TEMPE, Ariz. - Wrap Technologies, Inc. (NASDAQ:WRAP), a developer of public safety solutions, announced preliminary financial results and operational highlights, along with its earnings reporting schedule. The company anticipates $6.1 million in revenue for FY-23 based on unaudited figures and expects to report fourth quarter and full year 2023 results soon, followed by first quarter 2024 earnings.
The filing of its Form 10-K has been delayed beyond the April 16, 2024 due date as the company needs additional time to finalize disclosures. Wrap emphasizes that these preliminary results are not a substitute for full financial statements prepared in accordance with U.S. GAAP and may differ from the final results.
In the fourth quarter of 2023, Wrap received its largest orders for BolaWrap and Body-Worn Cameras, which are expected to boost future revenues and manufacturing efficiency. The unaudited financials for the first quarter of 2024 show a 54.7% increase in revenue compared to the same period last year.
Wrap also projects significant price increases across all product lines in the second quarter due to enhanced features and increased demand.
The company is actively working to secure state and federal mandates for its BolaWrap product, aiming to expand market penetration. Wrap's management is focused on improving operational efficiency and financial controls to support sustainable growth.
Executive Chair and CEO Scot Cohen highlighted the adoption of BolaWrap by law enforcement agencies, including Fairfax County Police and the Detroit Police Department's Mental Health Crisis Intervention Team, as evidence of the product's growing acceptance as a leading law enforcement technology.
Looking ahead, Wrap is committed to scaling operations and enhancing sales capabilities to address domestic and international market demands. The company is leveraging various channels to support sales and mandating efforts, with a focus on establishing a strong domestic revenue base.
Based on a press release statement, this article provides an overview of Wrap Technologies' recent operational achievements and financial outlook. The company's forward-looking statements are subject to risks and uncertainties, and actual results may vary.
InvestingPro Insights
As Wrap Technologies, Inc. (NASDAQ:WRAP) navigates through a period of growth and operational scaling, insights from InvestingPro offer a deeper dive into the company's financial health and stock performance.
With a market capitalization of $88.87 million, the company's valuation reflects its position in the public safety solutions sector. Despite challenges, the company has shown a robust revenue growth of 32.06% over the last twelve months as of Q1 2023, outpacing many competitors and indicating potential in its operational strategy.
Investors should note that the company's P/E ratio stands at -5.48, which, coupled with a negative adjusted P/E ratio of -5.77 for the same period, suggests that profitability is an area for improvement. This aligns with one of the InvestingPro Tips indicating that analysts do not anticipate the company will be profitable this year.
Moreover, the company's stock has experienced a significant price decline over the last three months, with a 33.54% drop in total return, reflecting market sentiment and potentially undervalued opportunities for savvy investors.
On the liquidity front, Wrap Technologies holds an advantageous position, as another InvestingPro Tip reveals that the company's liquid assets exceed its short-term obligations. This provides a cushion for the company to manage its cash flow and finance its operations effectively, even as it seeks to expand its market reach.
For those looking to explore further insights and tips, InvestingPro offers additional guidance on Wrap Technologies. By using the coupon code PRONEWS24, readers can receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription, which includes a wealth of financial analysis and data to inform investment decisions. With 11 more InvestingPro Tips available, investors can gain a comprehensive view of the company's financial nuances and market potential.
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