A ballistic resistant composite material useful in rigid armor applications. The composite material includes at least one consolidated network of high tenacity fibers in a thermoplastic matrix material. The resin is a thermoplastic polyurethane resin that is semi-crystalline at room temperature. The high tenacity fibers have a tenacity of at least about 7 g/d. Prior to consolidation the polyurethane resin matrix material is in an aqueous medium. When dry, the polyurethane matrix material has a tensile modulus (at 100% elongation) of at least about 500 psi (3.45 MPa), a tensile modulus (at 300% elongation) of at least about 500 psi (3.45 MPa), and an ultimate tensile strength of at least about 2000 psi (13.78 MPa). The ballistic resistant composite material has improved ballistic properties.