Wrap Technologies to acquire Intrensic for $500K + 1.25M shares; Q2 revenue up 3% to $1.20M, net loss $(5.08)M

WRAP TECHNOLOGIES, INC.

Acquires Intrensic (body-worn camera and digital evidence management) for $500K cash + 1.25M WRAP shares; expected close in days.
Q2 net revenue $1.20M (+3% YoY); gross margin improved to 56% from 39% on cost efficiencies.
Net loss $(5.08)M ($(0.12)/share); adjusted net loss (ex one-time items) $3.68M, a 23% improvement YoY.
Cash $18.2M at June 30; includes $7.4M pre-close proceeds from $10M preferred stock offering closed July 5.
Appointed Kevin Mullins CEO in April; new board members; sales team expansion; strong 2H forecast.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.87

WRAP TECHNOLOGIES, INC. reported preliminary financial results for second quarter ended June 30, 2023.

Period: second quarter ended June 30, 2023
Result: preliminary results

Exact text from the filing

issued a press release to announce preliminary financial results for the Company’s second quarter ended June 30, 2023

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13 earnings releases filed in the last 30 days. Browse all earnings releases →

WRAP TECHNOLOGIES, INC. filing history →

Source: SEC EDGAR

accession 0001437749-23-022858

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