The company's capital structure is increasingly fragile, with an accumulated deficit reaching $116.3M as of 2025Q4, reflecting years of persistent operational losses.
Wrap Technologies, Inc. (WRAP) balance sheet — 10-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 |
|---|
| Total Current Assets | 13.2M | 11.42M | 10.47M | 21.23M | 26.86M | 41.21M | 46.93M | 19.67M | 12.64M | 3.23M | 283.37K |
| Cash & Short-Term Investments | 4.78M | 3.47M | 3.61M | 11.46M | 19.28M | 34.92M | 41.64M | 16.98M | 12.36M | 3.08M | 255.07K |
| Cash Only | 4.78M | 3.47M | 3.61M | 3.96M | 5.33M | 4.94M | 16.65M | 16.98M | 12.36M | 3.08M | 255.07K |
| Short-Term Investments | 0 | 0 | 0 | 7.5M | 13.95M | 29.98M | 24.99M | 0 | 0 | 0 | 0 |
| Accounts Receivable | 3.38M | 2.79M | 513K | 3.02M | 2.83M | 3.86M | 1.87M | 195.35K | 4.4K | -11.45K | 0 |
| Days Sales Outstanding | 150.3 | 217.73 | 41.55 | 180.03 | 128.33 | 182.24 | 173.15 | 102.33 | 69.31 | - | - |
| Inventory | 4.31M | 4.97M | 6.17M | 5.79M | 3.98M | 1.57M | 2.65M | 2.24M | 158.27K | 131.19K | 0 |
| Days Inventory Outstanding | 802.21 | 919.62 | 1.1K | 655.35 | 336.24 | 114.62 | 372.58 | 1.95K | 3.1K | 7.19K | - |
| Other Current Assets | 0 | 194K | 178K | 953K | 775K | 0 | 555 | 0 | 0 | 11.45K | 0 |
| Total Non-Current Assets | 2.14M | 4.55M | 4.65M | 7.27M | 3.71M | 3.02M | 1.91M | 746.77K | 150.6K | 38.18K | 9.74K |
| Property, Plant & Equipment | 515K | 2.3M | 2.11M | 2.77M | 1.04M | 1.03M | 496K | 503.81K | 30.37K | 36.67K | 8.23K |
| Fixed Asset Turnover | 4.22x | 2.03x | 2.14x | 2.22x | 7.72x | 7.53x | 7.95x | 1.38x | 0.76x | - | - |
| Goodwill | 0 | 0 | 0 | 1.61M | 0 | 0 | 0 | 0 | -118.71B | 0 | 0 |
| Intangible Assets | 1.6M | 1.57M | 2.35M | 2.65M | 2.57M | 1.98M | 1.4M | 230.28K | 118.72B | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 25K | 684K | 186K | 251K | 100K | 9K | 13K | 12.68K | 1.51K | 1.51K | 1.51K |
| Total Assets | 15.34M | 15.97M | 15.12M | 28.5M | 30.57M | 44.23M | 48.83M | 20.42M | 12.79M | 3.26M | 293.11K |
| Asset Turnover | 0.37x | 0.29x | 0.30x | 0.22x | 0.26x | 0.17x | 0.08x | 0.03x | 0.00x | - | - |
| Asset Growth % | -5.98% | 5.64% | -46.95% | -6.77% | -30.88% | -9.42% | 139.13% | 59.7% | 291.66% | 1013.85% | - |
| Total Current Liabilities | 1.64M | 1.82M | 13.2M | 23.53M | 3.16M | 2.86M | 2.34M | 1.08M | 397.37K | 192.48K | 84.97K |
| Accounts Payable | 764K | 620K | 609K | 1.11M | 1.42M | 1.78M | 1.23M | 406.97K | 232.91K | 36.16K | 12.06K |
| Days Payables Outstanding | 114.51 | 114.7 | 108.86 | 125.55 | 120.03 | 130.21 | 172.89 | 353.66 | 4.57K | 1.98K | - |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 1.89M | 470K | 493K | 1.41M | 166K | 198K | 18K | 346.41K | 0 | 0 | 0 |
| Other Current Liabilities | 0 | 2K | 10.25M | 20.03M | 1.1M | 628K | 838K | 144.19K | 68.45K | 900 | 0 |
| Current Ratio | 8.04x | 6.29x | 0.79x | 0.90x | 8.51x | 14.43x | 20.05x | 18.29x | 31.80x | 16.76x | 3.34x |
| Quick Ratio | 5.42x | 3.55x | 0.33x | 0.66x | 7.25x | 13.88x | 18.92x | 16.20x | 31.40x | 16.08x | 3.34x |
| Cash Conversion Cycle | 838 | 1.02K | 1.04K | 709.83 | 344.54 | 166.65 | 372.84 | 1.7K | -1.39K | - | - |
| Total Non-Current Liabilities | 352K | 2.67M | 1.67M | 1.81M | 360K | 110K | 79K | 150.02K | 232.91K | 36.16K | 0 |
| Long-Term Debt | 0 | 2.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 5M | 0 | 1.63M | 1.67M | 193K | 0 | 56K | 150.02K | 0 | 0 | 0 |
| Deferred Tax Liabilities | 556K | 556K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 23K | 0 | 0 | 0 | 0 |
| Total Liabilities | 1.99M | 4.48M | 14.87M | 25.34M | 3.52M | 2.97M | 2.42M | 1.23M | 397.37K | 192.48K | 84.97K |
| Total Debt | 436K | 2.42M | 2.2M | 2.29M | 301K | 56K | 150K | 278.15K | 0 | 0 | 0 |
| Net Debt | -4.34M | -1.05M | -1.41M | -1.67M | -5.03M | -4.88M | -16.5M | -16.71M | -12.36M | -3.08M | -255.07K |
| Debt / Equity | 0.03x | 0.21x | 8.78x | 0.72x | 0.01x | 0.00x | 0.00x | 0.01x | - | - | - |
| Debt / EBITDA | -0.03x | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.33x | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - | - | - | -2557.62x | - | - |
