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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) has partnered with the Champaign Unit 4 School District in Illinois to implement Evolv Express®, a cutting-edge weapons detection system, in response to security incidents at local schools. After only two months, the system has screened over 182,000 visitors, detecting multiple threats and improving safety. The district plans to expand the system to football games and possibly middle schools. Evolv aims to enhance school security while prioritizing a positive learning environment for students and teachers.
Evolv Technology (NASDAQ: EVLV) will join the Russell 3000® Index effective June 27, 2022, marking a significant achievement in its growth strategy. The Russell 3000 Index captures the 4,000 largest U.S. stocks by market capitalization, enhancing Evolv's visibility to institutional investors. This inclusion also links Evolv to the Russell 1000® and Russell 2000® indices. Currently, around $12 trillion in assets are benchmarked to Russell's indexes, indicating the importance of this milestone. Evolv is known for its AI-powered weapons detection systems, having scanned over 250 million people in the U.S.
Evolv Technology (NASDAQ: EVLV) announced that the Denver Performing Arts Complex has adopted its Evolv Express® systems, replacing traditional metal detectors. This transition aims to enhance guest experiences and security, reducing stress for attendees and staff. The new system significantly shortens screening times, which previously caused long queues, improving overall efficiency. Evolv's technology leverages artificial intelligence to detect threats accurately and efficiently, showcasing a modern approach to venue security.
Evolv Technology (NASDAQ: EVLV) has partnered with Dollywood to implement Evolv Express®, an AI-driven weapons detection system for enhanced guest safety. Dollywood aims to optimize entry processes, allowing guests to pass through security without stopping or removing items. Evolv Express can process 3600 people per hour, identifying threats significantly faster than traditional methods. This collaboration not only improves the guest experience but also strengthens security at one of the world's top theme parks, as Dollywood anticipates an influx of visitors this summer.
Evolv Technology (NASDAQ: EVLV) reported Q1 2022 revenue of $8.7 million, reflecting a 118% increase year-over-year. The company's Annual Recurring Revenue (ARR) reached $16.6 million, up 207% from the previous year. Evolv Express subscriptions grew by 227% to 910. Despite the growth, the company recorded a net loss of $14.6 million or ($0.10) per share. The firm reaffirmed its 2022 revenue outlook of $29-$31 million and adjusted EBITDA expectation of ($65-$67 million.
Evolv Technology (NASDAQ: EVLV) announced that Peter George, President and CEO, will present at the Stifel Cross Sector Insight Conference on June 7, 2022, in Boston, Massachusetts. The presentation is scheduled to start at approximately 10:55 a.m. Eastern Time and will be available for live streaming on the company's investor relations website. Evolv Technology leads the market in weapons detection security screening, having scanned over 200 million people. The company's technology offers enhanced security while improving user experience at various venues.
Evolv Technology (NASDAQ: EVLV) will be presenting at the Cowen Technology Media & Telecom Conference on June 1, 2022, in New York City. CEO Peter George is scheduled to speak at approximately 3:20 p.m. Eastern Time. The company, a leader in weapons detection technology, aims to enhance security while improving the experience for users across various venues, having scanned over 250 million people to date. The presentation will be available via live webcast on the company's investor relations website.
Evolv Technology (NASDAQ: EVLV) will release its first-quarter 2022 financial results on May 11, 2022, after market close. The management team will host a conference call at 4:30 p.m. ET to discuss the results and business outlook. Participants in the US can call +1.877.692.8955, while international participants can dial +1.234.720.6979. The call will also be webcast on the company’s investor relations website. A replay will be available for 30 days.
Evolv Technology (NASDAQ: EVLV) has received the U.S. Department of Homeland Security’s SAFETY Act Designation for its Evolv Express®, an AI-based weapons detection system. This qualification recognizes Evolv’s technology for meeting rigorous performance standards, enhancing safety at venues without compromising user experience. Screening 3,600 people per hour, Evolv Express is noted for its pinpoint detection accuracy and operational efficiency. With this designation, Evolv aims to address evolving security demands while offering a contactless entry experience for high-traffic environments.
Evolv Technology (NASDAQ: EVLV) has partnered with Mercedes-Benz Stadium in Atlanta to enhance fan experience through its Evolv Express system, which utilizes AI for seamless security screening. Post-implementation, 90% of fans reported satisfaction with security checks, significantly up from 70% prior. The technology has expedited entry and reduced the need for security re-checks. Evolv's solutions aim to improve safety and guest experience at major venues, catering to the growing demand for efficient and secure event access in the post-pandemic era.
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