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 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.
Evolv Technology (NASDAQ: EVLV), a leader in AI-based weapons detection, will participate in the Global Security Exchange (GSX) from September 12-14 in Atlanta, Georgia. The company will have two speakers, Johnny Yang and Mike Ellenbogen, presenting on data-driven security advancements and new standards for weapons detection. Visitors to Evolv's booth #1631 can explore technology that has screened over 350 million people across various venues. Evolv aims to enhance security experiences while maintaining operational efficiency and guest satisfaction.
Evolv Technology (NASDAQ: EVLV) has partnered with Haslam Sports Group as the Official Fan Screening Provider for FirstEnergy Stadium. This collaboration aims to enhance public safety and improve fan experiences through Evolv Express, which utilizes AI technology for effective weapons detection. The system streamlines entry processes, reducing wait times, and improves overall security. Evolv's technology has also been successfully implemented at other venues, promising a safer environment for fans attending sporting events.
Evolv Technology (NASDAQ: EVLV) reported significant growth in its AI-based weapons detection solutions, screening over 350 million individuals and detecting more than 50,000 weapons since January 2022. The company added nearly 100 new customers in six months, including Gillette Stadium and Dollywood, showcasing a 152% year-over-year increase in customer acquisition. Evolv now deploys over 1,100 systems across North America and the UK, emphasizing its leadership in creating weapons-free zones throughout various venues, schools, and public spaces.
Evolv Technology (NASDAQ: EVLV) reported Q2 2022 revenue of $9.1 million, a 94% increase year-over-year. Ending Annual Recurring Revenue (ARR) reached $20.9 million, up 181% from the previous year. The company noted significant growth, surpassing 1,100 Evolv Express systems deployed and $100 million in cumulative TCV bookings. However, net loss for the quarter was $(25.7 million) with an adjusted EBITDA of $(16.4 million). The company reaffirmed its 2022 revenue outlook of $29-$31 million.
Evolv Technology (NASDAQ: EVLV) emphasizes the importance of limiting public access to sensitive security information. A recent survey revealed that 96% of security professionals believe such information should not be disclosed to the public. The company is working to establish security transparency standards while safeguarding against potential threats. Evolv’s Express® system recently received a high score in a security evaluation, although they opted not to release the full report publicly. The firm is dedicated to balancing safety and information sharing, ensuring comprehensive security practices.
Evolv Technology (NASDAQ: EVLV) announces a partnership with Hard Rock International to implement its Evolv Express® security screening technology at Seminole Hard Rock Hotel & Casino locations in Hollywood and Tampa, Florida. This innovative screening solution enhances guest experience by eliminating wait times and the need for physical bag checks. Evolv aims to boost safety and streamline foot traffic management while providing security staff with valuable analytics. This initiative aligns with Hard Rock's mission to offer a seamless and enjoyable environment for guests.
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