Wrap Technologies Inc (WRAP) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Wrap Technologies Inc first-quarter 2026 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位好，感謝您稍候。歡迎參加 Wrap Technologies Inc 2026 年第一季財報電話會議。（接線員指示）敬請注意，今日會議將被錄音。

I would now like to hand the conference over to your speaker for today, Louis Springer. Please go ahead.

現在我想把會議交給今天的講者 Louis Springer。請開始。

Thank you. Good afternoon, and welcome to Wrap Technologies' first-quarter 2026 earnings conference call. I'm Lou Springer, Vice President of Finance. Joining me today is Scot Cohen, Chief Executive Officer; and Jared Novick, President and Chief Operating Officer.

謝謝。各位下午好，歡迎參加 Wrap Technologies 2026 年第一季財報電話會議。我是財務副總裁 Lou Springer。今天與我一同出席的有執行長 Scot Cohen，以及總裁兼營運長 Jared Novick。

We appreciate your time and continued interest in Wrap. 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 that are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and the federal securities regulations.

感謝各位撥冗並持續關注 Wrap。在開始之前，我想提醒各位，本次電話會議中的某些陳述與假設包含或基於前瞻性資訊，係依據 1995 年《私人證券訴訟改革法案》之安全港條款及聯邦證券法規作出。

Please review the forward-looking and cautionary statements 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.

請查閱我們 2026 年第一季財報新聞稿末尾的前瞻性與警示性聲明章節，其中列示可能導致實際結果與本次電話會議所作前瞻性陳述出現重大差異的各項因素。此等前瞻性陳述受多項假設、不確定性以及已知或未知風險影響，可能使實際結果與預期存在重大差異。相關因素在公司向美國證券交易委員會提交的文件中有更完整的討論。

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.

本次電話會議所包含的前瞻性陳述僅截至本次會議日期作出，公司無義務公開更新或修訂。於本次會議中所作之陳述不構成出售任何證券之要約或徵求購買任何證券之要約。證券僅會透過註冊聲明與招股說明書方式發行，相關文件可於 www.sec.gov 查閱。

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 to 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.

此外，在今天的電話會議中，我們將討論若干非 GAAP 財務衡量指標，我們認為其有助於評估公司的財務表現。我們所使用之非 GAAP 財務衡量指標的說明，以及該等指標與依 GAAP 編製之財報結果之調節，均已詳列於我們的財報新聞稿中。除非另有說明，本次會議所討論之所有結果，均為截至 2026 年 3 月 31 日止第一季與截至 2025 年 3 月 31 日止第一季之比較。財報新聞稿將公布於我們網站 ir.wrap.com 的財務資訊專區。

In addition, a replay of this earnings call will be posted on our website after the call. I will now hand it over to Scot.

另外，本次財報電話會議的重播將於會後發布在我們的網站上。現在我把時間交給 Scot。

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.

謝謝你，Lou。各位下午好，感謝今天加入我們。3 月我們通話時曾提到，我們首次能夠看見銷售管線的能見度，並且我們的目標是在 2026 年實現 100% 的營收成長。第一季過後，我可以告訴各位，基於我們目前掌握的資訊，我們對該目標的信心更為強化。我們在第四季末所描述的動能，直接延續到第一季，並在邁入第二季時持續增強。

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 BolaWrap 150 line, including continued reorders from a very active installed base. We believe these numbers indicate two things.

第一季營收年增 45%。更重要的是，產品銷售——亦即衡量各機構採用我們技術的核心指標——成長了 186%。此成長主要由 BolaWrap 150 產品線在國內與國際需求增加所帶動，其中也包括來自非常活躍的既有裝機客戶群持續回購。我們認為這些數字顯示兩件事。

First, the pipeline we talked about in March is beginning to convert. And second, the agencies that adopted BolaWrap 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 BolaWrap, Wrap Reality, our drone and counter drone solutions.

第一，我們在 3 月談到的銷售管線正開始轉化為訂單。第二，採用 BolaWrap 的機構正在使用並擴大部署。在國際市場方面，我們正在擴大版圖。我們已在印度、巴拿馬、巴西、馬爾他與英國擴展我們在 BolaWrap、Wrap Reality、無人機與反無人機解決方案上的布局。

We are seeing the recurring 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 BolaWrap devices in active field use. Subscription activity in Wrap Reality, WrapTactics and WrapVision is beginning to build behind that. Recurring revenue is a slower compounding story than our single large -- 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.

