Business
ShotSpotter Reports First Quarter 2022 Financial Results
Revenues up 41% Year-Over-Year to a Record $21.2 Million, Driving GAAP Net Income of $387,000 and 35% Increase in Adjusted EBITDA to $4.5 Million Company
About this update from Soundthinking, Inc.
[{"type":"text","content":"Revenues up 41% Year-Over-Year to a Record $21.2 Million, Driving GAAP Net Income of $387,000 and 35% Increase in Adjusted EBITDA to $4.5 Million Company Reiterates Full Year 2022 Revenue Guidance Range of $81 Million to $83 Million, Representing 41% Growth at the Midpoint Compared to 2021, and Raises Adjusted EBITDA Margin Guidance Range to 19% to 21% FREMONT, Calif., May 10, 2022 (GLOBE NEWSWIRE) -- ShotSpotter, Inc. (NASDAQ: SSTI), a leader in precision policing technology solutions that enable law enforcement to respond to, investigate and deter crime, today reported financial results for the first quarter ended March 31, 2022. First Quarter 2022 Financial and Operational Highlights 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 (60% of revenues) from $8.7 million (58% of revenues) 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 EBITDA1 increased 35% to $4.5 million (21% of revenues) from $3.3 million (22% of revenues) for the same quarter of 2021.Went “live” with ShotSpotter Respond in four new cities, secured two new security customers and expanded in three current customer cities.Solid balance sheet with $8.9 million in cash and cash equivalents and $20.0 million available on the company’s line of credit at the end of the quarter.Closed acquisition of Forensic Logic, LLC, a leading provider of cloud-based data services.Repurchased 57,623 shares at a cost of $1.6 million during the quarter.Released first-ever Environmental, Social and Governance (ESG) Report, highlighting the company’s positive impacts in the world by helping to save lives and improve public safety in communities across the country, protecting the environment and wildlife internationally, and progress on diversity, equity and inclusion (DEI) efforts.1 See the section below titled “Non-GAAP Financial Measures” for more information about Adjusted EBITDA and its reconciliation to GAAP net income. Financial OutlookThe company reiterated its full year 2022 revenue guidance of $81.0 million to $83.0 million, representing approximately 41% year-over-year growth at the midpoint compared to 2021. Management is increasing its expected Adjusted EBITDA margin to be approximately 19% to 21% of f...