Wrap Technologies, Inc.

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Operating Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Net Income	-14	-9.2	-5.9	-5.9	-16.7	-21.5
Net Income
Depreciation & Amortization	0.6	0.7	0.8	0.8	0.8	0.9
Depreciation and Amortization
Share-Based Compensation Expense	3.7	4	3.4	2.4	2.2	1.1
Share-Based Compensation
Common Shares Issued for Services
Other Adjustments	-0.5	-5.7	-9.2	-7.5	0.4	6.4
Impairment of Goodwill and Intangibles
Change in Contingent Liability
Restructuring and Other Costs
Debt Forgiveness Income
Gain (Loss) on Disposition of Assets
Warranty Provision
Change in Fair Value of Warrant Liabilities
Non-Cash Lease Expense
Non-Cash Interest Expense
Provision for Doubtful Accounts
Write Off of Accounts Receivable
Inventory Obsolescence Reserve
Changes in Trade Receivables	-1.2	2.2	1.6	2.4	3	-1.8
Change in Accounts Receivable
Changes in Inventories	1.2	0.4	0.3	-0.4	-1	-0.4
Change in Inventories
Changes in Accounts Payable	-0.6	-0.5	-0.5	-0.4	-0.4	-1.1
Change in Accounts Payable
Changes in Accrued Expenses	0.2	0.1	0.3	0.7	-0.4	-7.5
Change in Accrued Liabilities and Other
Deferred Compensation
Changes in Unearned Revenue	-0.3	-0.3	-0.1	-1	0.4	0.2
Change in Deferred Revenue
Change in Customer Deposits
Changes in Other Operating Activities	0.3	0.5	0.1	-0.3	-0	-0.5
Change in Prepaid Expenses and Other Current Assets
Change in Operating Lease Liability
Change in Customer Deposits
Deferred Compensation
Change in Warranty Settlement
Changes in Other Non-Current Assets
Cash from Operating Activities	-8.8	-5.9	-7.5	-8.1	-10.7	-23.2
Net Cash Provided by Operating Activities

Investing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Capital Expenditure	-0.1	-0	0	-0	-0.1	-0.2
Capital Expenditures for Property and Equipment
Purchases of Intangible Assets	-0.2	-0.2	-0.1	-0.2	-0.2	-0.3
Investment in Patents and Trademarks
Purchase of Intangible Assets
Purchases of Investments	—	—	—	—	—	—
Purchase of Short-Term Investments
Proceeds from Sale of Investments	—	—	6.3	7.5	13.9	14.5
Proceeds from Maturities of Short-Term Investments
Payments for Business Acquisitions	—	-0	—	-0	—	—
Net Cash Paid for Acquisition of Intrensic
Other Investing Activities	—	—	—	—	—	—
Investment in Long-Term Deposits
Proceeds from Long-Term Deposits
Cash from Investing Activities	-0.3	2.3	4.8	7.3	9.8	2.9
Net Cash Provided by Investing Activities

Financing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Issuance of Long-Term Debt	—	—	—	—	—	—
Proceeds from Bank Note
Repayments of Long-Term Debt	—	—	—	—	—	—
Repayment of Debt
Net Issuance / (Repayments) of Long-Term Debt	—	—	—	—	—	—
Issuance of Common Shares	—	—	—	0.6	—	1.2
Proceeds from Exercise of Warrants
Proceeds from Exercise of Stock Options
Proceeds from Issuance of Warrants and Common Stock, Net of Offering Costs
Offering Costs Paid on Exercise of Warrants
Offering Costs Paid on Sale of Common Stock and Warrants
Net Issuance / (Repurchases) of Common Shares	—	—	—	0.6	—	1.2
Issuance of Preferred Shares	—	—	—	—	—	—
Proceeds from Issuance of Warrants and Convertible Preferred Stock, Net of Offering Costs
Net Issuance / (Repurchases) of Preferred Shares	—	—	—	—	—	—
Common Share Dividends Paid	—	—	—	-0.1	—	-0.2
Dividends Settled in Cash
Other Financing Activities	—	—	—	—	—	—
Offering Costs Paid on Exercise of Warrants
Offering Costs Paid on Sale of Common Stock and Warrants
Cash from Financing Activities	—	—	—	0.5	—	10.6
Net Cash Provided by Financing Activities

Free Cash Flow	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Free Cash Flow	-8.9	-5.9	-7.5	-8.1	-10.8	-23.4
NOPAT	-15.4	-16.7	-16.5	-15.6	-18.3	-17.7
Levered Free Cash Flow	-13.3	-9.1	-6.4	-7.7	-18.6	-31
Unlevered Free Cash Flow	-14.1	-15.7	-15.8	-16.2	-19.1	-26.2
Net Change in Cash	-9.1	-3.6	-2.7	-0.3	-0.9	-9.6