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Mar 31, 2023
ShotSpotter Q1 2023 Earnings Report
SoundThinking, Inc. reported financial results for the first quarter ended March 31, 2023.
Key Takeaways
SoundThinking, Inc. reported revenues of $20.6 million for Q1 2023, a decrease compared to $21.2 million for the same quarter of 2022. The company experienced a GAAP net loss of $1.8 million, compared to a net income of $387,000 for the same quarter of 2022. The company reduces its full year 2023 revenue guidance to a range of $92 million to $94 million.
Revenues were $20.6 million, compared to $21.2 million for the same quarter of 2022.
Gross profit was $11.3 million (55% of revenues), compared to $12.9 million (61% of revenues) for the same quarter of 2022.
GAAP net loss totaled $1.8 million, compared to GAAP net income of $387,000 for the same quarter of 2022.
Adjusted EBITDA was $2.9 million (14% of revenues), compared to $4.5 million (21% of revenues) for the same quarter of 2022.
ShotSpotter
ShotSpotter
Forward Guidance
The company reduces its full year 2023 revenue guidance to a range of $92 million to $94 million, representing approximately 15% year-over-year growth at the midpoint compared to 2022. Management reaffirmed its expectation for adjusted EBITDA to be approximately 24% to 26% of forecasted revenue in 2023.