Financial Data and Key Metrics Changes - The third quarter of 2025 marked the strongest performance in the past two years, with gross revenue reaching $2 million, of which 12% was derived from subscription-based sales, indicating a significant improvement in core fundamentals [3][4] - The shift towards recurring and integrated systems revenue is driving margin expansion and positioning the company for profitability [9] Business Line Data and Key Metrics Changes - The adoption of BolaWrap is increasing, with a reported 92% field success rate and zero reported deaths or serious injuries, showcasing its effectiveness compared to traditional tools like Tasers and pepper spray [5][6] - The company has expanded its product family to include Wrap Vision and Wrap Reality, enhancing its offerings beyond just hardware sales to a multi-year subscription model [8][9] Market Data and Key Metrics Changes - The U.S. law enforcement market consists of approximately 18,000 agencies and about 1 million officers, presenting a substantial opportunity for growth [10] - The counter-UAS market, which the company is targeting with its Merlin and Panda programs, is projected to exceed $15 billion globally by 2030 [10][11] Company Strategy and Development Direction - The company is transitioning from a device manufacturer to a provider of non-lethal response subscription solutions, focusing on training, policy alignment, and integrated systems [3][6] - The establishment of Wrap Federal aims to expand into defense and homeland security markets, aligning with federal procurement standards [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing adoption of non-lethal tools, driven by tighter policies and increasing demand for safer law enforcement practices [4][21] - The company is optimistic about its future capital needs and plans to approach capital markets for potential public secondary offerings [15] Other Important Information - The company opened a new manufacturing and training facility in Norton, Virginia, to support its Made in America production strategy and enhance R&D capabilities [12][13] - The focus on integrated training and policy discussions is seen as crucial for the successful deployment of non-lethal tools [34] Q&A Session Summary Question: Future capital needs and public secondary offerings - Management indicated that they see the potential to tap into capital markets and will continue to evaluate financial options [15] Question: Difference between non-lethal and less-lethal - The company clarified that its device is classified as non-lethal, distinguishing it from other less-lethal products in the market [16][17] Question: Confidence in adoption and movement away from other tools - Management cited documented deployment data showing significant adoption of BolaWrap, with usage outpacing traditional tools like Tasers [21][22] Question: Updates on the potential Chile deal - The company is actively engaging with Chile and anticipates real business opportunities in the near future [32][33] Question: Plans to obtain sales and sales force description - The company has ramped up its sales and marketing team significantly, indicating a strong push to capitalize on current market opportunities [45][46]