WRAP Reports First Quarter 2021 Results
TEMPE, Ariz., April 29, 2021 (GLOBE NEWSWIRE) -- Wrap Technologies, Inc. (Nasdaq: WRAP) (the “Company”), a global leader in innovative public safety technologies and services, today announced results for its first quarter ended March 31, 2021 (“1Q21”).
First Quarter 2021 Highlights
Management Commentary – Tom Smith, CEO and President
“We had another solid quarter of progress toward integrating our training tools and remote restraint devices into a cohesive law enforcement technology platform. Our goal is to offer a seamless platform that provides efficient training for any situation an officer may experience and the effective use of devices to help do the job without causing pain or escalating a situation unnecessarily. Both our virtual reality training and BolaWrap fill a growing demand for safer solutions, as police agencies from around the world deal with reform under an intense spotlight.”
“We believe our first-mover advantage in providing an immersive training solution to a market that is actively seeking fresh ideas towards police education and training will continue to serve us well as we expand our brand awareness worldwide. We have now delivered product to 41 countries. We expect 2021 to be a year of continued growth as we pursue our goal of becoming the global leader in de-escalation solutions and best practices.”
(1) As compared to the prior-year period.
Selling, General and Administrative (SG&A) Expense
Research and Development (R&D) Expense
Capital Structure and Liquidity
“We continue to expect near-term headwinds to our growth as international travel remains limited.,” said Mr. Smith. “We expect this to continue through at least the first half of 2021, then soften as we proceed through the second half of 2021. Accordingly, near-term growth rates may differ from historical norms.”
Webcast and Earnings Conference Call
The Company will host a live Zoom video webcast for investors and other interested parties beginning at 4:30 p.m. Eastern Time on Thursday, April 29, 2021. The call will be hosted by Tom Smith, CEO and President, Jim Barnes, CFO Secretary and Treasurer, and Paul Manley, VP of Investor Relations.
WEBCAST LINK: Webcast Registration Link
Participants may access the live webcast by visiting the Company’s Investor Relations page at www.wrap.com. A webcast replay of the call will be available on the Company’s Investor Relations page within 24 hours of the live call ending.
Investors and Media:
About Wrap Technologies
WRAP Technologies (Nasdaq: WRAP) is a global leader in innovating public safety technologies and services that deliver advanced solutions focused on avoiding escalation. The BolaWrap® Remote Restraint device, WRAP’s first product, is a patented, hand-held device that discharges a Kevlar® tether to temporarily restrain from a safe distance. Through many field uses and growing adoption by agencies across the globe, BolaWrap is proving to be an effective tool to safely detain persons without injury. WRAP Reality, the Company’s virtual reality training system, is an immersive training simulator and comprehensive public safety training platform designed to empower first responders with the necessary knowledge to perform in the field. WRAP’s headquarters are located in Tempe, Arizona. For more information, please visit wrap.com.
Use of Non-GAAP Information
Included in this press release are non-GAAP operational metrics regarding agencies and training and amounts of non-cash stock-based compensation expense, which the Company believes provide helpful information to investors with respect to evaluating the Company’s performance.
Cautionary Note on Forward-Looking Statements - Safe Harbor Statement
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to: statements regarding the Company’s overall business; total addressable market; and, expectations regarding future sales and expenses. Words such as “expect”, “anticipate”, “should”, “believe”, “target”, “project”, “goals”, “estimate”, “potential”, “predict”, “may”, “will”, “could”, “intend”, and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Moreover, forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond the Company’s control. The Company’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to: the Company’s ability to successful implement training programs for the use of its products; the Company’s ability to manufacture and produce product for its customers; the Company’s ability to develop sales for its new product solution; the acceptance of existing and future products; the availability of funding to continue to finance operations; the complexity, expense and time associated with sales to law enforcement and government entities; the lengthy evaluation and sales cycle for the Company’s product solution; product defects; litigation risks from alleged product-related injuries; risks of government regulations; the business impact of health crises or outbreaks of disease, such as epidemics or pandemics; the ability to obtain export licenses for countries outside of the US; the ability to obtain patents and defend IP against competitors; the impact of competitive products and solutions; and the Company’s ability to maintain and enhance its brand, as well as other risk factors mentioned in the Company’s most recent annual report on Form 10-K, quarterly report on Form 10-Q, and other SEC filings. These forward-looking statements are made as of the date of this press release and were based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Except as required by law, the Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.
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