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Axon (Taser) for less-lethal remote physical restraints.

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• BolaWrap 150: A hand-held remote restraint device that discharges a Kevlar cord to restrain noncompliant individuals from a range of 10-25 feet.

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Major Customers of Wrap Technologies (WRAP)

Wrap Technologies, Inc. primarily sells its policing solutions, such as the BolaWrap 150, to organizations rather than individuals. Its customer base consists predominantly of entities within the public safety and security sectors.

The major customers for Wrap Technologies fall into the following categories:

• Law Enforcement Agencies: This broad category includes a multitude of government entities at various levels, such as municipal police departments, county sheriff's offices, state highway patrols, and other federal law enforcement agencies.
• Security Personnel and Organizations: This segment includes both public and private security forces. Examples may include correctional facilities (prisons), campus security departments, and private security companies that provide services to various sectors.

Due to the nature of their business, serving a highly fragmented market of government agencies and security organizations, there are no specific publicly traded "customer companies" that represent major customers for Wrap Technologies that can be listed by name and stock symbol.

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Scot Cohen Chief Executive Officer

Scot Cohen is the Founder and Chief Executive Officer of WRAP Technologies, which he founded in 2016. He has led all rounds of WRAP's financing, totaling $90 million. With over three decades of experience, Mr. Cohen has worked in institutional asset management, wealth management, and capital markets. He founded and served as Principal of the Iroquois Capital Opportunity Fund, a closed-end private equity fund focused on North American oil and gas investments. Mr. Cohen also co-founded Iroquois Capital, a New York-based hedge fund that managed approximately $300 million of assets. Earlier in his career, he founded a merchant bank that actively participated in structured investments in public companies.

Gerald "Jerry" Ratigan Chief Financial Officer

Gerald "Jerry" Ratigan was appointed Chief Financial Officer on June 24, 2025. He brings over 20 years of financial leadership experience across public companies, capital markets, and investment banking. Most recently, Mr. Ratigan served as Senior Vice President of Accounting and Controls and later as Acting Chief Financial Officer at The Gearbox Entertainment Company, where he guided financial operations through a successful acquisition by Take-Two Interactive. His career includes senior financial positions at Entertainment Benefits Group (a Creative Artists Agency company), MoneyOnMobile, Inc. (MOMT), Prestige Cruise Holdings, and Cooper Industries. Mr. Ratigan began his career at KPMG and Grant Thornton. He has demonstrated expertise in scaling finance operations, transforming reporting ecosystems, and leading companies through pivotal milestones such as mergers and acquisitions and enterprise-wide digital transformations.

Jared Novick President & Chief Operating Officer

Jared Novick was promoted to President and Chief Operating Officer in March 2025, having initially joined Wrap Technologies as COO in January 2024. From June 2023 to December 2023, he served as Chief Operating Officer and Senior Vice President of Strategy and Special Projects at Sidus Space, Inc (NASDAQ:SIDU). Mr. Novick has a history of success with early-stage technology ventures, both of which resulted in notable exits. He co-founded and served as CEO of BitVoyant, a cybersecurity threat monitoring product and service provider, which was subsequently acquired by BlueVoyant. He also founded and led CurvedSkies, a professional services firm that catered to classified U.S. Federal Government customers in the aerospace and defense sectors. Since 2018, he has served on the Board of Advisors at BlueVoyant.

Jose Baptista Chief Commercial Officer

Jose Baptista joined Wrap Technologies in August 2024 as Chief Commercial Officer, where he is responsible for Product, Marketing, and Growth. He brings over two decades of experience working with innovative brands such as Google, Nike, Coca-Cola, Microsoft, and Samsung. Throughout his career, Mr. Baptista has pioneered digital transformation, launched cutting-edge products, and redefined customer experiences across various industries.

Joseph Cameron Chief Revenue Officer

Joseph Cameron serves as the Chief Revenue Officer for Wrap Technologies.

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1. Financial Risks and Need for Additional Capital: Wrap Technologies has a history of operating losses and may require additional capital to sustain operations. The inability to raise capital through equity or debt could negatively impact the company's financial condition and its ability to continue as a going concern. The company's cash runway has been identified as a concern, necessitating further capital raises.
2. Market Acceptance and Competition: The company's success is heavily dependent on the market acceptance of its products, particularly the BolaWrap, by law enforcement and security agencies. Wrap Technologies operates in a highly competitive market for non-lethal and less-lethal products, facing competition from larger, better-capitalized companies, which could impact its market share and profitability.
3. Regulatory, Legal, and Public Perception Risks: The BolaWrap device is subject to strict government regulations, including classification as a firearm by the ATF, which could impact the company's ability to transfer and sell the product. Changes in international, federal, state, and local regulations could adversely affect sales. Furthermore, there are significant public perception challenges and concerns regarding the use of non-lethal weapons, including potential for misuse, questions about their effectiveness in de-escalation, and increased litigation risks for law enforcement agencies that adopt such tools, which could indirectly affect demand.