我們看到這項業務的經常性收入面向開始成形。卡匣在本季占產品營收的比重持續提升——成為愈來愈重要的組成部分——這與現場實際使用的 BolaWrap 裝置基礎持續擴大一致。隨之而來，Wrap Reality、WrapTactics 與 WrapVision 的訂閱活動也開始逐步建立。經常性收入的複利成長速度比單筆大型產品訂單更慢，但長期而言，它對我們營收基礎的品質是重要的貢獻，且正穩健成長。

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 is going to cover that in detail shortly.

在創新方面，我們在無人機與反無人機產品上看到的早期商業牽引力，強化了我們的看法：與自主平台整合的非致命應對方案是一個真實且正在浮現的市場；而我們相信自己在其中具備良好定位。Jared 稍後將就此進行更詳細的說明。

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.

現在我把時間交還給 Lou，他將帶各位回顧財務結果；而 Jared 將說明我們的營運進展與研發成長計畫。我稍後會再回來討論 2026 年剩餘期間的展望與優先事項。謝謝。

Thank you, Scot. The financial results in Q1 suggests that our strategy is beginning to translate into commercial traction. Total revenue for the first quarter was $1.1 million, an increase of 45% compared to the $0.8 million in the prior year period. We saw our bookings grow to $3.2 million over the same period.

謝謝你，Scot。第一季的財務結果顯示，我們的策略正開始轉化為商業牽引力。第一季總營收為 110 萬美元，較去年同期的 80 萬美元成長 45%。同期間，我們的接單金額（bookings）成長至 320 萬美元。

Product sales increased 186% to $0.9 million compared to $0.3 million in the prior year quarter, driven by increased domestic and international demand for the BolaWrap 150 product line. Cassettes and consumables represented a growing component of product revenue, consistent with the expanding base of BolaWrap devices in active field use.

產品銷售年增 186% 至 90 萬美元，較去年同期的 30 萬美元增加，主要由 BolaWrap 150 產品線在國內與國際需求提升所帶動。卡匣與耗材占產品營收的比重持續提高，與現場實際使用的 BolaWrap 裝置基礎擴大一致。

Technology-enabled Services revenue was $0.2 million compared to $0.5 million in the prior year period. The year-over-year change reflects the growth in WrapVision and related software revenue, offset by the wind down of certain advisory and investigative services. We are focusing technology-enabled services revenue line on high-margin subscription and software-based offers. Including WrapTactics, Wrap Reality and WrapVision Evidence Management subscriptions.

技術賦能服務（Technology-enabled Services）營收為 20 萬美元，去年同期為 50 萬美元。年對年變動反映 WrapVision 及相關軟體營收的成長，但部分被某些顧問與調查服務逐步結束所抵銷。我們正將技術賦能服務的營收線聚焦於高毛利的訂閱與軟體型產品，包括 WrapTactics、Wrap Reality 與 WrapVision 證據管理（Evidence Management）訂閱。

Gross profit increased 16% to $0.7 million compared to $0.6 million in the prior year period. Gross margin was 62% compared to 78% in the prior year period. The decline in gross margin percentage reflects the growth in hardware product sales in Q1, which carry lower margin than software subscription and managed services. We currently expect gross margins to improve as technology-enabled services revenue grows as a proportion of total revenue throughout 2026. Although there can be no assurances that this mix or shift will occur at the pace and magnitude we anticipate.

毛利年增 16% 至 70 萬美元，去年同期為 60 萬美元。毛利率為 62%，去年同期為 78%。毛利率下滑主要反映第一季硬體產品銷售成長，而硬體毛利率低於軟體訂閱與代管服務。我們目前預期，隨著技術賦能服務營收在 2026 年占總營收比重提升，毛利率將有所改善。然而，無法保證此產品組合或轉變將以我們預期的速度與幅度發生。

Within selling, general and administrative expense, share-based compensation was $2.4 million for the first quarter compared to $1.7 million in the prior year period. Cash-based SG&A was $3 million compared to $2.5 million in the prior year period, reflecting investment in sales and go-to-market expansion. Total operating expenses were $5.5 million compared to $4.5 million in the prior year period. Please note, as always, a reconciliation of GAAP to non-GAAP measures can be found in our earnings release, which is posted on our website.

