Business
ShotSpotter Reports Fourth Quarter and Full Year 2019 Financial Results
Company Achieves Third Consecutive Quarter of Profitability with Net Income of $1.3 Million and Adjusted EBITDA1 of $3.2 Million NEWARK, Calif., Feb. 18, 2020
About this update from Soundthinking, Inc.
[{"type":"text","content":"Company Achieves Third Consecutive Quarter of Profitability with Net Income of $1.3 Million and Adjusted EBITDA1 of $3.2 Million\n NEWARK, Calif., Feb. 18, 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 fourth quarter and full year ended December 31, 2019. Fourth Quarter 2019 Financial and Operational Highlights Revenues increased 12% to $10.9 million, up from $9.7 million for the fourth quarter of 2018.Gross profit margin increased by 400 basis points to 62% from 58% for the fourth quarter of 2018.Net income totaled $1.3 million, an improvement from net income of $302,000 for the fourth quarter of 2018.Adjusted EBITDA1 increased to $3.2 million as compared to $2.1 million for the fourth quarter of 2018.Added 34 net new “go-live” square miles of coverage during the quarter with zero attrition. Strong balance sheet with $24.6 million in cash and cash equivalents at the end of the quarter.Company reaffirms 2020 revenue guidance of $48 million to $50 million and expects to remain GAAP profitable on an annual basis. Full Year 2019 Financial and Operational Highlights Revenues increased 17% to $40.8 million, up from $34.8 million in 2018.Gross profit margin increased by 500 basis points to 60% from 55% for 2018.Achieved first full year of profitability with net income of $1.8 million, an improvement from a net loss of $2.7 million for 2018.Adjusted EBITDA1 increased to $9.4 million as compared to $3.6 million for 2018.Added 82 net new “go-live” square miles of coverage, bringing the total live square miles at December 31, 2019 to 730.Repurchased 257,824 shares of stock for approximately $6.7 million under stock buyback program. 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 “The fourth quarter marked a strong finish to a year in which we proved the resilience of our business and saw the leverage of our operating model begin to enter its full stride,” said Ralph Clark, CEO of ShotSpotter. “While the double-digit revenue growth we recognized in the fourth quarter is modest by our standards, we...