The following is a summary of the SoundThinking, Inc. (SSTI) Q3 2024 Earnings Call Transcript:

Financial Performance:

• SoundThinking, Inc. reported Q3 2024 revenues of $26.3 million, a 10% increase year-over-year.

• Year-to-date revenues stood at $78.6 million, marking an 18% increase from the same period last year.

• Gross profit for Q3 was $15.2 million, resulting in a gross margin of 58%.

• Adjusted EBITDA for Q3 grew approximately 5% to $4.5 million.

• The company maintained its full year 2024 revenue guidance at $104 million to $106 million, with adjusted EBITDA margin guidance at 18% to 20%.

Business Progress:

• The SafetySmart platform, which includes ShotSpotter and other public safety technologies, added new cities and expanded in existing ones.

• New strategic partnerships and product innovations such as the introduction of PlateRanger and upgrades to SafePointe were highlighted.

• Significant bookings growth was reported across all SafetySmart platform solutions, with notable increases in subscription-based revenues for CaseBuilder.

Opportunities:

• The expansion of the SafetySmart platform and new strategic partnerships provide substantial growth opportunities.

• Increased adoption of AI and machine learning technologies in public safety sectors signifies potential market expansion, particularly with the PlateRanger solution targeting a growing market.

Risks:

• The termination of the ShotSpotter contract with Chicago and its potential impact on revenues emphasizes dependency on large city contracts and the political dynamics that may influence business operations.

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