SoundThinking, Inc. - SSTI STOCK NEWS

SoundThinking, Inc. (Nasdaq: SSTI) reported strong Q2 2024 financial results, with revenues increasing 22% to a record $27.0 million. The company saw growth from new and existing customers, as well as contributions from CaseBuilder. Key highlights include:

- Gross profit up 27% to $16.1 million (60% of revenues)
- Adjusted EBITDA increased over 110% to $5.1 million (19% of revenues)
- ShotSpotter went live in 3 new cities and expanded in 4 current cities
- Launched strategic partnership for 'PlateRanger, Powered by Rekor' LPR solution

SoundThinking reaffirmed its FY 2024 revenue guidance of $104.0-$106.0 million, representing 13% year-over-year growth at the midpoint, and Adjusted EBITDA margin guidance of 18-20%.

SoundThinking (Nasdaq: SSTI) and Rekor Systems (Nasdaq: REKR) have announced a strategic partnership to launch PlateRanger, Powered by Rekor, a new end-to-end public safety solution. This collaboration combines SoundThinking's acoustic gunshot detection and investigative solutions with Rekor's vehicle and license plate recognition (LPR) technology.

PlateRanger is now available for demonstration and quotation, expected to be part of the SafetySmart™ platform in September 2024. This marks SoundThinking's expansion into the $3.2B global LPR market. The partnership aims to create synergies by combining SoundThinking's law enforcement customer base with Rekor's roadway intelligence capabilities.

The new offering bundles solar power, warranty, integrations, and customer service into a single subscription price, providing a cost-effective tool for law enforcement agencies. When used with ShotSpotter®, PlateRanger will enable streamlined gun crime investigations and improved operational efficiency.

SoundThinking (Nasdaq: SSTI) has issued a formal reply to the New York City Comptroller's audit report on ShotSpotter's accuracy and effectiveness. The company refutes two main conclusions from the report: (1) low rates of confirmed shots detected, and (2) negligible improvements in NYPD response times. SoundThinking's 47-page response includes empirical data, independent studies, and testimonials from law enforcement professionals and public officials.

The company argues that the report ignored critical components of the technology's effectiveness, such as providing real-time awareness of gunfire, enabling quick and safe police response, and saving lives. SoundThinking maintains that ShotSpotter consistently exceeds the 90% accuracy standard required by its contract with NYPD. This response follows support from 11 Massachusetts law enforcement chiefs praising ShotSpotter's accuracy and value.

SoundThinking (Nasdaq: SSTI), a leading public safety technology company, has scheduled its second quarter 2024 earnings conference call for Tuesday, August 6, 2024, at 4:30 p.m. Eastern time. The company will release its financial results for the quarter ended June 30, 2024, prior to the call. Management will host a presentation followed by a Q&A session.

Investors can access the call via U.S. dial-in (877-407-8029) or International dial-in (1-201-689-8029) using Conference ID 13747815. A live audio webcast will be available simultaneously, and a replay will be accessible until August 20, 2024. The webcast and replay can be found on the company's investor relations website at www.soundthinking.com.

SoundThinking shared an open letter from 11 Massachusetts law enforcement leaders supporting ShotSpotter technology. This letter counters claims made by four Congress members about ShotSpotter's accuracy and effectiveness. Released on July 2, 2024, the letter states that those on the ground, not distant officials, best judge ShotSpotter's value. Signatories include top officials from Boston, Cambridge, Revere, and other localities. The letter emphasizes ShotSpotter's role in saving lives and responding to gun violence. The full letter is available on GlobeNewswire.

SoundThinking (Nasdaq: SSTI) reported a 23% increase in Q1 2024 revenues to $25.4 million, driven by new customer subscriptions and contributions from SafePointe. Gross profit rose 32% to $14.9 million. However, the company experienced a net loss of $2.9 million, compared to a $1.8 million loss in Q1 2023. Adjusted EBITDA improved slightly to $3.0 million. The company reaffirmed its FY 2024 revenue guidance of $104-106 million and expects Adjusted EBITDA margins of 18-20%. Key developments include launching ShotSpotter in Philadelphia and expanding its SafetySmart™ platform.

SoundThinking, Inc. (Nasdaq: SSTI) will present at the 19th Annual Needham Technology, Media, & Consumer Conference on May 15, 2024. CFO Alan Stewart will present and hold meetings with investors. The presentation will be webcast live.