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Wrap Technologies, Inc. Reports Third Quarter 2022 Results

ngoing Successful Transition to Next Generation BolaWrap 150 Drives Sequentially Improved Results Higher-Margin Product Leads to Record 54% Gross Margin Largest Quarterly Domestic Revenues in Company History Strategic Roadmap Implemented in Q3 Driving New Approach to the Market Company Reiterates Targets of Cash Flow Break-Even by End of 2023, Profitability by End of 2024

TEMPE, Arizona – November 9, 2022 – Wrap Technologies, Inc. (Nasdaq: WRAP) (“Wrap” or the “Company”), a global leader in innovative public safety technologies and services, today announced financial and operating results for the third quarter ended September 30, 2022.

Third Quarter and Recent Operational Highlights

  • October: Received a $1.5 million order, the largest BolaWrap 150 order in the Company’s history, which will include BolaWrap 150 units for a large police agency in the EMEA region.

  • October: Exhibited at the International Association of Chiefs of Police (IACP) Conference, where the Company saw very strong demand for BolaWrap 150 and Wrap Reality and connected with hundreds of public safety agencies across the world.

  • October: Launched Wrap Reality ADAPT, a new module and major upgrade to the Wrap Reality virtual training software platform, delivering a customizable instructional experience with over 6,000 possible scenario variations to better address in-the-field situations for law enforcement officers and first responders.

  • September: New order for BolaWrap 150 from a large police agency in South America.

  • August: Extended the LAPD BolaWrap Pilot Program for 12 months, entering large-scale field deployment of 500 BolaWrap 150 devices in two key divisions in the City of Los Angeles. This phase of deployment involves trained officers using their new devices in regular service.

  • August: Announced an international order for BolaWrap 150 from a new customer in the Middle East, further demonstrating the international market’s acceptance of the Company’s next-generation technology.

  • July: Appointed Chris DeAlmeida as Chief Financial Officer, adding significant financial leadership experience to the expanded, new management team.

  • July: Announced sales of the Societal Reentry Virtual Reality Enterprise Platform to the Pennsylvania Department of Corrections (https://www.media.pa.gov/pages/Corrections_details.aspx?newsid=571as well as another large corrections agency in Ohio.

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