Earnings call transcript Q4 2022

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Christopher DeAlmeida

Good afternoon, and welcome to Wrap Technologies Fourth Quarter and Full Year 2022 earnings conference call.

Joining me today are Wrap Technologies Chief Executive Officer; T.J. Kennedy; and our President, Kevin Mullins. [Operator Instructions].

I would like to remind everyone that this call will be recorded and made available for replay via a link in the Investor Relations section of our website at ir.wrap.com.

interested to register and continue all website our stock ask ir.wrap.com at to we parties on to new information. Additionally, receive alerts

to the cause as statements known and reminder materially today statements. the safe to differ Private a to both Act certain and actual forward-looking of made As uncertainties of statements Litigation XXXX subject listeners, harbor provisions risks constitute Such such that pursuant made during forward-looking results Securities to amended. could the unknown from statements call are

risks in the call, These this filings our release statements. forward-looking and as forward-looking and SEC. statements made update of the date and our in we earnings of uncertainties are the are today undertake described more no with The to fully obligation

call our turn would T.J. CEO, to TJ? Now I like over to the Kennedy.

TJ Kennedy

Thank market the available copy our and Investor everyone. also website XXXX. December today. afternoon, release closed, wrap.com. Relations on for XX, we you accessible full the is for ir.wrap.com, us announcing release a at corporate is fourth the quarter site, press our press ending results joining After through which our Good year of issued A

a more information relevant which IR to overhaul allow us investors. filings will our to to We our that made effectively recently news, major all be house website, and may

such site. BolaWrap, force. the topics current IR Investor successful deployment series an showcase which example, new insight As senior provide as we these are replay use recently management further on X and episodes Insight the Webcast of on members for hosted our ongoing videos, first of of policing in team the available I video In

sessions investor semi-regular basis. plan hold We a to on these

so encourage most sign you following can up everyone site closely, date more to our you to stay IR recent a interested receive for progress our alerts through e-mail moves. on So that our to new up in I

housekeeping these items With covered, let's begin.

quarter and high-level providing financial discuss I before our full our today's hand fourth results of I'll year to begin to it summary of more the overview an DeAlmeida, by over XXXX in discussion, a As Chris CFO, detail.

then Kevin I'll Our discussion move will Q&A. then into our update on Mullins, before on President, go-to-market a we provide close strategy. our out progress

milestone road in transformed progress XXXX including first, transitioned VR Wrap, platform to multiyear highlights. with a year cloud map. to with senior which next also for technologies, our Reality merge Wrap we a the leadership our our our safer our one conducted was XXXX the made company, generation acquisition of VR strategic of significant QX world-class policing team, and implementation XXX

and we increase strategic now road we more We XXXX. our more the all map of world. around with to guides enforcement produced in In company an XXXX in of devices BolaWrap Our work with BolaWrap ever than device XXXX, XXX% before, sold and devices changes compared law them total were BolaWrap as the XXXs. way agencies sales

gross profit in QX higher-margin as our Our product XXXX being of XXX. BolaWrap mostly QX to XXXX due compared to was mix XXX% up

the building strength the implementing or XXXX was loss expenses effects $X year by revenues generated to the as $X.X business as road year our believe and on both year finished record improved compared momentum operating our and to the to 'XX. produce full comparatively a demonstrates map. throughout we of XXXX, well. the on compared XXXX We full profit QX net We XX% as million Gross in million of XX% XXXX. for note, this underlying for strategic XX% In or and model reduced XXXX up high our

gain margins, large is traction, a domestic Our international also highlighted by continuing implemented the improved new very half order. order second XXXX strategy in record go-to-market a to of and

demonstrating device, in go-to-market existing the are often a sold we that our for used in forerunner base, the being customer increases training, and meaningful tracking field discussing expansion. great started of is largest our pilots implementations. in our have technology order pulled smaller and eventual impact, With In per number adoption in new more see cassettes agency-wide and motion, back from full increased we to on the we the and deployment beginning right

force ever. and and answer we XX XX% new Wrap's responding As to of our and innovative fully are training in societal are belief careers using deliver launched criteria. agencies our a meet of well mission the in more Underscoring our XXXX, technology, . training begin save important reduction challenges, minimum policing save of tools who is the first compliance deployed months of and we pain efficacy guarantee lives positioned this a non to safe call, solutions for that effective after and use growing we've a technologies certain than BolaWrap Amidst

exploring next Over we plan XX over industry are ways new more the help devices and year, to to attend in events, more departments. get we us

