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Jun 30, 2020
ShotSpotter Q2 2020 Earnings Report
ShotSpotter reported record quarterly revenues, gross profit, and adjusted EBITDA, highlighting business model resilience and increasing demand.
Key Takeaways
ShotSpotter, Inc. reported a strong second quarter with a 10% increase in revenues to $11.3 million, a gross profit margin increase to 61%, and net income more than doubling to $866,000. The company added 26 net new go-live square miles of coverage and maintained a strong balance sheet with $25.8 million in cash and cash equivalents.
Revenues increased 10% to $11.3 million compared to Q2 2019.
Gross profit margin increased by 300 basis points to 61% compared to Q2 2019.
Net income more than doubled to $866,000 compared to Q2 2019.
Adjusted EBITDA increased 41% to $3.4 million compared to Q2 2019.
ShotSpotter
ShotSpotter
Forward Guidance
The Company is narrowing its full year revenue outlook to reflect greater visibility into the timing of adding new miles throughout the end of the year along with its continued success in minimizing attrition. For the full year of 2020, the company now expects revenues of $43.5 million to $45.5 million (previous guidance of $43 million to $46 million), with approximately 9% year-over-year revenue growth at the midpoint of the new range. The Company expects to remain GAAP profitable in both Q3 and Q4 as well as for the full year of 2020.