8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 14, 2024

WRAP TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)

Delaware	000-55838	98-0551945
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

1817 W 4th Street, Tempe, Arizona 85281
(Address of principal executive offices) (Zip Code)

(800) 583-2652
(Registrant’s telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a‑12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.0001 per share	WRAP	Nasdaq Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2) ☐

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On November 14, 2024, Wrap Technologies, Inc. (the “Company”) issued an earnings release to announce the Company's financial results for its fiscal quarter ended September 30, 2024. A copy of the earnings release is attached to this Current Report on Form 8-K as Exhibit 99.1.

The information in this Current Report on Form 8-K, including the information set forth in Exhibit 99.1, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), nor shall any exhibit filed herewith be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.	Description
99.1	Press release dated November 14, 2024
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	WRAP TECHNOLOGIES, INC.
Date: November 14, 2024	By:	/s/ Scot Cohen
		Scot Cohen
		Chief Executive Officer

EX-99.1

Exhibit 99.1

22% YEAR-OVER-YEAR OPERATING EXPENSE REDUCTION POSITIONS WRAP TECHNOLOGIES FOR GROWTH AND PROFITABILITY IN 2025

MAJOR ADVANCES IN FINANCIAL CONTROLS AND COST MANAGEMENT PAVE THE WAY FOR SUSTAINABLE OPERATIONS AND MARKET LEADERSHIP

TEMPE, Ariz., Nov. 14, 2024 (GLOBE NEWSWIRE) — Wrap Technologies, Inc. (NASDAQ: WRAP) (“Wrap” or the “Company”), a global leader in innovative public safety solutions, today announced key financial and operational achievements for the third quarter ended September 30, 2024.

Key Highlights:

● Significant Cost Reductions: Operating expenses slashed by 22% year-over-year, falling to $3.9 million from $4.9 million in Q3 2023, reflecting efficiency gains.

● Monetizing Inventory: Ongoing cost-saving measures and paused manufacturing have allowed the Company to focus on monetizing a $25 million finished goods inventory and reinforce a leaner operational model.

● Increase in Reported Subscription Services: Subscription services provide customers with technology through 2027.

● Major Cash Flow Improvements: Net cash used in operations dropped dramatically by $6.0 million during the nine months ended September 30, 2024, down to $6.9 million compared to $12.9 million in the same period in 2023, showcasing disciplined cash management.

● Q3 Revenue Amid Cost Reductions: While successfully reducing expenses, Revenue was $593 thousand during the quarter ended September 30, 2024, bringing year-to-date revenue to $3.6 million for the nine months ended September 30, 2024, showcasing efficient financial management and continued momentum.

● Strengthened Financial Stability: Stockholders’ equity exceeds Nasdaq minimum requirements with respect to stockholders’ equity, supported by our cash position and optimized financial controls.

● Highly Anticipated Integrated Offering: Building a strategic partner ecosystem to deliver comprehensive, integrated technology-as-a-service solutions tailored to the needs of public safety agencies.

Commitment to Innovation and Market Expansion

Wrap continues to prioritize strategic investments in research and development, driving innovations such as next-gen cassettes, enhanced device integration with body cameras, and exploring consumer versions in line with ATF classification requirements. With efforts now emphasizing a “Made in America” supply chain, Wrap remains focused on data security and compliance to meet federal standards and requirements.

Meeting Unmet Market Needs

The competitive landscape underscores a clear market gap. Departments report a need for affordable, integrated solutions rather than fragmented technologies or costly overbuilt offerings. Wrap is committed to evolving as an end-to-end service provider, aligning with public safety’s urgent demands and preparing for expanded international reach.

Currently in pre-integration engineering, Wrap is developing a trusted service provider solution that it anticipates will launch in Q1 2025, supported by existing major customers and state-level partnerships. Simultaneously, a global go-to-market plan is in process with additional key talent to support the rollout, enabling maximum impact of this new product campaign. Look for potential broad adoption of the BolaWrap as we go back to the market with a more integrated training approach.

