ShotSpotter 2022 Financials and 2023 Outlook Analyzed
ShotSpotter is the largest provider of the US wide-area outdoor gunshot detection market. While it has recently faced public scrutiny over its effectiveness and court admissibility, the company saw significant revenue growth in 2022.
In this report, IPVM analyzes the company's financials and business, including:
- 2022 financials
- 2023 outlook
- Forensic Logic acquisition
- Valuation up in 2022
- Stagnant profit
- Business model & pricing
- Customer count & growth
- Potential market
- Growing international expansion
- Steady revenue retention
- Government funding
- Controversy
See our previous ShotSpotter financial coverage: ShotSpotter Financials and Business Analyzed 2020
Financials ****
*********** ********** **** ******* ** $** *******, reflecting **% *** ******* ******, **** organic ****** ***** ~**%, ********* *** Forensic ***** *********** (********* *****). *** main ******* ******* ****** *** *** company's *** ** ***% ** ******** customers ********, ** ***, ** **%. A ********* ****** *** *** ******** acquisitions.
*** *******'* ******* *** *** * CAGR ** **.*% **** *** **** 4 *****:
***********'* ******* ****** **** **** *** 2022 **** ****** ** * ***-*** event (********* *****).
*********** **** *** ********* ******** **** year **** *** ********* ***** ***** in *** ***,********* ** ********:
2023 ***********
*********** ******* * *** ***** ****** rate ** **** **** ** ****, aiming *** **% - **%. ** aims ** ******** ******** ****** **** 20% ** ******* ** **** ** 24%-26% ** ****.
*** ******* ******* *** ***** ****** "to *** ****** ** **% ** 70%+ **** *** **** ******* *****" from *** ******* **%. *** ******* said **** ** ** ******* *** usual ******* *** ******** ******** ** the ******* ***** *** ******** ******** in *** *********.
Forensic ***** ***********
*********** ******** ******** *****, ***** ** *** *********** ***** database******* *, ** ******* *, ****. ******* X *** ****** *** ** ***********'* key *********** ***** ** *** *******’* ******** pipeline, **** ******** $* ******* ******** **** *** Commonwealth ** *************.
*** ******* **** *** **% *** revenue ******** *** "*** ** ** increase ** *** **** *****, ******** expansions, *** *** ******** ***** ***********."
*********** **** $*.* ******* ** **** and $**.* ******* ** ****** ****** for *** ********. *** ******** ************* also ******** ********** ******** ** ** to $*.* ******* ** **** *** $10.5 ******* ** **** ***** ********** ******* ******* **********.
*******, ******** ***** *********** ****** $* million ** ****** ********* ******* *** the ******* ** ****.
************ *********** ** *** ***********, *********** said:
** *** ****** *********** ***** ** more ******* ********* *** ******* * solution *** ***** ****** **** *********** sales, ******** *******, *** ******* *** product ********** ************** ** ********** *********** Respond ****** ************* ** *********** **** the ***** *** ******* ****** ******** that *** *********** ** ******** ***** brought ** *** *******.
ShotSpotter ****** ** ~** ** ****** *******
*********** *** * $*** ******* *********, ~5x ** *** ** **** *******. ShotSpotter's ********* ** ** ~**% *** but **** **% ******** ** *** peak ** ****. *** *******'* ***** dropped *% ***** *** ** ********* results **** ********.
*******
***********'* ******* ****** ********, ******* *** significant ****** ** ******* **** *** last * *****.
****** ** ** **** *** ****** is ****** ************ ** ** ********** on *** ******* **** *** ******** Logic ***********, ** *** ******* *** not ***** *** ******* ****** *** the ****. ********* *** **********, *** company *** * $*.* ******* *** loss ** ****.
Business ***** & *******
**** ** ***********’* ******* ***** **** subscriptions *** *** ******** ******* ********* service "*******."*** *******'* **** ******** ********* ******** Suite ******** **** ********* - *******, Connect, ***********, *** ******* *:
*********** ***** *** ******* ********* ******** "Respond" *** ~$**,*** *** ****** **** per ****, ********* ***** ******* ******** **** *** **** of ******** ** *** ******. ******* ** ********** *** *********** customers.
******* *** *** **** **** ***** respectively ~$* ******* *** ~$* ******* per **** **** ***********.
Customer ***** *** ******
*********** *** **** **** *** ****** customers ** ** ** ****; ***** them, **** **** *** *** *** enforcement ********, ********* ***** *******'* ************ ** ********* ** December.
