Business
ShotSpotter Reports Fourth Quarter 2022 Financial Results
FY 2022 Revenues Increased 39% Year-Over-Year to Record $81.0 Million, Driving 54% Increase in Adjusted EBITDA to $15.9 Million and GAAP Net Income of $6.4
About this update from Soundthinking, Inc.
[{"type":"text","content":"FY 2022 Revenues Increased 39% Year-Over-Year to Record $81.0 Million, Driving 54% Increase in Adjusted EBITDA to $15.9 Million and GAAP Net Income of $6.4 Million Company Reaffirms FY 2023 Revenue Guidance Range of $94 Million to $96 Million, Representing 17% Year-Over-Year Growth at the Midpoint and FY 2023 Adjusted EBITDA Margin Guidance Range of 24% to 26% FREMONT, Calif., Feb. 22, 2023 (GLOBE NEWSWIRE) -- ShotSpotter, Inc. (NASDAQ: SSTI), a leader in precision-policing technology solutions that enable law enforcement to more effectively respond to, investigate and deter crime, today reported financial results for the fourth quarter ended December 31, 2022. Fourth Quarter 2022 Financial and Operational Highlights Revenues increased 50% to $21.0 million from $14.0 million for the same quarter of 2021.Gross profit increased 58% to $11.9 million (57% of revenues), up from $7.5 million (54% of revenues) for the same quarter of 2021.GAAP net loss totaled $1.0 million, compared to GAAP net loss of $3.3 million for the same quarter of 2021.Adjusted EBITDA1 increased over 130% to $4.3 million (20% of revenues), compared to $1.9 million (13% of revenues) for the same quarter of 2021.Went “live” with ShotSpotter Respond in four new cities, added one new Security customer and went live with five expansions in current customer cities.Maintained a strong balance sheet with $10.5 million in cash and cash equivalents, no debt and approximately $25.0 million available on our line of credit. 1 See the section below titled “Non-GAAP Financial Measures and Key Business Metrics” for more information about Adjusted EBITDA and its reconciliation to GAAP net income (loss). Full Year 2022 Financial and Operational Highlights Revenues increased 39% to $81.0 million from $58.2 million in 2021.Gross profit increased 44% to $46.8 million (58% of revenues) from $32.5 million (56% of revenues) in 2021.GAAP net income was $6.4 million, compared to GAAP net loss of $4.4 million in 2021.Adjusted EBITDA increased 54% to $15.9 million (20% of revenues), compared to $10.4 million (18% of revenues) in 2021.Revenue retention rate was 124%, consistent with 2021. Sales and marketing spend per $1.00 of new annualized contract value was $0.40, compared to $0.37 in 2021.2Went “live” with 102 new square miles of ShotSpotter Respond coverage, bringing the total live mi...