Wrap Technologies, Inc.

Good day and thank you for standing by. Welcome to RAP Technologies, Inc. full year and fourth quarter 2025 earnings call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. Webcast viewers can type in questions at any time via the webcast Q&A function. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Lou Springer, please go ahead. Thank you.

Good afternoon, and welcome to RAP Technologies' fourth quarter and fiscal year 2025 earnings conference call. I'm Lou Springer, Vice President of Finance. Joining me today is Scott Cohen, Chief Executive Officer, and Jared Novick, President and Chief Operating Officer. We appreciate your time and continued interest in RAP. Before we begin, I want to remind you that certain statements and assumptions in this conference call contain or are based upon forward-looking information and are being made pursuant to the safe harbor provisions of the federal securities regulations. Such forward-looking statements are subject to numerous assumptions, uncertainties, and known or unknown risks, which could cause actual results to differ materially from those anticipated. These factors are more fully discussed in the company's filings with the Securities and Exchange Commission. The forward-looking statements included in this conference call are only made as of the date of this call. and the company is not obligated to publicly update or revise them. Statements made during this call do not constitute an offer to sell or a solicitation of any offer to buy any securities. Securities will be offered only by means of a registration statement and prospectus, which can be found at www.sec.gov. Unless otherwise stated, all reported results discussed in this call will compare the fourth quarter and full year ended December 31st, 2025 with the fourth quarter and full year ended December 31st, 2024. The earnings release will be available on the financial information section of our website at ir.rab.com. In addition, a replay of this earnings call will be posted to our website after the call. I will now hand it over to Scott.

Thanks, Lou. Good afternoon, and thank you for joining us. Nearly 10 years ago, this company began with a bold idea to create a non-lethal device that could change the way law enforcement engages in critical moments. That idea became the BOLRAP, and it drew attention from law enforcement agencies and communities around the world. Our expectations were high, and rightfully so. There was real hope that a new force option could make a meaningful difference. Like many companies introducing innovation into a traditional industry, our journey has not been linear. We invested strategically, experienced leadership changes, and faced realities of operating in a market that does not easily embrace change. Ultimately, we made the decision to slow it down, refocus, and truly understand who we are and what we're here to deliver. Today, I'm proud to say that we have that clarity. We are not solely a device company. We are a solutions company. And the outcomes that we have delivered when our solution has been properly deployed so far has been measurable and meaningful. There have been no serious injuries, no fatalities, and no resulting litigation. That realization led to an even more important discovery. Technology alone is not enough. Our experience shows that the best outcomes occur when the technology, policy, and human factors are fully integrated through training. When these elements come together, performance improves dramatically. Historically, our ability to scale that training was limited. That constraint has now been addressed. We have digitized and effectively productized our training platform. RAP Tactics allows us to deliver high-quality training at scale. with strong margins. More importantly, early adapters are already reporting significant improvements in real-world outcomes. What we have built is the first known integrated, multilayered nonlethal response system, one designed to enable officers to safely close the distance and resolve situations without relying on traditional force options. Our customers have indicated they are no longer looking for just tools. They are looking for solutions. They want outcomes. They want to safely take individuals into custody without injury, without escalation, and without litigation. I want to be clear about this. We are not positioning ourselves in opposition to lethal or less than lethal tools. Those tools have their place in law enforcement. They have their place on the force continuum, but what has been missing and what is increasingly sought after is a fully integrated non-lethal solution that is properly trained, supported, and deployed. We believe we are well positioned to lead this category. We believe we have the only recognized non-lethal device of its kind in the marketplace today. When combined with our scalable training platform, we offer a complete system created for safer outcomes. The opportunity much larger than what we thought when we started. This system can be applied not only across the 18,000 agencies in this country or the 200,000 federal agents, but potentially schools, hospitals, correctional facilities, international markets, and security guard markets. Our products extend beyond the officer's belt to integrating with drones and robotic platforms. In many ways, we're relaunching this company. We are no longer solely selling devices. We are delivering a complete non-lethal response. That shift has opened substantial new market opportunities, and we are already beginning to see that impact. I'm now going to turn it over to Lou, who's going to walk through the financial results, and then you're going to hear from Jared to cover our operational progress and growth initiatives. I'll come back to discuss priorities for 26.