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Wrap Technologies Inc. (WRAP-9.34%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing a decrease in total revenues to $4.5 million from $6.1 million in the previous year, primarily due to a decline in international sales.
The company reported a gross profit of $2.5 million for the year, with a gross margin of 55%, up from 47% in the prior year. This increase in margin was attributed to cost containment measures.
Operating expenses decreased to $18.0 million from $21.6 million, reflecting the company's cost containment initiatives. Selling, general, and administrative expenses were reduced by $2.7 million.
Research and development expenses decreased by $0.9 million to $2.3 million, as a result of reduced costs related to the company's cost containment initiatives.
The company reported a net loss of $5.9 million for the year, an improvement from a net loss of $30.2 million in 2023. This improvement was primarily due to a non-cash other income of $9.6 million related to the change in value of warrant liabilities.
Wrap Technologies completed the acquisition of W1 Global, LLC in February 2025, expanding its capabilities in advisory and investigative professional services.
The company raised $5.8 million in a private placement in February 2025, issuing 3,216,666 shares of common stock and accompanying warrants.
Wrap Technologies continues to focus on expanding its sales of BolaWrap products and the Wrap Reality virtual reality training platform, targeting law enforcement and security markets globally.
The company is optimistic about the potential for future growth, driven by increasing demand for non-lethal policing solutions and immersive virtual reality training.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Wrap Technologies Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.