SoundThinking, Inc. reported its financial results for the second quarter of 2025, revealing a revenue of $25.9 million, a 4% decrease from $26.96 million in the same period last year. For the first half of 2025, the company generated $54.2 million in revenue, marking a 4% increase compared to $52.4 million in the first half of 2024. The decline in quarterly revenue was attributed primarily to the non-renewal of a contract with the City of Chicago, which accounted for a revenue reduction of approximately $2.8 million. Despite this, the company saw new bookings and expansions with existing customers contributing $1.9 million to revenue.
The company's net loss for the second quarter of 2025 was $3.1 million, compared to a loss of $0.8 million in the same quarter of 2024. For the first half of 2025, the net loss increased to $4.6 million from $3.7 million in the prior year. The increase in losses was driven by higher operating expenses, which rose to $16.7 million in the second quarter, up from $16.1 million a year earlier. This included increased costs in research and development and general administrative expenses, reflecting the company's ongoing investments in enhancing its technology and compliance with regulatory requirements.
Operationally, SoundThinking reported a customer base of approximately 335 as of June 30, 2025, with its flagship product, ShotSpotter®, being utilized in 179 cities and 22 universities and corporations. The company has expanded its offerings with the introduction of new products such as PlateRanger™, an advanced license plate recognition system launched in July 2024, and SafePointe™, an AI-based weapons detection system. The company also noted a total of 264 SafePointe lanes under contract, indicating a growing adoption of its security solutions.
In terms of financial health, SoundThinking's total assets decreased to $134.8 million as of June 30, 2025, down from $136.8 million at the end of 2024. The company reported cash and cash equivalents of $8.95 million, a decline from $13.2 million at the end of the previous year. The company’s liabilities also decreased, with total liabilities at $60.3 million compared to $64.4 million at the end of 2024. The company has a revolving credit facility of $25 million, with $4 million drawn as of June 30, 2025.
Looking ahead, SoundThinking aims to continue expanding its customer base and enhancing its product offerings. The company plans to invest in research and development to improve its existing solutions and develop new products, particularly in response to emerging market needs. However, challenges remain, including the complexities of contracting with government entities and the potential impact of budget constraints on customer spending. The company remains focused on leveraging its technology to improve public safety outcomes while navigating these market dynamics.
About SOUNDTHINKING, INC.
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