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SoundThinking, Inc. reports developments in public safety technology for law enforcement, civic leadership, and security professionals. The company’s SafetySmart platform includes ShotSpotter acoustic gunshot detection, CrimeTracer crime-data search and investigative lead generation, CaseBuilder investigation management, ResourceRouter resource-deployment software, SafePointe AI-based weapons detection, and PlateRanger powered by Rekor for automatic license plate recognition.
Recurring news includes quarterly and annual financial results, revenue guidance, product upgrades, customer and agency adoption, go-to-market leadership changes, and operational investments supporting SafePointe alert review. Company updates also address investor conference participation and the expansion of AI- and data-driven capabilities across the SafetySmart portfolio.
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.
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