As Spectrum Center Prepares to Reopen, Arena Announces Addition of Evolv Technology at Entrances

Rhea-AI Summary

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.

Positive

• Partnership with Charlotte Hornets as Official Fan Screening Provider
• Installation of Evolv Express systems at Spectrum Center's entrances
• Potential improvement in fan experience through faster entry and enhanced security
• Expansion of Evolv's presence in the Carolinas market
• High volume of weapons detection: 1,000 per day on average across all customers

Negative

• None.

Insights

Market Research Analyst

This partnership between Evolv Technology and Hornets Sports & Entertainment marks a significant development for EVLV. The deal positions Evolv as the Official Fan Screening Provider for the Charlotte Hornets, introducing their Evolv Express® systems at Spectrum Center. This expansion into a major sports venue demonstrates growing market acceptance and could lead to increased revenue streams.

Key points to consider:

• Evolv's technology aims to enhance security while improving fan experience, potentially increasing venue efficiency and customer satisfaction.
• The partnership follows successful implementations in other basketball arenas and facilities in Charlotte, suggesting a positive track record.
• Evolv's growing presence in the Carolinas, including schools and other venues, indicates strong regional market penetration.
• The company's impressive stat of tagging nearly 400,000 weapons last year underscores the technology's effectiveness and market need.

While this partnership alone may not dramatically alter EVLV's financial outlook, it represents a strategic win that could lead to further adoption in the sports and entertainment sector, potentially driving long-term growth.

Tech Expert

Evolv's AI-based screening technology represents a significant advancement in venue security. The Evolv Express® system's ability to allow natural-paced walking through checkpoints while effectively screening for threats is a game-changer for high-traffic venues. This technology addresses two critical pain points:

• Enhancing security without creating bottlenecks
• Improving guest experience by reducing wait times

The system's AI capabilities, distinguishing between threats and common items, showcase advanced machine learning applications in real-world scenarios. This partnership with Spectrum Center serves as a high-profile proof of concept, potentially accelerating adoption across various sectors.

Evolv's growing customer base and the volume of weapons detected (1,000+ daily) validate the technology's effectiveness. As venues increasingly prioritize both security and guest experience, Evolv is well-positioned to capitalize on this trend, potentially leading to substantial market growth in the security technology sector.

Evolv Becomes Official Fan Screening Provider Of Charlotte Hornets

WALTHAM, Mass.--(BUSINESS WIRE)-- Hornets Sports & Entertainment and Evolv Technology (NASDAQ: EVLV), a leading security technology company pioneering AI-based screening designed to create safer experiences, today announced a new partnership under which Evolv becomes the Official Fan Screening Provider of the Charlotte Hornets and will see its Evolv Express^® systems used to screen fans at Spectrum Center’s entrances. This enhancement is one of many technology upgrades made as part of the Re!magine Spectrum Center renovation project, which is focused on creating an elevated guest experience.

Evolv Express helps allow guests to enter a venue without always stopping for individual checks, using sensor technology combined with AI to distinguish between a wide variety of potential threats and many common everyday items, such as phones and keys. Evolv Express was created to allow people to move through screening at their natural walking pace. The system is designed to screen visitors effectively while helping minimize congestion and disruptions to traffic flow at ingress points. After seeing the successful use of Evolv at other basketball arenas, as well as other facilities in Charlotte, the systems were tested in Spectrum Center last year during the first and second rounds of the NCAA Men’s Basketball Tournament in March and subsequently installed at all main entrances as part of the large-scale renovation.

“In the short time we used Evolv last year, we saw a really tremendous impact on the fan experience,” said Hornets Sports & Entertainment Executive Vice President & Spectrum Center General Manager Donna Julian. “Our guests want to get into the arena quickly so they can get their concessions, purchase merch and get settled in their seats. Evolv helps enable them to do that – and to do so in a nonintrusive manner with a heightened level of safety. We’re really excited to reopen our doors next month and for guests to see how we’ve utilized impactful technology to really elevate the experience.”

Spectrum Center is the newest customer in a long list of venues in the Carolinas that have selected Evolv as their weapons detection partner. The arena’s security director knew the benefits of Evolv from time spent working at another local venue that was using the technology and by hearing about the systems’ success at Charlotte-Mecklenburg Schools, one of many school systems in North and South Carolina using Evolv.

