SoundThinking Announces 7 New and Expanded ShotSpotter Deployments Nationwide
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The expansion of SoundThinking, Inc.'s ShotSpotter technology into new municipalities and the growth of existing programs suggest a positive trajectory for the company's market penetration. This can be attributed to an increased focus on public safety and the adoption of advanced technology solutions by law enforcement agencies. The $7 million state funding initiative in New Jersey demonstrates governmental support for such technologies, potentially paving the way for further public investments in other regions.
From a market perspective, the adoption by both large cities and smaller municipalities indicates a broad market segment for SoundThinking's products. The scalability of their technology is a crucial factor in its widespread adoption, allowing for customization to different city sizes and specific needs. This expansion is likely to contribute positively to SoundThinking's revenue stream and may result in upward revisions of future earnings forecasts.
SoundThinking, Inc.'s announcement of new contracts and expansions is a significant indicator of the company's financial health and growth prospects. The addition of 7 new customers, especially in the context of a state-funded initiative, can lead to a stable and predictable revenue source. Investors should note the potential for increased recurring revenue given the nature of public safety contracts, which typically involve multi-year commitments.
It is important to analyze the company's ability to scale operations and maintain profit margins in the face of rapid expansion. The cost structure associated with deploying ShotSpotter in new locations, including installation and maintenance, will be a critical factor in determining the long-term profitability of these contracts.
ShotSpotter's technology is a key innovation in the public safety sector, offering real-time gunshot detection which enables quicker police response times. Its deployment in diverse regions from Hammond, Indiana to the greater Los Angeles area reflects the technology's versatility and the growing emphasis on tech-driven law enforcement solutions.
The system's ability to increase crime incident awareness and potentially save lives aligns with current public safety trends aimed at using data and technology to improve community policing. However, the effectiveness and accuracy of ShotSpotter have been subjects of debate, which stakeholders should monitor as these can impact public perception and future sales. Long-term success will depend on continued technological improvements and the ability to demonstrate clear benefits to both law enforcement and the communities they serve.
Summary: Leading public safety technology company, SoundThinking, Inc. today announced a combined 7 new contracts and expansions for the deployment of ShotSpotter, the industry-leading gunshot detection system, further solidifying ShotSpotter's presence across key metropolitan regions.
FREMONT, Calif., March 13, 2024 (GLOBE NEWSWIRE) -- SoundThinking, Inc. (Nasdaq: SSTI) (formerly ShotSpotter, Inc.), a leading public safety technology company, today announced a total of 7 new customers and expanded coverage areas for its flagship ShotSpotter gunshot detection system. In the first quarter of 2024, the company secured multiple agreements with municipalities implementing ShotSpotter for the first time or significantly increasing their existing coverage areas, while other cities also went live with newly deployed ShotSpotter technology.
One such city that recently went live with ShotSpotter is Hammond, Indiana. "Our top priority is ensuring the safety of all Hammond residents," said Chief of Police William A. Short. "By deploying ShotSpotter's proven technology, we are adding an essential tool that will enable our officers to rapidly pinpoint and respond to gunfire, ultimately helping to save lives and increase crime incident awareness."
In New Jersey, 4 municipalities either expanded or went live with ShotSpotter. These include expansions in Paterson, Camden County and Newark, where coverage areas significantly increased. Additionally, Bergen County has implemented ShotSpotter for the first time, further expanding the technology's footprint to 14 total municipalities across the state. These bookings are being funded by a
This momentum is not limited to the Northeast as SoundThinking has seen growing adoption on the West Coast as well. The city of Lancaster, California recently joined Pico, Hawaiian Gardens, and Pasadena in deploying ShotSpotter's acoustic gunshot detection capabilities in the greater Los Angeles area.
Finally, SoundThinking is pleased to announce a new ShotSpotter deployment in New Bern, North Carolina.
"We're extremely proud that a wide range of agencies nationwide increasingly view ShotSpotter as a critical tool for enhancing public safety and addressing gun violence," said SoundThinking CEO Ralph Clark. "From large cities like Newark, NJ, to smaller municipalities like New Bern, NC, these new deployments underscore the belief that ShotSpotter can help police better respond to and investigate incidents of gunfire quickly, save lives, and capture critical evidence, while bolstering community trust.”
To learn more about SoundThinking's full range of public safety technologies, please visit www.SoundThinking.com.
Safe Harbor Statement
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to statements regarding the belief that ShotSpotter will enable officers to rapidly pinpoint, respond to, and investigate incidents of gunfire, ultimately helping to save lives, increase crime incident awareness, and capture critical evidence, while bolstering community trust. Words such as “expect,” “anticipate,” “should,” “believe,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “could,” “intend,” variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond the company’s control. Actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to the effective use of the company’s technology and achieving its intended benefits, as well as other risk factors included in the company’s most recent annual report on Form 10-K and quarterly report on Form 10-Q and other Securities and Exchange Commission filings. These forward-looking statements are made as of the date of this press release and are based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Except as required by law, the company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.
About SoundThinking
About SoundThinking SoundThinking, Inc. (Nasdaq: SSTI) is a leading public safety technology company that delivers AI- and data-driven solutions for law enforcement, civic leadership, and security professionals. SoundThinking is trusted by more than 250 customers and 2,000 agencies to drive more efficient, effective, and equitable public safety outcomes. Our SafetySmart™ platform includes ShotSpotter®, the leading acoustic gunshot detection system; CrimeTracer™, the foremost law enforcement search engine; CaseBuilder™, a one-stop investigation management system; ResourceRouter™, software that directs patrol and community anti-violence resources to help maximize their impact; and SafePointe®, a next-generation concealed weapons detection system. SoundThinking has been designated a Great Place to Work® Company.
Investor Relations Contacts:
Matt Glover and Greg Bradbury
Gateway Group, Inc.
+1 (949) 574-3860
SSTI@gateway-grp.com
FAQ
How many new contracts and expansions did SoundThinking, Inc. announce for ShotSpotter?
Which city recently went live with ShotSpotter technology?
What funding initiative is supporting the expansion of ShotSpotter in New Jersey?
Who is the Chief of Police in Hammond, Indiana?
Where was the new ShotSpotter deployment announced in North Carolina?
Which CEO commented on the new deployments of ShotSpotter?
How many municipalities in New Jersey have implemented ShotSpotter for the first time?
Which regions saw growing adoption of ShotSpotter technology?
What is the main focus of deploying ShotSpotter technology according to Chief of Police William A. Short?
How does SoundThinking CEO Ralph Clark view the new ShotSpotter deployments?
