• Ring for urban gunshots
• ADT for city gun violence

• ShotSpotter: A gunshot detection service that uses acoustic sensors to pinpoint the location of outdoor gunfire incidents and alert law enforcement in near real-time.
• CrimeTracer: An investigative search platform that enables law enforcement to uncover hidden connections between criminal activity, suspects, and evidence across various agencies.
• ResourceBridge: An incident management software designed to optimize police response, enhance officer safety, and improve incident coordination through real-time awareness.
• CaseBuilder: A case management and prosecution intelligence tool that streamlines the preparation of criminal cases, improving collaboration between law enforcement and prosecutors.

SoundThinking (symbol: SSTI) primarily sells its public safety technology solutions to government entities rather than to other private companies or individuals.

Its major customers are:

• Municipalities and Local Governments: Cities and towns across the United States and other countries that contract for services like the ShotSpotter gunshot detection system and other predictive policing and crime analysis tools to enhance public safety within their jurisdictions.
• Law Enforcement Agencies: Police departments, sheriff's offices, and other related agencies within these municipalities utilize SoundThinking's technology and data analytics tools for crime prevention, rapid response to incidents, and criminal investigation.

Since these customers are governmental organizations (cities, police departments) and not publicly traded companies, they do not have stock symbols.

• Amazon.com, Inc. (AMZN)

Ralph Clark has led SoundThinking (formerly ShotSpotter) as President and CEO since 2010, transforming it into a SaaS-based business and taking it public in 2017. Prior to SoundThinking, he was President and CEO of GuardianEdge Technologies Inc., which he successfully exited through its acquisition by Symantec. His earlier career includes roles at IBM, and as an investment banker at Goldman Sachs and Merrill Lynch. He also serves on the Board of Directors of TriNet (TNET) and Glowforge, a venture capital-backed 3D laser printing company.

Alan R. Stewart serves as Chief Financial Officer, bringing extensive experience in mergers, acquisitions, and corporate finance. Before joining SoundThinking, he was Managing Director of RA Capital Advisors, LLC, a private investment bank focused on M&A, private financings, and restructurings. He previously served as CFO and then Chief Development Officer of Epsilon Systems Solutions, Inc. from 2004 to 2014. Since 2008, he has been President of FIT Advisors, LLC, a consulting firm providing temporary CFO services to various companies, including start-ups and large private businesses.

Sam Klepper leads product strategy and M&A activities for SoundThinking, having joined the company in 2018. With 25 years of leadership experience in fast-growing technology companies, he previously held roles as VP of Sales and Marketing at EnerAllies, a SaaS-centric IoT energy management platform, and as President and CEO of Lavante, a leader in SaaS supplier management solutions.

Adan Pope was appointed Senior Vice President of Data and Artificial Intelligence in August 2024 to lead SoundThinking's AI and machine learning initiatives. He brings over 30 years of technology leadership experience, most recently serving as CTO at Intrado Life and Safety, where he oversaw product development, engineering, operations, and security for a portfolio of 120 products.

Anne Mueller joined SoundThinking in 2023 as Senior Vice President of Human Resources, bringing over 20 years of HR expertise. Prior to SoundThinking, she was the Senior Vice President, Head of People at Forge Global (NYSE: FRGE), where she was instrumental in significant headcount expansion, taking the company public, and initiating diversity, equity, and inclusion efforts.

Key Risks to SoundThinking (SSTI)

