Business
ShotSpotter Reports First Quarter 2020 Financial Results
9% Year-over-Year Increase in Revenue Drives Another Quarter of Solid Adjusted EBITDA Growth and GAAP Profitability; Strong Liquidity Position with $28.7
About this update from Soundthinking, Inc.
[{"type":"text","content":"9% Year-over-Year Increase in Revenue Drives Another Quarter of Solid Adjusted EBITDA Growth and GAAP Profitability; Strong Liquidity Position with $28.7 Million in Cash\nNEWARK, Calif., May 07, 2020 (GLOBE NEWSWIRE) -- ShotSpotter, Inc. (NASDAQ: SSTI), the leader in acoustic gunshot detection and precision policing solutions that help law enforcement officials and security personnel prevent and reduce gun violence, today reported financial results for the quarter ended March 31, 2020.\n First Quarter 2020 Financial and Operational Highlights Revenues increased 9% to $10.5 million from $9.6 million for the first quarter of 2019. Gross profit was 58%, which was consistent with the first quarter of 2019. Net income totaled $13,000 or $0.00 per share, an improvement from net loss of $0.4 million, or $(0.03) per share, for the first quarter of 2019. Adjusted EBITDA1 increased to $2.2 million from $1.6 million for the first quarter of 2019. Added 5 net new “go-live” square miles of coverage during the quarter, bringing the total miles covered to 735 at quarter end. Strong balance sheet with $28.7 million in cash and cash equivalents at the end of the quarter, up from $24.6 million at the end of fourth quarter of 2019. Updated revenue guidance for fiscal 2020 to a range of $43 million to $46 million, representing 9% year-over-year growth at the midpoint, with expectations to remain GAAP profitable for full year 2020. 1 See the section below titled “Non-GAAP Financial Measures” for more information about adjusted EBITDA, and its reconciliation to GAAP net income (loss). Management Commentary \"While the first quarter of 2020 presented remarkable challenges resulting from the global response to the coronavirus pandemic, we were able to make progress on our strategic initiatives and continue to serve our loyal customer base as a premier service provider and trusted partner,\" said Ralph Clark, CEO of ShotSpotter. \"Financially, the quarter was marked by moderate revenue growth, solid gross margins, positive net income, and an improvement in our cash position by approximately $4 million from the end of last year. \"Operationally, despite the proliferation of 'stay-at-home' policies and a moratorium on travel since early March, we completed our full deployment in Puerto Rico, added two new Missions deployments, re-signed the U.S. Virgin Is...