Business
SoundThinking, Inc. Reports First Quarter 2023 Financial Results
Company Reduces FY 2023 Revenue Guidance to a Range of $92 Million to $94 Million, Representing 15% Year-Over-Year Growth at the Midpoint and Retains FY 2023
About this update from Soundthinking, Inc.
[{"type":"text","content":"Company Reduces FY 2023 Revenue Guidance to a Range of $92 Million to $94 Million, Representing 15% Year-Over-Year Growth at the Midpoint and Retains FY 2023 Adjusted EBITDA Margin Guidance Range of 24% to 26% FREMONT, Calif., May 09, 2023 (GLOBE NEWSWIRE) -- SoundThinking, Inc. (Nasdaq: SSTI) (formerly ShotSpotter, Inc.), a leading public safety technology company that combines data-driven solutions and strategic advisory services for law enforcement and community assistance groups, today reported financial results for the first quarter ended March 31, 2023. First Quarter 2023 Financial and Operational Highlights Revenues were $20.6 million, compared to $21.2 million for the same quarter of 2022.Gross profit was $11.3 million (55% of revenues), compared to $12.9 million (61% of revenues) for the same quarter of 2022.GAAP net loss totaled $1.8 million, compared to GAAP net income of $387,000 for the same quarter of 2022.Adjusted EBITDA1 was $2.9 million (14% of revenues), compared to $4.5 million (21% of revenues) for the same quarter of 2022.Went “live” with ShotSpotter (formerly ShotSpotter Respond) in six new cities and expanded with seven current customer cities and one current university customer.Repurchased 35,369 shares at a cost of $1.3 million during the quarter. 1 See the section below titled “Non-GAAP Financial Measures” for more information about Adjusted EBITDA and its reconciliation to GAAP net income (loss). Financial Outlook The company reduces its full year 2023 revenue guidance to a range of $92 million to $94 million, representing approximately 15% year-over-year growth at the midpoint compared to 2022, primarily related to a delay in its ShotSpotter renewal with Puerto Rico and factoring in any potential risk of a change to its Chicago contract before the current end-date of February 2024. Management reaffirmed its expectation for adjusted EBITDA to be approximately 24% to 26% of forecasted revenue in 2023. The company’s financial outlook statements are based on current expectations. The preceding statements are forward-looking, and actual results could differ materially depending on market conditions and the factors set forth under “Safe Harbor Statement” below. The company has not reconciled its adjusted EBITDA outlook to GAAP net (loss) income due to the uncertainty and variability of interest income, inco...