Wrap Technologies, Inc. (WRAP) Cash Flow Statement
Where WRAP’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$10.3M
- Capital expenditures
- $100,000 2.1% of revenue
- Free cash flow
- −$10.4M −222.4% margin
- Returned to shareholders
- $1.1M
- Change in cash
- −$142,000 cash at year-end $3.5M
Drawn to scale: where the cash came from and how it was used. Hover for values.
WRAP operating cash flow, capex and free cash flow
WRAP cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$213,4682016 | −$10.3M2025 | — | |
| Capital expenditures | $11,4462016 | $100,0002025 | +27.2%/yr | |
| Free cash flow | −$224,9142016 | −$10.4M2025 | — | |
| Free cash flow margin | −12,209.2%2018 | −222.4%2025 | +11,986.8 pts | |
| Stock-based compensation | $26,0002017 | $4.1M2025 | +88.1%/yr | |
| Dividends paid | $02022 | $1.1M2025 | — | |
| Share buybacks (net) | $02016 | $02022 | — | |
| Capex / revenue | 580.1%2018 | 2.1%2025 | −578.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
WRAP cash flow by activity
WRAP net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
WRAP cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$10.3M | −$5.9M | −$30.2M | −$17.6M | −$24.4M | −$12.6M | −$8.3M | −$3.3M | −$833,545 | −$281,227 |
| Depreciation & amortization | $594,000 | $1.1M | $823,000 | $863,000 | $567,000 | $163,000 | $46,945 | $21,875 | $6,661 | $1,574 |
| Stock-based compensation | $4.1M | $2.4M | $2.0M | $3.2M | $5.4M | $2.2M | $1.5M | $512,988 | $26,000 | — |
| Change in working capital | −$2.0M | $2.0M | −$3.3M | −$1.4M | −$935,000 | −$1.7M | −$1.7M | $109,436 | −$6,825 | $51,707 |
| Other non-cash items | −$2.7M | −$7.8M | $14.0M | $282,000 | $1.2M | −$321,000 | $2,658 | $0 | −$26,000 | $14,478 |
| Cash from operating activities | −$10.3M | −$8.1M | −$16.7M | −$14.6M | −$18.2M | −$12.2M | −$8.5M | −$2.7M | −$833,709 | −$213,468 |
| Investing activities | ||||||||||
| Capital expenditures | −$100,000 | −$12,000 | −$623,000 | −$256,000 | −$995,000 | −$921,000 | −$371,016 | −$134,295 | −$35,103 | −$11,446 |
| Investments (net) | $0 | $7.3M | $6.4M | $16.1M | −$5.0M | −$25.0M | −$25.0M | −$25.0M | −$25.0M | — |
| Acquisitions & other investing | −$287,000 | $12,000 | — | −$965,000 | −$933,000 | −$210,489 | $25.0M | $25.0M | $25.0M | $0 |
| Cash from investing activities | −$387,000 | $7.3M | — | $14.9M | −$6.9M | −$26.1M | −$382,185 | −$134,295 | −$35,103 | −$11,446 |
| Financing activities | ||||||||||
| Dividends paid | −$1.1M | −$120,000 | −$58,000 | $0 | — | — | — | — | — | — |
| Share repurchases & issuance (net) | — | — | — | $83,000 | — | $38.6M | $14.7M | $13.7M | $3.8M | $531,000 |
| Net borrowing (repayment) | — | — | — | $0 | −$275,000 | $414,362 | $414,362 | −$39,435 | −$39,435 | −$39,435 |
| Shares issued | $4.5M | $0 | $0 | $0 | $2 | $12.4M | $12.5M | $13.7M | $0 | $0 |
| Other financing | $7.1M | $588,000 | $10.2M | $0 | $13.7M | −$13.4M | −$14.1M | −$15.2M | −$30,649 | $39,435 |
| Cash from financing activities | $10.5M | $468,000 | $10.2M | $83,000 | $13.4M | $38.0M | $13.5M | $12.1M | $3.7M | $531,000 |
| Summary | ||||||||||
| Net change in cash | −$142,000 | −$345,000 | −$1.4M | $393,000 | −$11.7M | −$337,000 | $4.6M | $9.3M | $2.8M | $306,086 |
| Cash at end of period | $3.5M | $3.6M | $4.0M | $5.3M | $4.9M | $16.6M | $17.0M | $12.4M | $3.1M | $306,086 |
| Free cash flow | −$10.4M | −$8.1M | −$17.3M | −$14.9M | −$19.2M | −$13.1M | −$8.9M | −$2.8M | −$868,812 | −$224,914 |
| Free cash flow margin | −222.4% | −180.5% | −282.5% | −184.6% | −248.6% | −332.4% | −1,271.1% | −12,209.2% | — | — |
| Capex / revenue | 2.1% | 0.3% | 10.2% | 3.2% | 12.9% | 23.4% | 53.2% | 580.1% | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$2.3M | −$4.5M | −$3.9M | −$2.8M | −$3.7M | $109,000 | −$7.6M | $2.0M | $117,000 | $117,000 | −$18.4M | −$3.0M |
