Evolv Technology Partners with T-Mobile Arena and MGM Grand Garden Arena

Rhea-AI Summary

Evolv Technology (NASDAQ: EVLV) has partnered with T-Mobile Arena and MGM Grand Garden Arena in Las Vegas to enhance security using its AI-based screening system, Evolv Express®. Installed in January, five systems are now operational in each venue. Evolv Express® differentiates potential threats from harmless objects, enabling faster and less intrusive entry for visitors. The T-Mobile Arena, home to the Vegas Golden Knights, switched to Evolv Express® due to its proven success in other venues, including TD Garden. In March, Sports Business Journal awarded Evolv Express® for 'Best In Sports Technology' and 'Best In Fan Experience Technology.' Beyond arenas, Evolv's technology secures various locations like theme parks, casinos, schools, and hospitals, having screened over a billion visitors.

Positive

• Partnership with major venues like T-Mobile Arena and MGM Grand Garden Arena.
• Installation of five Evolv Express® systems in each venue, enhancing security.
• Evolv Express® enables quicker, less intrusive entry for visitors.
• Proven success at other venues, including TD Garden.
• Recognition by Sports Business Journal with awards for 'Best In Sports Technology' and 'Best In Fan Experience Technology.'
• Evolv's technology screens over a billion visitors, indicating high adoption and reliability.

Negative

• No specific financial data provided regarding the impact of the partnership on revenue or expenses.
• The announcement lacks details on potential risks or challenges associated with the implementation.
• No information on the duration of the partnerships or future scalability plans.

Insights

Market Research Analyst

Evolv Technology's partnership with T-Mobile Arena and MGM Grand Garden Arena is notable. This move showcases the company's growing footprint in high-traffic venues that value both security and user experience. The company's AI-based screening technology differentiates potential threats from common objects, enhancing security while ensuring smoother ingress. This aligns well with the increasing demand for quick, efficient security solutions in large public venues. Installation in prominent locations like these could drive further adoption, positively influencing Evolv’s market share and brand reputation in the security technology industry.

Financial Analyst

From a financial perspective, partnering with high-profile arenas can be a significant growth catalyst for Evolv Technology. This expansion into major venues could lead to increased revenue streams and potentially higher profitability due to scaling effects. Considering the arenas host numerous events annually, the recurring use of Evolv's systems emphasizes the potential for sustained revenue. Moreover, winning 'Best In Sports Technology' and 'Best In Fan Experience Technology' awards further solidifies their market position and could attract more business opportunities. However, investors should monitor the adoption rate and customer feedback for these installations to gauge long-term financial impacts.

WALTHAM, Mass.--(BUSINESS WIRE)-- Evolv Technology (NASDAQ: EVLV), the leading security technology company pioneering AI-based screening to create safer experiences, today announced its partnership with T-Mobile Arena and MGM Grand Garden Arena in Las Vegas. The two arenas are the destination’s leaders, hosting some of the most popular sports and entertainment events annually.

Evolv was installed in both arenas in January, with five Evolv Express® systems located at each venue. Evolv Express uses advanced sensor technology and AI to tell the difference between certain potential threats and many commonly carried objects. Evolv Express helps enable a quick and unobtrusive ingress, allowing visitors to move through venue entrances at a brisk pace without having to always empty their pockets or be subject to bag checks.

T-Mobile Arena is home to the 2023 Stanley Cup champion Vegas Golden Knights. The decision was made to switch to Evolv Express at T-Mobile Arena after seeing its success at ticketed venues across the world, including other arenas hosting professional sports. Earlier this year, it was announced that TD Garden, home of the National Hockey League’s Boston Bruins, partnered with Evolv. In early March, Sports Business Journal declared Express the winner in the “Best In Sports Technology” and “Best In Fan Experience Technology” categories at its Tech awards.

“Las Vegas is the sports and entertainment capital of the world and the magic of the city is inside its venues, not standing in line waiting to gain entry,” said Jay Muelhoefer, chief commercial officer for Evolv Technology. “Evolv is excited to partner with T-Mobile Arena and MGM Grand Garden Arena to help make guest experiences in Las Vegas safer and even more memorable.”

In addition to sports and performing arts venues, Evolv’s technology helps secure leading theme parks, casinos, schools, hospitals and places of worship and has screened over one billions visitors to date.

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, 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 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, 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 March 31, 2024 that was filed with the SEC on May 9, 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/20240529642208/en/

Media:

Alexandra Smith Ozerkis

aozerkis@evolvtechnology.com

Investor:

Brian Norris

bnorris@evolvtechnology.com

Source: Evolv Technology

FAQ

What technology does Evolv Technology offer at T-Mobile Arena and MGM Grand Garden Arena?

Evolv Technology offers the AI-based screening system, Evolv Express®, at T-Mobile Arena and MGM Grand Garden Arena.

When was Evolv Express® installed in T-Mobile Arena and MGM Grand Garden Arena?

Evolv Express® was installed in January at both T-Mobile Arena and MGM Grand Garden Arena.

What are the benefits of Evolv Express® for visitors at T-Mobile Arena?

Evolv Express® allows faster and less intrusive entry by differentiating potential threats from harmless objects, enabling visitors to move through entrances quickly.

Which other venue recently partnered with Evolv Technology?

TD Garden, home of the National Hockey League's Boston Bruins, recently partnered with Evolv Technology.

What awards did Evolv Express® win in March?

In March, Evolv Express® won 'Best In Sports Technology' and 'Best In Fan Experience Technology' at the Sports Business Journal Tech awards.

How many visitors have been screened by Evolv's technology to date?

Evolv's technology has screened over a billion visitors to date.