Evolv Technologies Hldngs Inc Stock Price, News & Analysis

Evolv Technology (NASDAQ: EVLV) has been selected as the Official Fan Screening Provider for Acrisure Stadium, home of the Pittsburgh Steelers. Using the Evolv Express® solution, the technology will enhance security by screening fans at major entry points. This AI-driven system allows faster and more accurate threat detection while reducing wait times. The partnership follows the success of Evolv's technology at other venues, including PNC Park. Evolv aims to transform security experiences across various sectors, having scanned over 500 million people, earning recognition from the Department of Homeland Security.

Evolv Technology (NASDAQ: EVLV) has partnered with Manassas City Public Schools in Virginia to implement its Evolv Express security solution. This advanced weapons detection system will screen over 2,300 students daily, providing a less invasive approach to school safety. With powerful AI sensors, the technology can accurately differentiate between threats and everyday items, allowing smoother entry for students and staff. This partnership follows concerns about school safety and aims to enhance security without negatively impacting the school day.

Evolv Technology (NASDAQ: EVLV) is partnering with the Minnesota Twins as a co-presenting sponsor of their Military Discount Ticket Program, aimed at providing discounted tickets for active military and veterans. Starting on April 6, 2023, at the Twins' home opener against the Houston Astros, Evolv Express® will be implemented at Target Field to enhance security screening without long waits. This technology uses AI for advanced threat detection, improving fan safety and experience. Evolv aims to transform security in public venues, having scanned over 500 million individuals to date.

Evolv Technology (NASDAQ: EVLV) announced its Analyst Day 2023, scheduled for May 25, 2023, from 9:00 a.m. to 2:00 p.m. ET. The management team will discuss the company's vision, strategies, growth initiatives, and financial goals. The event will be streamed live on Evolv's investor relations website. Evolv is a leader in AI-driven weapons detection technology, having scanned over 500 million people, and aims to enhance security experiences across various venues, schools, and public spaces. The company holds the SAFETY Act Designation from the U.S. Department of Homeland Security, highlighting its commitment to safety.

Evolv Technology (NASDAQ: EVLV) has expanded its security partnerships, now collaborating with over 500 venues across 45 U.S. states and Puerto Rico. The company has more than doubled its customer base in 2022, screening over 500 million visitors using its AI-based weapons detection technology. In 2022 alone, Evolv tagged over 176,000 weapons, including 93,000 guns, showcasing its impact on enhancing venue safety. The Evolv Express system provides a less intrusive alternative to traditional metal detectors, improving the efficiency of security checks. The company aims to further innovate within the safety space.

Evolv Technology (NASDAQ: EVLV) has partnered with St. Louis CITY SC as the fan screening provider for its inaugural season in Major League Soccer. Deploying Evolv Express® at CITYPARK, the 22,500-seat stadium, ensures rapid and efficient security screening for fans, enhancing their matchday experience. Evolv Express® utilizes AI technology to distinguish between real threats and common items, ensuring safety without delays. Evolv is now affiliated with one-third of U.S. MLS teams, reinforcing its position in the sports industry. This partnership underscores Evolv's commitment to fan safety and experience.

Evolv Technology (NASDAQ: EVLV) partners with the Boston Red Sox to implement its AI-powered Evolv Express® screening solution at Fenway Park starting March 30, enhancing security and fan experience. This technology reduces unnecessary alarms, enabling quicker entry and minimizing wait times for fans. Evolv's advanced security systems are designed to accurately detect threats among everyday items, contributing to safety during events. Evolv continues to expand its presence in major sports venues, now operating across various MLB, MLS, and NFL stadiums, ensuring efficient and secure experiences for fans across the country.

Evolv Technology (NASDAQ: EVLV) reported strong Q4 results with revenue of $20.9 million, marking a 217% increase year-over-year. The company achieved an Annual Recurring Revenue (ARR) of $34.1 million, up 164%. Total Contract Value (TCV) for Q4 was $57.6 million, a 222% increase. Despite these positive metrics, Evolv recorded a net loss of $(28.1) million, compared to a net income of $4.8 million in Q4 2021. The company aims to double its ARR in 2023, with projected revenues between $55-$60 million.

Evolv Technology (NASDAQ: EVLV) has partnered with the Lyric Opera of Chicago to enhance security using its Evolv Express screening solution. This AI-driven technology is designed to provide an efficient, noninvasive threat detection experience, ensuring patrons can enter quickly without the anxiety related to gun violence. The solution can screen up to 1,600 guests in under 30 minutes, allowing timely seating before performances. Evolv aims to improve security at various venues across the nation, having already scanned over 425 million individuals, positioning itself near TSA in terms of throughput.