Business
ShotSpotter Reports Second Quarter 2020 Financial Results
Record Quarterly Revenues, Gross Profit and Adjusted EBITDA Highlight Business Model Resiliency and Increasing Demand for the Company’s Services NEWARK,
About this update from Soundthinking, Inc.
[{"type":"text","content":"Record Quarterly Revenues, Gross Profit and Adjusted EBITDA Highlight Business Model Resiliency and Increasing Demand for the Company’s Services\nNEWARK, Calif., Aug. 06, 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 second quarter ended June 30, 2020.\n Second Quarter 2020 Financial and Operational Highlights Revenues increased 10% to $11.3 million from $10.3 million for the second quarter of 2019.Gross profit margin increased by 300 basis points to 61% from 58% for the second quarter of 2019.Net income more than doubled to $866,000, an improvement from net income of $387,000 for the second quarter of 2019.Adjusted EBITDA1 increased 41% to record $3.4 million from $2.4 million for the second quarter of 2019.Added 26 net new “go-live” square miles of coverage during the quarter with no attrition, bringing the total live miles to 761 at quarter end. Repurchased 74,520 shares of common stock for an aggregate purchase price of $1.6 million.Maintained a strong balance sheet with $25.8 million in cash and cash equivalents at the end of the quarter.Full year 2020 revenue guidance narrowed to a range of $43.5 million to $45.5 million.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 second quarter marked a solid step toward reestablishing our operational and financial momentum following the COVID-19 pandemic lockdown that temporarily suspended most of our sales and renewal activities,” said ShotSpotter CEO Ralph Clark. “Since late May, our customer facing teams have been relatively mobile, which has had a positive impact on both customer engagement and moving our opportunity pipeline forward. We successfully deployed 26 new miles in the second quarter, including new deployments in Springfield, Illinois, Albuquerque, the U.S. Virgin Islands and Monmouth County in New Jersey, as well as expansions in Cincinnati and New York City. These deployments, coupled with the fact that we experienced no attrition, helped drive several quarterly financial records in the second quarter, including revenues...