SSTI on Nasdaq

SoundThinking, Inc.

Logo: ShotSpotter, Inc., Public domain, via Wikimedia Commons4

American gunfire locator technology company

SoundThinking, Inc. (formerly ShotSpotter Inc.) is an American security technology company based in Fremont, California.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 19, 2026.

Overview

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  • TickerSSTI on Nasdaq1
  • IndustryServices-Prepackaged Software1
  • HeadquartersFremont1
  • Websitesoundthinking.com
  • Incorporated inDE5
  • Business address39300 Civic Center Drive, Suite 300, Fremont, Ca 945385
  • Filer categoryNon-accelerated filer, Smaller reporting company5
20230212 ShotSpotter Installation on Rutledge in Springfield, IL
Photo: Salisburymistake, CC BY-SA 4.0, via Wikimedia Commons7

SoundThinking, Inc. (formerly ShotSpotter Inc.) is an American security technology company based in Fremont, California. The company is publicly traded, and is known for its gunfire locator service. ShotSpotter claims it can identify when a gunshot is fired in an area in order to dispatch law enforcement, though researchers have noted concerns about effectiveness, reliability, privacy, and equity. The company has been partnering with cities and police since 1997, and as of 2022 has been utilized by more than 130 cities and law enforcement agencies in the US.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

54.4%Gross margin8
-8.4%Operating margin8
-9.0%Net margin8
2.1%Revenue growth, 20258
-13.1%Return on equity8
$4.9MFree cash flow8

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Subscription, maintenance and support services brought in 95% of the revenue SoundThinking, Inc. broke down this way in fiscal 2025.

  1. Subscription, maintenance and support services$103.1M895%up 4% from 2024
  2. Catch Up$4.3M84%
  3. Professional software development services$1.0M81%down 66% from 2024
Products and services by year
Products and services202320242025
Subscription, maintenance and support services$87.5M$99.1M$103.1M
Catch Up$4.3M
Professional software development services$5.2M$2.9M$1.0M

Regions

United States brought in 88% of the revenue SoundThinking, Inc. broke down this way in fiscal 2025.

  1. United States$100.6M888%up 1% from 2024
  2. BS$3.5M83%up 30% from 2024
  3. ZA$3.5M83%up 30% from 2024
  4. UY$3.5M83%up 30% from 2024
  5. BRMember$3.5M83%
Regions by year
Regions202320242025
United States$90.8M$99.3M$100.6M
BS$1.9M$2.7M$3.5M
ZA$1.9M$2.7M$3.5M
UY$2.7M$3.5M
BRMember$3.5M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue46¢$47.5M
  • Research and development15¢$15.9M
  • Other costs39¢$40.7M
  • Income tax0¢$113.0K

Out of $104.1M in revenue.8 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Capital spending48¢$4.4M
  • Share buybacks32¢$3.0M
  • Kept or used elsewhere20¢$1.9M

Out of $9.3M of cash from operations.8

Financial statements

Revenue91011128$104.1M in 2025+156% since 2019
0$50.0M$100.0M$150.0M2019: $40.8M$40.8M20192020: $45.7M$45.7M2020+12%2021: $58.2M$58.2M2021+27%2022: $81.0M$81.0M2022+39%2023: $92.7M$92.7M2023+14%2024: $102.0M$102.0M2024+10%2025: $104.1M$104.1M2025+2%
Gross profit91011128$56.6M in 2025+133% since 2019
0$20.0M$40.0M$60.0M2019: $24.3M$24.3M20192020: $27.0M$27.0M2020+11%2021: $32.5M$32.5M2021+21%2022: $46.8M$46.8M2022+44%2023: $52.7M$52.7M2023+13%2024: $57.9M$57.9M2024+10%2025: $56.6M$56.6M2025−2%
Operating income91011128-$8.7M in 2025
-$10.0M-$5.0M0$5.0M$10.0M2019: $1.6M$1.6M20192020: $1.3M$1.3M2020−19%2021: -$4.1M-$4.1M20212022: $7.7M$7.7M20222023: -$1.2M-$1.2M20232024: -$7.9M-$7.9M2024+534%2025: -$8.7M-$8.7M2025+11%
Net income91011128-$9.4M in 2025
-$10.0M-$5.0M0$5.0M$10.0M2019: $1.8M$1.8M20192020: $1.2M$1.2M2020−32%2021: -$4.4M-$4.4M20212022: $6.4M$6.4M20222023: -$2.7M-$2.7M20232024: -$9.2M-$9.2M2024+238%2025: -$9.4M-$9.4M2025+3%

