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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 Technologies Holdings, Inc. (NASDAQ: EVLV) has announced a new business partnership with Sports Illustrated Stadium, home of Major League Soccer's New York Red Bulls. Under this partnership, Evolv has been designated as the Stadium's "Official Fan Screening Partner" and will deploy its Evolv Express® systems at the stadium's main entrances, staff entries, and talent entries.
The Express units will be first commissioned for the New York Red Bulls' 2025 season home opener on March 1. This deployment marks Evolv's twelfth in Major League Soccer, joining venues such as Dignity Health Sports Park, Lower.com Field, and Mercedes-Benz Stadium.
Evolv already has a strong presence in the New York metro area, with its technology being used at Lincoln Center, Citi Field (home of the New York Mets), as well as hospitals, museums, and places of worship. The company screened more than two million MLS fans in 2024 and performs entry screening for five of the top-six MLS teams in attendance.
Evolv Technology (NASDAQ: EVLV) has received an extension from Nasdaq regarding its compliance with listing requirements. The extension, granted on January 31, 2025, gives the company until May 19, 2025 to file its Q3 2024 Quarterly Report (Form 10-Q). The extension was granted as an exception to Nasdaq's Listing Rule 5250(c)(1), which requires timely filing of periodic financial reports with the SEC.
The company is working with AlixPartners LLP to expedite the filing process and plans to host a public conference call to review financial results once the report is filed.
Evolv Technology (NASDAQ: EVLV) has announced the appointment of Robert E. Marshall, Jr. as Chief Revenue Officer, effective February 3, 2025. Marshall brings over 25 years of experience in public safety and security industries, joining from Mobile Communications America (MCA) where he served as Chief Revenue Officer and Chief Operating Officer.
Prior to MCA, Marshall spent more than 20 years at Motorola Solutions, holding various executive sales leadership positions including Vice President of Global Sales for Video Security and Analytics. In his new role, Marshall will oversee Evolv's global sales and service operations, focusing on driving and accelerating revenue growth. He will report directly to CEO John Kedzierski.
The company also announced that Chief Commercial Officer Jay Muelhoefer will be departing on February 7, 2025.
Evolv Technology (NASDAQ: EVLV) has provided a business update for Q4 2024, highlighting significant growth metrics and future outlook. The company surpassed 6,000 Evolv Express units deployed globally, adding approximately 470 new multi-year subscriptions and 60 new customers across multiple sectors.
Key achievements include expansion to over 1,200 school buildings and 450 hospital buildings, plus the first orders of their new Evolv eXpedite™ AI-based weapons detection solution. The company ended Q4 2024 with approximately $52 million in cash and equivalents, with no debt.
Regarding regulatory matters, Evolv submitted a compliance plan to Nasdaq on January 17, 2025, addressing the delayed Q3 2024 10-Q filing. The company also resolved an FTC inquiry, offering contract cancellation options to select K-12 customers representing 237 units and $3.9 million in Annual Recurring Revenue. As of January 23, 2025, no customers had exercised these cancellation rights.
Evolv Technology has been recognized by Built In in its 2025 Best Places to Work Awards. The company earned spots on both the '100 Best Midsize Places to Work in Boston' and the '100 Best Places to Work in Boston' lists.
Built In's annual awards program honors companies of all sizes and includes both remote-first employers and those in major tech markets across the U.S. Evolv's President and CEO, John Kedzierski, expressed pride in the recognition, highlighting the company's commitment to safety and employee satisfaction.
The awards are determined by an algorithm that considers company data on compensation and benefits, as well as criteria like remote work opportunities and programs for diversity, equity, and inclusion (DEI). Built In's CEO, Maria Christopoulos Katris, emphasized that the awards reflect companies' dedication to fostering growth, inclusivity, and excellence.
Evolv Technology, listed on NASDAQ as EVLV, specializes in AI-powered security screening and analytics. Since 2019, its advanced systems have scanned over a billion people, earning multiple awards and the U.S. DHS SAFETY Act Designation as a Qualified Anti-Terrorism Technology.
Evolv Technology (NASDAQ: EVLV) has appointed John Kedzierski as its new Chief Executive Officer, President, and Board member, effective December 16, 2024. Kedzierski, who previously served on Evolv's Board from January 2022 to November 2023, brings over 23 years of experience from Motorola Solutions, where he most recently held the position of Senior Vice President of Global Enterprise Sales.
He succeeds Michael Ellenbogen, who has been serving as Interim President and CEO since October and will continue as the Company's Chief Innovation Officer and Board member. During his tenure at Motorola Solutions, Kedzierski led the Video Security and Access Control business, helping establish the company as a global leader in physical security.
Evolv Technology (NASDAQ: EVLV) has resolved the FTC inquiry regarding its prior marketing claims without admitting wrongdoing or monetary penalties. The resolution focuses on historical marketing materials and affects approximately 4% of the company's installed base. Key impacts include: about 237 Evolv Express units could be affected by cancellation rights, representing roughly $3.9 million in Annual Recurring Revenue and $10.5 million in Remaining Performance Obligation. The company will offer certain K-12 education customers (8% of total customers) a 60-day contract cancellation option. The FTC did not challenge the core effectiveness of Evolv's technology or its AI-based solutions.
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.
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