1. Revenue Concentration and Political/Contract Risk: A substantial portion of SoundThinking's revenue is concentrated with a few government customers, making the company highly vulnerable to political decisions and contract non-renewals. For instance, the City of New York accounted for 28% of total revenues for the three months ended September 30, 2025. The loss of the Chicago contract in 2024, which previously represented 11% of Q3 2024 revenue, demonstrates the significant impact such events can have. The company's reliance on government contracts also exposes it to the volatility of public funding, including the potential depletion of ARPA funds, and shifts in political sentiment, which can lead to contract delays or losses.
2. Sales Execution Challenges and Deteriorating Financial Performance: SoundThinking has experienced acute sales execution shortfalls, leading to significant operational weakness and a drastic reduction in its 2025 revenue and margin guidance. Delays in high-margin contracts, such as a renewal with Puerto Rico and a deployment in Brazil, have revealed flawed pipeline management and the unpredictable nature of government sales cycles. This has contributed to a negative EBITDA margin and declining gross margins, indicating that rising costs are not being offset by revenue increases. Furthermore, the company's Altman Z-Score suggests financial distress and a potential risk of bankruptcy within the next two years, with limited liquidity and financial flexibility.
3. Unremediated Material Weakness in Internal Controls: SoundThinking has a persistent and unremediated material weakness in its internal control over financial reporting, initially identified in 2024 and still present as of September 30, 2025. This is considered a significant governance flaw, indicating potential systemic issues that could lead to material misstatements in financial reports. This risk is amplified as SoundThinking is set to become an accelerated filer effective December 31, 2025, subjecting it to more rigorous external audit requirements and potentially incurring higher audit costs and compliance issues if the weakness is not addressed promptly.

Growing legislative and public policy challenges stemming from intensified scrutiny and advocacy against the efficacy, accuracy, and ethical implications of acoustic surveillance technologies, which could lead to cities failing to renew contracts or legislative bodies imposing restrictions on their deployment and use.

SoundThinking (SSTI) operates in the public safety technology sector, offering a suite of AI- and data-driven solutions. The addressable markets for its main products and services are identified as follows:

ShotSpotter (Acoustic Gunshot Detection System)

The global market for gunshot detection systems, which includes ShotSpotter, was valued at approximately USD 1.1 billion to USD 1.15 billion in 2025. It is projected to grow significantly, with estimates reaching USD 2.17 billion by 2030 (at a CAGR of 13.52%) and up to USD 4.4 billion by 2035 (at a CAGR of 15% from 2026-2035). North America is a dominant region within this market, holding over 40% of the revenue share in 2023. The U.S. market specifically is anticipated to grow at a CAGR of over 11% from 2024 to 2030.

CrimeTracer, CaseBuilder, ResourceRouter, and HunchLab (Law Enforcement Software Market)

Products such as CrimeTracer (a law enforcement search engine and crime data solution), CaseBuilder (an investigation management system), ResourceRouter (software for directing patrol and community anti-violence resources), and HunchLab (predictive policing, now integrated as ShotSpotter Missions) fall under the broader law enforcement software market. The global law enforcement software market was estimated at USD 15.65 billion in 2023 and is projected to reach USD 31.37 billion by 2030, demonstrating a Compound Annual Growth Rate (CAGR) of 11.3% from 2024 to 2030. North America held the largest revenue share in this market in 2023, at 31.0%, with the U.S. market expected to experience significant growth between 2024 and 2030.

SafePointe and PlateRanger

Specific addressable market sizes for SafePointe (AI-based weapons detection system) and PlateRanger (ALPR solution) were not individually identified in the provided information. These products likely contribute to the broader public safety technology or law enforcement software markets but do not have separate, distinct market size figures available in the search results.

Share Repurchases

• SoundThinking repurchased 418,940 shares for approximately $6.0 million in 2024 under its 2022 Repurchase Program.
• As of December 31, 2024, approximately $13.4 million remained authorized under the 2022 Repurchase Program.
• In the first quarter of 2025, the company repurchased approximately $0.5 million worth of common stock.

Outbound Investments

• In 2023, SoundThinking acquired SafePointe, an AI-driven weapons detection solution.
• The company acquired Forensic Logic, LLC in January 2022, which brought the CrimeTracer solution into its portfolio.
• In 2023, SoundThinking also formed a strategic partnership with Rekor Systems, Inc. to launch PlateRanger, an ALPR public safety solution.

Capital Expenditures

• Capital expenditures include investments in customer acoustic sensor networks, with associated depreciation being a significant part of the cost of revenues.
• SoundThinking is making ongoing investments in AI modeling and tools for product enhancement and internal operational use.
• In the first half of 2025, approximately $1.4 million was utilized in investing activities, which encompasses capital expenditures.