Texas, County, example. one agency is Our large recent prime in Montgomery win

most law date, great our we and the have our remain we've ever officers committed safer ensuring enforcement they of and for progress we outcomes ahead, communities made our While of as to to as work mission serve.

turn to our call go over the Chris to financials. to over like now I'd

Christopher DeAlmeida

Thank you, good TJ, and afternoon, everyone.

$X.X fourth to million in period. In year revenues prior results financial million the our QX, compared to we Moving generated the for quarter. of net $X.X

highlighted the company Americas a the sales period. international in grew while and QX QX in This the year-over-year. in million prior year to a T.J. $X.X large record region from the increase prior EMEA to domestic was and $X.X from period, Our XXX% million fell $XXX,XXX deals X% the million that $X.X sales deal year earlier. referenced revenue the by record XXXX XX% was in

award a timing fourth of The in the XXXX. reduction of result the is quarter of sales international one in small lower-margin

industry, full year period, performance marking Increase in our sales million the for $X.X in for X% which out at with associated year million the customers is to growth. markets, $X.X Looking XXX, pricing by fourth was strong promotional to Net our sequential revenues the at phased year. the both time. and sales consecutive converting driven BolaWrap of domestic year the largely the in this prior customary performances in increased from international is

first on to procurement effects some to top half continue may cycles. long the due through the line some with agencies XXXX we see of However,

for profit over improved net to XXX% significantly million fourth Gross XX% or of in XX% increase $X.X the record of year period. year-over-year net $XXX,XXX from revenue the a or and prior XXXX quarter of revenue

late Looking at as offering $X well the This revenue a shift year the to profit achievement net full as year increased from prior net of in revenue pricing changes our or XX% XX% or in period. mix higher-margin $X.X results, of XX% gross product reflects million million a to XXXX. record implemented

the legal XXXX increased X% The in XXXX. increase SG&A for million or and quarter expense accruals prior the of $XXX,XXX from million to in the $X.X for result primarily SG&A bonus higher fees fourth expense of $X.X period. year was

SG&A For period. the the in year, The with in of overhead decrease during million result cost prior second SG&A of was further full of quarter during implemented of $X.X XXXX. third from million realignment staffing costs the million decreased year were coupled controls significant XXXX, $XX.X a XX% or to expense quarter the $XX.X that and

in million period. million in year $X.X year period. XXXX in for decreased million in $X.X Full or prior year the $X XX% expenses prior from $X.X expenses million R&D $XXX,XXX to to decreased full the compensation R&D the year QX from was decreased $X.X Share-based and from in period. with The period. the result million XX% development million XXX higher or expense costs associated BolaWrap prior in year the R&D $X.X year the prior $X.X year decrease the the million for quarter of primarily the to

expense expense. million a from was to of $X.X the by decrease R&D of an decreased the $XXX,XXX XXXX costs for $X was The fourth quarter the XX% in or expenses increase Operating in in period. SG&A prior that operating in year decrease million offset result

operating $X both million noted. to prior was of or decreases $XX.X For the period. million SG&A and result $XX.X million expense the decrease year XX% from in R&D the full a in operating in decreased year, The previously expense expenses

$X.X from our a improved goal fourth or or per forward, per is loss the manage loss of in as per $X needed. $X.XX XX% a to million total of $X.XX Going loss an diluted million XXXX quarter Net period. foreseeable with a year prior of diluted $X.X loss million for expenses quarter the to the share around share changes future, loss for to

of net $XX.X loss share million million improved prior loss $X.XX or a diluted XX% diluted to the full year of loss loss of a $X.XX XXXX, per year in per or the share from $XX.X For a period. loss

in The increased containment and of improvement quarter the of of and efforts in beginning loss the cost the the year net second result for implemented sales a XXXX. was focus an quarter

remains short-term cash of million plan support in place. with to sheet balance have Our the approximately investments $XX.X growth strong we and

at for believe We $X.X working During our the ample million operations fourth support months. cash. the we of quarter, capital approximately burned have next XX to we net least

