Wrap Technologies (WRAP) is like:

• Axon (Taser) for remote restraint devices.

• BolaWrap Remote Restraint Device: A handheld device designed to remotely restrain individuals by deploying a tether that wraps around their legs, aiming for de-escalation and safe apprehension.
• Wrap Reality Virtual Reality Training Platform: An immersive VR simulation platform providing training for law enforcement and security personnel on de-escalation, use-of-force, and critical incident response.
• Professional Training Services: Programs and courses offered to provide users with the knowledge and skills necessary for the safe and effective operation and deployment of the BolaWrap device.
• Accessories & Consumables: Complementary physical products including BolaWrap cartridges, holsters, and other items required for the device's functionality and deployment.

Wrap Technologies (WRAP) Major Customers

Wrap Technologies (WRAP) primarily sells its innovative non-lethal technology, such as the BolaWrap® remote restraint device, to organizational entities rather than directly to individuals or publicly traded companies.

According to the company's latest SEC filings (e.g., its 2023 Form 10-K), no single customer represented more than 10% of its total net revenue for the years ended December 31, 2023, and 2022. Therefore, Wrap Technologies does not have "major customers" in the traditional sense of specific entities accounting for a significant portion of its revenue, and there are no specific customer companies with symbols to list.

Instead, its customer base is diversified across various governmental and security organizations. The primary categories of customers that Wrap Technologies serves include:

• Law Enforcement and Security Agencies (domestic and international)
• Corrections Organizations
• Military Organizations

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Scot Cohen, Founder, Chairman & CEO, Principal Financial Officer & Principal Accounting Officer
Scot Cohen founded WRAP Technologies in 2016 and has played an integral role in leading all rounds of the company's financing, totaling $90M. He is also the Founder and Managing Partner of V3 Capital Partners, a private investment firm focused on early-stage consumer product companies, and Co-Manager of Red Fortune Fund, a private equity fund. Additionally, he founded Petro River Oil, LLC and serves as Chairman of Petro River Oil Corp. (OTCBB: PTRC). Earlier in his career, he co-founded Iroquois Capital, a hedge fund, and was the Founder and Managing Partner at Iroquois Capital Opportunity Fund, a special situations private equity investment fund. As of October 2025, Mr. Cohen has taken on the responsibilities of Principal Financial Officer and Principal Accounting Officer.

Jared Novick, President & Chief Operating Officer
Jared Novick was promoted to President and Chief Operating Officer of Wrap Technologies in March 2025, having initially joined the company as COO in January 2024. Prior to his role at Wrap, he served as Chief Operating Officer and Senior Vice President of Strategy and Special Projects at Sidus Space, Inc (NASDAQ:SIDU) from June 2023 to December 2023. He has been a member of the Board of Advisors at BlueVoyant since 2018, where he also held the position of Head of Strategy from 2017 to 2018. Before his involvement with public companies, Mr. Novick achieved success with two early-stage technology ventures that culminated in notable exits.

Jose Baptista, Chief Commercial Officer
Jose Baptista joined Wrap Technologies in August 2024 as Chief Commercial Officer, where he is responsible for leading Product, Marketing, and Growth. With over two decades of experience, Mr. Baptista has worked with innovative global brands such as Google, Nike, Coca-Cola, Microsoft, and Samsung. Throughout his career, he has been instrumental in pioneering digital transformation, launching cutting-edge products, and redefining customer experiences across various industries.

Louis Springer, Vice President of Finance
Louis Springer was promoted to Vice President of Finance in June 2025. He previously served in Corporate Development at Wrap Technologies and has been pivotal in implementing cost-cutting initiatives for the company. His professional background includes experience in financial services, investment banking, and public company capital markets.

The key risks to Wrap Technologies (WRAP) are as follows:

1. Market Dependence and Adoption: Wrap Technologies' business relies heavily on the widespread adoption of its flagship product, the BolaWrap device. Any decrease in demand, negative public perception, or inability for the product to achieve market acceptance could significantly hinder the company's revenue and overall financial performance.
2. Financial Challenges and Need for Capital: The company has a history of operating losses and a relatively small revenue base. Concerns regarding its cash flow and operational runway suggest a potential need for additional capital or debt financing in the near future to sustain operations and fund growth initiatives.
3. Regulatory Risks: Wrap Technologies faces risks associated with evolving laws and regulations governing the use of non-lethal devices. Specifically, the BolaWrap device is classified as a firearm and is subject to strict regulations from the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), which can impact the company's ability to transfer and sell its products. Changes in international, federal, state, and local regulations could adversely affect sales.

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Wrap Technologies (NASDAQ: WRAP) operates in the public safety sector, offering products that primarily address the less-lethal weapons market and the virtual reality training market for law enforcement. The company is also exploring the counter-unmanned aircraft systems (C-UAS) market by adapting its BolaWrap technology.

