Business
ShotSpotter Reports Third Quarter 2022 Financial Results
Revenues Increase 29% Year-Over-Year to $18.8 Million, GAAP Net Income of $4.0 Million and 37% Increase in Adjusted EBITDA to $3.1 Million; Company Modifies
About this update from Soundthinking, Inc.
[{"type":"text","content":"Revenues Increase 29% Year-Over-Year to $18.8 Million, GAAP Net Income of $4.0 Million and 37% Increase in Adjusted EBITDA to $3.1 Million; Company Modifies FY 2022 Revenue Guidance Range of $81 Million to $82 Million, Representing 40% Growth at the Midpoint Compared to 2021 and retains FY 2022 Adjusted EBITDA Margin Guidance Range of 19% to 21%; Company Introduces FY 2023 Revenue Guidance Range of $94 Million to $96 Million, Representing 17% Growth at the Midpoint Compared to FY 2022 Revenue Guidance and FY 2023 Adjusted EBITDA Margin Guidance Range of 24% to 26%. FREMONT, Calif., Nov. 08, 2022 (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, 2022. Third Quarter 2022 Financial and Operational Highlights Revenues increased 29% to $18.8 million from $14.5 million for the same quarter of 2021.Gross profit increased 28% to $10.3 million (55% of revenues) from $8.0 million (55% of revenues) for the same quarter of 2021.GAAP net income was $4.0 million, compared to GAAP net loss of $949,000 for the same quarter of 2021.Adjusted EBITDA1 increased 37% to $3.1 million (16% of revenues), compared to $2.2 million (15% of revenues) for the same quarter of 2021.Went “live” with 10 new customer logos, including seven Respond cities, two security customers, and one Investigate agency as well as expanded in six Respond cities.Healthy balance sheet with $9.6 million in cash and cash equivalents and approximately $15.0 million available on the company’s line of credit at the end of the quarter.Narrowed full year 2022 revenue guidance range to $81 million to $82 million, representing approximately 40% year-over-year growth at the midpoint compared to 2021, and maintained full year 2022 Adjusted EBITDA margin guidance of 19% to 21%.Introduced full year 2023 revenue guidance of $94 million to $96 million, representing approximately 17% year-over-year growth at the midpoint compared to full year 2022 revenue guidance, and full year 2023 Adjusted EBITDA margin guidance of 24% to 26%. 1 See the section below titled “Non-GAAP Financial Measures” for more information about Adjusted EBITDA and its reconciliation to GAAP net income. Third...