Business
ShotSpotter Reports Third Quarter 2021 Financial Results
Quarterly Revenues Increase 28% Year-over-Year to $14.5 Million NEWARK, Calif., Nov. 09, 2021 (GLOBE NEWSWIRE) -- ShotSpotter, Inc. (NASDAQ: SSTI), a leader
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[{"type":"text","content":"Quarterly Revenues Increase 28% Year-over-Year to $14.5 Million NEWARK, Calif., Nov. 09, 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 third quarter ended September 30, 2021. Third Quarter 2021 Financial and Operational Highlights Revenues increased 28% to $14.5 million from $11.4 million for the same quarter of 2020.Gross profit increased 25% to $8.0 million (55% of revenues) from $6.4 million (57% of revenues) for the same quarter of 2020.Net loss of $949,000 or $(0.08) per basic and diluted share (based on 11.7 million basic and diluted weighted average shares outstanding), from net income of $566,000 or $0.05 per basic and diluted share (based on 11.4 million basic and 11.7 million diluted weighted average shares outstanding) for the same quarter of 2020.Adjusted EBITDA1 was $2.2 million, or 15% of revenues, from $3.3 million, or 29% of revenues, for the same quarter of 2020.Went \"live\" with ShotSpotter Respond in three new cities, had seven expansions in current customer cities, and booked two new campus customers without any customer or mileage attrition.Maintained a strong balance sheet with $13.1 million in cash and cash equivalents and $20.0 million available on the company’s line of credit at the end of the quarter.Repurchased 26,404 shares for a total of approximately $0.9 million. 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 “The third quarter marked another successful period for ShotSpotter, highlighted by 28% year-over-year revenue growth and solid adjusted EBITDA generation,” said ShotSpotter CEO Ralph Clark. “Our robust growth trajectory is being driven by continued traction securing new wins, expanding deployments, and retaining customers. During the quarter, we went live with three new Respond cities, expanded in seven cities, and booked two new campus customers, demonstrating the effectiveness of our strategic growth initiatives. With our ongoing retention success, we expect that our revenue attrition this year will be less than 1%, which is significantly lower than our original forecas...