Welcome to our dedicated page for Evolv Technologies Holdings news (Ticker: EVLV), a resource for investors and traders seeking the latest updates and insights on Evolv Technologies Holdings stock.
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 Technology (NASDAQ: EVLV) announced a partnership with the 2022 World Champion Houston Astros, implementing its Evolv Express® screening solution at Minute Maid Park starting March 30, 2023. This AI-driven technology enhances security while improving fan experience by allowing quicker entry without sacrificing safety. Evolv's technology promises superior threat detection at high volumes and speeds, having already scanned over 500 million individuals, making it second only to the TSA in the U.S. The collaboration aligns with the Astros' initiative to leverage technology to create a better experience for their fans.
Evolv Technology (NASDAQ: EVLV), a leader in AI-based weapons detection, will release its financial results for Q1 2023 on May 10, 2023, post market close. Management will conduct a live conference call at 4:30 p.m. Eastern Time to discuss these results and the company's outlook. The call will be accessible within the U.S. by dialing +1.877.692.8955 and outside the U.S. at +1.234.720.6979, both using access code 825879. Additionally, a replay will be available for 30 days. Evolv has processed over 500 million individuals, securing recognition from the Department of Homeland Security as a Qualified Anti-Terrorism Technology.
Evolv Technology (NASDAQ: EVLV) has been selected as the Official Fan Screening Provider for Acrisure Stadium, home of the Pittsburgh Steelers. Using the Evolv Express® solution, the technology will enhance security by screening fans at major entry points. This AI-driven system allows faster and more accurate threat detection while reducing wait times. The partnership follows the success of Evolv's technology at other venues, including PNC Park. Evolv aims to transform security experiences across various sectors, having scanned over 500 million people, earning recognition from the Department of Homeland Security.
Evolv Technology (NASDAQ: EVLV) has partnered with Manassas City Public Schools in Virginia to implement its Evolv Express security solution. This advanced weapons detection system will screen over 2,300 students daily, providing a less invasive approach to school safety. With powerful AI sensors, the technology can accurately differentiate between threats and everyday items, allowing smoother entry for students and staff. This partnership follows concerns about school safety and aims to enhance security without negatively impacting the school day.
Evolv Technology (NASDAQ: EVLV) is partnering with the Minnesota Twins as a co-presenting sponsor of their Military Discount Ticket Program, aimed at providing discounted tickets for active military and veterans. Starting on April 6, 2023, at the Twins' home opener against the Houston Astros, Evolv Express® will be implemented at Target Field to enhance security screening without long waits. This technology uses AI for advanced threat detection, improving fan safety and experience. Evolv aims to transform security in public venues, having scanned over 500 million individuals to date.
Evolv Technology (NASDAQ: EVLV) announced its Analyst Day 2023, scheduled for May 25, 2023, from 9:00 a.m. to 2:00 p.m. ET. The management team will discuss the company's vision, strategies, growth initiatives, and financial goals. The event will be streamed live on Evolv's investor relations website. Evolv is a leader in AI-driven weapons detection technology, having scanned over 500 million people, and aims to enhance security experiences across various venues, schools, and public spaces. The company holds the SAFETY Act Designation from the U.S. Department of Homeland Security, highlighting its commitment to safety.
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.
Evolv Technology (NASDAQ: EVLV) has partnered with St. Louis CITY SC as the fan screening provider for its inaugural season in Major League Soccer. Deploying Evolv Express® at CITYPARK, the 22,500-seat stadium, ensures rapid and efficient security screening for fans, enhancing their matchday experience. Evolv Express® utilizes AI technology to distinguish between real threats and common items, ensuring safety without delays. Evolv is now affiliated with one-third of U.S. MLS teams, reinforcing its position in the sports industry. This partnership underscores Evolv's commitment to fan safety and experience.
Evolv Technology (NASDAQ: EVLV) partners with the Boston Red Sox to implement its AI-powered Evolv Express® screening solution at Fenway Park starting March 30, enhancing security and fan experience. This technology reduces unnecessary alarms, enabling quicker entry and minimizing wait times for fans. Evolv's advanced security systems are designed to accurately detect threats among everyday items, contributing to safety during events. Evolv continues to expand its presence in major sports venues, now operating across various MLB, MLS, and NFL stadiums, ensuring efficient and secure experiences for fans across the country.
Evolv Technology (NASDAQ: EVLV) reported strong Q4 results with revenue of $20.9 million, marking a 217% increase year-over-year. The company achieved an Annual Recurring Revenue (ARR) of $34.1 million, up 164%. Total Contract Value (TCV) for Q4 was $57.6 million, a 222% increase. Despite these positive metrics, Evolv recorded a net loss of $(28.1) million, compared to a net income of $4.8 million in Q4 2021. The company aims to double its ARR in 2023, with projected revenues between $55-$60 million.
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