SoundThinking's Q4 2024: Contradictions in Chicago RFP Engagement, Revenue Expectations, and SafePointe Expansion
Generado por agente de IAAinvest Earnings Call Digest
martes, 25 de febrero de 2025, 8:32 pm ET1 min de lectura
SSTI--
These are the key contradictions discussed in SoundThinking, Inc.'s latest 2024Q4 earnings call, specifically including: Chicago RFP Engagement and Revenue Contribution, Product Sales Cycle Length, Gunshot Detection Revenue Expectations, and SafePointe Solution Expansion:
Revenue and Financial Performance:
- SoundThinking's Q4 revenue decreased by 10% year-over-year to $23.4 million, while full year 2024 revenue grew by 10% to a record $102 million.
- The decline in Q4 was primarily due to a $3.5 million delay in contract renewals with the New York City Police Department (NYPD), while full-year growth was driven by strong demand for public safety and security solutions.
ShotSpotter Expansion and International Growth:
- ShotSpotter went live in 20 new cities and 5 new universities in 2024, recognizing 24 expansions and covering 126 miles.
- International sales momentum was evident with new city captures in Niterói, Brazil, Nelson Mandela Bay, South Africa, and an expansion in Montevideo, Uruguay.
NYPD Contract Renewal:
- SoundThinking successfully executed a three-year contract renewal of approximately $21.9 million with NYPD, securing the ShotSpotter service through December 2027.
- This renewal extends the company's long-term partnership with NYPD, highlighting the value of its ShotSpotter services at scale.
SafePointe and ResourceRouter Growth:
- The next-generation SafePointe system secured pilot wins with two hospital chains, with potential multimillion dollar ACV contracts.
- The ResourceRouter tool saw a 100% ASP growth from 2023 to 2024, indicating strong market fit and demand.
2025 Revenue Guidance and Pipeline:
- SoundThinking increased its full year 2025 revenue guidance to $111 million to $113 million, representing approximately 10% year-over-year growth.
- This optimism is supported by a strong pipeline, with approximately $50 million in 2025 qualified ACV across the SafetySmart platform.
Revenue and Financial Performance:
- SoundThinking's Q4 revenue decreased by 10% year-over-year to $23.4 million, while full year 2024 revenue grew by 10% to a record $102 million.
- The decline in Q4 was primarily due to a $3.5 million delay in contract renewals with the New York City Police Department (NYPD), while full-year growth was driven by strong demand for public safety and security solutions.
ShotSpotter Expansion and International Growth:
- ShotSpotter went live in 20 new cities and 5 new universities in 2024, recognizing 24 expansions and covering 126 miles.
- International sales momentum was evident with new city captures in Niterói, Brazil, Nelson Mandela Bay, South Africa, and an expansion in Montevideo, Uruguay.
NYPD Contract Renewal:
- SoundThinking successfully executed a three-year contract renewal of approximately $21.9 million with NYPD, securing the ShotSpotter service through December 2027.
- This renewal extends the company's long-term partnership with NYPD, highlighting the value of its ShotSpotter services at scale.
SafePointe and ResourceRouter Growth:
- The next-generation SafePointe system secured pilot wins with two hospital chains, with potential multimillion dollar ACV contracts.
- The ResourceRouter tool saw a 100% ASP growth from 2023 to 2024, indicating strong market fit and demand.
2025 Revenue Guidance and Pipeline:
- SoundThinking increased its full year 2025 revenue guidance to $111 million to $113 million, representing approximately 10% year-over-year growth.
- This optimism is supported by a strong pipeline, with approximately $50 million in 2025 qualified ACV across the SafetySmart platform.
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