Evolv Technology Chosen as ASM Global’s Preferred Patron Screening Technology Provider

Rhea-AI Summary

Evolv Technology (NASDAQ: EVLV) has partnered with ASM Global, the world's leading venue management company, to provide AI-based screening for patron screening in North America. The partnership aims to enhance the guest experience at over 350 prestigious arenas, stadiums, and convention centers. Early results show an 11% increase in arrival efficiency and a 13-point increase in NPS score for venues integrating Evolv Express vs. existing averages.

Insights

Market Research Analyst

The partnership between Evolv Technology and ASM Global is a strategic move that could potentially lead to increased market share and revenue growth for Evolv. By becoming the preferred technology provider for ASM Global's extensive network of venues, Evolv is positioned to expand its customer base substantially. The reported 11% increase in arrival efficiency and 13-point increase in NPS score are significant metrics that indicate improved customer satisfaction and operational efficiency, which are crucial factors for ASM Global's decision-making process.

Furthermore, the adoption of Evolv's technology across such a large and diverse array of venues could set a new industry standard for security screening. This could lead to a ripple effect, prompting competitors and other venue operators to upgrade their own systems to keep pace, potentially expanding the market for Evolv's products.

Security Technology Expert

The integration of AI-based screening technology like Evolv Express® represents a significant advancement in public safety and security measures for large event venues. The ability to differentiate between potential threats and benign objects carried by individuals enhances security without compromising the guest experience. This is a delicate balance to achieve, as increased security measures can often lead to longer wait times and a more negative experience for guests.

From a security technology perspective, the shift from traditional metal detectors to more sophisticated AI-based systems could encourage further innovation in the field. As Evolv Technology continues to refine its offerings and collect data from its deployments, the company could leverage this information to improve its algorithms and detection capabilities, potentially leading to broader applications beyond venue security.

Financial Analyst

Evolv Technology's announcement of surpassing 1 billion people scanned and an average of 2.3 million people scanned each day is indicative of the company's scaling operations and market penetration. These figures could be seen as a proxy for the company's performance and could influence investor sentiment. The partnership with ASM Global may also provide a steady stream of recurring revenue, as venue security is an ongoing need rather than a one-time purchase.

It's important to consider the capital expenditures associated with the deployment of Evolv's systems across ASM Global's venues and whether these costs will be offset by the long-term benefits. Additionally, investors should monitor the scalability of Evolv's operations to meet the increased demand that this partnership may generate, as well as the company's ability to maintain a high level of service and support for its expanding customer base.

Partnership with World’s Leading Venue Management Company Brings Preeminent Fan Experience to the Masses

WALTHAM, Mass.--(BUSINESS WIRE)-- Evolv Technology (NASDAQ: EVLV), the leading security technology company pioneering AI-based screening to create safer experiences, today announced it has been selected as ASM Global’s preferred technology provider for patron screening in North America. Headquartered in Los Angeles, ASM Global’s elite venue network spans five continents with a portfolio of more than 350 of the world’s most prestigious arenas, stadiums, convention and exhibition centers, and performing arts venues. The partnership represents Evolv’s continued leadership in delivering advanced screening for professional sports and entertainment fans and ASM Global’s commitment to creating the best guest experience at its venues around the globe.

Evolv’s flagship product, the state-of-the-art Evolv Express® detection system, is currently screening guests at 10 ASM Global venues across North America including EverBank Stadium and VyStar Veterans Memorial Arena in Jacksonville, Florida, NRG Stadium in Houston, Texas, Colorado Convention Center in Denver, Colorado, Long Beach Convention & Entertainment Center in Long Beach, California and Toyota Arena in Ontario, California, since initially being deployed at multiple ASM Global venues in the United Kingdom beginning in 2022.

Providing best-in-class venue operation and content and event booking, ASM Global operates venues that serve live events for more than 164 million guests annually. As part of the partnership, ASM Global will look to usher in a new era of guest experience, ingress and a layered security approach utilizing Evolv’s state-of-the-art Evolv Express® detection system within its portfolio. Together, Evolv and ASM Global are improving the guest ingress process, with early results in North America yielding an 11% increase in arrival efficiency and 13-point increase in NPS score for venues integrating Evolv Express vs. existing averages.

“This partnership brings together two companies at the top of their respective industries, both dedicated to delivering a superior experience to as many guests and fans as possible,” said Ron Bension, CEO ASM Global. “It’s imperative that our partners share our guest-first mindset, and Evolv has proven its ability to enhance fan safety while making venue entry faster, less intrusive, and more dignified.”

Often replacing metal detectors, Express expedites venue entry as guests can walk through without always breaking pace. Sensor technology combined with AI enables the system to differentiate between threats and the everyday kinds of metal people carry.

“ASM Global has been a terrific partner, and we’re elated by the evolution of our relationship and the tremendous positive impact it has had – and will have – on fan safety and experience around the world,” said Peter George, CEO, Evolv Technology. “In 2023, we surpassed 1 billion people scanned, and we anticipate that number to grow exponentially as ASM Global continues to strengthen its customer roster and dominate the category.”

Evolv closed out 2023 with more than 600 customers worldwide and averaging 2.3 million people scanned each day.

About Evolv Technology

Evolv Technology (NASDAQ: EVLV) is transforming human security to make a safer, faster, and better experience for the world’s most iconic venues and companies as well as schools, hospitals, and public spaces, using industry leading artificial intelligence (AI)-powered screening and analytics. Its mission is to transform security to create a safer world to work, learn, and play. Evolv has digitally transformed the gateways in 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. Evolv Technology®, Evolv Express®, Evolv Insights®, Evolv Cortex AI®, and Evolv Visual Gun Detection™ 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, 2022, that was filed with the SEC on March 24, 2023, 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 September 30, 2023 that was filed with the SEC on November 9, 2023. 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/20240206702099/en/

Media Contact:

Alexandra Smith Ozerkis

aozerkis@evolvtechnology.com

Investor Contact:

Brian Norris

bnorris@evolvtechnology.com

Source: Evolv Technology

FAQ

What is the ticker symbol for Evolv Technology?

The ticker symbol for Evolv Technology is EVLV.

Who is Evolv Technology's preferred technology provider for patron screening in North America?

ASM Global is Evolv Technology's preferred technology provider for patron screening in North America.

What are the early results of integrating Evolv Express at ASM Global venues in North America?

Early results show an 11% increase in arrival efficiency and a 13-point increase in NPS score for venues integrating Evolv Express vs. existing averages.

How many customers did Evolv Technology close out 2023 with?

Evolv Technology closed out 2023 with more than 600 customers worldwide.

What is the flagship product of Evolv Technology?

Evolv Technology's flagship product is the state-of-the-art Evolv Express® detection system.