XX% trained review law In Moving QX, key certified year from device in compared to prior instructors than a sales performance our or period. indicators. total to XXXX. more enforcement as XXXX, grew In XXX% from increase period. agencies of a the than increase more prior total to a QX, grew officer the XX% year or increase had X,XXX we also a to In X,XXX

company's call, we spend guidelines performance well current of XXXX. to minute Based available revenue I'll for today's on as following the date, are the a as outlook. financial discussing information Now our as updated providing

the cycles law typically mirrors the customers, enforcement revenue our impacts periods, translates year and occurring into As agency evidenced the in of majority later year. purchases Wrap's in which prior seasonal budget has the for

As sequentially XXXX from a decline the the result, fourth first XXXX. to quarter we quarter expect revenue of in of

basis in Going growth a forward, line an annualized XXXX, anticipate a of on both quarter high, and each on improvements we basis. QX a after year-over-year double-digit resulting sequential rate top in

expansion and from expected regions. New domestic in come customers sales to new with existing contract both signings international and are

strategy XXXX. equipping enforcement we Reality end our this projections, we to by stabilize to opportunities breakeven flow the execute law continuing to XXXX Additionally, are by more positive achieve on with save new also of providing an our adjusted believe results tools personnel while by cash end position We the level the careers training based and against reiterating Wrap our of platform. with of of expectation and can current achieve profitability

gross cost-effective quarterly improvement quarterly In led XXX The summary, defined by record substantial to profitability cash and profit. BolaWrap BolaWrap record burn. was the strong XXX the our metrics and performance across key slowing from transition the a continued of quarter the revenue to in and quarter sales fourth

goal around our met of we due fourth a improvement adjustments. to by XX% remain QX, XXXX, the quarter. to and in XXXX that in slightly of we're end XX% margin expecting margin gross of are with below in gross to In quarterly XX% QX inventory We achieving the

we on reach and burn end diligent by a sales While cash we XXXX, invest remain growth breakeven for awareness minimize the cost brand and cash the heading flow to greater point new focused year. into of management

to Kevin last the success to With we year. that, seen discuss over I'll turn go-to-market new our implemented have strategy the call from

Kevin Mullins

Chris. Thanks,

As we put beginning approach international TJ noted sales predictable our our revamped call, component the as to of the customer road build go-to-market see our and that year. from our at departments the place in is of sales fundamental we within strategy a function. continue aim achievable have strategic U.S., current Building sales through in map encouraging results last up success our continued expand and ramp to we to

is Driving growth new XXXX. a top priority for sales

this We and with implement to sales continue team infrastructure plans our and dedicated new going year to forward. building continue sales members add processes our to

evolve also monetization efforts We the XXX continued sell a holistic level. to improving accessories, our BolaWrap way at including we the have

decision training for programs, that we well example, which continued value of map an our charging with As and the begin given services. made we industry has a standards during consistent road provide. That process received our be to now with was was strategic we

we a device, to from Separately, X include customers as past, as with existing TJ noted, the sell well. the believe approximately number per we great per and quarter, sign both in In we increased buy-in of sales increases officer. agencies fourth is began cassettes a typical for record cassettes device would in the contract adoption new which per

per at of today, now that stands per XX officer. device As number

in outcomes to use situations. law for safer training, officers in and gives products ensuring to flexibility field properly they're real-life enforcement capacity driving and the our increased prepared practice BolaWrap deploy the This effective

belt We situations, to officers also should their be use early using on and that when We more deescalate other cassettes that combined. continue strongly trained lethal believe than often all departments the believe use should the their of grow. BolaWrap BolaWrap to often BolaWrap to less tools

and they expected rely when few Field it. using on be more can't you memory are BolaWrap muscle that the are device a field. to similar are a that BolaWrap and firearm a the to have likely officers at to the gun We handling comfortable range, that times fire use realize the just in

it second nature. times and have You must become multiple it use gain familiarity to to

ordering initial departments cassettes has So as are their seeing been within something more far, well this and deployment.