在銷售、一般及行政費用中，第一季的股份基礎給付為240萬美元，較去年同期的170萬美元增加。以現金為基礎的SG&A為300萬美元，較去年同期的250萬美元增加，反映我們在銷售與上市（go-to-market）擴張上的投資。營運費用總額為550萬美元，較去年同期的450萬美元增加。請注意，一如往常，GAAP與非GAAP衡量指標之調節表可於我們的財報新聞稿中查閱，該新聞稿已發布於我們的網站。

Cash used in operating activities improved 59% to $1.2 million compared to $3.1 million in the prior year period, reflecting higher revenue, disciplined cost management and reduced cash burn even as we continue to invest in sales and go-to-market activities. We believe the first quarter results reflect a leaner, more focused business that is beginning to grow with the non-lethal response framework we laid out last quarter.

營運活動使用的現金較去年同期的310萬美元改善59%至120萬美元，反映營收提高、成本管理嚴謹，以及在我們持續投資銷售與上市（go-to-market）活動的同時，現金消耗降低。我們認為第一季的結果反映出一個更精實、更聚焦的業務，並開始隨著我們在上一季提出的非致命應對框架而成長。

I'll now hand it over to Jared to cover our operational highlights and strategic initiatives.

接下來我把時間交給Jared，請他說明我們的營運重點與策略性計畫。

Thank you, Lou. As we look beyond the headline financial results, the first quarter also provided early evidence that our go-to-market strategy is beginning to gain traction in areas we have prioritized for growth. Let me describe this in the following key areas. Non-lethal response at scale. We see agencies are increasingly interested in moving away from single device purchase to agency-wide adoption. In the first quarter, we saw this validated as agencies began to make that transition.

謝謝你，Lou。除了財務結果的表面數字之外，第一季也提供了初步證據，顯示我們的上市（go-to-market）策略正開始在我們優先布局的成長領域取得進展。讓我在以下幾個關鍵面向加以說明。大規模的非致命應對。我們看到各機關對於從單一設備採購轉向全機關採用的興趣日益提高。第一季，我們看到這一點獲得驗證，因為各機關開始進行這樣的轉變。

The integrated program approach of hardware, technology, training, and policy is what is resonating. When it comes to federal and defense market entry, our strategy is supported by federal consultants and advisers that continue to position our portfolio for DoD, DHS and other federal customers. We continue to focus on TAA-compliant products made in America manufacturing efforts and procurement infrastructure through Carahsoft as our master government aggregator, gave us foundation to compete for that work. When it comes to counter UAS and our advancements there, our R&D investments into drone-to-drone and drone-to-person capabilities are showing traction.

硬體、技術、訓練與政策整合的方案式作法，正是引起共鳴的關鍵。在切入聯邦與國防市場方面，我們的策略獲得聯邦顧問與顧問團隊支持，他們持續協助我們將產品組合定位於國防部（DoD）、國土安全部（DHS）及其他聯邦客戶。我們持續聚焦於符合TAA（貿易協定法）規範、在美國製造的產品製造努力，以及透過Carahsoft作為我們的主要政府整合採購商所建立的採購基礎設施，為我們競逐相關業務奠定基礎。至於反無人機（counter UAS）及我們在該領域的進展，我們在研發上對「無人機對無人機」與「無人機對人」能力的投資正展現動能。

We have preorders for both drone and counter drone systems, with recent orders across the UK and Europe and follow-on DFR-X orders from our partner in Panama, and our R&D expansion into net-based drone interdiction reflect that a market is moving from concept to procurement. International reorders and engagements across the U.K., Europe, India and Panama, and Malta during and after the quarter support the view that demand for integrated non-lethal response solutions is broad-based and global.

我們已取得無人機與反無人機系統的預購訂單，近期在英國與歐洲均有訂單，並且來自我們巴拿馬合作夥伴的DFR-X追加訂單；同時，我們將研發擴展至以網具為基礎的無人機攔截，反映市場正從概念走向採購。第一季期間及之後，來自英國、歐洲、印度、巴拿馬與馬爾他等地的國際再訂購與合作洽談，支持「整合式非致命應對解決方案」的需求是廣泛且全球性的觀點。

I'll now hand it back to Scot to discuss our outlook for the balance of 2026.

接下來我把時間交還給Scot，請他談談我們對2026年剩餘期間的展望。

Thanks, Jared. Putting all this together, we continue to target 100% growth for this year. What has changed is our visibility, our pipeline, and our conviction. The contracts that we're currently pursuing for '26 and '27, if awarded, have the potential for a meaningful increase in the scale of this business. However, these opportunities do remain subject to competitive processes and government funding decisions and other factors outside of our control.

