SoundThinking, Inc. reported a revenue increase of 10% for the fiscal year ending December 31, 2024, totaling $102.0 million, compared to $92.7 million in 2023. The growth was primarily driven by a $6.2 million rise in revenues from new customers and expansions of existing customer coverage areas, alongside a $2.0 million increase attributed to the full-year revenue contribution from the acquisition of SafePointe. However, the company experienced a delay in contract renewals with the City of New York, which impacted revenue recognition by approximately $3.5 million, as these contracts were renewed in the first quarter of 2025. Despite the revenue growth, SoundThinking reported a net loss of $9.2 million for 2024, widening from a loss of $2.7 million in the previous year.
In terms of operational metrics, SoundThinking had approximately 328 customers and worked with around 2,100 agencies to enhance public safety outcomes. The company’s flagship product, ShotSpotter, was operational in 177 cities and 20 universities as of year-end 2024. The total coverage area under contract for ShotSpotter, ShotSpotter for Campus, and ShotSpotter for Corporate reached over 1,076 square miles, with 1,074 square miles already live. The company also reported a revenue retention rate of 105% for 2024, indicating a strong ability to retain and expand existing customer relationships.
Strategically, SoundThinking has made significant acquisitions to enhance its product offerings. The acquisition of SafePointe in August 2023 added an AI-driven weapons detection system to its SafetySmart platform. Additionally, the company announced a strategic partnership with Rekor Systems in July 2024 to launch PlateRanger, an advanced license plate recognition solution. These developments are part of SoundThinking's broader strategy to expand its market presence and product suite, particularly in the public safety and security sectors.
The company’s operational challenges included a material weakness in internal controls over financial reporting, which management is actively working to remediate. This weakness was identified as affecting the verification of data completeness and accuracy in financial statements. SoundThinking's management has initiated measures to document processes and train personnel to address this issue. The company also reported a total employee headcount of 316 as of December 31, 2024, reflecting its commitment to maintaining a skilled workforce to support its growth initiatives.
Looking ahead, SoundThinking aims to continue expanding its customer base and product offerings while navigating the complexities of government contracting and funding availability. The company plans to leverage its existing relationships and enhance its sales and marketing efforts to drive growth, particularly in international markets. However, it acknowledges that economic uncertainties and potential funding constraints could impact its future performance.
About SOUNDTHINKING, INC.
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