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SoundThinking Inc. (SSTI+2.51%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenues of $102.0 million, an increase from $92.7 million in 2023. This growth was primarily driven by new customer acquisitions and expansions of existing customer coverage areas.
Cost of revenues increased to $43.5 million from $39.9 million in the previous year, while operating expenses rose to $65.7 million from $54.0 million.
The company reported a net loss of $9.2 million for the year, compared to a net loss of $2.7 million in 2023. The increase in net loss was attributed to higher operating expenses and restructuring costs.
SoundThinking's cash and cash equivalents were $13.2 million as of December 31, 2024, with an available credit facility of $21.0 million. The company believes its current cash reserves and credit facility will be sufficient to meet its working capital and capital expenditure requirements for the next 12 months.
During the year, the company completed the acquisition of SafePointe, an AI-based weapons detection system provider, for $25.6 million. This acquisition is expected to enhance SoundThinking's product offerings.
SoundThinking continues to focus on expanding its customer base and increasing sales of its SafetySmart platform, which includes products like ShotSpotter, CrimeTracer, and SafePointe.
The company identified a material weakness in its internal control over financial reporting related to the verification of data used in financial statement preparation. Remediation efforts are underway.
SoundThinking's board of directors approved a stock repurchase program for up to $25.0 million, of which $6.0 million was utilized in 2024.
The company operates as a single segment and continues to explore opportunities for international expansion, particularly in Latin America and other regions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the SoundThinking Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.