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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 that its Evolv Express® system has prevented over 100,000 weapons from entering venues this year, indicating strong demand for advanced security solutions. The system is now implemented in over 200 schools and 70 hospitals, reflecting a growing trend in replacing traditional security measures with AI-powered screening technology. In Q3, Evolv added a record 92 new customers, emphasizing the increasing need for enhanced safety measures across various sectors. The company has screened over 425 million individuals, positioning itself as a leading force in security technology.
Evolv Technology (NASDAQ: EVLV) reported a strong Q3 2022, achieving revenues of $16.5 million, up 96% year-over-year, with an Ending ARR of $28.7 million, a 189% increase. The company raised its 2022 revenue outlook to $46-$48 million, significantly higher than previous estimates. TCV for Q3 reached $45.4 million, a 167% growth from the prior year. Despite this, net loss for Q3 was $(18.6) million. Looking ahead, Evolv expects ARR for 2023 to exceed $65 million, reflecting over 100% growth.
Evolv Technology (NASDAQ: EVLV) has enhanced safety at Elitch Gardens Theme & Water Park by installing its AI-powered Evolv Express systems. This upgrade improves guest experience by enabling touchless, rapid screening of up to 4,000 people per hour, significantly reducing wait times. The system has alleviated the need for additional outside security staff, effectively paying for itself. The transition from outdated metal detectors to advanced AI technology has resulted in a more efficient and secure environment for nearly one million annual visitors.
Evolv Technology (NASDAQ: EVLV) is experiencing growing demand for its AI-based weapons detection solutions in U.S. school districts, particularly with Spartanburg School District Five adopting Evolv Express to enhance safety. This technology allows students to pass through kiosks without discomfort, effectively identifying weapons while maintaining a welcoming environment. The company has successfully expanded its reach, having previously supported Spartanburg District Six, which serves over 12,000 individuals. Evolv’s mission is to create safer spaces, having scanned over 350 million people nationwide.
Evolv Technology (NASDAQ: EVLV) announced a partnership with the Indianapolis Symphony Orchestra, implementing its Evolv Express® screening solution at the Hilbert Circle Theatre, enhancing visitor safety and experience. With 175,000 annual patrons and up to 200 events yearly, Evolv Express allows rapid guest processing without manual checks, improving efficiency and reducing wait times. The system supports the theatre's aesthetic integrity and is discreetly integrated. Evolv continues to transform security in public venues with AI-powered technology.
Evolv Technology (NASDAQ: EVLV), a leader in AI-based weapons detection, announced that CEO Peter George and CFO Mark Donohue will present at the Credit Suisse Technology Conference on November 29, 2022, at 5:05 p.m. ET in Scottsdale, Arizona. The presentation will be available via live webcast on the company's investor relations website. Evolv Technology aims to enhance security experiences in various venues, having scanned over 350 million people and received multiple accolades, including the DHS SAFETY Act Designation.
Evolv Technology (NASDAQ: EVLV) announced a partnership with Guilford County Schools in North Carolina to implement its Evolv Express® screening system in nearly 20 high schools for the 2022-2023 academic year. This decision follows the successful deployment of Evolv's technology in the nearby Charlotte-Mecklenburg school system. The system aims to enhance safety and security by detecting concealed weapons without invasive checks, significantly improving the screening process while maintaining a positive school environment. Evolv Express is now in use across 44 systems in 19 high schools.
Evolv Technology (NASDAQ: EVLV) announced an enhanced partnership with the Lincoln Center for the Performing Arts, showcasing its Evolv Express® screening solution. This state-of-the-art technology ensures safety for visitors while maintaining a seamless experience, allowing hundreds to pass through security checks quickly. The upgrade from prior systems has garnered positive guest feedback, with many unaware they underwent a security check. Evolv Express underscores the company’s commitment to innovation, having scanned over 350 million people to date, strengthening its status as a leader in AI-based security.
Evolv Technology (NASDAQ: EVLV) is set to release its financial results for the third quarter of 2022 on November 9, 2022, post-market. Following the announcement, a conference call will be held at 4:30 p.m. ET to discuss these results and provide management's outlook. This call can be accessed via U.S. and international numbers, and will also be available as a webcast on the company’s investor relations website. Evolv is known for its AI-based weapons detection technology, having scanned over 350 million people, emphasizing its role in enhancing public safety.
Evolv Technology (NASDAQ: EVLV) is partnering with the Detroit Police Department to enhance security at the Detroit Auto Show from September 14 to 25. Utilizing Evolv Express systems, the technology allows for fast, AI-based weapons detection, screening up to 4,000 people per hour without hindering the flow of attendees. This initiative is part of the city's Community Policing Strategy and aims to secure the event expected to attract over 800,000 visitors. Recent deployments of this technology in the city have reportedly resulted in zero gun violence at large public events.
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