Evolv Technologies Hldngs Inc Stock Price, News & Analysis

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.

Evolv Technology (NASDAQ: EVLV) has partnered with ASM Global to enhance safety and security at the VyStar Veterans Memorial Arena in Jacksonville, Florida. The collaboration introduces Evolv Express®, a non-intrusive screening system aimed at improving patron experience by reducing wait times while ensuring safety. The Arena can accommodate up to 15,000 guests and hosts various events, indicating a significant opportunity for Evolv's technology. Evolv's systems have successfully detected over 100,000 weapons at venues since January 2022, reflecting its commitment to security innovation.

Evolv Technology (NASDAQ: EVLV) has partnered with STANLEY Security to implement its Evolv Express® AI weapons detection systems in the Niagara Falls City School District, New York. This installation has expedited school entry processes for over 6,000 students by replacing cumbersome traditional security measures. Initial results show significant improvements in ingress and detection efficiency, enhancing the overall experience. The move comes amid rising concerns of school violence, prompting a shift to more modern security solutions, with Evolv Express currently deployed in schools across 20 states.

Evolv Technology (NASDAQ: EVLV) has partnered with James Island Charter High School in Charleston, South Carolina, enhancing security for over 1,600 students daily. This collaboration brings Evolv's AI-powered Evolv Express system to the school, which screens attendees without the long wait times associated with traditional methods. The system effectively manages larger crowds, screening 5,000 attendees during a playoff game. School officials are so pleased with the results that they plan to add another system for athletic events. Evolv now serves over 200 schools across the U.S., positioning itself as a leader in educational security technology.

Evolv Technology (NASDAQ: EVLV) has been recognized in Built In's 2023 Best Places to Work Awards, specifically as one of the Best Midsize Places to Work in Boston. This recognition highlights Evolv's commitment to a people-first culture, with investments in leadership development and diversity initiatives. The company has showcased strong performance, screening over 425 million people and preventing over 100,000 weapons from entering venues since January 2022. In Q3 2022, Evolv added a record 92 new customers. The next financial results will be released on March 1, detailing continued growth.