SoundThinking, Inc. reported a revenue increase of 12% for the first quarter of 2025, generating $28.3 million compared to $25.4 million in the same period last year. The growth was primarily driven by approximately $3.5 million in catch-up revenue from contract renewals with the New York City Police Department. Despite the revenue increase, the company recorded a net loss of $1.5 million, an improvement from the $2.9 million loss reported in the first quarter of 2024. The accumulated deficit rose to $105.8 million as of March 31, 2025.
In terms of operational metrics, SoundThinking's customer base expanded to approximately 330 customers, with the company having worked with around 2,100 agencies to enhance public safety outcomes. The flagship product, ShotSpotter®, was deployed in 177 cities and 21 universities and corporations, while the company also introduced new solutions such as SafePointe, an AI-based weapons detection system, and PlateRanger, a vehicle identification solution developed in partnership with Rekor Systems, Inc. The company’s total assets stood at $136.3 million, with current assets of $44.9 million.
The company’s financial position showed a slight decrease in cash and cash equivalents, which fell to $11.7 million from $13.2 million at the end of 2024. Total liabilities decreased to $62.5 million, down from $64.4 million, primarily due to a reduction in accrued expenses. The company also repurchased 33,493 shares of its common stock during the quarter, utilizing approximately $0.5 million under its stock repurchase program, which has $12.9 million remaining for future purchases.
Looking ahead, SoundThinking aims to continue expanding its market presence and product offerings, particularly in international markets. The company plans to invest in research and development to enhance its existing solutions and develop new products. However, challenges remain, including the lengthy sales cycles associated with government contracts and potential budget constraints faced by its customers. The company’s future growth will depend on its ability to navigate these challenges while maintaining customer satisfaction and expanding its service offerings.
About SOUNDTHINKING, INC.
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