Welcome to our dedicated page for Evolv Technologies Holdings news (Ticker: EVLV), a resource for investors and traders seeking the latest updates and insights on Evolv Technologies Holdings stock.
Evolv Technologies Holdings, Inc. (symbol: EVLV) is a pioneering company that leverages advanced technology to enhance public safety. Specializing in AI-based, touchless security screening systems, Evolv Technology develops innovative solutions that combine artificial intelligence software, cloud services, and state-of-the-art sensors. These systems are designed to detect potential threats such as dangerous weapons while ignoring harmless everyday items like cell phones, laptops, and keys.
Our products are utilized across various industries including casinos, industrial workplaces, schools, and ticketed venues, ensuring the safety and security of numerous public and private spaces. We primarily offer our products under a multi-year security-as-a-service subscription model, which not only delivers continuous value to our clients but also provides predictable revenue streams and opportunities for expansion and upsell.
Backed by notable investors such as Bill Gates, General Catalyst Partners, and Lux Capital, Evolv Technology is dedicated to addressing modern security and operational challenges through high-performance, cost-effective, and unobtrusive solutions. Our mission is to create products that significantly impact the safety of our communities and are easy to integrate into everyday operations.
Recent achievements include the development of new sensor technologies and enhancements to our AI algorithms, which have further improved the accuracy and efficiency of our security screening systems. We continue to work on several innovative projects aimed at expanding our product offerings and entering new markets.
Evolv Technology's commitment to innovation and safety makes it a significant player in the security technology industry, constantly pushing the boundaries to create safer environments for all.
Evolv Technology (NASDAQ: EVLV) has received a delinquency notification from Nasdaq on November 21, 2024, for failing to timely file its Q3 2024 Quarterly Report. The delay stems from an ongoing internal investigation into the company's sales practices, affecting revenue recognition and other metrics. While this notification does not immediately impact Evolv's Nasdaq listing, the company must submit a compliance plan by January 20, 2025. If accepted, Nasdaq may grant an extension until May 19, 2025, to regain compliance. Evolv states it is working to file the report as soon as possible.
Evolv Technology (NASDAQ: EVLV) has deployed its Evolv Express security screening system at Target Center, home of the Minnesota Timberwolves and Minnesota Lynx. The venue installed nine Express systems to screen visitors during all home games, concerts, and events. The system was immediately tested during record-setting crowds at the WNBA Finals. According to Target Center's General Manager David Feeley, the new system eliminates the need for guests to empty their belongings into security trays, improving entry speed while maintaining safety. Evolv Express is currently used by over 40 professional sports teams and 850 customers worldwide.
Evolv Technology (NASDAQ: EVLV) provided a Q3 2024 business update highlighting significant growth metrics. The company achieved 2 billion visitors screened since inception, activated approximately 465 new multi-year subscriptions of Evolv Express, and expanded its presence across various sectors. Notable additions include over 100 school buildings (now serving 1,100+), 30+ hospital buildings (now 400+), 3 professional sports stadiums, and 3 Fortune 500 customers. The company now serves 6 Fortune 50 and 11 Fortune 100 companies. Evolv Express detected an average of 500 firearms daily, screening approximately 3 million visitors per day.
Evolv Technology announced the results of its internal investigation, confirming revenue recognition errors of $4-6 million between Q2 2022 and Q2 2024. The investigation revealed that sales to channel partners, including a major one, were subject to undisclosed extra-contractual terms affecting revenue recognition. The company ended Q3 2024 with approximately $56 million in cash and no debt.
As a result, CFO Mark Donohue resigned, and four other employees were terminated or resigned. The company hired AlixPartners to provide interim finance support, with Dave Rawden appointed as Interim CFO. The Board plans remedial actions to enhance risk management and strengthen internal controls.
Evolv Technology (NASDAQ: EVLV) announced immediate leadership changes as the Board terminated CEO Peter George without cause on October 30, 2024. Michael Ellenbogen, Co-Founder and Chief Innovation Officer, has been appointed Interim President and CEO. This change follows months of Board planning, including the formation of a succession planning committee in May 2024. The Board emphasized the need for improved company culture while maintaining strong business fundamentals. An ongoing internal investigation into sales practices and financial reporting continues, though the leadership change decision predates these concerns.
Evolv Technology (NASDAQ: EVLV) announced that its previously issued financial statements from Q2 2022 through Q2 2024 should not be relied upon. An internal investigation revealed that certain sales transactions, including those with a major channel partner, involved undisclosed extra-contractual terms affecting revenue recognition. The company estimates premature or incorrect revenue recognition of $4-6 million through June 30, 2024. The investigation found evidence of misconduct by company personnel who withheld information from accounting staff, the Audit Committee, and PwC. As a result, the Q3 2024 earnings release and 10-Q filing will be delayed. The company has self-reported to the SEC and retained external experts to conduct the investigation.
Evolv Technology (NASDAQ: EVLV) has announced a new partnership with Boston Common Golf, one of six teams in TGL, a new golf league created by Tiger Woods and Rory McIlroy. As an Official Partner of Boston Common Golf, Evolv will provide its Evolv Express™ systems for guest screening at SoFi Center, the league's purpose-built venue in Palm Beach Gardens, Florida.
The TGL matches, starting in January on ESPN, will feature a tech-infused arena with a 3,400-square-foot screen for virtual holes. Boston Common Golf's roster includes Rory McIlroy, Keegan Bradley, Adam Scott, and Hideki Matsuyama. This partnership marks Evolv's sixth official sports partnership in the Boston area, joining teams like the Boston Red Sox and New England Patriots.
Hornets Sports & Entertainment and Evolv Technology (NASDAQ: EVLV) have announced a new partnership, making Evolv the Official Fan Screening Provider of the Charlotte Hornets. Evolv Express® systems will be used to screen fans at Spectrum Center's entrances, as part of the Re!magine Spectrum Center renovation project.
Evolv Express uses sensor technology combined with AI to distinguish between potential threats and common items, allowing guests to enter without always stopping for individual checks. The system was tested during the NCAA Men's Basketball Tournament in March and subsequently installed at all main entrances.
Spectrum Center joins a growing list of venues in the Carolinas using Evolv's technology. Evolv's customers tag an average of 1,000 weapons per day, and the company serves over 800 customers across various sectors. In 2023, Evolv Express tagged nearly 400,000 weapons.
Evolv Technology (NASDAQ: EVLV) has unveiled two new security products: Evolv eXpedite™, an AI-based weapons detection system for bags, and Evolv Eva™, a personal safety app. These offerings will be displayed at the Global Security Exchange (GSX) conference in Orlando, Florida, from September 23-25.
Evolv eXpedite allows guests to enter venues without removing items from their bags, using AI to determine potential threats with a simple 'Red Light/Green Light' system. Evolv Eva provides on-the-go safety features, including automatic check-ins and connection to live safety agents. Both products are designed to integrate with Evolv's existing solutions as part of the Evolv Safer Experience System™, offering a unified security infrastructure for customers.
Evolv Technology (NASDAQ: EVLV), a leading security company, provided AI-based screening for major European events this summer, including a global sporting competition. The company's Evolv Express® systems screened over 5 million people, including 10,000 athletes, fans, and media across various venues.
Evolv Express uses advanced sensor technology and AI to detect potential threats while minimizing congestion at entry points. The system was deployed through partnerships with key security organizations like HTDS, Aitecal, ARC Communications, and 2CL Communications.
Evolv's technology is used in over 1,000 venues worldwide, screening more than 1 million people daily and tagging an average of 500 firearms every day.
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