Evolv Technologies Hldngs Inc Stock Price, News & Analysis

Evolv Technology (NASDAQ: EVLV) has announced a significant software update to enhance security management and reporting capabilities. The update introduces new tools and features to the MyEvolv Portal and Mobile App, including improvements to the Evolv Insights® analytics dashboard. Key features include:

1. User-friendly default portal dashboards
2. Threat Map Report for multi-location oversight
3. Automated Weekly and Monthly Reports
4. Real-time analytics updating every 30 seconds
5. Enhanced image data access for various security roles
6. Optimized mobile experience

These updates aim to provide security teams with improved real-time data and insights for better decision-making, strengthening safety measures, and driving operational efficiency.

Evolv Technology (NASDAQ: EVLV) has expanded its partnership with Charlotte Football Club, implementing Evolv Express® systems for threat detection at the team's training facility, Atrium Health Performance Park. This follows the successful use of Evolv Express at Bank of America Stadium, home to Charlotte FC and the Carolina Panthers. The expansion aims to provide a consistent security experience across all venues.

Evolv Express utilizes advanced sensor technology and artificial intelligence to differentiate between weapons and common metal objects. The partnership has led to Evolv's introduction to Charlotte-Mecklenburg Schools, one of North Carolina's largest school districts. Evolv now partners with 10 Major League Soccer teams for the 2024 season, solidifying its presence in professional sports and the Southeastern U.S.

Evolv Technology (NASDAQ: EVLV), a leader in AI-based security screening, will release its financial results for Q2 2024 on August 8, 2024, after market close.

A live conference call and webcast hosted by the management team will follow at 4:30 p.m. Eastern Time to discuss the results and the company’s outlook.

The U.S. dial-in number is +1.877.692.8955 (access code: 825879), and for international callers, it is +1.234.720.6979 with the same access code.

The conference call will be webcast on the company’s investor relations website, where a replay will be available for 30 days using the access code 8674340.

Evolv Express® has been named the platinum winner of the 2024 Secure Campus Award by Campus Security Today. The award recognizes Evolv Technology's advanced AI-based weapons detection systems used in over 800 U.S. schools and 750 other global customer sites. Evolv Express employs sophisticated sensor technology and AI to differentiate potential threats from everyday items, enabling fast and unobtrusive security screening. The Secure Campus Awards honor significant advancements in campus security, selected by a panel of industry judges. Evolv's technology is widely deployed in various settings and has screened over 1 billion people since 2019.

Evolv Technology (NASDAQ: EVLV) has partnered with T-Mobile Arena and MGM Grand Garden Arena in Las Vegas to enhance security using its AI-based screening system, Evolv Express®. Installed in January, five systems are now operational in each venue. Evolv Express® differentiates potential threats from harmless objects, enabling faster and less intrusive entry for visitors. The T-Mobile Arena, home to the Vegas Golden Knights, switched to Evolv Express® due to its proven success in other venues, including TD Garden. In March, Sports Business Journal awarded Evolv Express® for 'Best In Sports Technology' and 'Best In Fan Experience Technology.' Beyond arenas, Evolv's technology secures various locations like theme parks, casinos, schools, and hospitals, having screened over a billion visitors.

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.