Welcome to our dedicated page for Evolv Technologies Hldngs news (Ticker: EVLV), a resource for investors and traders seeking the latest updates and insights on Evolv Technologies Hldngs stock.
The EVLV news page on Stock Titan provides a focused view of announcements and developments from Evolv Technologies Holdings, Inc., a security technology company listed on The Nasdaq Stock Market. Evolv describes itself as pioneering AI-based solutions designed to help create safer experiences at sports and entertainment venues, schools, hospitals, workplaces, and other public spaces. Its communications highlight how its AI-powered screening and analytics are deployed and updated across a broad customer base.
Investors and observers following EVLV news can expect regular updates on product deployments and customer wins, particularly in sports and entertainment, education, and healthcare. Recent press releases have detailed multi-year subscription agreements and designations such as “Official Fan Screening Partner” or “Official Patron Screening Provider” at major arenas and stadiums, as well as district-wide school safety deployments that combine Evolv Express® for people screening and Evolv eXpedite™ for bag screening.
The news flow also includes financial results and outlook commentary, typically released via quarterly earnings announcements and accompanied by management’s discussion of revenue trends, Annual Recurring Revenue, profitability metrics, and expectations for future periods. These items are often paired with notices of investor conferences and webcasts where management presents to the investment community.
Another recurring theme in EVLV news is technology and software updates. Evolv issues releases describing new software versions for Express, eXpedite, and its analytics platforms, outlining features such as integrated tablet management, expanded alert tags, sensitivity tuning options, and real-time service monitoring. Strategic partnerships, including contract manufacturing and supply chain arrangements, are also covered, providing insight into how the company supports manufacturing scale and global distribution.
By reviewing EVLV news, readers can track how Evolv’s AI-powered security solutions are being adopted, how its product capabilities evolve over time, and how management communicates about growth, operations, and strategy.
Evolv Technology (NASDAQ: EVLV) has resolved the FTC inquiry regarding its prior marketing claims without admitting wrongdoing or monetary penalties. The resolution focuses on historical marketing materials and affects approximately 4% of the company's installed base. Key impacts include: about 237 Evolv Express units could be affected by cancellation rights, representing roughly $3.9 million in Annual Recurring Revenue and $10.5 million in Remaining Performance Obligation. The company will offer certain K-12 education customers (8% of total customers) a 60-day contract cancellation option. The FTC did not challenge the core effectiveness of Evolv's technology or its AI-based solutions.
Evolv Technology (NASDAQ: EVLV) has received a delinquency notification from Nasdaq on November 21, 2024, for failing to timely file its Q3 2024 Quarterly Report. The delay stems from an ongoing internal investigation into the company's sales practices, affecting revenue recognition and other metrics. While this notification does not immediately impact Evolv's Nasdaq listing, the company must submit a compliance plan by January 20, 2025. If accepted, Nasdaq may grant an extension until May 19, 2025, to regain compliance. Evolv states it is working to file the report as soon as possible.
Evolv Technology (NASDAQ: EVLV) has deployed its Evolv Express security screening system at Target Center, home of the Minnesota Timberwolves and Minnesota Lynx. The venue installed nine Express systems to screen visitors during all home games, concerts, and events. The system was immediately tested during record-setting crowds at the WNBA Finals. According to Target Center's General Manager David Feeley, the new system eliminates the need for guests to empty their belongings into security trays, improving entry speed while maintaining safety. Evolv Express is currently used by over 40 professional sports teams and 850 customers worldwide.
Evolv Technology (NASDAQ: EVLV) provided a Q3 2024 business update highlighting significant growth metrics. The company achieved 2 billion visitors screened since inception, activated approximately 465 new multi-year subscriptions of Evolv Express, and expanded its presence across various sectors. Notable additions include over 100 school buildings (now serving 1,100+), 30+ hospital buildings (now 400+), 3 professional sports stadiums, and 3 Fortune 500 customers. The company now serves 6 Fortune 50 and 11 Fortune 100 companies. Evolv Express detected an average of 500 firearms daily, screening approximately 3 million visitors per day.
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.
FAQ
What is the current stock price of Evolv Technologies Hldngs (EVLV)?
What is the market cap of Evolv Technologies Hldngs (EVLV)?