We will be scheduling a stockholder call before year-end.

About Wrap 

Wrap Technologies, Inc. (Nasdaq: WRAP) is a leading global provider of advanced public safety solutions, integrating ultramodern technology, cutting-edge tools, and comprehensive services to address the complex, modern day challenges facing public safety organizations around the world. Guided by a no-harm principle, Wrap is dedicated to developing groundbreaking solutions that empower public safety agencies to safeguard the communities they serve in a manner that fosters stronger relationships, driving safer outcomes, empowering public safety and communities to move forward together.

Wrap’s BolaWrap® solution encompasses an innovative and patented hand-held remote restraint device, strategically engineered with Wrap’s no-harm guiding principle to proactively deter escalation by deploying a Kevlar® tether that safely restrains individuals from a distance. Combined with BolaWrap® training, certified by the esteemed International Association of Directors of Law Enforcement Standards and Training (IADLEST), Wrap enables officers from over 1000 agencies across the U.S. and 60 countries around the world, with the expertise to effectively use BolaWrap® as an early intervention measure, mitigating potential risks and injuries, averting tragic outcomes, with the goal to save lives with each wrap.

Wrap Reality™, the Company’s advanced virtual reality training system, is a fully immersive training simulator and comprehensive public safety training platform that equips first responders with the discipline and practice to prevent escalation, de-escalate conflicts, and apply appropriate tactical use-of-force measures to better perform in the field. By offering a growing range of real-life scenarios, Wrap Reality™ addresses the dynamic nature of modern law enforcement situations for positive public safety outcomes, building safer communities one decision at a time.

Wrap’s Intrensic solution is a comprehensive, secure and efficient body worn camera and evidence collection and management solution designed with innovative technology to quickly capture, safely handle, securely store, and seamlessly track evidence, all while maintaining full transparency throughout the process. With meticulous consolidation and professional management of evidence, confidence in law enforcement and the justice system soars, fostering trust and reliability in court outcomes. Intrensic’s efficient system streamlines the entire process seamlessly, empowering all public safety providers to focus on what matters, expediting justice with integrity.

Connect with Wrap:

Wrap on Facebook
Wrap on Twitter
Wrap on LinkedIn

Trademark Information

Wrap, the Wrap logo, BolaWrap®, Wrap Reality™ and Wrap Training Academy are trademarks of Wrap Technologies, Inc., some of which are registered in the U.S. and abroad.  All other trade names used herein are either trademarks or registered trademarks of the respective holders.

Cautionary Note on Forward-Looking Statements – Safe Harbor Statement
This release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. 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 maintain compliance with the Nasdaq Capital Market’s listing standards; the Company’s ability to successfully implement training programs for the use of its products; the Company’s ability to manufacture and produce products for its customers; the Company’s ability to develop sales for its products; the market 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 solutions; 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 impact resulting from geopolitical conflicts and any resulting sanctions; the ability to obtain export licenses for counties outside of the United States; the ability to obtain patents and defend intellectual property 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, subsequent quarterly reports on Form 10-Q, and other Securities and Exchange Commission filings. These forward-looking statements are made as of the date of this 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.

XML

Document And Entity Information	Nov. 14, 2024
Document Information [Line Items]
Entity, Registrant Name	WRAP TECHNOLOGIES, INC.
Document, Type	8-K
Document, Period End Date	Nov. 14, 2024
Entity, Incorporation, State or Country Code	DE
Entity, File Number	000-55838
Entity, Tax Identification Number	98-0551945
Entity, Address, Address Line One	1817 W 4th Street
Entity, Address, City or Town	Tempe
Entity, Address, State or Province	AZ
Entity, Address, Postal Zip Code	85281
City Area Code	800
Local Phone Number	583-2652
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	WRAP
Security Exchange Name	NASDAQ
Entity, Emerging Growth Company	false
Amendment Flag	false
Entity, Central Index Key	0001702924