| Total Equity | 13.35M | 11.49M | 250K | 3.16M | 27.05M | 41.26M | 46.41M | 19.2M | 12.39M | 3.07M | 208.14K |
| Equity Growth % | 5092.28% | 4496% | -92.1% | -88.31% | -34.43% | -11.1% | 141.79% | 54.93% | 303.27% | 1376.05% | - |
| Book Value per Share | 0.24 | 0.23 | 0.01 | 0.07 | 0.66 | 1.05 | 1.37 | 0.67 | 0.53 | 0.13 | 0.03 |
| Total Shareholders' Equity | 13.35M | 11.49M | 250K | 3.16M | 27.05M | 41.26M | 46.41M | 19.2M | 12.39M | 3.07M | 208.14K |
| Common Stock | 5K | 5K | 5K | 4K | 4K | 4K | 4K | 2.98K | 2.74K | 2.28K | 1.75K |
| Retained Earnings | -123.53M | -116.32M | -105.08M | -97.99M | -67.38M | -49.76M | -25.31M | -12.73M | -4.4M | -1.07M | -234.36K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 94K | -6K | 15K | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying WRAP stock.
As of 2025, Wrap Technologies, Inc. (WRAP) had total assets of $16.0M including $11.4M in current assets.
Wrap Technologies, Inc. (WRAP) carries total debt of $2.4M, offset by $3.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Wrap Technologies, Inc. (WRAP) has total shareholders' equity (book value) of $11.5M ($0.23 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Wrap Technologies, Inc. (WRAP) reported a current ratio of 6.29x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Imminent liquidity and dilution
Metrics are mathematically derived from official filings.
Balance Sheet Erosion Amid Losses
As reported in recent financial filings, WRAP's total equity has experienced significant volatility, contracting from $14.4M in 2026Q1 to $11.5M by 2025Q4, which reflects the persistent erosion of shareholder value driven by the company's inability to achieve operational profitability despite its ongoing efforts to scale.
The downward trend in equity suggests that the company is consuming its capital base to fund operating losses rather than reinvesting in growth. Investors should monitor whether this trajectory forces a pivot toward more aggressive capital raising, which would likely exacerbate the current dilution of existing shareholders.
Liquidity Buffer Remains Highly Precarious
Based on the most recent quarterly data, WRAP's cash position of $3.5M in 2025Q4, while improved from earlier periods, remains insufficient to cover the company's ongoing operational burn, leaving the firm with a narrow buffer against potential shocks in municipal procurement cycles or unexpected cost increases.
While the current ratio of 6.29 appears superficially strong, it is heavily influenced by the composition of current assets rather than immediate cash availability. The reliance on external financing to maintain this liquidity suggests that the company's internal cash generation remains inadequate to support its current business model.
Equity Quality Diluted by Losses
According to the company's balance sheet, the accumulated deficit has ballooned to $116.3M as of 2025Q4, indicating that years of operational losses have significantly impaired the quality of equity and left the company with a fragile capital structure that relies heavily on external funding sources.
The persistent growth of the accumulated deficit highlights a fundamental disconnect between the company's market aspirations and its actual financial performance. This trend warrants further investigation into whether the current equity base can support future operations without significant restructuring or additional dilutive capital injections.
Hidden Risks in Asset Composition
As evidenced by the balance sheet, the presence of $1.6M in goodwill alongside $2.3M in property, plant, and equipment suggests that a portion of the company's asset base is tied to intangible valuations that may be subject to impairment if revenue growth fails to materialize as expected.
The valuation of these assets appears sensitive to the company's ability to successfully deploy its technology across broader markets. If the adoption of the BolaWrap remains limited to niche segments, the carrying value of these assets may require downward adjustments, further pressuring the company's already strained equity position.