{"id":451263,"date":"2021-03-04T16:08:31","date_gmt":"2021-03-04T21:08:31","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=451263"},"modified":"2021-03-04T16:08:31","modified_gmt":"2021-03-04T21:08:31","slug":"wrap-reports-fourth-quarter-2020-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/wrap-reports-fourth-quarter-2020-results\/","title":{"rendered":"Wrap Reports Fourth Quarter 2020 Results"},"content":{"rendered":"
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TEMPE, Ariz., March 04, 2021 (GLOBE NEWSWIRE) — Wrap Technologies, Inc. (Nasdaq: WRAP) (the \u201cCompany\u201d), a global leader in innovative public safety technologies and services, today announced results for its fourth quarter and fiscal year ended December 31, 2020.<\/p>\n

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\n Fourth Quarter 2020 Summary<\/u>
\n <\/strong>\n <\/p>\n

\n Net Sales of $1.4 million, Growth of 464%<\/strong>
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\n Gross Margin of 33%<\/strong>
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\n Cash, Cash Equivalents and Short-Term Investments of $41.6 million<\/strong>
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\n Stock Symbol Changed to: WRAP<\/strong>\n <\/p>\n

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\n Full Year 2020 Summary<\/u>
\n <\/strong>\n <\/p>\n

\n Net Sales of $3.9 million, Growth of 466%<\/strong>
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\n Gross Margin of 34%<\/strong>
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\n Sold Product to 15 New Countries \u2013 36 Countries to Date<\/strong>
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\n Trained Agencies Increased to Over 450 Agencies <\/strong>
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\n BolaWrap Certified Instructors Increased to 1,360 <\/strong>\n <\/p>\n

\n Management Commentary \u2013 Tom Smith, President<\/strong>\n <\/p>\n

\u201cAs public safety experienced historic challenges in 2020, WRAP adapted to a quickly-evolving market by putting increased focus on building a global brand and broadening our impact as a leader in de-escalation solutions and technology. As safe and effective uses of BolaWrap increased in the United States, the device has also been sold globally to 36 countries. Our international business is only anticipated to grow, due to a rapidly expanding pipeline and international distribution network.\u201d<\/p>\n

\u201cIn the wake of global protests surrounding excessive use of force, 2021 is expected to be a year focused on domestic police and public safety reform, with an increased focus from community groups, government organizations and the media on safer tactics and tools. In Q4 2020, we completed the acquisition of NSENA, Inc. with the expressed purpose of providing an immersive training solution to a market that we believe is seeking fresh ideas towards police education and training. We expect 2021 to be a year of continued growth and insights as we pursue our goal of becoming the global leader in de-escalation solutions and best practices.\u201d\u00a0<\/p>\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\n Three Months Ended<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Year Ended<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n December\u00a031,<\/strong>\n <\/td>\n\u00a0<\/td>\n\n December 31,<\/strong>\n <\/td>\n<\/tr>\n
\n (amounts in thousands, except per share data)<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2019<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2019<\/strong>\n <\/td>\n<\/tr>\n
Total revenues<\/td>\n\u00a0<\/td>\n$<\/td>\n1,415<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n251<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n3,944<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n697<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net sales growth (1)<\/sup><\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n464<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nNM<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n466<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nNM<\/td>\n%<\/td>\n<\/tr>\n
Gross margin rate<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n33<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n34<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n34<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n40<\/td>\n%<\/td>\n<\/tr>\n
Net loss<\/td>\n\u00a0<\/td>\n$<\/td>\n(3,556<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(2,543<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(12,580<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(8,325<\/td>\n)<\/td>\n<\/tr>\n
Net loss per diluted share<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.10<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.09<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.37<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.29<\/td>\n)<\/td>\n<\/tr>\n<\/table>\n

\n (1)\u00a0 \u00a0As compared to the prior year period.<\/sup><\/p>\n

FOURTH QUARTER 2020 FINANCIAL AND OPERATIONS HIGHLIGHTS<\/strong>\n <\/p>\n

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\n Net Sales<\/em>
\n <\/strong>\n <\/p>\n