The addressable markets for Wrap Technologies' main products and services are as follows:

BolaWrap Remote Restraint Device

• The global non-lethal weapons market was valued at approximately USD 8.51 billion in 2023 and is projected to reach USD 13.91 billion by 2031, growing at a compound annual growth rate (CAGR) of 6.33% from 2024 to 2031.
• Another estimate places the global non-lethal weapons market size at around USD 9.8 billion in 2024, with a projection to reach USD 22.2 billion by 2034, exhibiting a CAGR of 8.5% from 2025 to 2034.
• In 2024, North America held a significant share of the global non-lethal weapons market, with revenues of USD 3.41 billion. The U.S. market for non-lethal weapons is currently valued at USD 2.89 billion, with a projected CAGR of 6.5%.

Wrap Reality (Virtual Reality Training)

• The global police and military simulation training market is projected to grow from USD 13.67 billion in 2024 to USD 20.25 billion by 2033, at a CAGR of 4.46% from 2025 to 2033. North America currently dominates this market.
• More broadly, the global virtual reality (VR) market size was estimated at USD 36.13 billion in 2024 and is predicted to grow to approximately USD 284.04 billion by 2034, with a CAGR of 22.90% from 2025 to 2034.

Counter-UAS (C-UAS) Technology

• Wrap Technologies is developing initiatives to adapt its BolaWrap technology for the counter-unmanned aircraft systems (C-UAS) market.
• The global counter-UAS market is projected to increase from USD 1.9 billion in 2023 to over USD 6.8 billion by 2030.

• Expansion into New International Markets: The company has identified international opportunities as "absolutely massive" and a significant area for growth. Wrap Technologies has appointed new leadership specifically to drive international growth and financing strategy, with recent agreements in regions like EMEA and South America indicating progress in this area.
• Launch and Growth of New Subscription Models: Wrap Technologies has introduced new subscription plans, WrapReady and WrapPlus, which represent a strategic shift towards generating recurring revenue streams. These plans incorporate cassette programs and learning management systems, providing comprehensive solutions and aiming to stabilize consumable costs for agencies.
• Introduction of New Product Lines and Enhancements: The company plans to expand its product offerings with new lines, including counter-Unmanned Aerial System (UAS) capabilities and enhancements to its body-worn camera business, branded as WrapVision. The acquisition of Intrensic has also broadened Wrap's addressable market by integrating digital evidence management systems and body-worn cameras into its product suite, allowing for expanded relationships with existing customers.
• Increasing Demand and Adoption of BolaWrap Devices: Wrap Technologies has reported a substantial increase in purchase orders for its devices, with orders in the first six weeks of Q3 2025 surpassing those of the entire first half of the year. This strong market demand is fueled by the demonstrated effectiveness of the BolaWrap in de-escalation and its expanding pipeline of opportunities across law enforcement, military, corrections, and homeland security sectors globally. The company also emphasizes using data and new training programs to accelerate the deployment and adoption of BolaWrap devices.

Share Issuance

• In August 2025, Wrap Technologies completed a private placement resulting in gross proceeds of $4.5 million from the sale of Series B Preferred Stock and accompanying warrants.
• The company secured a $5.8 million private placement in February 2025 through the issuance of 3,216,666 shares of common stock at $1.80 per share, along with an equal number of warrants.
• The number of issued and outstanding common shares increased to 50,728,535 as of June 30, 2025, from 47,101,631 at December 31, 2024.

Inbound Investments

• Wrap Technologies raised $4.5 million in August 2025 through a private placement from accredited and institutional investors.
• In February 2025, the company received a $5.8 million strategic investment via a private placement primarily from affiliated investment partnerships and existing institutional investors.
• An entity affiliated with CEO Scot Cohen, V4 Global, LLC, purchased $1,000,000 in Series B Convertible Preferred Stock and warrants on August 18, 2025.

Outbound Investments

• In August 2023, Wrap Technologies acquired Intrensic, LLC, to incorporate Body-Worn Camera (BWC) and Digital Evidence Management (DEM) solutions into its product suite.
• The acquisition of Intrensic was intended to expand customer relationships, increase the addressable market, and innovate technology offerings by providing comprehensive video evidence management.

Capital Expenditures

• Capital expenditures for property and equipment were ($8) thousand for the six months ended June 30, 2025, and ($13) thousand for the same period in 2024.
• Investments in patents and trademarks totaled ($145) thousand for the six months ended June 30, 2025, and ($97) thousand for the comparable period in 2024.
• The company is preparing to occupy a new manufacturing facility in Norton, Virginia by August 2025, with a strategic focus on expanding North American production, particularly for the WrapVision camera.