in deployment one activated can that Sheriff's they office, of ordered office. Fire the Texas, County and well was gain product county County, our BolaWrap announced device so Marshal's health a the but departments new because that familiarity to plays also with was full because Montgomery purchase role the success was our X across the to the ever better the the with product as personnel recently offices all using than to before funded. them [indiscernible] mental Each field. it was of the customer not did County using win size only out our because and grant in able of of way Montgomery use a sphere. This BolaWrap

safer the for creating communities, officials. is everyone down the value in enforcement that law also government From BolaWrap has careers while officials saving federal recognizing

result, BolaWrap. a are to they grants awarding As purchase

have We BolaWrap. sources agencies alternative to funding for internal resources the of to dedicated deploy these also finding and funding now looking

As come the expect forefront of safer of government. discussions, policing to we more levels sharing across to common outcomes become all grants cost

time for training are is we this we for it Throughout different discussions an events, in seeing clear so looking demand law to reform and of enforcement, and train communities, are ways their police to nationwide. even see they police some now agencies. our For leaders recent within tragic due more increased

Wrap interest reason. to VR Our this for Reality platform training continued has gain

become an training improve the financial invested supporting platform all immersive Over our Lumeto, time, XX, police in the the entered safety will we November with sectors. we've we public an resources more assessment of what last believe agreement months, On care energy few future in and capabilities even to training. for and and health

technology customers with VR our services that cloud new professional begin offer will turnkey for training new training an critical this and solution agreement, become customers. has soon This Wrap we for through cloud-based expect delivering. high-end Reality offering So our acquisition to platform existing scenarios known the additional type upgraded

By Lumeto cost solutions for cloud, and acquiring partnering coupled into immersive offer both the with the our solutions cloud more law internally. and time existing greatly our existing versus an We Reality enforcement Wrap is improving enforcement the development, building enhanced this done training on-premise their way and flexible, further believe accelerate platform, training will law in considerable with we technology, dedicated saving future. entire solution can

to departments implemented the the Sam exact and us police in improve operate Houston as State allows manner and penetrate Reality also to decision-making College to Reality Unique law bias platform's setting. Texas a train skills among proficiency often situation, and de-escalation in Wrap new agencies. other avoiding same markets. for force, immersive university as Wrap enforcement Wrap training of at Recently, police skills, University of more verbal duty intervene, imperative for to others. are on of shooters, events uses is Reality focus university active a which increasing such in training department

high-growth course verticals which domestic from relying of Reality, on sector on market and have are once sequentially from from continue significantly safety the in exciting QX is we early successful positive grow record of And result outcomes sales in our and is and grown motion recent year. expect but over the cycles, we the that grants in will onward, indicator direct changes Wrap agencies XXXX. the has go-to-market impacts sales in focus. budget Overall the safer reach sales The cycle as to focused we been funding the later year sales including events improving. de-escalation QX, XXXX public remains be to for slow As a expand a

serve purchase like are given efforts private the to are enforcement well. work law the the able. we in share we can on product security our but have the these can we We hard change and is direct continued the as continue Right as will adjacent U.S. product expand these available in health institutions groups BolaWrap. to areas market for need. to markets We updates so agencies only our now, classification to working to also that

that consistent we In more deliver long-term to go-to-market continue summary, sales. drive is our strategy helping

excited ahead, ones expect demand turn it we now the to are expansion opportunity seeing are year in I'll that agencies not fully deployed. start look deploy to our for about more we products the TJ. and we back to to new As the in