| Depreciation & amortization | $55,000 | $56,000 | $139,000 | $151,000 | $149,000 | $155,000 | $181,000 | $195,000 | $223,000 | $223,000 | $148,000 | $272,000 |
| Stock-based compensation | $1.0M | $2.4M | $1.0M | $638,000 | $770,000 | $1.7M | $619,000 | $896,000 | $675,000 | $675,000 | $337,000 | −$201,000 |
| Change in working capital | −$1.5M | $1.0M | −$952,000 | −$287,000 | $78,000 | −$1.1M | $655,000 | $2.9M | −$664,000 | −$664,000 | $235,000 | −$9.6M |
| Other non-cash items | $297,001 | −$170,000 | $1.1M | −$639,000 | $790,000 | −$3.9M | $4.9M | −$5.7M | −$4.1M | −$4.1M | $13.9M | $328,000 |
| Cash from operating activities | −$2.4M | −$1.2M | −$2.7M | −$2.9M | −$1.9M | −$3.1M | −$1.2M | $330,000 | −$3.7M | −$3.7M | −$3.8M | −$12.1M |
| Investing activities | ||||||||||||
| Capital expenditures | −$6,000 | −$5,000 | −$7,000 | −$85,000 | −$107,000 | −$46,000 | −$1,000 | −$27,000 | −$80,000 | −$80,000 | −$153,000 | −$67,000 |
| Investments (net) | — | — | $0 | −$96,000 | −$53,000 | −$100,000 | −$51,000 | $2.5M | $2.5M | $2.4M | $2.4M | −$4.4M |
| Acquisitions & other investing | −$44,000 | −$53,000 | −$131,000 | $85,000 | $107,000 | $46,000 | $1,000 | $27,000 | $30,000 | — | — | $67,000 |
| Cash from investing activities | −$50,000 | −$58,000 | −$138,000 | −$96,000 | −$53,000 | −$100,000 | −$51,000 | $2.5M | $2.4M | — | — | −$4.4M |
| Financing activities | ||||||||||||
| Dividends paid | −$411,000 | −$249,000 | −$411,000 | $0 | $0 | −$164,000 | $0 | −$60,000 | −$60,000 | −$60,000 | — | $0 |
| Shares issued | $0 | $5.0M | $0 | $4.5M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $411,000 | $349,000 | $717,000 | $294,000 | $0 | $5.9M | $0 | $0 | $588,000 | $588,000 | $396,000 | $9.8M |
| Cash from financing activities | $0 | $5.1M | $306,000 | $4.8M | $0 | $5.7M | $0 | −$60,000 | $528,000 | $528,000 | $396,000 | $9.8M |
| Summary | ||||||||||||
| Net change in cash | −$2.5M | $3.8M | −$2.5M | $1.8M | −$2.0M | $2.6M | −$1.3M | $2.8M | −$776,000 | −$776,000 | −$979,000 | −$6.8M |
| Cash at end of period | $4.8M | $7.3M | $3.5M | $6.0M | $4.2M | $6.2M | $3.6M | $4.9M | $3.2M | $3.2M | $4.0M | $4.9M |
| Free cash flow | −$2.4M | −$1.3M | −$2.7M | −$3.0M | −$2.0M | −$3.1M | −$1.2M | $303,000 | −$3.8M | −$3.8M | −$3.9M | −$12.2M |
| Free cash flow margin | −118.9% | −112.6% | −190.3% | −200.9% | −202.3% | −407.2% | −139.3% | 51.1% | −257.7% | −257.7% | −668.6% | −336.2% |
| Capex / revenue | 0.3% | 0.5% | 0.5% | 5.7% | 10.6% | 6.0% | 0.1% | 4.6% | 5.4% | 5.4% | 26.0% | 1.8% |
| Operating cash flow / net income | — | — | — | — | — | −28.16 | — | 0.17 | −31.83 | −31.83 | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
WRAP cash generation
In fiscal 2025 (ended December 31, 2025), Wrap Technologies generated -$10.3 million of cash from operations and spent $0.1 million on capital expenditures, leaving free cash flow of -$10.4 million, −222.4% of revenue. It returned $1.1 million to shareholders through dividends ($1.1 million) and net share buybacks ($0). Cash and equivalents fell by $0.1 million over the year.
Related: WRAP income statement, WRAP balance sheet. See the WRAP stock overview for the latest quote and news.
WRAP cash flow FAQ
What is Wrap Technologies's free cash flow?
Wrap Technologies's free cash flow was -$10.4 million in fiscal 2025: -$10.3 million of operating cash flow minus $0.1 million of capital expenditures It was -$8.1 million a year earlier..
How much cash does Wrap Technologies generate from operations?
Wrap Technologies generated -$10.3 million of cash from operating activities in fiscal 2025.
How much does Wrap Technologies spend on capital expenditures?
Wrap Technologies spent $0.1 million on capital expenditures in fiscal 2025, 2.1% of revenue, compared with $0.0 million the year before.
How much does Wrap Technologies pay in dividends?
Wrap Technologies paid $1.1 million in dividends in fiscal 2025.