Business
ShotSpotter Reports Second Quarter 2021 Financial Results
Revenues Increase 30% Year-over-Year to $14.6 Million NEWARK, Calif., Aug. 10, 2021 (GLOBE NEWSWIRE) -- ShotSpotter, Inc. (NASDAQ: SSTI), a leader in
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[{"type":"text","content":"Revenues Increase 30% Year-over-Year to $14.6 Million\nNEWARK, Calif., Aug. 10, 2021 (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 second quarter ended June 30, 2021. Second Quarter 2021 Financial and Operational Highlights Revenues increased 30% to $14.6 million from $11.3 million for the second quarter of 2020.Gross profit increased 20% to $8.3 million (57% of revenues) from $6.9 million (61% of revenues) for the second quarter of 2020.Net loss of $(250,000) compared to net income of $866,000 for the second quarter of 2020.Adjusted EBITDA1 was $2.9 million, or 20% of revenues, compared to $3.4 million, or 30% of revenues, for the second quarter of 2020.Went \"live\" with ShotSpotter Respond in two new cities, one new security location and also had three expansions in current customer cities during the quarter.Maintained a strong balance sheet with $15.6 million in cash and cash equivalents and had $20.0 million available on the Company’s line of credit at the end of the quarter.Repurchased 12,585 shares for a total of approximately $0.5 million.Reiterated full year 2021 revenue guidance of $60 million to $61 million, representing year-over-year growth of 32%. 1See the section below titled “Non-GAAP Financial Measures” for more information about Adjusted EBITDA, and their reconciliation to GAAP net (loss) income. Management Commentary“During the second quarter, we again delivered 30% year-over-year revenue growth while generating strong gross profit and adjusted EBITDA,” said ShotSpotter CEO Ralph Clark. “Our financial performance was driven by the addition of two new Respond cities and three Respond city expansions in the second quarter coupled with no attrition. Additionally, initial feedback and progress on our Q3 deployments are encouraging with staffing of new city and expansions already well underway. We believe our ongoing success landing new customers and expanding with existing customers demonstrates the effectiveness of our end-to-end Precision Policing Platform and the positive impact it has on reducing gun violence and keeping communities safe. “Our continued forward momentum gives us confidence to reiterate our outlook for 2021,...