Wrap Technologies, Inc.

Good day, and thank you for standing by. Welcome to the RAP Technologies Inc. First Quarter 2026 Earnings Conference 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 questions in 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' first quarter 2026 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. They're being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and the Federal Securities Regulations. Please review the forward-looking and cautionary statement section at the end of our first quarter 2026 earnings release for various factors that could cause actual results to differ materially from forward-looking statements made during our call today. 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. Also, during today's call, we will discuss certain non-GAAP financial measures which we believe can be useful in evaluating the company's financial performance. Descriptions of those non-GAAP financial measures that we use and reconciliations of those measures to our results as reported in accordance with GAAP are detailed in our earnings release. Unless otherwise stated, all reported results discussed in this call compare the first quarter ended March 31, 2026 with the first quarter ended March 31, 2025. The earnings release will be available on the financial info section of our website at ir.wrap.com. In addition, a replay of this earnings call will be posted on our website after the call. I will now hand it over to Scott.

Thank you, Lou. Good afternoon, everybody, and thanks for joining us today. When we spoke in March, we told you that for the first time we had visibility into our pipeline and that we are targeting 100% revenue growth for 26. One quarter in, I can tell you that based on the information we have today, our conviction in that target has strengthened. The momentum we described coming out of the fourth quarter carried directly into the first quarter and has continued to build as we move into the second quarter. First quarter revenue grew 45% year over year. More importantly, product sales, the core measure of agency adoption with our technology grew 186%. That growth was driven by increased domestic and international demand for the Bowler App 150 line, including continual reorders from a very active install base. We believe these numbers indicate two things. First, the pipeline we talked about in March is beginning to convert. And second, the agencies that adopted BOLRAP are using it and expanding. Internationally, we're expanding our footprint. We've expanded our footprint in India, Panama, Brazil, Malta, and the UK. Across the BOLRAP, RAP Reality, our drone and counter drone solutions. we are seeing the reoccurring side of this business start to take shape. Cassettes represented a growing number, a growing component of product revenue in the quarter, consistent with the expanding base of bull wrap devices in active field use. Subscription activity and wrap reality, wrap tactics, and wrap vision is beginning to build behind that. Reoccurring revenue is a slower compounding story than a single large product order, but it's a meaningful contributor to the quality of our revenue base over time. And it is growing steadily. On the innovation front, the early commercial traction we are seeing from the drone and counter drone reinforces our view that non-lethal response integrated with autonomous platforms is a real and emerging market. And one, in which we believe we're well positioned for. Jared's going to cover that in detail shortly. I'm now going to turn it back over to Lou, who's going to walk you through the financial results, and Jared will cover our operational progress and R&D growth initiatives. I'll come back to discuss our outlook and priorities for the balance of 26. Thank you.