Financial Data and Key Metrics Changes - Full year gross revenue grew 15% to $5.2 million, driven by strong second half momentum [9] - Fourth quarter gross revenue increased 62% to $1.4 million, with product sales more than doubling compared to the prior year quarter [9] - Technology-enabled services revenue reached $1.7 million for the full year, up 85% from $0.9 million in 2024 [9] - Gross margin expanded from 55% to 58%, indicating favorable product mix and disciplined cost management [9] - Total operating expenses decreased 10% despite launching new products and entering new markets [9] - Net loss from operations improved 13% year over year, with a net loss of $10.3 million compared to $5.9 million in 2024 [10] Business Line Data and Key Metrics Changes - The company transitioned from solely selling devices to offering a complete non-lethal response system, integrating technology, policy, and training [6][8] - The average deal size increased nearly six-fold from the first half to the fourth quarter, indicating a shift towards agency-wide program adoptions [13][14] - Over 10,000 active BolaWrap units are deployed across domestic agencies, with more than 76% on the current generation BolaWrap 150 [15] Market Data and Key Metrics Changes - The company is seeing significant international demand, with distribution agreements across India, Canada, and Panama [17] - The Counter-UAS market represents a compelling growth factor, with advancements in drone-related technologies [16] Company Strategy and Development Direction - The company aims to lead the global shift towards non-lethal response, focusing on five key priorities for 2026: non-lethal response at scale, federal and defense market entry, UAS development, recurring revenue growth, and international expansion [18][20] - The strategy includes expanding agency-wide deployments through integrated platforms that bundle hardware, training subscriptions, and policy support [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 100% revenue growth in 2026, driven by agency-wide deployments and subscription-based recurring revenue [22] - The company is committed to building long-term wealth while delivering impactful solutions [23] Other Important Information - The company has digitized and productized its training platform, WrapTactics, allowing for scalable high-quality training with strong margins [5] - Management has invested approximately $7 million to $8 million in the company over the past two and a half years, demonstrating alignment with shareholders [41] Q&A Session Summary Question: Is the company looking at any additional capital raising opportunities? - Management stated they are not currently in the market for additional capital after raising $5 million recently, but will remain opportunistic [24] Question: Have you launched non-lethal response? If not, what are the plans? - The company has been soft selling the non-lethal response to customers and plans to officially launch it in the next 30-45 days [25] Question: Where is the confidence for approximately 100% revenue growth coming from? - Confidence stems from the current business pace, strong pipeline quality, and solid sales bookings from previous quarters [26][27] Question: What is the difference between non-lethal and less lethal, and why does that distinction matter? - The distinction matters because non-lethal solutions have a track record of zero fatalities and serious injuries, which is crucial for community safety [29][32] Question: Where does the drone platform stand? - The company is testing drone-related technologies and has accepted pre-orders for the platform, with plans to roll it out this year [35] Question: What is the status of Wrap Federal and your federal government traction? - The company is seeing good traction in government conversations and has established contract vehicles for federal business [36][37] Question: What does the international pipeline look like, and what regions have shown the most interest? - The international pipeline is growing, with interest in various products and services, including the BolaWrap and training solutions [39] Question: Can you speak to the alignment with shareholders regarding management stock purchases? - Management has invested significantly in the company, showing strong alignment with shareholders [41] Question: What catalysts should investors be watching for over the next 12 months? - Key catalysts include advancements in the Counter-UAS business, expansion of the WrapTactics program, and increased federal engagement [42][43]

Core Insights - Wrap Technologies has entered into a strategic distribution agreement with Crystal Works Private Limited, marking its first significant commercial entry into the Indian market for non-lethal response solutions [1][2][4] - The agreement includes a pre-order of Wrap's Non-Lethal Response (NLR) solutions, indicating a growing international demand for comprehensive NLR capabilities that integrate technology, training, and operational doctrine [2][3] - The collaboration aims to establish a foundational presence for Wrap in India's modernizing security ecosystem, leveraging Crystal Works' regional expertise to accelerate the adoption of non-lethal technologies across various sectors [4][5] Market Demand and Product Adoption - Crystal Works' purchase order reflects increased market interest in Wrap's full technology portfolio, supporting non-lethal operational requirements across defense and public safety agencies [3][6] - The DFR-X pre-order demonstrates early market traction for Counter-Unmanned Aerial Systems (C-UAS) and drone-enabled response solutions, validating Wrap's investment in drone capabilities [6][7] - Wrap's C-UAS drone platform extends NLR capabilities into the aerial domain, designed to enhance detection, situational awareness, and non-lethal interdiction options [7] Strategic Expansion and Future Outlook - India serves as a strategic gateway to the broader South Asian market, where modernization initiatives are driving demand for next-generation public safety technologies [5] - The company anticipates that non-lethal response will become a core pillar of public safety strategy globally, as agencies prioritize de-escalation and risk mitigation [5] - Wrap's complete public safety portfolio includes various innovative solutions such as the BolaWrap 150 device and WrapReality™ immersive training platform, aimed at enhancing officer safety and operational effectiveness [10][11]