Wed, May 15, 8:44 PM (72 days ago)
SoundThinking, Inc. reported its financial results for the quarter ended March 31, 2024. The company saw a 23% increase in revenues to $25.4 million, driven by new customers, expanded coverage areas, and professional services revenue. Despite this growth, the company posted a net loss of $2.9 million, up from a $1.8 million loss in the same quarter last year. The increase in net loss was attributed to higher costs in sales, marketing, research and development, and general administrative expenses. Cost of revenues also rose due to increased product costs and personnel expenses. The company’s cash and cash equivalents stood at $8.5 million, with an available credit facility of $18.0 million. The company continues to focus on expanding its customer base, both domestically and internationally, and enhancing its product offerings. However, uncertainties such as economic conditions, customer budget constraints, and competition pose challenges to its growth strategy.