olivLaw · US equity research
Wrap Technologies, Inc. WRAP
Ordnance & Accessories, (No Vehicles/Guided Missiles) · SIC 3480 · Vertical: Fabricated metal products (SIC 34xx)
Wrap Technologies develops non-lethal public safety technology for police, corrections and security, with the BolaWrap device as its core product, supplemented by VR and digital training and body-worn camera solutions. Its relevance now comes from revenue more than doubling in the second quarter of 2026, to 2.1 million USD, and from the ATF classification of BolaWrap 150 as non-firearm, which could open the private security firm market.
At the close of 05 Nov 2026, Wrap Technologies, Inc. (WRAP) stock was 1.02 USD (−12.07% on the day), with market capitalisation 57.1 m USD, dividend yield 0.00%, beta 1.80, 52-week range 1.02–3.10 USD. Latest reported quarter (Q2 2026): revenue of 2.1 m USD (+102.8% YoY), net income of -2.3 m USD, diluted EPS -0.04 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 28.7
- oversold (≤ 30)
- Bollinger (20, 2)
- 1.07 – 1.44
- below the lower band · %B -0.14 · band width 29.6%
- SMA 50 / 200
- 1.43 / 1.60
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.09 / -0.08
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −34.2% | −5.9% | −28.2 pp | — |
| 3 months | −47.7% | −4.6% | −43.1 pp | — |
| 6 months | −29.2% | +0.2% | −29.4 pp | — |
| Year to date | −57.1% | +7.4% | −64.6 pp | — |
| 1 year | −58.5% | +8.2% | −66.7 pp | +11.3% |
| 3 years | −59.7% | +68.4% | −128.1 pp | +38.4% |
| 5 years | −82.5% | +56.5% | −139.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 593.0 k | 865.0 k | 765.0 k | 1.0 m | 1.5 m | 1.4 m | 1.1 m | 2.1 m |
| Cost of revenue | 358.0 k | 455.0 k | 170.0 k | 525.0 k | 608.0 k | 670.0 k | 420.0 k | 507.0 k |
| Gross profit | 235.0 k | 410.0 k | 595.0 k | 487.0 k | 883.0 k | 734.0 k | 691.0 k | 1.5 m |
| Research & development | 527.0 k | 384.0 k | 378.0 k | 162.0 k | 167.0 k | -563.0 k | 105.0 k | 152.0 k |
| SG&A | 3.3 m | 4.7 m | 4.1 m | 3.2 m | 3.5 m | 5.2 m | 5.4 m | 3.6 m |
| Operating income | -3.6 m | -4.6 m | -3.9 m | -2.9 m | -2.8 m | -3.9 m | -4.8 m | -2.3 m |
| Depreciation & amortisation | 195.0 k ≈ | 181.0 k | 155.0 k | 149.0 k ≈ | 151.0 k ≈ | 139.0 k | 56.0 k | 55.0 k ≈ |
| Net income | 2.0 m | -7.6 m | 109.0 k | -3.7 m | -2.8 m | -3.9 m | -4.5 m | -2.3 m |
| Diluted EPS | 0.04 | -0.16 ≈ | 0.00 | -0.07 | -0.06 | -0.08 ≈ | -0.09 | -0.04 |
| Operating cash flow | 330.0 k ≈ | -1.2 m | -3.1 m | -1.9 m ≈ | -2.6 m ≈ | -2.7 m | -1.2 m | -2.4 m ≈ |
| Capex | 0 ≈ | -1.0 k | 2.0 k | 6.0 k ≈ | 85.0 k ≈ | 7.0 k | 5.0 k | 6.0 k ≈ |
| Dividends paid | 0 ≈ | 0 | — | — | — | 0 | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | ⚠ 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 23.2 k | 696.8 k | 3.9 m | 7.7 m | 8.0 m | 6.1 m | 4.5 m | 4.7 m |
| Revenue YoY | unavailable | +2,909.9% | — | +96.0% | +4.1% | −23.8% | −26.5% | +3.7% |
| Net income | -3.3 m | -8.3 m | -12.6 m | -24.4 m | -17.6 m | -30.2 m | -5.9 m | -10.3 m |
| Net income YoY | unavailable | unavailable | — | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -0.14 | unavailable | unavailable | -0.62 | -0.43 | -0.72 | -0.16 | -0.22 |