TJ Kennedy

progress far Kevin. proud road thus made the I Thank you, to company. am of against have we our strategic the and transform execute map

have right long-run are We margins to and revenue, are drive now building X,XXX stronger the deployment the in right nearing support confident that to And we the profitability. that our grow I'm around team continue plan agencies globe. recurring

outlook adjusted have Looking for paying de-escalation. is Many alternative and BolaWrap for of line creates committed XXXX, where XXXX our to to key avoids EBITDA agencies enforcement growth. continuing a to profitability respectively, delivering outcomes, which deploying around expensive top and is are invest ahead, amplified on events that for and departments we remain alternatives but are only settlements. to often role. Recent Law playing and looking while compliance, course, an early also BolaWrap safer not higher-level use, discussions as

also the tool module, Wrap puts We with focus training as officials Lumeto Reality of a renewed the new equipped. how of the law become and believe our interest around is and are acquisition cloud Reality law addition public gaining that trained regimens and our can agreement recent through country. corrections technology enforcement Wrap with ADAPT on crucial department a enforcement

all deliver the core is law of the This to mission contribute the safer and continuous and the are at to effective a solutions push movement outcomes. train. way efforts departments part of enforcement Our to correction improve Wrap's of

to moving create change positive want We forward.

say confidently to over turn will the also communities the using that year look making a and Now are strides ahead, a products. back call facilitate are that as session. to Chris we now to in our company the question-and-answer I can as making difference I we the

Christopher DeAlmeida

questions submitted TJ. our as you, We questions line investors. our Thank as to want now from the up open well from for preselected analysts

will thanks question from and can come for Greg go you first Our Markets. ahead. Northland Greg, Gibas joining us Capital of today,

Gregory Gibas

results. the Congrats on strong

your discuss orders? on And you maybe level just what you in I maybe year, outlook think first, of you for regarding expectations? speak future could the visibility have the gives to confidence those

TJ Kennedy

Sure. this. I'll cover go ahead and

that throughout have public Chris but seasonality QX we what the in QX opportunities. We in talked insight expect approach than had a QX. the year team have to and our we QX lower year spent do to and to QX, we working real of pipeline and market, through exists than growth was, that into ago. X lot last like similar definitely about, We Just expect our better know safety a sales time we be with today much a fairly months did we

have One things discussions customer to about end of XXX to but BolaWrap agencies. BolaWrap team customers existing expand existing do XXX started the was with those a not converting from proactively in success in just we of our to them, of and QX out many to the reach also our

There huge before. on expansion focus internal a was not

Now Kevin start customers week another full customers. existing that deployment we're of one mentioned had and started both had a to off. customer new full officers, large this expansion with come full deployment at and in deployment. hitting We internal patrol of customers our

the each and and better wearing every their agencies work that are on that. policies much full going we're from their and at So deployment the of gun from benefits every a of day about officer belt day BolaWrap on is a where value comes talking there X, and one, vest value doing through job or

same from are force discuss for back to the to and deployed. use having be also a perspective previous the outcomes can the into of from able and where they and expect We're officer fit agencies we have every going policy what continuum them discussion that to

international sale twofold a for One year are over XXX conversations we That this us expand confidence is ongoing is the U.S. to out. expansion our of bit with is countries expanding our those agencies. those So deployed a customers XX better predictable kind in continuing the today to where existing perspective. have agencies and and more have we plus

a IACP we're crazy of chiefs engage is We forward more amount new into we also have and sales us them. departments conference program. a in off insight move with the with getting October, to and BolaWrap of influx wanting The came with

have move more association, larger Association, the those are those for contracts U.S. and country. is So police we've not across XX. chiefs to major we've insight able major They more in throughout with The That City time, time necessarily some great Chiefs some take city do going. the long-term but we where largest departments sheriffs instance, Major those spending been county into just We're into that the couple, pursuits. XX and but top the agencies, won Canada. with also

department more are work pipeline have of we typical general, we they larger in this for also, with. our to year, than those much in And the larger, XX- XX-person

So in we're more drives seeing pipeline, more visibility confidence. that which opportunity, more

Gregory Gibas

imagine Great. but in but Good new could, break sales. out of do from hear. repeat sorry are I I And if this you the then could departments, launcher cartridge the sales majority quarter? purchases release, department in if versus And missed I to sales your vast or device sales maybe similarly,

break If would helpful. out, you that could be that

TJ Kennedy

Chris, Today, have breakout that that? to we anything add to else don't published.

