By Sabela Ojea
Wrap Technologies Inc. said Monday that it named its president as its new chief executive, and released the company’s revenue expectations for the first quarter.
The public safety technology and services company, which forecast a more-than-halved revenue in the first quarter, said it tapped President Kevin Mullins as its CEO, as TJ Kennedy has agreed to step down immediately.
Wrap Technologies sees first-quarter revenue between $600,000 and $700,000, down from reported revenue of $1.6 million a year earlier.
“The decline in revenue is primarily attributable to the timing of new orders being delayed until later in 2023,” it noted.
The company said the executive changes come amid further cost-cutting actions to reduce its quarterly operating expenses by $1.5 million, or $6 million annually.
“Wrap believes that by taking these measures, the company will be on an accelerated path to sustained profitability.”
Write to Sabela Ojea at sabela.ojea@wsj.com
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