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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 announced the results of its internal investigation, confirming revenue recognition errors of $4-6 million between Q2 2022 and Q2 2024. The investigation revealed that sales to channel partners, including a major one, were subject to undisclosed extra-contractual terms affecting revenue recognition. The company ended Q3 2024 with approximately $56 million in cash and no debt.
As a result, CFO Mark Donohue resigned, and four other employees were terminated or resigned. The company hired AlixPartners to provide interim finance support, with Dave Rawden appointed as Interim CFO. The Board plans remedial actions to enhance risk management and strengthen internal controls.
Evolv Technology (NASDAQ: EVLV) announced immediate leadership changes as the Board terminated CEO Peter George without cause on October 30, 2024. Michael Ellenbogen, Co-Founder and Chief Innovation Officer, has been appointed Interim President and CEO. This change follows months of Board planning, including the formation of a succession planning committee in May 2024. The Board emphasized the need for improved company culture while maintaining strong business fundamentals. An ongoing internal investigation into sales practices and financial reporting continues, though the leadership change decision predates these concerns.
Evolv Technology (NASDAQ: EVLV) announced that its previously issued financial statements from Q2 2022 through Q2 2024 should not be relied upon. An internal investigation revealed that certain sales transactions, including those with a major channel partner, involved undisclosed extra-contractual terms affecting revenue recognition. The company estimates premature or incorrect revenue recognition of $4-6 million through June 30, 2024. The investigation found evidence of misconduct by company personnel who withheld information from accounting staff, the Audit Committee, and PwC. As a result, the Q3 2024 earnings release and 10-Q filing will be delayed. The company has self-reported to the SEC and retained external experts to conduct the investigation.
Evolv Technology (NASDAQ: EVLV) has announced a new partnership with Boston Common Golf, one of six teams in TGL, a new golf league created by Tiger Woods and Rory McIlroy. As an Official Partner of Boston Common Golf, Evolv will provide its Evolv Express™ systems for guest screening at SoFi Center, the league's purpose-built venue in Palm Beach Gardens, Florida.
The TGL matches, starting in January on ESPN, will feature a tech-infused arena with a 3,400-square-foot screen for virtual holes. Boston Common Golf's roster includes Rory McIlroy, Keegan Bradley, Adam Scott, and Hideki Matsuyama. This partnership marks Evolv's sixth official sports partnership in the Boston area, joining teams like the Boston Red Sox and New England Patriots.
Hornets Sports & Entertainment and Evolv Technology (NASDAQ: EVLV) have announced a new partnership, making Evolv the Official Fan Screening Provider of the Charlotte Hornets. Evolv Express® systems will be used to screen fans at Spectrum Center's entrances, as part of the Re!magine Spectrum Center renovation project.
Evolv Express uses sensor technology combined with AI to distinguish between potential threats and common items, allowing guests to enter without always stopping for individual checks. The system was tested during the NCAA Men's Basketball Tournament in March and subsequently installed at all main entrances.
Spectrum Center joins a growing list of venues in the Carolinas using Evolv's technology. Evolv's customers tag an average of 1,000 weapons per day, and the company serves over 800 customers across various sectors. In 2023, Evolv Express tagged nearly 400,000 weapons.
Evolv Technology (NASDAQ: EVLV) has unveiled two new security products: Evolv eXpedite™, an AI-based weapons detection system for bags, and Evolv Eva™, a personal safety app. These offerings will be displayed at the Global Security Exchange (GSX) conference in Orlando, Florida, from September 23-25.
Evolv eXpedite allows guests to enter venues without removing items from their bags, using AI to determine potential threats with a simple 'Red Light/Green Light' system. Evolv Eva provides on-the-go safety features, including automatic check-ins and connection to live safety agents. Both products are designed to integrate with Evolv's existing solutions as part of the Evolv Safer Experience System™, offering a unified security infrastructure for customers.
Evolv Technology (NASDAQ: EVLV), a leading security company, provided AI-based screening for major European events this summer, including a global sporting competition. The company's Evolv Express® systems screened over 5 million people, including 10,000 athletes, fans, and media across various venues.
Evolv Express uses advanced sensor technology and AI to detect potential threats while minimizing congestion at entry points. The system was deployed through partnerships with key security organizations like HTDS, Aitecal, ARC Communications, and 2CL Communications.
Evolv's technology is used in over 1,000 venues worldwide, screening more than 1 million people daily and tagging an average of 500 firearms every day.
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.
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