謝謝，Jared。綜合以上，我們今年仍以100%的成長為目標。改變的是我們的能見度、我們的案源管線（pipeline），以及我們的信心。我們目前正在追逐的2026年與2027年的合約，若能得標，將有可能使本業務規模出現顯著提升。然而，這些機會仍取決於競標流程、政府資金決策，以及其他我們無法控制的因素。

But in summary, for Q1, showed early evidence that our go-to-market strategy is beginning to convert into measurable commercial traction with revenue growth, stronger product sales and expanding bookings and lower operating cash use.

總結而言，第一季已顯示初步證據，表明我們的上市（go-to-market）策略正開始轉化為可衡量的商業動能，包括營收成長、更強勁的產品銷售、訂單（bookings）擴大，以及營運現金使用降低。

We are seeing customers move towards broader non-lethal response adoption. While early drone and counter drone preorders suggest that our recent R&D investments may open additional markets beyond the core handheld BolaWrap platform. Our focus for the balance of '26 is straightforward. Continued converting pipeline, deepened agency-wide adoption, advanced federal and international opportunities and execute against our 100% revenue target for this year. To all of you shareholders, thank you.

我們看到客戶正朝向更廣泛的非致命應對採用。雖然早期的無人機與反無人機預購訂單顯示，我們近期的研發投資可能在核心手持式BolaWrap平台之外開啟額外市場。我們在2026年剩餘期間的重點很明確：持續將管線轉化為實際成果、深化全機關採用、推進聯邦與國際機會，並執行今年100%營收目標。謝謝各位股東。

Thank you for your continued support and confidence. All right, Lou, I'm going to turn it over to you. I think we've got -- how many questions do we get today?

感謝各位持續的支持與信任。好，Lou，我把時間交給你。我想我們今天有——我們收到幾個問題？

We had four questions come in.

我們收到四個提問。

All right. Let's hear them.

好。請開始。

So first question that came in. Should shareholders view the current financing approach as a temporary bridge during the company's scaling phase? Or as the capital structure model management expects to continue utilizing going forward?

第一個問題是：股東應該將目前的融資方式視為公司擴張階段的暫時性過渡（bridge）安排？還是管理層預期未來將持續採用的資本結構模式？

All right. I'm going to take that one since I've been leading and driving a lot of the capital, a lot of the financing. So look, it's really straightforward. The more liquidity in our stock, the more options you have. And to get institutional quality investors, they're looking for fundamentals in this business.

好，這題我來回答，因為我一直在主導並推動資本與融資相關的許多工作。你看，其實很直接：我們股票的流動性越高，你的選項就越多。而要吸引具機構等級的投資人，他們會看重這門生意的基本面。

We finally have that. We finally have a pipeline that we can show. We finally have a sales ramp. We finally have fiscal discipline that's showing up in our numbers. And if we can continue to drive the top line, like what's unfolding here, there's going to be a lot of different financial options for us.

我們終於具備了這些。我們終於有可以展示的管線。我們終於有銷售爬坡。我們終於有反映在數字上的財務紀律。若我們能持續推動營收成長，就像目前正在發生的情況一樣，我們將會有許多不同的財務選項。

It has been a tough road. You guys know how much money I put into this company, I participated in all these rounds. It wasn't something I was anticipating doing, but I am standing up for this company. I'm standing up for what we're building. And I'm not stopping because we've got really important work in front of us.

這一路走來很艱辛。各位也知道我投入了多少資金到這家公司，我參與了所有這些輪次。這不是我原本預期會做的事，但我是在為這家公司挺身而出。我是在為我們正在打造的事挺身而出。而我不會停下來，因為我們面前還有非常重要的工作要做。

It's not easy taking in money for a company that hasn't performed, because we haven't. It's been really tough. But if things continue, and I've never -- the company has never given out guidance, but if we can execute on this, we will have finally for the first time, some real financing options. I hope that answered your first question.

對一家尚未交出表現的公司來說，募資並不容易，因為我們確實還沒有做到。這一直非常艱難。但如果情況持續改善——而且我從未——公司也從未提供財測指引，但如果我們能把這件事執行到位，我們將終於在第一次擁有一些真正的融資選項。希望這回答了你的第一個問題。

Second?

第二個？

The second is, what specific indicators should shareholders watch for evidence of the company reducing its long-term reliance on highly dilutive financing structures.

第二個問題是：股東應該觀察哪些具體指標，以判斷公司正在降低對高度稀釋性融資結構的長期依賴？

The first thing you need to do is put the fundamentals in place and put up numbers, which thankfully we're doing now with visibility, which we'll be talking about the whole -- this will be unfolding throughout the year. So I -- as we are on that path, we get to engage with different types of funds, different types of brokers that actually have fundamental investors that are interested in a financial story with some big upside associated with it.

