Business
Wrap Technologies Reports First Quarter 2020 Results
Sales Momentum Drives Record Revenue of $689,000 and $1.4 Million BacklogTEMPE, AZ / ACCESSWIRE / April 29, 2020 / Wrap Technologies, Inc. (the "Company" or
About this update from Wrap Technologies, Inc.
[{"type":"text","content":"Sales Momentum Drives Record Revenue of $689,000 and $1.4 Million BacklogTEMPE, AZ / ACCESSWIRE / April 29, 2020 / Wrap Technologies, Inc. (the \"Company\" or \"Wrap\") (NASDAQ:WRTC), an innovator of modern policing solutions, reported results for the first quarter ended March 31, 2020.First Quarter and Recent Operational Highlights:In February, began field testing BolaWrap with hundreds of officers in the Los Angeles Police Department (LAPD), the third largest police department in the U.S. with more than 9,000 sworn officersReceived new orders for BolaWraps from police agencies in California, Missouri, Illinois, Virginia, Louisiana, Maryland, Minnesota, and Washington during March 2020Shipped international purchase orders for 200 BolaWraps and 2,000 cartridges and accessoriesQ1 international shipments raise the total countries receiving BolaWrap products to 19Continued training momentum with 195 departments now trained and 720 instructors certified to teach their agenciesAppointed former police commissioners, Richard Ross Jr. and Edmund Hartnett, as well as law enforcement veteran, Chief Scott Knight, to lead public safety relations effortsStrengthened competitive moat by receiving one U.S. and two foreign patent allowances, increasing the total number of patents to ten (eight U.S. patents, two foreign patents with multiple pending)As of March 31, 2020, backlog totaled approximately $1.4 million, which the Company expects to recognize over the next twelve monthsManagement Commentary\"In the first quarter of 2020, we continued to accelerate the sales momentum we initiated in the second half of last year,\" said David Norris, CEO of Wrap Technologies. \"Financially, the quarter was highlighted by a substantial year-over-year and sequential increase in revenues to $689,000, nearly equaling full year 2019 revenues. Additionally, we exited the quarter with a $1.4 million backlog, which indicates that we were able to successfully convert our pipeline into orders and continued adding new customers during a challenging period.\"Despite the global slowdown that began to materially impact the United States in March, we've seen portions of our sales channel become more active over the past few weeks. We have a fortified balance sheet with $15.5 million in cash and minimal debt, a nimble and flexible organization, and a product that we bel...