Every line of the income statement as filed: the last 3 fiscal years, latest first.8

Period ending2025-12-312024-12-312023-12-31
Revenues$104.1M$102.0M$92.7M
Cost of revenues$47.1M$43.5M$39.9M
Impairment of property and equipment$434.0K$605.0K$114.0K
Total costs$47.5M$44.1M$40.0M
Gross profit$56.6M$57.9M$52.7M
Sales and marketing$26.1M$28.1M$27.0M
Research and development$15.9M$13.9M$12.1M
General and administrative$23.2M$23.9M$20.6M
Change in fair value of contingent consideration$0-$554.0K-$5.7M
Restructuring expense$197.0K$336.0K$0
Total operating expenses$65.4M$65.7M$54.0M
Operating loss-$8.7M-$7.9M-$1.2M
Interest expense, net-$19.0K-$154.0K-$48.0K
Other expense, net-$556.0K-$393.0K-$227.0K
Total other expense, net-$575.0K-$547.0K-$275.0K
Loss before income taxes-$9.3M-$8.4M-$1.5M
Provision for income taxes$113.0K$778.0K$1.2M
Net loss-$9.4M-$9.2M-$2.7M
Net loss per share, basic-$0.74-$0.72-$0.22
Net loss per share, diluted-$0.74-$0.72-$0.22
Weighted average shares used in computing net loss per share, basic12.7M shares12.7M shares12.4M shares
Weighted average shares used in computing net loss per share, diluted12.7M shares12.7M shares12.4M shares

Compare SoundThinking, Inc. with another company

The story

ShotSpotter was founded by Robert Showen in the 1990s while he was working for SRI International. He created a company in 1996 and tested prototypes in Redwood City, California. Its early success was described by Wired as being "due to good PR, not good technology." James Beldock joined as CEO in 2003 as a "turnaround specialist"; in 2005 the company merged with Centurist Systems, which was creating acoustic sniper location systems for the military; Centurist held a "deceptively simple patent" for the location algorithm. Centurist's CEO, Scott Manderville, became chairman of the board.

As of 2021, the acoustic locator technology was installed in 125 cities and 14 campuses, covering 911 square miles. The locators are typically installed at 20–25 sensors per square mile and primarily connected via 4G networks (mostly AT&T and Verizon). In 2020, Chicago was 18% of the company's revenue, and New York City was 15%.

Ralph Clark was named CEO of ShotSpotter in 2010. The company went public in June 2017. The company authorized a stock buyback program in 2019 and bought back $8.3 million by the end of 2020.

The company's gross revenues were $58.2 million in 2021 (increased coverage by 49 square miles and 10 cities), up from $45.7 million in 2020 and from $40.8 million in 2019 (increased coverage by 82 square miles and 6 cities). The company had a net loss of $4.4 million in 2021, in part from nonrenewal of contracts and increases in legal costs, PR from Trident DMG, and lobbying.

Toronto, Ontario has declined to use the technology, as the Ministry of the Solicitor General (Ontario) believes it violates Section 8 of the Canadian Charter of Rights and Freedoms. The company previously provided indoor gunfire locator technology, but discontinued it in 2018. ShotSpotter illegally lobbied the city of Oakland, California in 2014 and received a $5000 fine.

In April 2023, the company rebranded to SoundThinking to better represent "holistic approach to gun violence", but retained the ShotSpotter product name.

In an August 2023 earnings call, the CEO of SoundThinking announced that the company had begun the process of absorbing parts (including the "engineering team") of Geolitica, formerly known as PredPol. The company spent nearly $24 million in sales and marketing in 2023.

Studies

A June 2021 study in the Journal of Experimental Criminology stated the system "may be of little benefit to police agencies with a pre-existing high call volume. Our results indicate no reductions in serious violent crimes, yet [ShotSpotter] increases demands on police resources." An October 2021 paper in the Journal of Urban Health, studying the longitudinal effects of ShotSpotter over a 17 year period, found "implementing ShotSpotter technology has no significant impact on firearm-related homicides or arrest outcomes. Policy solutions may represent a more cost-effective measure to reduce urban firearm violence."