“We are proud to continue to grow our presence in the Carolinas by partnering with Spectrum Center and aiming to enhance safety, security and the fan experience,” said John Bair, Vice President of Sports for Evolv Technology. “When a community sees that Evolv is part of a layered and effective solution, word spreads - whether it’s within a school district, a sports fandom or another community. It is incredibly satisfying to be trusted as a layer of security for venues of all kinds, and to watch our business grow through word of mouth.”

Evolv Technology’s customers tag, on average, more than 1,000 weapons per day. Evolv’s more than 800 customers include leading theme parks, performing arts centers, casinos, places of worship, schools and hospitals, in addition to sports venues. Last year, Evolv Express was used to tag nearly 400,000 weapons.

About Hornets Sports & Entertainment

Hornets Sports & Entertainment owns the Charlotte Hornets and the Greensboro Swarm (NBA G League) and operates Spectrum Center, the premier destination for sports and entertainment in the Carolinas. The first major professional sports franchise in the Carolinas, the Charlotte Hornets celebrated the 35^th Anniversary of their inaugural season during the 2023-24 NBA campaign. HSE creates spectacular fun and memories that marvel for the more than 1.2 million people who visit Spectrum Center annually, and positively impacts the Carolinas through community programming and the Charlotte Hornets Foundation. For more information, please visit hornets.com, gsoswarm.com or spectrumcentercharlotte.com.

About Evolv Technology

Evolv Technology (NASDAQ: EVLV) is designed to transform human security to help make a safer, faster, and better experience for many of the world’s most iconic venues and companies as well as schools, hospitals, and public spaces, using artificial intelligence (AI)-powered screening and analytics. Its mission is to transform security to create a safer world to live, work, learn, and play. Evolv has digitally transformed the gateways in many places where people gather by enabling seamless integration combined with powerful analytics and insights. Evolv’s advanced systems have scanned more than a billion people since 2019. Evolv has been awarded the U.S. Department of Homeland Security (DHS) SAFETY Act Designation as a Qualified Anti-Terrorism Technology (QATT) as well as the Security Industry Association (SIA) New Products and Solutions (NPS) Award in the Law Enforcement/Public Safety/Guarding Systems category, as well as Sport Business Journal’s (SBJ) awards for “Best In Fan Experience Technology” and “Best In Sports Technology”. Evolv^®, Evolv Express^®, Evolv Insights^®, Evolv Visual Gun Detection^™, Evolv eXpedite^™, and Evolv Eva^™ are registered trademarks or trademarks of Evolv Technologies, Inc. in the United States and other jurisdictions. For more information, visit https://evolvtechnology.com.

Forward-looking Statements

Certain statements in this press release may constitute “forward-looking” statements and information, within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 that relate to our current expectations and views of future events. In some cases, these forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. In addition, these forward-looking statements reflect our current views with respect to future events or our Company’s performance and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, without limitation, the risk factors set forth in our Annual Report on Form 10-K for the year ended on December 31, 2023, that was filed with the SEC on February 29, 2024, as may be updated in other filings we make with the SEC, including our Quarterly Report on Form 10-Q for the quarter ended on June 30, 2024 that was filed with the SEC on August 8, 2024. These statements reflect management’s current expectations regarding future events and operating performance and speak only as of the date of this press release. You should not put undue reliance on any forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240926676767/en/

Media Contact:

Alexandra Smith Ozerkis

aozerkis@evolvtechnology.com

Investor Contact:

Brian Norris

bnorris@evolvtechnology.com

Source: Evolv Technology

FAQ

What is Evolv Technology's new partnership with the Charlotte Hornets?

Evolv Technology has become the Official Fan Screening Provider of the Charlotte Hornets, with its Evolv Express® systems being installed at Spectrum Center's entrances for fan screening.

How does Evolv Express technology work at Spectrum Center?

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, improving entry speed and security.

When was Evolv Express technology tested and implemented at Spectrum Center?

Evolv Express was tested during the NCAA Men's Basketball Tournament in March and subsequently installed at all main entrances of Spectrum Center as part of the renovation project.

How many weapons does Evolv Technology (EVLV) detect on average?

Evolv Technology's customers tag an average of 1,000 weapons per day across all their installations. In 2023, Evolv Express tagged nearly 400,000 weapons.

What other venues or sectors use Evolv Technology's (EVLV) screening systems?

Evolv Technology serves over 800 customers across various sectors, including theme parks, performing arts centers, casinos, places of worship, schools, hospitals, and sports venues.