你首先要做的是把基本面建立起來並交出數字；所幸我們現在正透過能見度做到這點，我們也會在接下來——這會在全年逐步展開並持續討論。因此，當我們走在這條路上時，我們就能與不同類型的基金、不同類型的券商合作，而他們確實擁有對基本面投資人，並且對一個具有可觀上行潛力的財務故事感興趣。

So that -- those are -- that's activity that we are getting ready for because finally, the company could stand. I used to be on the buy side; I was on the sell side. So I know this arena extremely well. And I know how much time can get wasted on the road. And I know what funds are looking to invest in. And we're definitely investable. When you put the numbers together with the story that's unfolding here, I think we're going to have a lot of financial -- a lot better financial options going forward.

因此——那些就是——那是我們正在準備的活動，因為終於，公司已經能夠站穩腳步。我以前在買方；我也在賣方。所以我非常了解這個領域。我也知道在路上會浪費多少時間。我也知道基金在尋找什麼樣的投資標的。而我們絕對是可投資的。當你把數字和這裡正在展開的故事結合起來，我認為未來我們將會有很多財務——更好的財務選項。

So you could -- and the first sign is when we actually do it. When we actually put up a deal with some institutions that everybody can see. And it's -- those are bigger transactions. And you can see those funds will hopefully be active filers in small-cap companies with long-term positions. But I will say this, being real about our cap table, I'm very proud of that cap table.

所以你可以——而第一個跡象就是當我們真的去做的時候。當我們真的與一些大家都看得到的機構做出一筆交易的時候。而且——那些是更大型的交易。你也可以看到，那些基金希望會成為小型股公司中積極申報持倉、並採取長期部位的投資人。不過我會說，務實地看我們的股權結構（cap table），我對這份股權結構非常自豪。

There are -- there are still -- we have some extremely sticky shareholders. We pulled the shareholder base 3.5 years ago, maybe 4 years ago and found that over a third of our cap table were people associated with law enforcement. That is -- that made me very proud, and that's a really good indicator. The industry is buying in on what this technology is about.

我們仍然——我們有一些黏著度極高的股東。我們在 3.5 年前，也許 4 年前，分析過股東基礎，發現我們股權結構中超過三分之一是與執法單位相關的人士。那——讓我非常自豪，而且這是一個非常好的指標。這個產業正在認同這項技術的價值。

So -- and if you look at our top holders, you can look at some of the small, but our top holders have been in place from the beginning. It's had very little change in that [ownership] So I am thankful and grateful that people have been supporting us for years and haven't stopped. Those financings that have taken place, those smaller financing, let's call them three to five, we could have taken in bigger money possibly, but hard to get real fundamental people involved and you can't go out to the street and you're talking about this because it puts pressure on the stock. You have to be very, very careful.

所以——如果你看我們的前幾大持有人，你也可以看到一些規模較小的，但我們的主要持有人從一開始就一直在。那個[持股]幾乎沒有什麼變化。所以我很感謝也很感激，大家多年來一直支持我們，從未停止。那些已經發生的融資，那些較小的融資，我們就稱之為三到五次吧，我們可能可以拿到更大筆的資金，但要讓真正重視基本面的投資人參與並不容易；而且你也不能到市場上到處談這件事，因為那會對股價造成壓力。你必須非常、非常小心。

So again, the thing that makes me proud, not only do we have a big -- a large amount of our cap table is coming from people that are associated with law enforcement. But our top holders -- and most of our holders haven't moved their positions, some of them increased, but they haven't moved. So and particularly the people that have invested in those -- the pipes, the three or four last deals that we've done, they're still in there in size. Barely any of them have sold their positions. So that is not easy to do. You need to have trust with that investor.

所以再說一次，讓我自豪的事情是：不僅我們股權結構中有很大一部分來自與執法單位相關的人士；而且我們的主要持有人——以及大多數持有人——都沒有調整他們的部位，有些人還增加了，但他們沒有移動。特別是那些投資於——PIPE（私募投資公開股權）、我們最近做的三、四筆交易的人，他們仍然以相當的規模持有。幾乎沒有人賣出他們的部位。這並不容易做到。你必須與那位投資人建立信任。

And I think we've established that, but it is time. I think we all want a different class of investors, and we can access them if we keep doing exactly that. We are on a path to start to access that kind of capital. If we can get through the second quarter and execute through this year, we will have plenty more financing options available to us.

