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Reports Q1 revenue $1.6M, consensus $1.76M. "Wrap is building momentum at the start of 2022, with our revenues continuing to grow despite significant supply chain headwinds. We leveraged almost $0.4 million in incentives during Q1 to encourage upgrades to the new BolaWrap 150, and brand awareness is continuing to grow across domestic and international markets. We now have over 750 agencies with BolaWrap devices and have delivered product to 53 countries. The appointments of myself as Chief Executive Officer and Kevin Mullins as President last month represent a critical milestone for Wrap as we move into the next phase of the Company's life cycle and growth. The two of us have a shared passion for public safety and technology that saves lives and are focused on accelerating sales of the BolaWrap 150 in the near-term and diversifying Wrap's suite of solutions and services for global law enforcement over the long-term." "Over the next 90 days, we will be building a strategic roadmap for Wrap and are assessing all facets of the business to determine what is working well and where we can improve. We will be looking closely at our go-to market strategy for the BolaWrap 150 and Wrap Reality, in addition to potential synergistic technologies and
Reports Q1 revenue $1.6M, consensus $1.76M. "Wrap is building momentum at the start of 2022, with our revenues continuing to grow despite significant supply chain headwinds. We leveraged almost $0.4 million in incentives during Q1 to encourage upgrades to the new BolaWrap 150, and brand awareness is continuing to grow across domestic and international markets. We now have over 750 agencies with BolaWrap devices and have delivered product to 53 countries. The appointments of myself as Chief Executive Officer and Kevin Mullins as President last month represent a critical milestone for Wrap as we move into the next phase of the Company's life cycle and growth. The two of us have a shared passion for public safety and technology that saves lives and are focused on accelerating sales of the BolaWrap 150 in the near-term and diversifying Wrap's suite of solutions and services for global law enforcement over the long-term." "Over the next 90 days, we will be building a strategic roadmap for Wrap and are assessing all facets of the business to determine what is working well and where we can improve. We will be looking closely at our go-to market strategy for the BolaWrap 150 and Wrap Reality, in addition to potential synergistic technologies and
Wrap Technologies announced that it has appointed TJ Kennedy as CEO and Kevin Mullins as president, effective immediately. The appointments of Messrs. Kennedy and Mullins reflect Wrap's commitment to evolving and maturing as a technology company in the rapidly growing public safety solutions market.
Ladenburg Thalmann analyst Jon Hickman lowered the firm's price target on Wrap Technologies to $5.25 from $6.25 and keeps a Buy rating on the shares following the Q4 results. The company's revenues continued to be restrained by COVID and to some extent by the transition to the new BolaWrap 150 product, Hickman tells investors in a research note. The analyst reduced sales growth estimates for 2022 and 2023 citing the "rather muted revenue results in the second half of 2021 and management's current caution surrounding supply chain issues."
Reports Q4 revenue $2.45M, consensus $2.09M. Scot Cohen, co-founder, director and a large shareholder of Wrap, commented: "Wrap delivered strong financial results and continued establishing valuable brand awareness across global markets in fiscal year 2021. This culminated in our best quarter of total revenues in our history and full-year total revenue growth of 96%. Leadership is incredibility proud of how our team adapted and retained focus during what was a year of change and transformation. In our view, the past year was an important step on our path to enhanced diversification, increased innovation and long-term value creation."
Wrap Technologies announced that it has received a purchase order for WRAP Reality, the Company's fully immersive, virtual reality training simulation system, from a College Police Department in Pennsylvania. The initial demo of the WRAP Reality system took place in July of 2021 and highlighted the benefits of roleplaying a scenario through an immersive and authentic simulator that helps police officers implement de-escalation tactics and enables them to practice ending situations without causing injury.
Maxim analyst Allen Klee downgraded Wrap Technologies to Hold from Buy. The analyst cites the company's announcements that its CEO and CFO will depart by the end of 2022, stating that it was the experience and background of CEO Tom Smith as the co-founder of Taser that was part of his positive investment thesis.