Christopher DeAlmeida

prepared XXX and as have increase devices. we with cassette the this pleased that and we We're seeing in saw mean, Greg, all far in lot progress mentioned includes XXX. a No, We look but we this the I that XXX this seeds very in the throughout and planted his year significant in fruit year at should out. haven't as giving metric of beyond XXXX made as broken really out at did we'll that the cartridge that into future, year. XXXX And and device bear point, comments, increase. that potentially with sales a don't. CJ sales we

Gregory Gibas

Okay.

updates Sounds trial provide? the that any LAPD lastly, guess I can good. you on And

TJ Kennedy

Sure.

it's They'll continue a That a trial approximately do trial have on to update for at another the LAPD happy that X for from We BolaWrap pilot months. in we and X-year their in then be this successful, update divisions. we It's them point remaining going their Hollywood on will Central at point, the the continuing they update expect the with and continue and make to that engage future, to give deployment XXX. large they that And not-too-distant expectation, an least well. on the we the of that be get an with now, that when But period as months that continue next kind decision to of pilot share X internally that. to midyear will steps. we're trial right work that, at

Gregory Gibas

Yes, I update look Got forward there. to an it.

Christopher DeAlmeida

right. All Appreciate it, Greg. Thank you.

We also have been that like the a address off, have how to couple recurring investors of inquiries to Kevin, efforts from increase Starting progressing? well. we'd as revenue

Kevin Mullins

there mentioned question we earlier, important to building revenue, scalability, good it It's helps flexibility predictability, retention. sustaining reasons can into But recurring, an also most public you're we on reoccurring and with it's TJ expense safety. as such cyclical selling build a visibility, vertical But build management. especially importantly, so because as extended cycle, are sales of when number why with a is really

we're focuses So working those on. that are

it's the building BolaWrap it's we're we now that's recurring what cassettes device, were whereas X per in So because from recommending per is standpoint, before, a XX. model device,

doubled not they're so what technology doing. able generating, really the to it's that that. motion familiar a repeat And And it's the but on and revenue being with getting officers we've just with

opportunities. We're We're also growing adding extended training our warranties.

model. we've created As leasing we a earlier, discussed

service of bundling have we Now packages.

so we're that a and and on recurring early as also builds our well. often cassette And message, sales building

now subscription to our our SaaS a from We've changed we've changed purchase, model. model. a On enterprise model Reality Wrap moving side, onetime the

module see can on recurring creation. We also

Reality, have on that allows recurring We to continue for opportunities. grow support built the We shareholder recognize and Wrap plans for but will it builds bundling that are that. our value also into base

Christopher DeAlmeida

you, Thank Kevin.

to the and upgrades our the remind you us the can forward? priorities speak to from XXX R&D going TJ, BolaWrap Additionally, BolaWrap XXX about

TJ Kennedy

Yes.

a devices. changes, from major those XXX XX XXX so about to many were BolaWrap changes BolaWrap So there X between perspective, different

First about smaller. it's high lighter and XX% at the off, level,

important. rated the space towards is will see that which out build now IPXX, gun going industrial certainly, belt. And that is rating also you So every It's and expectation levels. an critically would takes it carry that to up like less different have geared rigor the we on a the it, officer

the operate it us it And sell where to that dust, officers it so things as those that police into allows rains, well. typical environment snows,

molded. system anchor now metal The is injection

is seeing basic went So actually laser makes it improved. lasers from The system times out obvious, X away with up device obvious. much the different somebody and that's compliance more also laser is that line they is array laser that green on kind put quite to laser more because right we a and so a laser and the that pulled that of call give laser we're

XXX, during early to have the addition laser, the device. were the asked usage we flashlight the In of we BolaWrap could a into built

So X off, built flashlights -- be or into can X and officers well, LEDs it now they has on really but leverage most as turned it like to that.

