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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, a leader in weapons detection, has been awarded the SIA New Products and Solutions Award for its Evolv Express® system at ISC West. This AI-powered detection system utilizes advanced sensors and video analytics to identify potential threats quickly, enhancing security management. CEO Peter George emphasized the honor of this recognition, which validates Evolv's commitment to public safety. The technology has already scanned over 200 million individuals, making significant strides in efficient security screening.
Evolv Technology (NASDAQ: EVLV) has announced that its Evolv Express weapons detection system achieved an overall score of 2.84 in an evaluation conducted by the National Center for Spectator Sports Safety and Security (NCS4). This performance reflects strong detection capabilities, especially in categories such as detecting standardized test pieces (3.0) and threat objects in small bags (3.0). The report underscores Evolv's commitment to enhancing security at events, with its technology processing up to 3600 people per hour. The system aims to provide high-performance security while improving visitor experience.
Evolv Technology (NASDAQ: EVLV) has awarded its first GiveEvolv grant to Fayette County Schools in West Virginia, providing three Evolv Express weapons screening systems to enhance safety in local schools. The initiative, launched in September 2021, aims to donate security technology at no cost to public schools, focusing on environments most vulnerable to weapons violence. A demonstration event is set for 12:00 ET today at Oak Hill High School to showcase the systems to the community.
As gun violence in schools rises, Evolv Technology (NASDAQ: EVLV) expands its Evolv Express security solution in Spartanburg, South Carolina. This AI-driven system detects weapons 10 times faster than standard metal detectors, scanning up to 3,600 individuals per hour to enhance safety for over 12,000 students and staff. The proactive approach aims to prevent potential threats while improving the efficiency of entry processes. CEO Peter George emphasizes the urgent need for advanced security measures in educational institutions.
Evolv Technology (NASDAQ: EVLV) reported strong fourth quarter and full-year results for 2021, with Q4 revenue of $6.8 million, up 236% year-over-year, and full-year revenue of $23.7 million, a 395% increase. The total contract value (TCV) for Q4 surged to $17.9 million (up 201%), while full-year TCV reached $53.8 million (up 148%). The company experienced a net income of $2.5 million in Q4, a big turnaround from a net loss of $9.6 million the previous year. For 2022, Evolv expects revenue between $29-$31 million and sees a rise in annual recurring revenue to $27-$28 million.
Evolv Technology (NASDAQ: EVLV) announced enhancements to Evolv Express®, integrating weapons screening data with Milestone Video Management System and Titan HST mass notification system. This marks a significant advancement in security technology, aiming to improve threat response times amid rising violence and fragmented security systems. With over 611 mass shootings reported in 2020, these integrations simplify communication among security teams, enhancing venue safety. The updated system includes advanced video analytics, optimizing threat identification and ensuring a seamless visitor experience.
Evolv Technology (NASDAQ: EVLV) announced its Evolv Express® screening solution is enhancing fan experiences at U.S. sports stadiums. Notable improvements include Nissan Stadium, where screening times were reduced from 30 minutes to near-instant entry, boosting visitor satisfaction from 2.3 to 4.6. Mercedes-Benz Stadium reports nine out of ten fans now favor the new screening process. The company introduced professional sports experts to capitalize on increasing demand, highlighting a commitment to safety and efficiency.
Evolv Technology (NASDAQ: EVLV) has partnered with the Marcus Performing Arts Center in Milwaukee to implement its Evolv Express® screening solution, enhancing visitor entry experiences. This technology enables rapid screening of up to 3,600 individuals per hour without the need to remove personal items. Officials from the Marcus Center acknowledge the transformation in audience experience and improved operational efficiency due to this partnership. Evolv's advanced sensors and AI technology aim to ensure safety while facilitating faster access to performances.
Evolv Technology (NASDAQ: EVLV) announces a partnership with the historic Gillioz Theatre in Springfield, Missouri, to enhance security using Evolv Express® systems. The advanced security screening technology allows guests to enter without removing belongings, improving the overall experience. The partnership not only fortifies security but also provides valuable data for venue operations. By modernizing safety, the theatre aims to maintain its historical ambiance while optimizing concession opportunities.
Evolv Technology (NASDAQ: EVLV) has earned recognition in the 2022 Best Places to Work Awards by Built In, being named one of the Best Places to Work, Best Midsize Companies to Work For, and Best Paying Companies. These awards reflect the company’s commitment to employee well-being and innovative culture. The evaluation process included compensation, benefits, and people-first cultural offerings. In 2021, Evolv made significant strides, expanding partnerships with venues and screening over 100 million people, second only to the TSA.
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