| Diluted EPS YoY | unavailable | unavailable | — | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -14,412.2% | -1,194.8% | -319.0% | -316.3% | -218.9% | -492.7% | -130.4% | -221.2% |
| Free cash flow | -2.7 m | -8.7 m | -12.4 m | -19.2 m | -14.9 m | -16.9 m | -8.1 m | -10.4 m |
The series breaks before 2020: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 3.5 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 11.5 m USD
- Total assets
- 15.4 m USD
- Debt / equity
- unavailable
- Current ratio
- 6.29x
- ROE
- -176.1%
- ROA
- -67.7%
- FCF margin
- -222.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 3.9 m | 7.7 m | 8.0 m | 6.1 m | 4.5 m | 4.7 m | SEC (XBRL)· 26 Mar 2026verified |
| Cost of revenue | 2.6 m | 5.7 m | 4.3 m | 3.2 m | 2.0 m | 2.0 m | SEC (XBRL)· 26 Mar 2026verified |
| Gross profit | 1.3 m | 2.0 m | 3.7 m | 2.9 m | 2.5 m | 2.7 m | SEC (XBRL)· 26 Mar 2026verified |
| Research & development | 2.8 m | 6.2 m | 5.1 m | 3.3 m | 2.3 m | 56.0 k | SEC (XBRL)· 26 Mar 2026verified |
| SG&A | 11.6 m | 20.3 m | 16.4 m | 18.4 m | 15.7 m | 16.1 m | SEC (XBRL)· 26 Mar 2026verified |
| Operating income | -13.1 m | -24.5 m | -17.7 m | -18.7 m | -15.6 m | -13.5 m | SEC (XBRL)· 26 Mar 2026verified |
| Depreciation & amortisation | 163.0 k | 478.0 k | 762.0 k | 823.0 k | 827.0 k | 594.0 k | SEC (XBRL)· 26 Mar 2026verified |
| EBITDA | -12.9 m ≈ | -24.0 m ≈ | -17.0 m ≈ | -17.9 m ≈ | -14.7 m ≈ | -12.9 m ≈ | SEC (XBRL)· 26 Mar 2026derived |
| Interest expense | 2.0 k | 0 | — | — | — | — | SEC (XBRL)· 10 Mar 2022verified |
| Pre-tax income | — | — | — | — | — | -10.3 m | SEC (XBRL)· 26 Mar 2026verified |
| Income tax | 0 | 0 | 0 | 0 | 0 | 0 | SEC (XBRL)· 26 Mar 2026verified |
| Net income | -12.6 m | -24.4 m | -17.6 m | -30.2 m | -5.9 m | -10.3 m | SEC (XBRL)· 26 Mar 2026verified |
| Diluted EPS | — | -0.62 | -0.43 | -0.72 | -0.16 | -0.22 | SEC (XBRL)· 26 Mar 2026verified |
| Weighted average diluted shares | — | — | — | 42.3 m | 45.6 m | 50.4 m | SEC (XBRL)· 26 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 16.6 m | 4.9 m | 5.3 m | 4.0 m | 3.6 m | 3.5 m | SEC (XBRL)· 26 Mar 2026verified |
| Receivables | 1.9 m | 3.9 m | 2.8 m | 3.0 m | 513.0 k | 2.8 m | SEC (XBRL)· 26 Mar 2026verified |
| Inventories | 2.7 m | 1.6 m | 4.0 m | 5.8 m | 6.2 m | 5.0 m | SEC (XBRL)· 26 Mar 2026verified |
| Current assets | 46.9 m | 41.2 m | 26.9 m | 21.2 m | 10.5 m | 11.4 m | SEC (XBRL)· 26 Mar 2026verified |
| Property, plant & equipment, net | 357.0 k | 976.0 k | 758.0 k | 509.0 k | 146.0 k | 123.0 k | SEC (XBRL)· 26 Mar 2026verified |
| Goodwill | — | — | 0 | 1.6 m | 0 | 0 | SEC (XBRL)· 26 Mar 2026verified |
| Intangibles (excl. goodwill) | 1.4 m | 2.0 m | 2.6 m | 2.6 m | 2.4 m | 1.6 m | SEC (XBRL)· 26 Mar 2026verified |
| Total assets | 48.8 m | 44.2 m | 30.6 m | 28.5 m | 15.1 m | 15.4 m | SEC (XBRL)· 26 Mar 2026verified |
| Accounts payable | 1.2 m | 1.8 m | 1.4 m | 1.1 m | 609.0 k | 620.0 k | SEC (XBRL)· 26 Mar 2026verified |
| Current liabilities | 2.3 m | 2.9 m | 3.2 m | 23.5 m | 13.2 m | 1.8 m | SEC (XBRL)· 26 Mar 2026verified |
| Total liabilities | 2.4 m | 3.0 m | 3.5 m | 25.3 m | 14.9 m | 3.9 m | SEC (XBRL)· 26 Mar 2026verified |
