Wrap Technologies, Inc. (NASDAQ: WRAP)
Investment Considerations
- WRAP has repositioned from a single-product device company into an integrated Non-Lethal Response platform spanning devices, training, evidence management, and counter-UAS technology.
- The company is targeting approximately 100% revenue growth in 2026 after 15% growth in 2025.
- MERLIN, WRAP’s counter-UAS/drone-interdiction initiative, and a first DHS purchase order mark early traction in federal and defense channels.
Wrap Technologies, Inc. (NASDAQ: WRAP) is a public safety technology company built around its Non-Lethal Response™ (“NLR”) platform. Rather than positioning itself as a single-product device maker, the company describes its 2025–2026 transformation as building an integrated system of tools, training, and policy support designed to help law enforcement, corrections, defense, border security, campus safety, and healthcare security personnel manage encounters more safely and reduce reliance on higher levels of force.
The company headquarters are in Miami, Florida, with manufacturing operations based in Virginia.
Products
BolaWrap® and the Non-Lethal Response™ System
WRAP’s flagship product is the BolaWrap® 150, a patented, remote restraint device that deploys a Kevlar tether to help officers gain control of non-compliant individuals from a distance without pain compliance. The company cites adoption by more than 1,000 agencies across 62 countries and zero reported fatalities associated with the device.
Training and Readiness Solutions
WrapReality™ (immersive VR training) and WrapTactics™ (policy-aligned digital training and certification) are the core of WRAP’s training ecosystem. Adoption has continued to broaden beyond traditional law enforcement into healthcare, security, and education markets. WRAP is developing a low-light expansion of WrapReality, including directional-light training tools.
WrapVision™ and Counter-UAS / Drone Programs
WrapVision is WRAP’s body-worn camera and cloud-based digital evidence management platform. The company’s counter-UAS and drone-response capabilities, including DFR-X, PAN-DA, and the 1KC Kinetic Anti-Drone Cassette, are for defense, homeland security, and critical-infrastructure customers. WRAP has also cited a facility in Orlando, Florida supporting C-UAS testing and drone-to-human non-lethal deployment work, with interest from military, federal, and civilian customers.
Recent Financial and Commercial Highlights
- FY2025: Revenue grew 15% to $5.2 million, with Q4 2025 revenue up 62% year-over-year; the company has stated a target of approximately 100% revenue growth for 2026.
- Q1 2026: Revenue rose to $1.1 million (up from $765K a year earlier), with bookings of $3.2 million and product sales up 186% year-over-year to roughly $0.9 million.
Gross margin declined to 62.2% as hardware made up a larger share of the mix, and the company reported a net loss of $4.5 million (versus net income in the prior-year quarter, which had benefited from a non-cash warrant gain).
Market Opportunity
WRAP operates at the intersection of public safety technology, non-lethal intervention and training solutions. Fortune Business Insights estimates the global non-lethal weapons market was valued at approximately $1.94 billion in 2025 and projects it will grow to approximately $3.25 billion by 2034, representing a compound annual growth rate of 5.94%. The research firm notes that advancements in artificial intelligence, autonomous systems and drone technologies are contributing to the evolution of non-lethal response capabilities, areas that align with WRAP’s ongoing expansion into drone-enabled response, counter-UAS initiatives and integrated Non-Lethal Response technologies.
The company also participates in the growing market for software-enabled public safety solutions through its WrapReality, WrapTactics and WrapVision platforms. MarketsandMarkets projects the global law enforcement software market will increase from approximately $20.25 billion in 2025 to $32.96 billion by 2030, representing a compound annual growth rate of 10.2%. As agencies continue investing in digital training, evidence management and technology-driven operational readiness, WRAP is positioned across both hardware and software categories within the broader public safety ecosystem.
Leadership Team
Scot Cohen: Co-Founder, Chairman & Chief Executive Officer. Cohen has led all rounds of WRAP financing (over $100 million) since founding the company in 2016.
Jared Novick: President & Chief Operating Officer, joined January 2024, previously COO of Sidus Space and founder of BitVoyant and CurvedSkies.
The board was expanded to six members in late 2025 with the addition of John D. Shulman, Founder and Managing Partner of Juggernaut Capital Partners.