SoundThinking Inc

soundthinking.com

What Do They Do?

Sells gunshot-detection systems and public-safety software to police departments, government agencies, and security teams.

How Do They Make Money?

Government agencies, universities, and security customers pay for software subscriptions; they are generally billed at signing and when service is ready, then annually for later contract years. Requested software-development work is billed monthly.

FY2025 revenue by product or service revenue

Segment	Share	How money arrives
Subscription Maintenance And Support Services Member Recurring	95% FY2022: 93%	Recurring
Professional Software Development Services Member	0.9% FY2022: 6.9%
Catch-up	4.0%

Who Are Their Customers?

The company sells mainly to government agencies, including police departments, and also to universities and corporate security buyers. Direct sales teams handle most sales; two resellers focus on CrimeTracer and SafePointe.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2023: 34% from two customers

Do Revenues Turn Into Profits?

Not on paper. It lost $9.4M in FY2025, but brought in more cash than it spent: $4.9M of free cash flow.

Operating income, FY2025

−8% of revenue

▲ +11% (Loss) vs FY2024 (−$7.9M, −8%)

Net income, FY2025

−9% of revenue

▲ +3% (Loss) vs FY2024 (−$9.2M, −9%)

Free cash flow, FY2025

5% of revenue

▼ −69% vs FY2024 ($15.9M, 16%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −8%; vs $25.9M in Q2 FY2025
Net income: ▲ +52% (Loss); vs −$3.1M in Q2 FY2025

Subscription, maintenance and support services Member share of revenue vs 98.8% in Q2 FY2025

May 14, 2026 Reaffirmed full-year revenue and adjusted EBITDA margin guidance The company kept its revenue range at $109.0 million to $111.0 million and adjusted EBITDA margin range at 16% to 18%.

Growing. Revenue grew 79% in 4 years, from $58.2M in FY2021 to $104.1M in FY2025, about 16% a year.

More security products The portfolio moved beyond gunshot detection, investigative search, case management, and patrol planning to include vehicle identification and concealed-weapons detection.

Revenue over time

Subscription Maintenance And Support Services Member Professional Software Development Services Member Catch-up

$200M$100M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Alarm.com, Databuoy, EAGL Technology, Flock Safety, Safety Dynamics, Wi-Fiber, ZeroEyes, AmberBox, ForceMetrics, Lexis Nexis Accurint Virtual Crime Center, Peregrine, Mark43, Soma Global, Tyler, CaseClosed, Kaseware, CentralSquare Technologies, Genetec, Motorola Solutions, and Axon

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