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Sep 30, 2024
ShotSpotter Q3 2024 Earnings Report
Reported third quarter financial results with a 10% increase in revenues, driven by new and existing customer growth.
Key Takeaways
SoundThinking reported a strong third quarter with a 10% increase in revenue to $26.3 million. Gross profit increased by 11%, and the company saw improvements in cash generation. The company reaffirms FY 2024 revenue guidance and introduces FY 2025 revenue guidance.
Revenues increased 10% to $26.3 million compared to the same quarter in 2023.
Gross profit increased 11% to $15.2 million (58% of revenues) compared to the same quarter in 2023.
GAAP net loss totaled $1.4 million, compared to a net loss of $1.9 million for the same quarter in 2023.
Adjusted EBITDA increased approximately 5% to $4.5 million (17% of revenues) compared to the same quarter in 2023.
ShotSpotter
ShotSpotter
Forward Guidance
The company reaffirmed its full-year 2024 revenue guidance range of $104.0 million to $106.0 million, representing 13% year-over-year growth at the midpoint. The company also still expects Adjusted EBITDA margins of 18% to 20% for the full year 2024. We expect to achieve revenue in the range of $107.0 million to $109.0 million and Adjusted EBITDA between 19% and 21%.
Challenges Ahead
- Ongoing civic debate regarding the non-renewal of the ShotSpotter contract in Chicago
- Loss of that contract with approximately $8.5 million in annual revenue