Read the full text

In 2021 the NYU School of Law Policing Project published "Measuring the effects of ShotSpotter on Gunfire in St. Louis County, Mo", a paper which indicated a significant drop in gun violence in the area; however, the paper also discloses that ShotSpotter "has provided the Policing Project with unrestricted funding".

In July 2023, a Houston Chronicle investigation showed that ShotSpotter calls resulted in lower incident report rates and longer police response times. Over 80% of ShotSpotter alerts were false positives or otherwise useless. The almost 5500 alerts led to 99 arrests and 126 charges, about half of which were misdemeanors. A disproportionate number of residents in coverage areas are people of color. The Houston Police Department cast the system as a way to invest in historically marginalized areas. In May 2024, Houston mayor John Whitmire said "I think it's a gimmick. A feel-good program. Most law enforcement officers do not support ShotSpotter. I don't support it." The city's contract goes through 2027, but Whitmire wants to terminate it early.

A 2024 Northeastern University study showed that ShotSpotter increased detection of gunfire, but did not result in a reduction of gun violence or an increase in gunshot crime case clearance. Ohio State University criminal justice professor Terrance Hinton described it as "more of a Band-Aid... it doesn't address the root cause of gun violence".

Jennifer Doleac told Voice of San Diego that ShotSpotter "resisted attempts (by me and others) to do a rigorous evaluation of its impacts", noting "they've clearly found that they can get cities to sign their contracts without such evidence."

A 2024 audit from the New York City Comptroller found that during the month of June 2023 New York City Police Department responded to 940 alerts, 82% could not confirm a shot was fired, and 5% were unfounded or a false positive. It also stated that NYPD was over-representing the benefits of the system in reducing response times. Comptroller Brad Lander said "NYPD is wasting precious time and money on this technology and needs to do a better job managing its resources. Chasing down car backfires and construction noise does not make us safer." Activist and early supporter of the ShotSpotter installation Jumaane Williams agreed it wasn't working, stating "More concerning is a response to the report. Even the recommendations that say, 'let's try to make it better,' the most material of the recommendations were outright rejected by this administration."

Opposition

In May 2024, three senators and a representative wrote a letter requesting the Department of Homeland Security Office of Inspector General open an investigation into ShotSpotter for its accuracy and racial bias in policing.

Campaign Zero has a project called #CancelShotSpotter that addresses claims made by the company versus studies. In 2025 the campaign put mobile billboards in Little Rock, Arkansas to oppose renewing a ShotSpotter contract stating "ShotSpotter admits it doesn't prevent crime. What are your tax dollars paying for?" and "ShotSpotter cannot tell the difference between a popped balloon, fireworks or gunshots." It has also placed advertisements in Fayetteville, North Carolina in 2024.

From Wikipedia’s article on SoundThinking, shared under CC BY-SA 4.0.6

Leadership

Who has led SoundThinking, Inc., and when. Pick a name to see everywhere that person has worked.

Chief financial officer

  1. Mary Hentges2020
20202025
Board members and other officers (20)

Products and brands

  • ShotSpotter

Listed on Wikidata.1

Former names

  • SHOTSPOTTER, INCSep 8, 2015 to Mar 21, 20235
  • Shotspotter IncMay 17, 2011 to Apr 4, 20145

Timeline

  1. Jun 6, 2017New chief executive Ralph A. Clark becomes CEO16

Filings

369 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 41 major events, 238 insider forms, 42 large holders, 28 other. The latest 20:

  1. Oct 2, 2026SCHEDULE 13G/A EDGAR
  2. Oct 2, 2026SCHEDULE 13D EDGAR
  3. Sep 30, 2026SCHEDULE 13D/A EDGAR
  4. Sep 30, 2026SC14D9C EDGAR
  5. Sep 30, 2026SCHEDULE 13D EDGAR
  6. Sep 29, 2026SC14D9C EDGAR
  7. Sep 29, 20268-K EDGAR
  8. Sep 29, 2026SC TO-C EDGAR
  9. Sep 2, 20264 EDGAR
  10. Sep 2, 20264 EDGAR
  11. Aug 14, 202610-Q EDGAR
  12. Aug 13, 20268-K EDGAR
  13. Jun 25, 20264 EDGAR
  14. Jun 25, 20264 EDGAR
  15. Jun 25, 20264 EDGAR
  16. Jun 25, 20264 EDGAR
  17. Jun 25, 20264 EDGAR
  18. Jun 25, 20264 EDGAR
  19. Jun 9, 20264 EDGAR
  20. Jun 4, 20268-K EDGAR

