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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), 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.
Evolv Technology (NASDAQ: EVLV) has partnered with AO Arena in Manchester, England, to implement advanced weapons detection technology aimed at enhancing venue security and improving customer experiences. This marks the first deployment of Evolv's technology in a European arena, following successful installations in major U.S. venues. The partnership is a part of ASM Global's VenueShield program, with plans for further rollout to additional European venues. Evolv's AI-powered system enhances threat detection while streamlining venue entry for over one million visitors annually.
Evolv Technology (NASDAQ: EVLV) has partnered with Gillette Stadium to enhance fan experiences through advanced security screening. Utilizing Evolv Express® systems, the venue aims to improve safety while minimizing entry delays for visitors. This AI-driven technology efficiently detects weapons, enabling large crowds to enter without long queues. Gillette Stadium, known for hosting major events, emphasizes that safety is paramount, further integrating Evolv's innovative solutions to meet modern security demands.
Evolv Technology (NASDAQ: EVLV) will release its Q2 2022 financial results on August 10, 2022, post-market. A conference call will follow at 4:30 p.m. ET for management to discuss the results and business outlook. Interested parties can join via phone or through a live webcast on the company’s investor relations website. Evolv aims to enhance security experiences using AI-powered weapons detection, already screening over 250 million people. The company has received awards for its technology, positioning it as a leader in the security industry.
Evolv Technology (NASDAQ: EVLV) announced a partnership with Distrito T-Mobile, marking its first client in Puerto Rico. The entertainment complex, which expects over 3 million visitors in its first year, will utilize Evolv Express® for efficient weapons screening, enhancing safety without significant delays. Notably, Distrito T-Mobile has already attracted more than 1.7 million visitors in its initial six months. The collaboration signifies Evolv's expansion into new markets and supports Puerto Rico's recovery efforts post-Hurricane Maria.
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