我認為我們已經建立了那種信任，但現在是時候了。我想我們都希望有不同類型的投資人，而如果我們持續照這樣做，我們就能接觸到他們。我們正走在開始取得那類資本的路徑上。如果我們能度過第二季並在今年把執行做好，我們將會有更多可用的融資選項。

Next question, Lou?

下一題，Lou？

Next question is, investors have seen extended periods where the CEO simultaneously held multiple executive and financial reporting functions. Is there a plan to search for a CFO?

下一題是，投資人看到 CEO 曾在一段較長期間內同時兼任多項高階主管職務與財務報告職能。是否有計畫尋找 CFO？

Yeah, there certainly is. Look, we've had plenty of C-suite turnover. I can tell you with -- and you could see evidenced by today's call we were ahead of time for the first time in a long time. Our systems are in place and our controls are the best they've ever been. So big thanks out to you, Lou and Brian and the rest of the team. They've done a great job to get us here and get us finally in a good place financially.

是的，當然有。你看，我們的 C-level（高階主管）確實有過不少更迭。我可以告訴你——而且你也可以從今天的電話會議看出來，我們很久以來第一次提前準時開始。我們的系統已經到位，我們的控制流程也達到歷來最佳。所以非常感謝你，Lou，還有 Brian 以及團隊其他成員。他們做得非常好，讓我們走到今天，並終於在財務上處於一個良好的狀態。

But -- we are -- I am going to be looking for a CFO that can help talk to capital markets, help tell our story and get in front of investors. But in order to do that, you better have the numbers to -- because you won't even get the meeting, you will be wasting time. So I think we're coming up to that point. We are on the look out. We've done interviews, and we will find the right candidate.

但是——我們——我將會尋找一位 CFO，能夠協助與資本市場溝通、協助講好我們的故事並站到投資人面前。但要做到這一點，你最好要有足夠的數字支撐——因為不然你連會議都約不到，只是在浪費時間。所以我認為我們正接近那個時點。我們正在物色人選。我們已經面試過，也會找到合適的候選人。

But the good news is our financial infrastructure is the best it's ever been. Jared, do you have anything to add to that?

但好消息是，我們的財務基礎建設是歷來最好的。Jared，你要補充什麼嗎？

It's a priority for the company. People matter. It's a leadership. So it is one of the key initiatives of the company to find top talent in these positions.

這是公司的一項優先事項。人才很重要。這關乎領導力。因此，為這些職位找到頂尖人才，是公司其中一項關鍵推動計畫。

Right. Okay, Lou. What else we got?

好。好的，Lou。還有什麼？

Final question. How should shareholders interpret the April 10, 2026, trading session, where trading volume dramatically exceeded historical norms without any repricing of the equity?

最後一題。股東應如何解讀 2026 年 4 月 10 日的交易時段：成交量大幅超過歷史常態，但股權價格並未重新定價？

Great question. I am still scratching my head how that happened. I'm going to leave it to algorithms. I think an algo must have gotten a hold of us and traded back and forth because I saw no big changes in the cap table subsequent to that event. So if I saw a large movement in the share -- any of the large shareholders, I could tell you that, that was from, but it wasn't.

問得好。我到現在還在納悶怎麼會發生那種事。我把它歸因於演算法。我認為一定是某個 algo 盯上了我們，來回對敲交易，因為在那件事之後，我沒有看到股權結構（cap table）有任何重大變化。所以如果我看到大型股東——任何一位大型股東——有大幅度的持股變動，我可以告訴你那是從哪裡來的，但並沒有。

I saw there's no movement in the cap table. So unfortunately, there was a bit of a head fake. It was an exciting day. I didn't know where it was coming from, but my best guess is it's an algorithm.

我看到股權結構沒有變動。所以很遺憾，那有點像是假動作。那天很令人興奮。我不知道量是從哪裡來的，但我最好的猜測是演算法。

All right. That concludes our question-and-answer portion. On behalf of Scot, Jared and the entire Wrap team, thank you for your engagement and support. We look forward to updating you on our progress, and this concludes Wrap Technologies' first-quarter 2026 earnings conference call. Thank you.

好的。問答環節到此結束。我代表 Scot、Jared 以及整個 Wrap 團隊，感謝各位的參與與支持。我們期待向各位更新我們的進展；Wrap Technologies 2026 年第一季財報電話會議到此結束。謝謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以斷線。