| Equity | 46.4 m † | 41.3 m † | 27.1 m † | 3.2 m † | 250.0 k † | 11.5 m † | SEC (XBRL)· 26 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -12.2 m | -18.2 m | -14.6 m | -16.7 m | -8.1 m | -10.3 m | SEC (XBRL)· 26 Mar 2026verified |
| Capex | 249.0 k | 995.0 k | 256.0 k | 230.0 k | 12.0 k | 100.0 k | SEC (XBRL)· 26 Mar 2026verified |
| Free cash flow | -12.4 m ≈ | -19.2 m ≈ | -14.9 m ≈ | -16.9 m ≈ | -8.1 m ≈ | -10.4 m ≈ | SEC (XBRL)· 26 Mar 2026derived |
| Investing cash flow | -26.1 m | -6.9 m | 14.9 m | 5.2 m | 7.3 m | -387.0 k | SEC (XBRL)· 26 Mar 2026verified |
| Financing cash flow | 38.0 m | 13.5 m | 83.0 k | 10.2 m | 468.0 k | 10.5 m | SEC (XBRL)· 26 Mar 2026verified |
| Dividends paid | — | — | 0 | 58.0 k | 120.0 k | 0 | SEC (XBRL)· 26 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 57.1 m USD
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · input data missing
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -223.1% | 5 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -16.6% | 0 (on a fixed band) | 25% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 8.0x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -15.9% | 0 (on a fixed band) | 25% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial5/100 · 1/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
WRAP TECHNOLOGIES, INC. (WRAP). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 4.7 m USD in 2025; YoY growth 3.7%; net margin -223.1%; ROE -107.7%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 8.0x
What contradicts it
- Net margin: -223.1%
- Revenue CAGR 3Y: -16.6%
- FCF yield: -15.9%
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Fabricated metal products (SIC 34xx) · same major group (2-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| PHParker-Hannifin Corporation | 112.5 bn | 30.6 | 25.0% | 16.6% | +8.3% | +4% / +106% |
| AXONAxon Enterprise, Inc. | 31.1 bn | 158.5 | 6.2% | 6.2% | +33.5% | −29% / +66% |
| SNASnap-on Inc | 18.9 bn | 19.1 | 17.0% | 19.2% | unavailable | +8% / +33% |
| BALLBall Corporation | 17.4 bn | 33.7 | 9.6% | 3.5% | +11.6% | +35% / +21% |
| MASMasco Corporation | 16.2 bn | 18.2 | — | 12.1% | −3.4% | +29% / +38% |
| SSDSimpson Manufacturing Co., Inc. | 8.1 bn | 21.5 | 18.3% | 15.6% | +4.5% | +19% / +19% |
| VMIValmont Industries, Inc. | 7.6 bn | 15.1 | 30.8% | 12.1% | +0.7% | −4% / +81% |
| ACAArcosa, Inc. | 7.3 bn | 14.9 | 17.9% | 17.9% | +12.2% | +46% / +116% |
| MTRNMaterion Corporation | 3.7 bn | 36.3 | 10.5% | 4.6% | +6.0% | +45% / +57% |
| AZZAZZ Inc. | 3.7 bn | 22.0 | 12.3% | 9.6% | +4.6% | +16% / +149% |
| CXTCrane Nxt, Co. | 3.4 bn | 26.3 | 10.5% | 7.1% | +11.4% | +5% / +15% |
| AMBPArdagh Metal Packaging S.A. | 2.8 bn | — | — | 0.2% | +12.0% | +27% / +18% |
| HLIOHelios Technologies, Inc. | 2.0 bn | 28.0 | 7.7% | 8.0% | unavailable | +11% / +57% |
| PRLBProto Labs, Inc. | 1.5 bn | 44.2 | 5.1% | 6.0% | +6.4% | +24% / +74% |
| TRSTrimas Corporation | 1.4 bn | 1.6 | 83.9% | 136.2% | +2.4% | +11% / +48% |
| XPELXpel, Inc. | 1.1 bn | 20.3 | 19.5% | 10.8% | +13.3% | −14% / −12% |
| SMRNuscale Power Corporation | 1.0 bn | — | -13.0% | -6,817.0% | −15.0% | −78% / +58% |
| NPKNational Presto Industries Inc | 1.0 bn | 23.5 | 10.9% | 7.9% | +29.7% | +50% / +88% |
| RGRSturm, Ruger & Company, Inc. | 790.9 m | 49.0 | 5.7% | 2.7% | +1.9% | +64% / +13% |
