in the U.S. and internationally. It sells mainly through its internal sales team, with distributors, resellers, and strategic partners extending its reach; agency purchases involve leadership, procurement, training, and policy staff.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2024: 37% from two customers

Do Revenues Turn Into Profits?

No. It lost $10.3M in FY2025.

Operating income, FY2025

−289% of revenue

▼ −13% (Loss) vs FY2024 (−$15.6M, −345%)

Net income, FY2025

−221% of revenue

▲ +76% (Loss) vs FY2024 (−$5.9M, −130%)

Free cash flow, FY2025

−222% of revenue

▲ +28% (Loss) vs FY2024 (−$8.1M, −181%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +103%; vs $1M in Q2 FY2025
Net income: ▼ −39% (Loss); vs −$3.7M in Q2 FY2025

Aug 11, 2026 ATF classifies BolaWrap 150 as a restraint and rescue tool The release also announced a strategic investment in Frenel Imaging for WrapShield's sensing layer.
Jul 13, 2026 Licenses Frenel thermal-imaging software for WrapShield The exclusive license covers marketing, sales, distribution, integration, and provision of Frenel's software in the U.S. and specified NATO channels.

Shrinking. Revenue fell 40% in 4 years, from $7.7M in FY2021 to $4.7M in FY2025, about 12% a year.

Broader product range The older report describes BolaWrap and Wrap Reality; the latest adds a digital training subscription, body-worn cameras, and digital evidence management.

Formalized defense reach The older report describes military and private security as markets under exploration; the latest establishes Wrap Federal for federal customers and details counter-drone work for defense and homeland-security missions.

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