Core Insights - The company reported a significant increase in revenue, with full-year gross revenue rising 15% to $5.2 million and fourth-quarter gross revenue increasing 62% to $1.4 million, driven by strong demand for its BolaWrap product [2][6] - Wrap Technologies is transitioning from selling a single device to offering an integrated non-lethal response system that includes hardware, policy support, and scalable training, aiming to enhance safety outcomes and drive recurring revenue [4][7][11] - The company is targeting 100% revenue growth in 2026, supported by a strong sales pipeline and recent business momentum, while not currently seeking additional capital after a recent $5 million raise [5][20][21] Financial Performance - Technology-enabled services revenue reached $1.7 million in 2025, up 85% from $0.9 million in 2024, attributed to contributions from training, managed services, and software subscriptions [1] - Gross margin improved to 58% from 55%, due to a favorable product mix and cost discipline, while total operating expenses decreased by 10% year over year [8] - Despite a net loss widening to $10.3 million from $5.9 million in 2024, management noted improvements in net loss from operations by 13% [9][8] Operational Developments - The company has over 10,000 active BolaWrap units deployed, with more than 76% being the current-generation BolaWrap 150, and has restarted domestic manufacturing to enhance quality oversight [16] - Training linked to higher success rates, with 78% of agencies reporting successful field use having completed instructor recertification, leading to larger deal sizes and increased agency orders [13][15] - Wrap Technologies is focusing on drone-related opportunities, including counter-UAS applications, and expects to bring new drone products to market this year [17][18] Strategic Focus - The company is prioritizing scaling its non-lethal response system through agency-wide deployments, federal market entry, and international expansion [19] - Management is refining its services portfolio, focusing on high-demand areas such as policy governance, training, and digital evidence management, while exiting non-core advisory services [12][11] - The company aims to leverage partnerships for federal, state, and local procurement, enhancing its market presence [18]