The 369 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

214 open-market trades by officers, directors and large owners since October 2021: 18 buys and 196 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 31, 2026Jochim DavidSee remarksSale1,162$6.05$7.0KForm 4
Feb 24, 2026Veradace Partners LP10% ownerBuy15,773$7.14$112.6KForm 4
Feb 23, 2026Veradace Partners LP10% ownerBuy7,016$7.04$49.4KForm 4
Feb 19, 2026Veradace Partners LP10% ownerBuy8,748$7.07$61.8KForm 4
Feb 18, 2026Veradace Partners LP10% ownerBuy105,880$7.14$756.0KForm 4
Feb 17, 2026Veradace Partners LP10% ownerBuy31,000$7.41$229.7KForm 4
Feb 13, 2026Veradace Partners LP10% ownerBuy14,612$7.64$111.6KForm 4
Feb 12, 2026Veradace Partners LP10% ownerBuy78,696$7.03$553.2KForm 4
Feb 11, 2026Veradace Partners LP10% ownerBuy100,610$7.03$707.3KForm 4
Feb 10, 2026Veradace Partners LP10% ownerBuy10,616$7.29$77.4KForm 4
Feb 9, 2026Veradace Partners LP10% ownerBuy4,167$6.95$29.0KForm 4
Feb 6, 2026Veradace Partners LP10% ownerBuy105,097$6.84$718.9KForm 4
Feb 5, 2026Veradace Partners LP10% ownerBuy17,000$7.04$119.7KForm 4
Feb 4, 2026Veradace Partners LP10% ownerBuy10,000$7.23$72.3KForm 4
Feb 3, 2026Veradace Partners LP10% ownerBuy187,702$6.80$1.3MForm 4
Feb 2, 2026Veradace Partners LP10% ownerBuy18,985$7.07$134.2KForm 4
Dec 1, 2025Golzadeh NasimSee remarksSale2,306$6.03$13.9KForm 4
Nov 18, 2025Golzadeh NasimSee remarksSale461$6.10$2.8KForm 4
Sep 4, 2025Clark Ralph A.President and CEOSale1,875$11.80$22.1KForm 4
Sep 4, 2025Golzadeh NasimSee remarksSale231$11.80$2.7KForm 4

All 214 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 77. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Veradace Capital Management LLC2,089,905$18.9M14.9%No change
Kopion Asset Management, LLC1,114,648$10.1M6.4%+142,346
Rice Hall James & Associates, LLC466,860$4.2M0.2%+22,773
Vanguard Capital Management LLC415,948$3.8M0.0%+7,270
BlackRock, Inc.358,065$3.2M0.0%−476,811
Aqr Capital Management LLC300,920$2.7M0.0%+171,778
Quantinno Capital Management LP284,907$2.6M0.0%+48,326
Pullen Investment Management, LLC193,207$1.7M0.8%+6,077
Jane Street Group, LLC138,821$1.3M0.0%+91,425
Goldman Sachs Group Inc132,111$1.2M0.0%+42,331
Marshall Wace, Llp130,389$1.2M0.0%New
Geode Capital Management, LLC108,145$979.0K0.0%−155,974
Dimensional Fund Advisors LP101,475$918.1K0.0%−35,613
Millennium Management LLC81,135$734.3K0.0%New
Morgan Stanley70,080$634.2K0.0%−19,990
Renaissance Technologies LLC61,132$553.2K0.0%−4,200
Vanguard Fiduciary Trust Co60,303$545.7K0.0%−7,906
Point72 Asset Management, L.P.54,516$493.4K0.0%+42,292
XTX Topco Ltd53,631$485.4K0.0%−5,931
Mercer Global Advisors Inc /adv52,105$471.6K0.0%+9,365
Arrowstreet Capital, Limited Partnership46,087$417.1K0.0%New
Susquehanna International Group, Llp45,291$409.9K0.0%−10,992
State Street Corp42,604$385.6K0.0%−161,303
Hsbc Holdings PLC41,045$367.4K0.0%−1,121
Great Lakes Advisors, LLC30,099$272.4K0.0%New

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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