Wrap Technologies, Inc. Provides Update on Operations and Timing to Report Financial Results

TEMPE, Ariz., April 15, 2024 (GLOBE NEWSWIRE) -- Wrap Technologies, Inc. (Nasdaq: WRAP) ("Wrap" or the "Company"), the makers of BolaWrap and the innovative public safety solutions platform powered by artificial intelligence (“AI”), virtual reality and data, today provided an update on its ongoing operations and announced its schedule for reporting financial results. The Company is also pleased to share operational highlights from recent quarters and confirms that no financial restatements are anticipated.

Financial Results Timing Update:

• Wrap currently expects to release fourth quarter and full year 2023 results in the coming weeks, followed by its first quarter 2024 earnings.
• The Company has delayed the filing of its Form 10-K for the year ended December 31, 2023 beyond the April 16, 2024 extended filing due date because it requires additional time to compile, review and finalize the necessary disclosures.
• The Company anticipates revenue of approximately $6.1M for FY-23 according to unaudited financials.
  

The preliminary estimate above represents the most current information available to our management and does not present all necessary information for an understanding of our financial condition as of December 31, 2023. This is a preliminary estimate which should not be regarded as a representation by us or our management as to our actual financial condition as of December 31, 2023. Additional information and disclosures would be required for a more complete understanding of our financial position and results of operations as of December 31, 2023.

Our final results may vary from the information herein. Prospective investors should not place undue reliance on these estimates, and this information should not be viewed as a substitute for our full interim or annual financial statements prepared in accordance with U.S. Generally Accepted Accounting Principles. Further, these results are not necessarily indicative of the results to be expected for the remainder of the year or any future period. See the sections titled “Forward-Looking Statements”.

Operational Highlights

Fourth Quarter 2023:

• Wrap received the largest orders to date for BolaWrap and Body-Worn Cameras, expected to contribute to future revenues and enhance manufacturing efficiency.
  

First Quarter 2024:

• Our unaudited financials for the first quarter indicate a 54.7% increase in revenue compared to the same period last year, with potential for additional growth as revenues from the fourth quarter of 2023 are recognized.