Summary: SoundThinking, Inc. today announced 4 new contracts and expansions for the deployment of ShotSpotter and ResourceRouter, industry-leading public safety technologies, enhancing public safety across key regions in Illinois and the Chicagoland area. FREMONT, Calif., Aug. 07, 2024 (GLOBE NEWSWIRE) -- SoundThinking, Inc. (Nasdaq: SSTI), a leading public safety technology company, today announced a total of 4 new customer agreements and expanded coverage areas for its flagship ShotSpotter gunshot detecti ...

Summary: SoundThinking, Inc. today announced 4 new contracts and expansions for the deployment of ShotSpotter and ResourceRouter, industry-leading public safety technologies, enhancing public safety across key regions in Illinois and the Chicagoland area. FREMONT, Calif., Aug. 07, 2024 (GLOBE NEWSWIRE) -- SoundThinking, Inc. (NASDAQ:SSTI), a leading public safety technology company, today announced a total of 4 new customer agreements and expanded coverage areas for its flagship ShotSpotter gunshot detectio ...

Company Performance - SoundThinking (SSTI) reported a quarterly loss of $0.07 per share, better than the Zacks Consensus Estimate of a loss of $0.09, and an improvement from a loss of $0.28 per share a year ago, representing an earnings surprise of 22.22% [1] - The company posted revenues of $26.96 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 5.31%, compared to year-ago revenues of $22.08 million [2] - Over the last four quarters, SoundThinking has surpassed consensus revenue estimates three times [2] Stock Performance - SoundThinking shares have declined approximately 46.2% since the beginning of the year, while the S&P 500 has gained 8.7% [3] - The current consensus EPS estimate for the coming quarter is -$0.03 on revenues of $26.84 million, and for the current fiscal year, it is -$0.35 on revenues of $105.04 million [7] Industry Outlook - The Security and Safety Services industry, to which SoundThinking belongs, is currently ranked in the top 29% of over 250 Zacks industries, indicating a favorable outlook [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, suggesting that industry performance can significantly impact individual stock performance [5][8]

Financial Data and Key Metrics Changes - Second quarter revenues reached a record $27 million, a 22% increase from $22.1 million in Q2 2023 [18] - Gross profit for Q2 2024 was $16.1 million, representing 60% of revenue, compared to $12.7 million or 57% of revenue in the prior year [19] - Adjusted EBITDA increased over 110% year-over-year to $5.1 million, up from $2.4 million [19][20] - GAAP net loss was approximately $800,000, or $0.06 per share, compared to a net loss of $2.7 million, or $0.22 per share, in the prior year [23] Business Line Data and Key Metrics Changes - The core acoustic gunshot detection business, ShotSpotter, was deployed in three new cities and expanded in four cities [7] - CaseBuilder subscription-based revenue grew approximately 700% year-over-year, driven by the New York City Department of Corrections project [10] - ResourceRouter, an AI-based patrol management solution, is gaining market acceptance with over seven implementations planned for Q3 [9] Market Data and Key Metrics Changes - Domestic ShotSpotter revenue constituted 66% of total revenue in Q2 2024, down from 70% in Q2 2023, indicating diversification of revenue sources [19] - The SafePointe pipeline continues to grow, with expectations for a major release in September that includes new functionalities [12][34] Company Strategy and Development Direction - The company is focused on bridging the public safety gap through technology, particularly with its integrated SafetySmart platform [4][5] - A strategic partnership with Rekor aims to enhance offerings in the license plate recognition market, which is estimated to be $3.2 billion globally [15][16] - The company is maintaining its full-year revenue guidance of $104 million to $106 million, with expectations for continued growth in 2025 and beyond [26] Management's Comments on Operating Environment and Future Outlook - Management noted a positive shift in public sentiment towards law enforcement, which supports the demand for public safety solutions [5][6] - The company is confident in achieving its 2024 guidance and believes it is well-positioned for profitable growth [17][26] - Management acknowledged elongating sales cycles but emphasized a strong win rate and ongoing demand for their solutions [45][46] Other Important Information - The company ended the quarter with $9.8 million in cash and cash equivalents, up from $8.5 million at the end of Q1 2024 [25] - The company has approximately $4 million in short and long-term debt outstanding, with $21 million still available on its line of credit [25] Q&A Session Summary Question: What factors influence the range of go-lives for the year? - Management indicated that the difference is more dependent on the pace of deployments of deals already won rather than new wins [29] Question: How does the company expect to achieve sequential growth in Q4 despite the Chicago contract loss? - Management explained that growth will come from new miles going live and additional revenue from the Department of Corrections subscription [30][31] Question: What percentage of new miles is expected to come from expansions? - Management expects around half of the new miles to come from expansions, typical for the company [37] Question: How does the partnership with Rekor impact revenue opportunities? - Management expressed excitement about the large market opportunity but did not provide specific revenue estimates [42][44] Question: How are sales cycles trending compared to earlier in the year? - Management noted that while deal cycle times are elongating, they are still winning deals, which is encouraging [45][46] Question: What are the new features of the 3D cameras for SafePointe? - Management described the 3D camera's capabilities in providing higher resolution views and tracking movement, enhancing the technology's effectiveness [49][50]

