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 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.
Evolv Technology (NASDAQ: EVLV) has partnered with Virtua Health, New Jersey's largest healthcare provider, to enhance safety with AI-based weapons detection. Virtua Health has integrated 14 Evolv Express® systems across five hospitals and two wellness campuses. This technology, which differentiates between benign metal items and potential threats, has already been installed at five facilities. Evolv's systems have significantly improved safety in healthcare environments, demonstrated by Windsor Regional Hospital detecting over 2,000 weapons in six months and the Hospital of the University of Pennsylvania intercepting 300+ weapons in three months. Virtua Health aims to reinforce its commitment to violence prevention through this partnership. Notably, 36% of Americans believe they or a loved one are likely to encounter an active shooter, highlighting the importance of such security measures.
Evolv Technology, a leading security company, reported impressive financial results for Q1 2024. They recorded a revenue of $21.7 million, up 17% year-over-year, with Ending ARR of $82.5 million, up 96% year-over-year, and Ending RPO of $254.1 million, up 57% year-over-year. The company also saw a significant increase in Evolv Express® subscriptions. Net loss decreased to $(11.6) million, and adjusted EBITDA improved. The company had solid cash reserves and no debt as of March 31, 2024. Evolv Technology provided a positive outlook for 2024, aiming for total revenue of around $100 million and significant growth in ARR and adjusted EBITDA.
Evolv Technology, a leading security company, teams up with the Pittsburgh Pirates to support community groups providing education and mentoring experiences for local youth. They provide high-profile First Pitch experiences at Pirates home games to raise awareness of three youth-focused non-profits in the region.
Evolv Technology (NASDAQ: EVLV) partners with Cape Fear Community College to enhance safety at the Wilson Center. The school uses Evolv Express® system for screening guests, upgrading from antiquated methods to AI-based screening for a more efficient process.
Evolv Technology, a leading security company, partners with Belmont University in Tennessee to provide AI-based screening for weapons detection at its Curb Event Center Arena. The partnership aims to enhance safety and guest experience at the university's multipurpose arena, joining other notable Nashville venues using Evolv's technology.
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