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EX - 99.1 2 ssti - 20210511 - ex99_1.htm EX - 99.1 Exhibit 99.1 ⚫ShotSpotter ShotSpotter Reports First Quarter 2021 Financial Results 44 % Year - over - Year Increase in Revenues Drives Another Quarter of Record Revenues , Solid Adjusted EBITDA and GAAP - Profitability NEWARK , CA – May 11 , 2021 – ShotSpotter , Inc. ( NASDAQ : SSTI ) , a leader in precision policing technology solutions that enable law enforcement to more effectively respond to , investigate and deter crime , today reported financial results for the first quarter ended March 31 , 2021 . First Quarter 2021 Financial and Operational Highlights ☐ Revenues increased 44 % to $ 15.0 million from $ 10.5 million for the first quarter of 2020 . Gross profit increased 42 % to $ 8.7 million ( 58 % of revenues ) from $ 6.1 million ( 58 % of revenues ) for the first quarter of 2020 . Net income increased to $ 79,000 from $ 13,000 for the first quarter of 2020 . ☐ Adjusted net income¹ increased to $ 244,000 from $ 13,000 for the first quarter of 2020 . ☐ Adjusted EBITDA¹ increased to $ 3.3 million from $ 2.2 million for the first quarter of 2020 . ☐ Went " live " with ShotSpotter Respond in six new cities and with five expansions in current customer cities . Maintained a strong balance sheet with $ 10.9 million in cash and cash equivalents and had $ 20.0 million available on the Company's line of credit at the end of the quarter . Repurchased over 56,000 shares for a total of approximately $ 2.2 million . Full year 2021 revenue guidance increased to $ 60 million to $ 61 million ( previously $ 58 million to $ 60 million ) , representing growth of over 30 % compared to full year 2020 . ¹See the section below titled " Non - GAAP Financial Measures " for more information about Adjusted net income and Adjusted EBITDA , and their reconciliation to GAAP net income . Management Commentary " We grew revenues by 44 % to a record $ 15 million while maintaining strong margins and generating profitable results , including a 22 % Adjusted EBITDA margin ( Adjusted EBITDA divided by revenues ) for the period , " said ShotSpotter CEO Ralph Clark . “ During the quarter we went live with ShotSpotter Respond in six new cities , expanded with five existing customers and had a robust number of new city and expansion projects staffed and to be deployed in Q2 and early Q3 of this year . Additionally , a number of ShotSpotter Connect deals have already been booked and are expected to be taken live in Q2 and early Q3 . " We have made solid progress in expanding and enhancing our product suite to offer an end - to - end precision policing platform that provides more efficient and effective ways to respond to , investigate , and prevent crime beyond gunshot detection . Today , we announced the availability of the fully functional and demonstrable version of ShotSpotter Investigate , our purpose - built case management solution . This is ahead of our original schedule and will enable us to immediately build a backlog of early adopter prospects 60+ days sooner than we had anticipated . ShotSpotter Investigate , ShotSpotter Connect and our leading acoustic gunshot detection solution ShotSpotter Respond represent a triumvirate of precision policing tools