Summary: New LPR service from SoundThinking called "PlateRanger™, Powered by Rekor®" now available for demonstration and quotation. "We've been using ShotSpotter successfully for years to improve our response time to shootings and save lives, and Rekor to provide accurate and rapid vehicle and license plate recognition to identify criminal suspect vehicles," said Patrol Captain Paul Grech of the Bridgeport, CT Police Department. "The idea of more tightly integrating these two useful and proven products is c ...

The letter reveals that in arriving at the aforementioned conclusions, the Report did not give full and proper weight to NYPD's input and expertise and ignored the most critical component when judging the technology: "whether ShotSpotter provides awareness of gunfire in real time, if it enables police to respond quickly and safely, and, most importantly, how it saves lives." SoundThinking's response relies on empirical data, as well as the feedback of New York City elected officials and law enforcement prof ...

SoundThinking, Inc. (SSTI) shares soared 14.2% in the last trading session to close at $14.49. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 10.3% loss over the past four weeks. SoundThinking's rally is primarily driven by optimism about the growing popularity of its SafetySmart platform. Strong demand for the company's ShotSpotter solution, growth in customer subscriptions and the acquisition of SafePointe bode well. This make ...

SoundThinking management will host the presentation, followed by a question-and-answer period. A live audio webcast of the conference call will be available in listen-only mode simultaneously and available for replay here and via the investor relations section of the company's website at www.soundthinking.com. A replay of the call will be available after 7:30 p.m. Eastern time on the same day through August 20, 2024. About SoundThinking Company Contact: Alan Stewart, CFO SoundThinking, Inc. +1 (510) 794-310 ...

FREMONT, Calif., July 16, 2024 (GLOBE NEWSWIRE) -- SoundThinking, Inc. (Nasdaq: SSTI), a leading public safety technology company, will hold a conference call on Tuesday, August 6, 2024 at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss its financial results for the second quarter ended June 30, 2024. Financial results will be issued in a press release prior to the call. A live audio webcast of the conference call will be available in listen-only mode simultaneously and available for replay here ...

BOSTON, July 02, 2024 (GLOBE NEWSWIRE) -- SoundThinking, Inc. (NASDAQ:SSTI) (formerly ShotSpotter, Inc.), a leading public safety technology company, today announced the publication of an open public letter of support for ShotSpotter technology prepared in coordination with SoundThinking and signed by top law enforcement officials from 11 Massachusetts communities and a SoundThinking director. This letter addresses recent misinformation about ShotSpotter acoustic gunshot detection technology contained in a ...