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 and, as of July 2026, the WrapShield™ autonomous detection-and-response platform.
- The company is targeting approximately 100% revenue growth in 2026 after 15% growth in 2025; Q1 2026 revenue rose 45% year-over-year.
- A July 2026 ATF ruling classifying the BolaWrap® 150 as an instrument of restraint, not a firearm or “any other weapon” under federal law, removes regulatory uncertainty and, the company believes, may simplify procurement and broaden adoption.
- The MERLIN-1 drone-interdiction program, a first U.S. Department of Homeland Security (DHS) purchase order for BolaWrap, and the Wrap Federal, LLC subsidiary mark early traction in federal and defense channels, alongside international pre-orders across Europe, South America, and Asia.
- WrapShield™, anchored by an exclusive U.S. and NATO license to Frenel Imaging’s TPiCore® thermal-polarimetric sensing, extends WRAP into AI-enabled detection beginning with counter-UAS, expanding the addressable market while adding execution, integration, and capital-intensity risk.
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 — now extending toward a platform that connects advanced sensing, artificial intelligence, command-and-control, and measured response — 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 is headquartered in Miami, Florida, with manufacturing operations based in Southwestern Virginia as part of a made-in-America supply-chain initiative.
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. WRAP describes it as the only remote response-to-resistance tool designed to maintain a safe distance between subject and officer, deployed early in the pre-escalation phase of the force continuum. The company cites adoption by more than 1,000 agencies across the U.S. and in 50+ countries and zero reported fatalities associated with the device. In July 2026, the U.S. Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) ruled that the BolaWrap® 150 is an instrument of restraint rather than a firearm or “any other weapon” under federal law.
Training and Readiness Solutions
WrapReality® (immersive VR training) and WrapTactics™ (policy-aligned digital training and certification) are the core of WRAP’s training ecosystem, reinforced by partnerships with the STORM Training Group and Force Science and by policy work with the Law Enforcement Training and Advisory Council (LETAC). Adoption has continued to broaden beyond traditional law enforcement into healthcare, security, and education markets. In May 2026, WRAP announced a low-light expansion of WrapReality, adding directional-light and nighttime decision-making scenarios.
WrapVision™ and Counter-UAS / Drone Programs
WrapVision™ is WRAP’s body-worn camera and cloud-based digital evidence management platform, built with IONODES on a made-in-America assembly roadmap. WRAP’s counter-UAS and drone-response capabilities — including the DFR-X system, PAN-DA, the 1KC Kinetic Anti-Drone Cassette, and the MERLIN-Interdictor (also referenced as MERLIN-1) drone-interdiction payload, which applies BolaWrap technology from an aerial platform — target defense, homeland security, and critical-infrastructure customers. WRAP demonstrated a drone-to-human interdiction with partner Mithril Defense in Austin, Texas, and has established a Florida drone-testing and NLR training facility through a partnership with WOFT, LLC to support C-UAS testing and drone-to-human non-lethal deployment work, with interest from military, federal, and civilian customers.
WrapShield™ Platform (launched July 2026)
WrapShield™ is an autonomous defense and public safety platform designed to detect threats earlier, orchestrate an AI-assisted response, and act with proportionate, mission-appropriate force, with human decision-makers designed to remain in control. Its detection layer is anchored by a strategic investment in Frenel Imaging Ltd. and an exclusive U.S. and NATO license to Frenel’s TPiCore® thermal-polarimetric imaging, which captures the polarization of thermal radiation at the pixel level to support material discrimination that WRAP believes cannot be spoofed, jammed, or turned off and requires no radio-frequency signal to detect. WrapShield’s initial application is counter-UAS, with an architecture intended to expand across critical infrastructure, border security, and other autonomous security missions.
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 45% year-over-year to $1.1 million (from $765K), with bookings of $3.2 million ($1.1 million domestic and $2.1 million international) and product sales up 186% year-over-year to roughly $0.9 million. Gross margin declined to 62.2% (from 77.8%) as hardware made up a larger share of the mix, and the company reported a net loss of $4.5 million (versus net income of $0.1 million in the prior-year quarter, which had benefited from a $4.0 million non-cash warrant gain). Cash and cash equivalents rose to $7.3 million, aided by a $5.0 million February 2026 private placement.
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, a compound annual growth rate of 5.94%. The 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 expansion into drone-enabled response, counter-UAS initiatives, and the WrapShield™ platform.
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, 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, has led all rounds of WRAP financing, exceeding $100 million, since founding the company in 2016; previously he co-founded a hedge fund, Iroquois Capital.
Jared Novick, President & Chief Operating Officer, joined as COO in 2024 and was promoted to President in 2025; he previously served as COO of Sidus Space and founded BitVoyant and CurvedSkies.
The company’s Board of Directors was expanded to six members in 2025 with the addition of John D. Shulman, Founder and Managing Partner of Juggernaut Capital Partners, a private equity firm with $1B+ in AUM.
