Wrap Technologies Q3 2023 Earnings Report
Key Takeaways
Wrap Technologies reported record quarterly revenue in Q3 2023, driven by strong international demand, particularly from the North African region, and a large-scale deployment order for BolaWrap 150 in the domestic Mid-Atlantic sector. The company also saw a second consecutive record quarter for Wrap Reality sales and integrated Wrap Intrensic into its Body-Worn Camera and Digital Evidence Management portfolio.
Record quarterly revenue was achieved through significant international orders in the North African region.
A full deployment order for BolaWrap 150 came from a large domestic agency in the Mid-Atlantic.
Wrap Reality sales recorded its most outstanding quarterly sales to date for the second quarter in a row.
Wrap Intrensic was successfully integrated, enhancing Body-Worn Camera and Digital Evidence Management portfolio.
Wrap Technologies
Wrap Technologies
Wrap Technologies Revenue by Segment
Wrap Technologies Revenue by Geographic Location
Forward Guidance
Wrap anticipates revenue growth in the fourth quarter and into 2024, and given the demand for Wrap's solutions, they foresee a continual increase in orders in the upcoming 18 months. The company expects operational expenses to remain flat to the adjusted number in third quarter for the foreseeable future.
Positive Outlook
- Anticipate revenue growth in the fourth quarter and into 2024
- Foresee a continual increase in orders in the upcoming 18 months
- Market's enthusiastic reception to offerings, both domestically and internationally
- Well-positioned for sustainable growth
- Integration of Wrap Intrensic continues to drive immediate and meaningful growth
Challenges Ahead
- One-time items related to legal expenses, the Company’s financing, and the acquisition of Intrensic affected operational expenses
- Net loss for the third quarter 2023 would have been $1.94 million excluding one-time items
- Cash, cash equivalents and short-term investments decreased from December 31, 2022
- Wrap’s performance is subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond the Company’s control
- The Company’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors
Revenue & Expenses
Visualization of income flow from segment revenue to net income