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) 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.
Evolv Technology (NASDAQ: EVLV) has partnered with the Lyric Opera of Chicago to enhance security using its Evolv Express screening solution. This AI-driven technology is designed to provide an efficient, noninvasive threat detection experience, ensuring patrons can enter quickly without the anxiety related to gun violence. The solution can screen up to 1,600 guests in under 30 minutes, allowing timely seating before performances. Evolv aims to improve security at various venues across the nation, having already scanned over 425 million individuals, positioning itself near TSA in terms of throughput.
Evolv Technology (NASDAQ: EVLV) has partnered with ASM Global to enhance safety and security at the VyStar Veterans Memorial Arena in Jacksonville, Florida. The collaboration introduces Evolv Express®, a non-intrusive screening system aimed at improving patron experience by reducing wait times while ensuring safety. The Arena can accommodate up to 15,000 guests and hosts various events, indicating a significant opportunity for Evolv's technology. Evolv's systems have successfully detected over 100,000 weapons at venues since January 2022, reflecting its commitment to security innovation.
Evolv Technology (NASDAQ: EVLV) has partnered with STANLEY Security to implement its Evolv Express® AI weapons detection systems in the Niagara Falls City School District, New York. This installation has expedited school entry processes for over 6,000 students by replacing cumbersome traditional security measures. Initial results show significant improvements in ingress and detection efficiency, enhancing the overall experience. The move comes amid rising concerns of school violence, prompting a shift to more modern security solutions, with Evolv Express currently deployed in schools across 20 states.
Evolv Technology (NASDAQ: EVLV) has partnered with James Island Charter High School in Charleston, South Carolina, enhancing security for over 1,600 students daily. This collaboration brings Evolv's AI-powered Evolv Express system to the school, which screens attendees without the long wait times associated with traditional methods. The system effectively manages larger crowds, screening 5,000 attendees during a playoff game. School officials are so pleased with the results that they plan to add another system for athletic events. Evolv now serves over 200 schools across the U.S., positioning itself as a leader in educational security technology.
Evolv Technology (NASDAQ: EVLV) has been recognized in Built In's 2023 Best Places to Work Awards, specifically as one of the Best Midsize Places to Work in Boston. This recognition highlights Evolv's commitment to a people-first culture, with investments in leadership development and diversity initiatives. The company has showcased strong performance, screening over 425 million people and preventing over 100,000 weapons from entering venues since January 2022. In Q3 2022, Evolv added a record 92 new customers. The next financial results will be released on March 1, detailing continued growth.
Evolv Technology (NASDAQ: EVLV) has partnered with Atlanta Public Schools (APS) to implement its Evolv Express security screening solution in 36 schools. This advanced system can screen up to 4,000 individuals per hour, improving safety by enhancing security checks while reducing anxiety among students. Over 200 U.S. schools have adopted Evolv's technology, which has positively impacted security operations at venues like Mercedes-Benz Stadium. The collaboration aims to create a safer learning environment as APS deals with significant security challenges, including the detection of over 24 firearms last year.
Evolv Technology (NASDAQ: EVLV) has partnered with Bridgestone Arena in Nashville, becoming the first NHL-specific venue to implement its AI-based weapons detection system, Evolv Express. This installation aims to enhance safety while improving the guest experience at one of the busiest venues in the U.S. Bridgestone Arena ranks fourth in the U.S. for ticket sales, boasting over 815,000 tickets sold, and generated $80.6 million in gross revenue. The Evolv Express system, installed at fourteen entry points, aims to improve operational efficiency and guest satisfaction.
Evolv Technology (NASDAQ: EVLV), a leader in AI-based weapons detection, will announce its fourth-quarter 2022 financial results on March 1, 2023, after market close. A live conference call is scheduled for 4:30 p.m. ET on the same day, providing insights into the financial outcomes and future outlook. Evolv's advanced systems have scanned over 425 million people, showcasing its significant impact on security screening across various sectors. This event will be accessible via a dedicated conference call and webcast.
Evolv Technology (NASDAQ: EVLV) has secured a $75 million non-dilutive debt financing facility from Silicon Valley Bank to bolster its subscription-based business model. The company aims to utilize these funds to enhance its AI-powered weapons detection solution, Evolv Express, which is already utilized by over 400 customers across various sectors, including education and healthcare. This financing aligns with Evolv's capital allocation strategy and is expected to support growth plans while maintaining a strong balance sheet.
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