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Mar 31, 2022
ShotSpotter Q1 2022 Earnings Report
ShotSpotter reported a record revenue, increased gross profit and net income, and expanded its customer base.
Key Takeaways
ShotSpotter reported a strong first quarter with a 41% increase in revenue to $21.2 million and a 46% increase in gross profit. The company also reported GAAP net income of $387,000 and a 35% increase in Adjusted EBITDA to $4.5 million.
Revenues increased 41% to $21.2 million from $15.0 million for the same quarter of 2021.
Gross profit increased 46% to $12.7 million from $8.7 million for the same quarter of 2021.
GAAP net income totaled $387,000, compared to GAAP net income of $79,000 for the same quarter of 2021.
Adjusted EBITDA increased 35% to $4.5 million from $3.3 million for the same quarter of 2021.
ShotSpotter
ShotSpotter
Forward Guidance
The company reiterated its full year 2022 revenue guidance of $81.0 million to $83.0 million. Management is increasing its expected Adjusted EBITDA margin to be approximately 19% to 21% of forecasted revenue in 2022.