Wrap unveils handheld anti-drone system based on BolaWrap technology

MIAMI - Wrap Technologies, Inc. (NASDAQ:WRAP), a $71.8 million market cap technology company whose stock has surged over 15% in the past week according to InvestingPro data, announced Thursday the development of a handheld counter-unmanned aircraft system (C-UAS) called Project PAN-DA (Personal Anti-Drone Armament), reaching its first-phase proof of concept milestone.

The system adapts the company’s existing BolaWrap 150 platform to target small drones at close range. According to the company’s press release, PAN-DA is designed to be compact, reloadable, and field-deployable, offering a potential alternative to more expensive drone defense options. While the company maintains a strong balance sheet with more cash than debt, InvestingPro analysis shows it faces profitability challenges with negative EBITDA of $13 million in the last twelve months.

Wrap stated that the system leverages the same tether-and-anchor technology used in its BolaWrap devices, which are currently deployed by over 1,000 law enforcement agencies worldwide. The company aims to position the product as a portable defense option against small unmanned aerial systems.

"PAN-DA builds on the proven BolaWrap platform, which we believe will give operators a lightweight, reliable, and non-lethal means of defending themselves and their environment from drone threats," said Michael Brown, Vice President of Products at Wrap Technologies.

The global counter-drone market is projected to grow from $1.9 billion in 2023 to more than $6.8 billion by 2030, according to industry research cited in the announcement. For investors seeking deeper insights into WRAP’s market position and growth potential, InvestingPro offers comprehensive analysis with additional ProTips and detailed financial metrics in its Pro Research Report, available as part of the subscription covering 1,400+ US stocks.

Following the proof of concept phase, Wrap’s engineering teams will review data to develop enhancements in range, area-of-effect, and cassette cost to address evolving drone threats, the company stated.

The announcement represents Wrap’s second research and development initiative in the counter-drone market as the company looks to expand beyond its core law enforcement products. The company has released a demonstration video of the concept on its website.

In other recent news, Wrap Technologies reported its Q1 2025 earnings, highlighting strategic growth initiatives alongside financial results. The company disclosed a revenue of $765,000 and a net income of $109,000, which marks a slight decrease from $117,000 in the same quarter the previous year. Additionally, Wrap Technologies has amended the terms of certain outstanding warrants, extending the expiration periods and adjusting the calculation for the underlying price per share. These changes affect both Series A Warrants and 2025 Warrants, with the term of the Series A Warrants now extended to six and one-half years. The company also announced the appointment of Gerald "Jerry" Ratigan as its new Chief Financial Officer, bringing over two decades of financial leadership experience. In a move to adapt its technology, Wrap Technologies unveiled a new research initiative to develop a drone-mounted counter-UAS system, named "Wrap-Merlin 1." This system is designed to neutralize hostile drones mid-flight using the company’s BolaWrap 150 technology. Furthermore, Wrap Technologies has positioned its BolaWrap device as a potential solution for law enforcement in light of a recent Supreme Court ruling affecting officer accountability.

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