logo-loader

ShotSpotter beats Street's 3Q revenue estimate, but falls short on earnings forecast

Published: 08:26 14 Nov 2018 AEDT

bullets
The company has developed the technology to pinpoint when and where a gun has been fired

ShotSpotter Inc (NASDAQ:SSTI) beat Wall Street’s estimates for third-quarter revenue and lifted its revenue forecast for the year, but missed the consensus mark on profit.

The gunshot detection company reported a net loss of $0.13 per share on revenue of $9.2 million, compared with a net loss of $0.17 per share on revenue of $6.85 million in the corresponding period last year.

The California-based company surpassed Wall Street’s revenue estimate of $8.9 million, but fell short of its earnings forecast of a net loss of $0.04.

READ: ShotSpotter beats second-quarter estimates, forecasts profitability by its fourth quarter

The company has developed the technology to pinpoint when and where a gun has been fired. Through the use of multiple sensors, machine learning technology and acoustic experts, the tech can detect the time, location, direction and angle of the explosion and send crucial information to 911 dispatchers and other first responders.

For the year ahead, the tech company upped its revenue guidance to $34.4 million to $34.6 million. It also set its initial revenue outlook at $45 million to $47 million for 2019.

The company still expects to achieve GAAP profitability by the fourth quarter of 2018.

“We made excellent progress in our long-term pursuit of serving the needs of law enforcement and municipal customers focused on addressing gun violence with our unique and patent-protected gunshot detection platform," said CEO Ralph Clark in a press release.

“This quarter, we successfully increased revenues by 35% to a record $9.2 million and increased gross margin to 55% enabling gross profit to increase 49% from the prior year period,” Clark added.

ShotSpotter has partnered with big-name companies like AT&T Inc (NYSE:T), General Electric Company (NYSE:GE) and Verizon Communications Inc (NYSE:VZ).

ShotSpotter closed up 3% to hit $37.18 on Tuesday.

 

Contact Ellen Kelleher at ellen@proactiveinvestors.com

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

10 hours, 38 minutes ago