SoundThinking Inc Stock Price, News & Analysis

SoundThinking, Inc. (Nasdaq: SSTI) has released a report highlighting the success of its ShotSpotter program in Winston-Salem. The report, based on independent research by the Center for Crime Science and Violence Prevention at Southern Illinois University Edwardsville, demonstrates significant benefits across four key metrics:

1. Lives saved: 27 gunshot victims received medical aid, with at least two lives saved directly due to ShotSpotter.
2. Crime reduced: 24% reduction in aggravated assaults and homicides within ShotSpotter's coverage area.
3. Evidence recovered: 4,400% increase in shell casing recovery.
4. Financial ROI: $8.4 to $8.8 million saved annually, yielding a return of $26 for every $1 invested.

The report also suggests that Winston-Salem's proposed drone program would be most effective when paired with existing ShotSpotter technology.

SoundThinking Inc (Nasdaq: SSTI) has appointed Adan Pope as Senior Vice President of Data and Artificial Intelligence, a newly created role to lead the company's AI and machine learning initiatives across its SafetySmart™ Platform and internal operations. Pope brings over 30 years of technology leadership experience, most recently serving as CTO at Intrado Life and Safety.

This strategic hire aims to accelerate AI-driven innovation in public safety technology, reinforcing SoundThinking's market leadership. Pope will establish a Center of Excellence for AI/ML within the company and oversee the centralization and expansion of AI/ML capabilities. He will also lead the Engineering Organization for CrimeTracer, which manages over 1 billion law enforcement Criminal Justice Information Services Division records.

SoundThinking, Inc. (Nasdaq: SSTI), a leading public safety technology company, is set to present at the 2024 Annual Gateway Conference in San Francisco. The company's management team will deliver a presentation on Thursday, September 5th at 10:30 a.m. Pacific Time at the Four Seasons Hotel. This event provides an opportunity for investors and analysts to gain insights into SoundThinking's operations and strategy.

The presentation will be webcast live and available for replay, allowing remote access for interested parties. Additionally, SoundThinking executives will be available for one-on-one meetings throughout the conference, offering a more personalized interaction with potential investors and industry professionals.

SoundThinking, Inc. (Nasdaq: SSTI) has announced 4 new contracts and expansions for its ShotSpotter gunshot detection system and ResourceRouter software in Illinois and the Chicagoland area. The deployments include:

• Elmwood Park, IL: New 3-year contract for 2 square miles of ShotSpotter coverage
• Chicago Heights, IL: 2 square miles of ShotSpotter coverage for 3 years and ResourceRouter patrol management technology
• Freeport, IL: Doubled ShotSpotter coverage to 2 square miles under a new 3-year agreement

These implementations aim to enhance public safety, address gun violence, and optimize resource allocation for law enforcement agencies facing staffing shortages.

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.