| SWBISmith & Wesson Brands, Inc. | 643.0 m | 26.3 | 6.6% | 4.4% | +10.4% | +65% / +4% |
| PKOHPark-Ohio Holdings Corp | 573.1 m | 16.1 | 9.0% | 2.0% | −3.4% | +85% / +74% |
| BWBabcock & Wilcox Enterprises, Inc | 461.8 m | — | — | -2.2% | +1.1% | −50% / +118% |
| CIXCompx International Inc | 451.8 m | 22.8 | 16.3% | 14.0% | +8.5% | +63% / +56% |
| MECMayville Engineering Company, Inc. | 332.8 m | — | -5.0% | -2.3% | −6.0% | −23% / +3% |
| IMSRTerrestrial Energy Inc. | 271.7 m | — | -36.8% | — | unavailable | −73% / unavailable |
1- and 3-year price returns: for WRAP from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Wrap Technologies develops non-lethal public safety technology for police, corrections and security, with the BolaWrap device as its core product, supplemented by VR and digital training and body-worn camera solutions. Its relevance now comes from revenue more than doubling in the second quarter of 2026, to 2.1 million USD 3, and from the ATF classification of BolaWrap 150 as non-firearm, which could open the private security firm market.
SWOT
Strengths
- The core product occupies a distinct position as non-lethal and not reliant on pain compliance, and consumable cassettes create recurring revenue 1.
- Revenue growth and a higher gross margin in 2026 indicate real commercial traction, although from a small base 3.
- The portfolio spans tools, training and evidence management, allowing integrated sales to the same customers 1.
Weaknesses
- The company has repeated operating losses and relies heavily on a single product line 1.
- Financial resources are limited relative to competitors, and financing has involved share and warrant issuances with dilution 12.
- Revenue depends on lengthy government purchasing cycles, and the company has withdrawn its 2026 growth target 3.
Opportunities
- The ATF declassification could open the private security firm market, which is much larger than the police market 23.
- Grant programs and homeland security and defense funding could support the expansion toward the WrapShield platform 3.
- The fast-growing C-UAS market could offer a new revenue line if the MERLIN or DFR-X programs reach commercial maturity 12.
Threats
Risks
- Dependence on a single producthigh
The company expects to depend on the BolaWrap line for the foreseeable future, and weak market acceptance would significantly harm growth 1.
- Capital needs and dilutionhigh
The company could require additional financing, and share or warrant issuances could dilute existing shareholders 12.
- Product liabilitymedium
Incidents involving the devices could lead to civil claims and investigations, with substantial defense costs even if the company prevails 1.
- Uncertain timing of government revenuemedium
Budgets, procurement and uneven international orders could delay revenue, as the company's withdrawal of its 2026 target illustrates 3.
- Early-stage technologymedium
WrapShield, Wraptor MX and DFR-X are at early stages, and the Frenel license could fail to generate meaningful revenue 2.
Investment thesis
What would need to be true (bull case)
- If the BolaWrap 150 declassification leads to adoption among security firms, the addressable market could grow considerably beyond the police market 23.
