WRAP

MKT CAP:$88M

Wrap Technologies, Inc.

Market Cap

$88M

Technology·Hardware, Equipment & Parts·🇺🇸 United States·NASDAQ

Technology·Hardware,·🇺🇸·NASDAQ

Stock Price

$1.57-$1.01 (-39.15%)

Apr 22, 2026

Company Details

Wrap Technologies, Inc., a public safety technology and services company, develops policing solutions to law enforcement and security personnel. The company develops BolaWrap 150, a hand-held remote restraint device that discharges a Kevlar...

CEO

Scot Jason Cohen

IPO Date

May 29, 2018

Website

www.wrap.com

Key Metrics TTM

Revenue

$5M

+3.7% YoY

Net Income

-$10M

EPS (Diluted)

-$0.22

Free Cash Flow

-$11M

Revenue / Share

$0.09

Gross Margin

57.8%

Operating Margin

-288.6%

Net Margin

-221.2%

FCF Margin

-234.0%

P/S

18.9x

P/E

—

Earnings Reports

FY 2025

Mar 26, 2026

$5M+15.4%EPS -$0.22

Q4 2025

Mar 26, 2026

$1M+62.3%EPS -$0.08

Q3 2025

Nov 13, 2025

$1M+151.4%EPS -$0.06

Q2 2025

Aug 14, 2025

$1M-35.7%EPS -$0.08

Q1 2025

May 15, 2025

$765.0K-48.2%EPS -$0.00

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$2M	$667.0K	-$5M
Q2 22	$1M	$457.0K	-$5M
Q3 22	$2M	$911.0K	-$4M
Q4 22	$4M	$2M	-$4M
Q1 23	$711.0K	$352.0K	-$4M
Q2 23	$1M	$668.0K	-$5M
Q3 23	$4M	$2M	-$3M
Q4 23	$589.0K	-$291.0K	-$7M
Q1 24	$1M	$836.0K	-$4M
Q2 24	$2M	$984.0K	-$3M
Q3 24	$593.0K	$235.0K	-$4M
Q4 24	$865.0K	$410.0K	-$5M
Q1 25	$765.0K	$595.0K	-$4M
Q2 25	$1M	$487.0K	-$3M
Q3 25	$1M	$883.0K	-$3M
Q4 25	$1M	$734.0K	-$4M

Valuation

Quarter	P/S	P/E
Q1 22	14.1x	—
Q2 22	13.7x	—
Q3 22	10.4x	—
Q4 22	8.7x	—
Q1 23	10.1x	—
Q2 23	8.5x	—
Q3 23	6.9x	—
Q4 23	19.5x	—
Q1 24	14.1x	—
Q2 24	11.2x	—
Q3 24	15.7x	—
Q4 24	19.8x	—
Q1 25	20.6x	—
Q2 25	23.3x	—
Q3 25	27.9x	—
Q4 25	25.5x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$5M	-$5M
Q2 22	-$1M	-$1M
Q3 22	-$5M	-$5M
Q4 22	-$4M	-$4M
Q1 23	-$3M	-$3M
Q2 23	$2M	$2M
Q3 23	-$12M	-$12M
Q4 23	-$4M	-$4M
Q1 24	-$4M	-$4M
Q2 24	-$4M	-$4M
Q3 24	$330.0K	$303.0K
Q4 24	-$1M	-$1M
Q1 25	-$3M	-$3M
Q2 25	-$2M	-$2M
Q3 25	-$3M	-$3M
Q4 25	-$3M	-$3M

