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Evolv Technology Recognizes Milestone Year in Company’s History
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
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Rhea-AI Summary
Evolv Technology (NASDAQ: EVLV) has expanded its security partnerships, now collaborating with over 500 venues across 45 U.S. states and Puerto Rico. The company has more than doubled its customer base in 2022, screening over 500 million visitors using its AI-based weapons detection technology. In 2022 alone, Evolv tagged over 176,000 weapons, including 93,000 guns, showcasing its impact on enhancing venue safety. The Evolv Express system provides a less intrusive alternative to traditional metal detectors, improving the efficiency of security checks. The company aims to further innovate within the safety space.
Positive
Over 500 partnerships in 45 states and Puerto Rico.
Doubled customer base in 2022.
Screened over 500 million visitors.
Tagged over 176,000 weapons in 2022, including 93,000 guns.
Evolv Express system enhances efficiency and reduces invasiveness of security checks.
Negative
None.
Over 500 customers across the US partnering with Evolv as part of a layered approach to security
WALTHAM, Mass.--(BUSINESS WIRE)--
Evolv Technology (NASDAQ: EVLV), the leader in AI-based weapons detection security screening, is now partnering with venues in 45 U.S. states as well as Puerto Rico, as security professionals from sports stadiums and theme parks to schools and hospitals integrate advanced weapons screening technology into their layers of safety planning. The Company more than doubled its customer base in 2022, working towards its mission of making the world a safer place for people to live, learn, work and play.
“We have now screened over a half a billion visitors, reflecting our rapidly expanding customer base in healthcare, education and industrial workplaces,” said Peter George, CEO of Evolv Technology. “We are committed to provide innovative solutions for our customers, and to serve as partners in their safety operations. And, we are driven to continue to improve.”
Evolv is helping to make a fundamental difference in venue safety as part of a layered approach to security. To that end, Evolv customers used the Evolv Express® system to tag over 176,000 weapons in 2022 – including 93,000 guns and 83,000 knives carried by visitors entering venues (not including those tagged by customers as law enforcement). In the fourth quarter of 2022 alone, Evolv customers tagged nearly 70,000 weapons – including 36,000 guns and 33,000 knives. That’s an average of about 400 guns every single day being stopped from entering venues where weapons are prohibited at the end of last year.
Through a combination of powerful sensor technology, proven AI, and comprehensive analytics, Evolv Express scans for concealed weapons without imposing the negative, inconvenient, or anxiety-inducing procedures that can accompany metal detectors. Evolv Express uses AI to instantly distinguish threats from most everyday objects, such as keys and cellphones, as people walk through at the pace of life. Unlike metal detectors and their newer upgrades, Evolv Express flags the precise location of a potential threat so that guards can respond in a more efficient manner towards incident resolution rather than requiring invasive and time-consuming procedures such as wanding, body searches and “yo-yo’ing” an individual through a system until the issue is resolved.
“For those who set off an alarm, the secondary screening check is immensely easier and creates much less friction than it did before with the metal detectors. We know exactly where the alert is located on the body by seeing it pinpointed on the Evolv Express tablet, so verification and remediation of the threat is much faster and less invasive,” said Brandon Covert, Haslam Sports Group VP of IT, operator of FirstEnergy Stadium, home of the Cleveland Browns.
“Conducting manual security checks was taking up to an hour of time each morning, and it wasn’t a particularly pleasant experience for our students or faculty,” said Mark Laurrie, Niagara Falls City School District Superintendent, adding “Evolv is the best that is out there for schools.”
“I spent a significant amount of time speaking with Evolv customers and dove into how the technology works,” said Otto Benedict, SVP of Facility and Campus Operations at SoFi Stadium and Hollywood Park, one of the dozens of stadiums using Evolv. “We also looked at some other non-metal-detector alternatives. We really did our homework. There was a sense of being overwhelmed with the metal detectors. That is no longer the case with Evolv.”
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 weapons detection 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 500 million people, second only to the Department of Homeland Security’s Transportation Security Administration (TSA) in the United States. 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®, and Evolv Cortex AI® are registered 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, 2021, that was filed with the SEC on March 28, 2022, 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, 2022 that was filed with the SEC on November 9, 2022. 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.