- Higher quarterly revenue and an expanding gross margin show that commercial traction can be built 3.
- If the WrapShield platform proves useful in counter-drone work, the company could enter a rapidly growing market 12.
What would break the thesis
- The company could keep reporting operating losses, and its capital needs could lead to further dilutive issuances 12.
- The withdrawal of the 2026 growth target shows that revenue forecasts remain uncertain 3.
- If expansion into defense and private firms does not materialize, the company could remain dependent on one product and fragmented police budgets 1.
What to watch
- Quarterly revenue and gross margin trend after the ATF declassificationQ3 2026
- Orders from the private security sector and any federal contracts2026
- Progress of the Wraptor MX, DFR-X programs and integration of Frenel technology into WrapShieldnext 10-K
- Capital requirements and any further share or warrant issuances2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Wrap Technologies, Inc. presents itself as a global public safety technology company delivering integrated non-lethal solutions that combine tools, training and tactics for police, corrections, defense and other public safety organizations 1. Its core product is BolaWrap, a handheld device that fires a Kevlar tether to entangle an subject's arms or legs, and proprietary cassettes consumed on each deployment create a recurring revenue stream 1. The company has extended its portfolio with Wrap Reality (VR training), WrapTactics (subscription digital training), WrapVision (body-worn camera and digital evidence management) and C-UAS programs such as MERLIN 1.
The company began selling BolaWrap 100 in late 2018 and, through acquisitions including NSENA and Intrensic, added immersive training and digital evidence solutions 1. In 2025 it formed Wrap Federal to support U.S. federal clients in the Department of Defense and Department of Homeland Security 1. In July 2026 it introduced the WrapShield platform concept, aimed at threat detection, AI-assisted decision support and proportionate response, with the Wraptor MX prototype still in development and not commercially available 2.
The company operates as a single segment, with its Chairman and CEO serving as chief operating decision maker 1. Revenue comes from product sales and technology-enabled services, including software subscriptions, managed services, policy support and professional training 1.
Segments
Product sales
Covers BolaWrap devices, cassettes, accessories, body-worn cameras and Wrap Reality VR hardware 1. Product sales rose to 2.6 million USD in the first six months of 2026, from 0.4 million USD a year earlier 3.
Market context
The company describes its addressable markets as non-lethal tools, law enforcement training, body-worn cameras and digital evidence management, and counter-unmanned aircraft systems 1. The global non-lethal weapons market was estimated at about 9.9 billion USD in 2024, growing at a compound annual rate of 7.6% 1, while the global C-UAS market was about 6.6 billion USD in 2025, growing at a compound annual rate of 25.1% 1.
After the ATF classified BolaWrap 150 in July 2026, the company argues its addressable market extends to private security firms, which include more than 1.2 million licensed security officers in the U.S. 3. This expansion depends on actual customer adoption and is not yet demonstrated by orders 2.
Trends
- BolaWrap 150 declassificationtailwind
ATF Ruling 2026-2 classifies the device as an instrument of restraint rather than a firearm, which could reduce regulatory ambiguity that has complicated purchases in some channels 2. The effect on revenue is uncertain and concerns only the BolaWrap 150 2.
- Public and grant fundingmixed
Government budgets and grant programs set the timing of purchases, and the company identifies 11 active federal programs that could support BolaWrap, cameras and training 3. Procurement delays, however, could postpone revenue 1.
- Shift from force-centric to judgment-centric trainingtailwind
The company argues policing is moving from training focused on force toward training focused on judgment, which could favor providers of integrated ecosystems of tools, training and evidence management 3.
- Persistent operating lossesheadwind
The company reported net losses in 2025 and expects to keep incurring operating losses until it reaches sufficient scale 1. If financing becomes more costly, shareholder dilution could increase 1.
Competitive position
The sources do not name specific competitors, but the company says many rivals have longer operating histories, larger customer bases and greater financial, sales and marketing resources 1. Competition also includes 2D virtual training providers, while the company positions itself in 3D VR both on premise and in the cloud 1.
Traditional force options such as conducted energy weapons, chemical agents, impact projectiles and batons compete for the same use-of-force budgets, though the company considers them too forceful for early deployment 1. BolaWrap's stated advantage is that it does not rely on pain compliance 1.