Capital Expenditures

Quarter	CapEx
Q1 22	$81.0K
Q2 22	$120.0K
Q3 22	$64.0K
Q4 22	$795.0K
Q1 23	$146.0K
Q2 23	$106.0K
Q3 23	$67.0K
Q4 23	$97.0K
Q1 24	$80.0K
Q2 24	$30.0K
Q3 24	$27.0K
Q4 24	$31.0K
Q1 25	$46.0K
Q2 25	$107.0K
Q3 25	$85.0K
Q4 25	$109.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+3.7%	+0.8%
Q2 22	-39.8%	-38.9%
Q3 22	-5.8%	-28.3%
Q4 22	+46.4%	-6.5%
Q1 23	-55.5%	-29.3%
Q2 23	+3.2%	+5.6%
Q3 23	+113.5%	+13.7%
Q4 23	-83.6%	+0.5%
Q1 24	+107.6%	+13.0%
Q2 24	+30.9%	-24.5%
Q3 24	-83.7%	-33.9%
Q4 24	+46.9%	-23.9%
Q1 25	-48.2%	-16.5%
Q2 25	-35.7%	-18.4%
Q3 25	+151.4%	+0.8%
Q4 25	+62.3%	-2.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$0	0.0%
Q2 22	$547.0K	47.0%
Q3 22	$872.0K	51.3%
Q4 22	$597.0K	16.7%
Q1 23	$628.0K	88.3%
Q2 23	$1M	101.6%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$675.0K	45.7%
Q2 24	$243.0K	15.4%
Q3 24	$896.0K	151.1%
Q4 24	$619.0K	71.6%
Q1 25	$2M	217.6%
Q2 25	$770.0K	76.1%
Q3 25	$0	0.0%
Q4 25	$1M	71.4%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 22	$1M	$4M	$327.0K	—
Q2 22	$1M	$3M	$445.0K	—
Q3 22	$1M	$3M	$256.0K	—
Q4 22	$868.0K	$4M	$199.0K	—
Q1 23	$1M	$3M	$163.0K	—
Q2 23	$1M	$4M	$282.0K	—
Q3 23	$610.0K	$4M	$224.0K	—
Q4 23	$584.0K	$4M	$481.0K	—
Q1 24	$755.0K	$4M	$263.0K	—
Q2 24	$679.0K	$3M	$207.0K	—
Q3 24	$527.0K	$3M	$81.0K	—
Q4 24	$384.0K	$4M	$702.0K	—
Q1 25	$378.0K	$4M	$81.0K	—
Q2 25	$162.0K	$3M	$109.0K	—
Q3 25	$167.0K	—	—	$3M
Q4 25	—	—	—	$5M

Revenue by Geography

Quarter	Americas	Asia Pacific	Europe, Middle East and Africa	Europe Middle East And Africa	Europe Middle East and Africa	Europe Middle East And Africa Member
Q1 22	$1M	$231.0K	$174.0K	—	—	—
Q2 22	$1M	$2.0K	$73.0K	—	—	—
Q3 22	$1M	$3.0K	$220.0K	—	—	—
Q1 23	$710.0K	—	$1.0K	—	—	—
Q2 23	$1M	-$1.0K	$35.0K	—	—	—
Q3 23	$1M	—	$2M	—	—	—
Q4 23	$548.0K	$59.0K	—	—	—	—
Q1 24	$1M	$7.0K	$6.0K	—	—	—
Q2 24	$2M	—	$37.0K	—	—	—
Q3 24	$585.0K	$1.0K	$7.0K	—	—	—
Q4 24	$839.0K	—	—	—	—	—
Q1 25	$651.0K	—	—	$114.0K	—	—
Q2 25	$846.0K	—	—	—	$166.0K	—
Q3 25	-$70.0K	$21.0K	—	—	—	$2M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$5M	$25M	$30M
Q2 22	$4M	$25M	$29M
Q3 22	$4M	$20M	$24M
Q4 22	$5M	$14M	$19M
Q1 23	$10M	$7M	$16M
Q2 23	$12M	$7M	$18M
Q3 23	$5M	$10M	$15M
Q4 23	$4M	$8M	$11M
Q1 24	$3M	$5M	$8M
Q2 24	$2M	$3M	$5M
Q3 24	$5M	$0	$5M
Q4 24	$4M	$0	$4M
Q1 25	$6M	$0	$6M
Q2 25	$4M	$0	$4M
Q3 25	$6M	$0	$6M
Q4 25	$3M	$0	$3M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	41M	+4.1%	+8.7%
Q2 22	41M	+0.2%	+7.4%
Q3 22	41M	+0.3%	+1.7%
Q4 22	41M	+0.2%	+4.8%
Q1 23	41M	+0.6%	+1.2%
Q2 23	42M	+0.7%	+1.8%
Q3 23	43M	+2.3%	+3.8%
Q4 23	44M	+2.8%	+6.5%
Q1 24	44M	+0.7%	+6.6%
Q2 24	45M	+2.6%	+8.7%
Q3 24	46M	+1.2%	+7.5%
Q4 24	46M	-0.5%	+4.0%
Q1 25	48M	+6.1%	+9.6%
Q2 25	51M	+4.6%	+11.7%
Q3 25	51M	+1.0%	+11.4%
Q4 25	52M	+1.2%	+13.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$23.5K	68
Q2 22	$17.1K	68
Q3 22	$25.0K	68
Q4 22	$52.0K	69
Q1 23	$10.3K	69
Q2 23	$17.4K	69
Q3 23	$52.6K	69
Q4 23	$11.3K	52
Q1 24	$28.4K	52
Q2 24	$30.3K	52
Q3 24	$11.4K	52
Q4 24	$45.5K	19
Q1 25	$40.3K	19
Q2 25	$53.3K	19
Q3 25	$78.5K	19
Q4 25	$56.2K	25

Revenue / Employee