Wrap Technologies Inc (WRAP)

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Wrap Technologies, Inc. (Nasdaq: WRTC) (the “Company”), an innovator of modern policing solutions, today announced results for its third quarter ended September 30, 2020. In addition, in a separate announcement today, the Company announced a leadership change as Tom Smith was named interim CEO by the board of directors.

Third Quarter 2020 Summary

Net Sales of $1.0 million, Growth of 275%
Gross Margin of 32%
Cash, Cash Equivalents and Short-Term Investments of $45.1 million
Backlog at $1.1 million

Management Commentary – Tom Smith, Interim CEO
“During the third quarter, we continued to take advantage of the considerable visibility that safer police solutions have received from the government, media and communities over the past two quarters. This was evident in our financial performance as we again generated sequential revenue growth while gross margins remained stable. Our team was pleased to exceed $1 million in sales for the quarter for the first time. Over 100 new agencies were trained in Q3 and we now have over 1,100 officers at over 300 agencies certified to train their departments. We are executing our long-term strategy as planned. We remain uniquely positioned to increase sales of our BolaWrap product, which is effective and affordable. We remain intensely focused on driving sales by continuing to execute our strategy and refining our approach to engage police agencies across the globe.”