- Conducted energy weapon and other traditional intermediate force providers
They compete for the same police budgets, although the company considers their force level too high for early use; their specific positions are not detailed in the source.
- Providers of 2D law enforcement training platforms
The company says such rivals might either try to acquire companies like its own or build 3D virtual reality to compete.
- Defense and counter-drone companies
The C-UAS program competes with larger defense players with considerably greater resources, as the risk factors describe.
- Body-worn camera and digital evidence management providers
They compete with WrapVision in markets shaped by government procurement dynamics and data sovereignty requirements.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Asian Stocks Brace for Selloff as AI Rout Deepens: Markets WrapBloomberg Markets · 05 Nov 2026 · EN
- Asian Stocks to Rise as Oil Slides After US Vote: Markets WrapBloomberg Markets · 04 Nov 2026 · EN
- Asian Tech Stocks to Rise on AI Rally as US Votes: Markets WrapBloomberg Markets · 03 Nov 2026 · EN
- Nasdaq Slide Clouds Asian Open, Oil Falls on Iran: Markets WrapBloomberg Markets · 02 Nov 2026 · EN
- 7th Presidential Int'l Yacht Races wrap up with Bosporus spectacleDaily Sabah — Economy (TR, EN) · 02 Nov 2026 · EN
- Asian Stocks to Fall as Tech Rout Fuels AI Fears: Markets WrapBloomberg Markets · 01 Nov 2026 · EN
- Rubio to host meeting of Indo-Pacific Quad, wrap up G20 gatheringThe Straits Times — Asia · 31 Oct 2026 · EN
- Asia Stocks Under Pressure, Haven Bid Boosts Bonds: Markets WrapBloomberg Markets · 29 Oct 2026 · EN
- US Stock Futures Decline, Fed Keeps Rates Steady: Markets WrapBloomberg Markets · 28 Oct 2026 · EN
- Asian Stocks Set to Gain on Resurgent AI Optimism: Markets WrapBloomberg Markets · 27 Oct 2026 · EN
- Asian Stocks to Gain as Anthropic Files for IPO: Markets WrapBloomberg Markets · 26 Oct 2026 · EN
- US Equity Futures Climb as Crude Oil Price Dips: Markets WrapBloomberg Markets · 25 Oct 2026 · EN
- Asian Stocks to Slide on Tech Rout, Bonds Rally: Markets WrapBloomberg Markets · 22 Oct 2026 · EN
- US Stock Futures Slip as Tech Earnings Rally Fades: Markets WrapBloomberg Markets · 21 Oct 2026 · EN
- US Stock Futures Advance on AI Earnings Boost: Markets WrapBloomberg Markets · 20 Oct 2026 · EN
- US Stock Futures Edge Higher After Chipmaker Rally: Markets WrapBloomberg Markets · 19 Oct 2026 · EN
- The Hindu Evening Wrap | October 19 , 2026The Hindu — International · 19 Oct 2026 · EN
- US Stock Futures Rise Ahead of Busy Earnings Week: Markets WrapBloomberg Markets · 18 Oct 2026 · EN
- The Hindu Evening Wrap | October 18 , 2026The Hindu — International · 18 Oct 2026 · EN
- News Wrap : Zacharia out as White House press secretarySurge — GDELT DOC · 17 Oct 2026 · RO
SEC filings
- Current report26 Oct 2026Departure or appointment of officers · Financial statements and exhibits
- Current report09 Sept 2026Material agreement · Departure or appointment of officers · Financial statements and exhibits
- Current report18 Aug 2026Other events · Financial statements and exhibits
- Current report18 Aug 2026Material agreement · Other events · Financial statements and exhibits
- Quarterly report11 Aug 2026
- Current report11 Aug 2026Results of operations · Financial statements and exhibits
- Current report13 Jul 2026Material agreement · Other events · Financial statements and exhibits
- Quarterly report13 May 2026
- Current report13 May 2026Results of operations · Financial statements and exhibits
- Annual report26 Mar 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Wrap Technologies, Inc. · 26 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Wrap Technologies, Inc. · 11 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Wrap Technologies, Inc. · 11 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.