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Jun 30, 2023
Wrap Technologies Q2 2023 Earnings Report
Wrap Technologies' second quarter performance was in line with the prior year, marked by restructuring, Wrap Reality sales records, and increased customer demand.
Key Takeaways
Wrap Technologies reported a 3% increase in net revenue to $1.20 million, with gross profit increasing by 46% to $0.67 million. The company also announced the acquisition of Intrensic, a digital evidence management and body-worn camera company, to expand its solutions portfolio.
Net revenue increased by 3% to $1.20 million compared to the prior year period.
Gross profit increased by 46% to $0.67 million compared to the prior year period.
Trained law enforcement agencies grew to more than 1,450, an 18% increase from the prior year period.
Acquired Intrensic, LLC to expand into body cams and evidence on the Cloud® services.
Wrap Technologies
Wrap Technologies
Forward Guidance
Wrap Technologies anticipates a strong second half of the year, driven by increased customer demand and an expanded sales team. The acquisition of Intrensic is expected to add immediate, accretive growth to the business.
Positive Outlook
- Anticipate robust growth in BolaWrap sales from both existing and new departments.
- Solidified Wrap Reality virtual reality training platform with scenario-based approach.
- Trajectory to rapidly increase the number of unique scenarios designed to enhance officer critical decision-making skills in high stress situations.
- Acquisition of Intrensic to strengthen and diversify offerings in the law enforcement and security market.
- Prepared to break new ground in connectivity solutions for law enforcement.