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) has been awarded a patent for its AI-based weapons detection technology used in Evolv Express®. The patent, titled 'Personnel Inspection with Threat Detection and Discrimination' (U.S. Patent No. 11,568,734), covers the classification of objects as threats or non-threats using RF electromagnetic data. Evolv Express is deployed in over 1,000 venues worldwide and screens more than one million people daily.
The company's growing patent portfolio includes over 30 issued U.S. and foreign patents. Evolv Express, introduced in 2019, uses advanced sensor technology and AI to detect potential threats while minimizing disruptions to traffic flow. The system has received accolades, including the DHS SAFETY Act Designation and awards from Campus Security Today and Sports Business Journal.
Evolv Technology (NASDAQ: EVLV) reported strong financial results for Q2 2024. Revenue increased 29% year-over-year to $25.5 million, while Annual Recurring Revenue (ARR) grew 64% to $88.9 million. The company achieved a net income of $3.5 million, compared to a net loss of $66.8 million in Q2 2023. Evolv Express® subscriptions rose 57% to 5,323.
For the first half of 2024, total revenue was $47.2 million, up 23% year-over-year. The company reaffirmed its 2024 outlook, projecting total revenue of ~$100 million and ARR of ~$100 million by year-end. Evolv Technology ended Q2 with $56.7 million in cash and no debt.
The Portland Trail Blazers and Evolv Technology (NASDAQ: EVLV) have partnered to bring Evolv's AI-based screening technology to Moda Center. Five Evolv Express® systems have been installed ahead of the venue's busiest period. This advanced technology aims to streamline the screening process, reducing wait times and enhancing fan experience.
Evolv Express uses AI and advanced sensors to differentiate between potential threats and common metal objects, allowing for a smoother entry process. The Moda Center, with a capacity of about 20,000, joins other NBA arenas in adopting this technology following the league's conditional approval for weapons detection. Evolv Express currently screens over one million people daily across various venues, including sports stadiums, theme parks, and schools.
Evolv Technology (NASDAQ: EVLV) has partnered with 360 CHICAGO, installing its Evolv Express® system for guest screening at the observation deck. The AI-based screening technology was implemented in August 2023 as part of recent renovations, replacing manual bag checks. Jennifer Hesser, 360 CHICAGO's assistant general manager, emphasized that the system enhances guest experience and comfort through proper screening.
The Evolv Express uses sensor technology combined with AI to differentiate between threats and common metal objects. This allows for quick processing of guests after ticket purchase. Jay Muelhoefer, Evolv's chief commercial officer, highlighted the company's role in adding safety to the attraction. Evolv's technology is used across various venues, including theme parks, performing arts centers, and sports facilities.
Evolv Technology (NASDAQ: EVLV) has announced a significant software update to enhance security management and reporting capabilities. The update introduces new tools and features to the MyEvolv Portal and Mobile App, including improvements to the Evolv Insights® analytics dashboard. Key features include:
1. User-friendly default portal dashboards
2. Threat Map Report for multi-location oversight
3. Automated Weekly and Monthly Reports
4. Real-time analytics updating every 30 seconds
5. Enhanced image data access for various security roles
6. Optimized mobile experience
These updates aim to provide security teams with improved real-time data and insights for better decision-making, strengthening safety measures, and driving operational efficiency.
Evolv Technology (NASDAQ: EVLV) has expanded its partnership with Charlotte Football Club, implementing Evolv Express® systems for threat detection at the team's training facility, Atrium Health Performance Park. This follows the successful use of Evolv Express at Bank of America Stadium, home to Charlotte FC and the Carolina Panthers. The expansion aims to provide a consistent security experience across all venues.
Evolv Express utilizes advanced sensor technology and artificial intelligence to differentiate between weapons and common metal objects. The partnership has led to Evolv's introduction to Charlotte-Mecklenburg Schools, one of North Carolina's largest school districts. Evolv now partners with 10 Major League Soccer teams for the 2024 season, solidifying its presence in professional sports and the Southeastern U.S.
Evolv Technology (NASDAQ: EVLV), a leader in AI-based security screening, will release its financial results for Q2 2024 on August 8, 2024, after market close.
A live conference call and webcast hosted by the management team will follow at 4:30 p.m. Eastern Time to discuss the results and the company’s outlook.
The U.S. dial-in number is +1.877.692.8955 (access code: 825879), and for international callers, it is +1.234.720.6979 with the same access code.
The conference call will be webcast on the company’s investor relations website, where a replay will be available for 30 days using the access code 8674340.
Evolv Express® has been named the platinum winner of the 2024 Secure Campus Award by Campus Security Today. The award recognizes Evolv Technology's advanced AI-based weapons detection systems used in over 800 U.S. schools and 750 other global customer sites. Evolv Express employs sophisticated sensor technology and AI to differentiate potential threats from everyday items, enabling fast and unobtrusive security screening. The Secure Campus Awards honor significant advancements in campus security, selected by a panel of industry judges. Evolv's technology is widely deployed in various settings and has screened over 1 billion people since 2019.
Evolv Technology (NASDAQ: EVLV) has partnered with T-Mobile Arena and MGM Grand Garden Arena in Las Vegas to enhance security using its AI-based screening system, Evolv Express®. Installed in January, five systems are now operational in each venue. Evolv Express® differentiates potential threats from harmless objects, enabling faster and less intrusive entry for visitors. The T-Mobile Arena, home to the Vegas Golden Knights, switched to Evolv Express® due to its proven success in other venues, including TD Garden. In March, Sports Business Journal awarded Evolv Express® for 'Best In Sports Technology' and 'Best In Fan Experience Technology.' Beyond arenas, Evolv's technology secures various locations like theme parks, casinos, schools, and hospitals, having screened over a billion visitors.
Evolv Technology (NASDAQ: EVLV) has partnered with Lee Health, one of Florida's largest not-for-profit health systems, to install its AI-based Evolv Express® screening solution at several emergency department entrances. This decision comes in light of increasing violence towards healthcare staff, with Evolv's technology aiming to detect threats efficiently without the need for individuals to stop and open bags.
With the recent 7.0 software update, Evolv Express features improved detection algorithms and a more intuitive interface. Currently, the system is operational at three Lee Health hospitals, with plans to expand to three more facilities. This initiative is part of a broader move within the healthcare industry to enhance security and protect staff and patients.
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