** ****, *********** **** ** ******** 145 *** ***** *** ** ************ renewals ** ******** ** *** ******** call, ********* ** *,*** ****** ***** of ********** ******** (***** ** **** than * ***** *** **** ** Chicago ** *** ****** *****).
** *** ************ ** *********, *************** ** ****** ** ** *** top ** ******* ****** ** *** US, ********* *** **** **** *** Chicago. *** ******* ****** *** *** 20 ******** ********* *** *** ******* detection ******** "*******" ** ****** ********* revenues ** *******:
Potential ******
** *** ************ ** *********, *********** said ** *** *$*.*+ ******* ***** *********** ******:
***** **** ******* ************* ******* ** optimistic ***** *********** ******, ***********'* $*.* billion ******** *** ******** ******* ********* is ********** ************. *********** *** **** pursuing **** ****** *** **** * decade, *** ** ***** ****** *** its ****-**** ********, *** *** *** reached $*** ******* ** ****** *******. This ***** ** ******** ******* *** market ********* ** ***** ** **** $1.5 *******.
*********** **** ** ********* *** **** than *% ****** *********** ** ******** law *********** ******** *** ********** ******** and **** **** ** ** *********** to **** *** **** ********. **** is ********* *** **** *********** **** fare ** ***** *******, ** **** universities **** *** ********* ** ******** and ******** *** *********** ******.
******* ********* ****** ******* *********, *********** also **** ** *****-**** *** * other ******* ********* ***** ******* *********. This ** * ******** ***** *** the ******* ** ****** ****** *** relatively ******* ******* ********* ********.
Growing ************* *********
*********** *** ********* ** ****** ***************, with ******* ******** ** ***** ******* and ***** ******. *** **** ******* in **** **** ******:*********** ********** *** ******** ******** ****
** ** ****, *********** ****** * 3-year ******** **** **** **** (***** Africa), **** **** *** ******* ********** had * ******** **** **** ** 2019. *********** *** **** **** *** products **** ******* *** ** "******* of ******* ******** ************ ** ******** *** ***** **********."
*********** ** **** ********* ********* **** other ***** ** *** *****. *** company **** ** *** * "****** major ********* ** *** *******" **** year *** ** ****** ** ******* dialogue **** * *** ***** ******** countries. *** ******* ******* ** **** 1 ** * **** ** ***** countries ** ****.
Steady *** ******* *********
***********’* **** *** ******* ********* **** was ***% ** ****, ******** ** 125% ** ****.***** *** ********* ***** ** ******* were ** ** *% ** **% in ****, *** *** *******’* ***** efficiency *****, ******* ** *** ***** and ********* ***** ** ******* $* of *** *** ********** ******** *****, grew ** $*.**, ******** ** $*.** in ****.
Government *******
*********** ************ ***** *** ****** ******** *** existing *******, ******:
*** ******* *** ********* *********** ********* to ** ************, *** **** ** the ***** *** ***** ***** *** also ** *** ******* *****.
***** *****’* ******** ****** ****, $*** million *** ********* ** ****** ****** technology. ****** **** ****, ******* *** allocated $* ******* *** ******* *********, which *** *** ** * **-******-**** expansion *** ***********.
*** ******* **** ***************** ** ********* ****** ******* ****** the **. ** ** ** ** ****** increased ****** ******* ** ****, *** over $** ******* ** ******* ********* is *** ********* ** *** ***********.
***********
*** ******* ** ** ******* **-**** old ** ******* ****** ********** ** a *********** ***** ** ***** **** brought ****** ***** ***********'* *************. *** products **** **** ******* ** *************************** ************* *******-******** *** ******** *************.
***** *** **** ****** ****** ******* ShotSpotter's **** *** ** **** ** legal ********, *** **** **** ****** for **** *******:*********** ************* ********** ** *****.** *********** ******** *** *** ** works, ****:*********** ******** ****** ********
** ***-****,*********** ***** * ********** ********* ******* VICE. **************** ********* *** ************* *** **** *** *********.
*** **, **** -**** ** ******* ****** ** ********* General ****** ** *** ** ***********(*** ********** ** ***)
*** *, **** -**** **** ** *******'* ********* **** in * ******* *******
*** *, **** -*********, ********* **** **** ****, *** Chicago ***** ** **** ** *** 600 ******** ** ****
*** **, **** -******* ***** ******* ****** ****** ******** in ******(*******)
*** *, **** -**** ********* ******* ***** ******* ***** to **** ********** ** ** *****