The it and margins charged is battery to more It's there. of life out not important. people to It now a most X-year day Battery be Different less probably before types longer. one go of is also battery allows higher work. is much as that the in is to almost life parameters Xx have which predictable, parts every has and had how it we device, total build the much well.

device It the an that. has a the we in device, fire a to ready that a shows status. To the the X-step. and whether big automatic from to indicator process deploy a pretty of and went of an On cassette X-step indicator self-check as whether part green in it change, does is and also both electronic of the the check it's cassette device

to the a off is and turning device there's deploy and ready ahead of it's deployment then just Now safety, go button.

doesn't one X So be used hand. it's It a use very small require hands which X-step can anymore. with it also to process

electronic the for to why versus overall, baseline then terrific feedback, upgraded deployment XXX X previous very large major we want changes large doing mechanical especially very very in micro is international getting R&D XXX been a some count which is and that years the just you very next to And blank deployments, have a can with we've so cities XXX, departments make powered; the new of departments your that ignite that BolaWrap gas device from out Those it's it's to that between are to this XXX to deploy in fact to the generator, BolaWrap U.S. XX different are your car. come airbag it's our How fully they as the deployment. the we cartridge what significantly even similar continuing device, products and on now future. our and the

working a team. things with we're Today, of on our R&D number

ended expect we're we doing the for that safer We support in our the have more technologies and serve. enforcement law on been restrained in new total out of spending amount citizens R&D, that devices future come outcomes and have they and to a the we not new little but

continuing we're to invest. So

continue and already filed We our to intellectual past in continue drive file to awarded as the the us additional done and to some past that patents in property in continue new for on to you'll the company, XX-K new a that IP we've patents year. updates be we've see

Christopher DeAlmeida

about shift with you finally, seen continue of officials law the customers to discussions And Perfect. nation? as with national TJ, tragedies, in around enforcement have BolaWrap you any the recent light speak in

TJ Kennedy

to demo shareholders. important couple seen and or it's of desire past months, it know have when to Yes, chiefs, we're to that a few present and about BolaWrap not, already they more it to especially already all that that just an seeing think our to effective. to things One, to have works a decision-makers, go we've agency, know often significant they key they I that in than of I are a really the shift

about do talking have knowledge, the agency deployment we successfully talk really And in to them ability that agencies agency. come full using now because it more that and enough device We most an the a of today. that move are into how gives to that is of

look we we're BolaWrap the have into Wrap kinds intervene, technology come of the intervene well force use around that for VR in issues and when of the of duty And fit duty force training and to need we have as our as some continuum. requests system at up their to have both Reality getting to

fits BolaWrap we the agency's the that changed road One map bit of than an things of where training we a during important think into determined force we different the started. where and curriculum was most it's our I strategic policy, use fact it know

where It's more other something taken when that's We taken very lethal often. a it's as the to is is event happening be for protective health that custody engaging BolaWrap that out there. who or verbal should commands early fail a mental much a And those subject should custody be an We verbal into that and used. fail Kevin see those less this for more other now earlier, when situation that utilized know or be officer that need commands either than in as into criminal mentioned tools tool all are altercations. with

the from into saving also de-escalates the of careers and that, growing we subjects worse And it lives actually something that up and situations they from BolaWrap officers with. those believe early and perspective, interact interaction ends saving that

individual the into the this So high-speed dangerous we some a in up in happened that something apprehended after wrapped turned some deaths tragic foot into showed beginning by with ended and who chases the Chase situation was a by Texas. had being the was happened, earnings wrapped where chase on when much suspect could after custody, the of much more would being call was look and turned that call Alpine, at a away have of example XXX That's into situation that over was BolaWrap then handcuffs great officer at running that have that we that a a of the outcome. was have de-escalated and more that

Christopher DeAlmeida

Great. time, question-and-answer At session. our this this concludes

final at more to encourage previously if even for signed one. new lot functionality It's we website up you've our a our got system, a As a e-mail alert visit ir.wrap.com. to we've launched it. reminder, new you And

go you Year for that Wrap again visit for and today, can re-sign joining Technologies up joining our to again, please and and ir.wrap.com just ask Call. we So main you Thank you or Full thank Conference at Fourth XXXX wrap.com. page Quarter the you from us Earnings

now may disconnect. You

Wrap (WRAP) 1 Mar 232022 Q4 Earnings call transcript