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Expected Drivers of Future Revenue Growth for Wrap Technologies (WRAP)

Wrap Technologies (NASDAQ: WRAP) is expected to drive future revenue growth over the next 2-3 years through several strategic initiatives focused on expanding its product ecosystem, market reach, and technological offerings:

1. Expansion of the Non-Lethal Response Ecosystem and Transition to a Subscription-Based Revenue Model: Wrap Technologies is strategically pivoting from solely device manufacturing to becoming a comprehensive non-lethal response solutions provider. This involves expanding its ecosystem of public safety technologies to include subscription-based services like WrapReady™ and WrapPlus™, as well as integrated offerings such as WrapVision (body-worn camera systems) and WrapReality (virtual reality training platforms). This shift aims to establish a high-margin recurring revenue model by enhancing customer relationships and providing ongoing training and policy support.
2. Expansion into New Markets: The company is actively pursuing growth in new domestic and international markets. This includes a significant focus on federal and defense markets, leveraging U.S. government partnerships and exploring federal funding programs. Wrap Technologies is also expanding its global footprint, supported by increased manufacturing capacity and a strengthened sales and marketing team. Additionally, the company is exploring opportunities in adjacent markets like healthcare and transportation.
3. Launch and Commercialization of New and Advanced Technologies, including Counter-Drone Solutions: Wrap Technologies is investing in new product development and advanced technologies to broaden its offerings. Key initiatives include the introduction of WrapVision and WrapReality. A notable driver is the development and commercialization of counter-drone capabilities, such as the Wrap-Merlin and Wrap-PANDA programs, which repurpose existing BolaWrap® technology for federal and defense applications, alongside the DFR-X drone platform.
4. Increased Adoption and Broader Deployment of the BolaWrap 150 Device: The BolaWrap 150 remains a foundational product and a critical entry point into Wrap's broader public safety platform. Its demonstrated high field success rate with zero reported fatalities or serious injuries supports its growing adoption. The company is focused on increasing the deployment of BolaWrap 150 within law enforcement agencies, leading to continued product sales and reinforcing its position as a leading non-lethal tool.

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Share Issuance

• In February 2026, Wrap Technologies executed a private placement to issue 2,500,000 shares of common stock at $2.00 per share and warrants to purchase an additional 2,500,000 shares, for aggregate proceeds of $5 million.
• In February 2025, the company completed a private placement, raising approximately $5.8 million through the issuance of 3,216,666 shares of common stock at $1.80 per share and accompanying warrants.
• In August 2025, Wrap Technologies secured a $4.5 million private placement involving the sale of Series B Preferred Stock, convertible into 3,000,000 common shares at $1.50 per share, and warrants to purchase 3,000,000 additional shares.

Inbound Investments

• Wrap Technologies completed a registered direct offering of convertible preferred stock and warrants in July 2023, raising approximately $10 million in gross proceeds.
• In February 2025, the company secured approximately $5.8 million through a private placement of common stock and accompanying warrants from affiliated investment partnerships and other investors.
• In February 2026, Wrap Technologies entered into a securities purchase agreement for a $5 million private placement, primarily from investment partnerships affiliated with insiders and existing investors.

Outbound Investments

• In February 2025, Wrap Technologies acquired W1 Global, LLC, a professional services and consulting firm, to enhance its Managed Safety and Response ecosystem and expand international reach.
• In August 2023, Wrap Technologies acquired Intrensic, LLC, a provider of Body-Worn Camera and Digital Evidence Management solutions, for a total purchase price of $2.7 million, consisting of $553,588 in cash and 1,250,000 shares of common stock.
• In November 2022, Wrap Technologies acquired software technology from and partnered with Lumeto, Inc. to upgrade its Wrap Reality virtual simulation training platform.

Capital Expenditures

• For the last 12 months (as of latest available data, likely late 2024/early 2025), capital expenditures were -$92,000.
• For the nine months ended September 30, 2025, capital expenditures for property and equipment were $93,000, and investment in patents and trademarks totaled $156,000.
• A $5 million private placement in February 2026 is intended to enable the company to restart domestic manufacturing operations with enhanced quality control, advance research and development programs, and support growth initiatives.