Evolv Technology Reports First Quarter Financial Results

Business Wire05-10

Q1 Revenue of $21.7 million, up 17% year-over-year Q1 Ending ARR1 of $82.5 million, up 96% year-over-year Q1 Ending RPO2 of $254.1 million, up 57% year-over-year Q1 Ending Evolv Express® subscriptions...

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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nEvolv Technology Reports First Quarter Financial Results\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-05-10 04:05 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/evolv-technology-reports-first-quarter-200500715.html><strong>Business Wire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Q1 Revenue of $21.7 million, up 17% year-over-year\nQ1 Ending ARR1 of $82.5 million, up 96% year-over-year\nQ1 Ending RPO2 of $254.1 million, up 57% year-over-year\nQ1 Ending Evolv Express® subscriptions...</p>\n\n<a href=\"https://finance.yahoo.com/news/evolv-technology-reports-first-quarter-200500715.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"ARR","symbol_name":"ARMOUR住宅房地产公司","start_time":0,"source_url":"https://finance.yahoo.com/news/evolv-technology-reports-first-quarter-200500715.html","article_id":"2434283060","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/BEItUMVBpvcWaLbfR_zXuw--~B/aD0yODI7dz03ODE7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/business-wire.com/53e4f6994298ea8b8f5caa21a6da2c2f"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2434283060","pubTimestamp":1715285100,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Q1 Revenue of $21.7 million, up 17% year-over-year. Q1 Ending RPO2 of $254.1 million, up 57% year-over-year. Q1 Ending Evolv Express subscriptions of 4,882, up 75% year-over-year. WALTHAM, Mass., May 09, 2024----Evolv Technology , the leading security technology company pioneering AI-based screening to create safer experiences, today announced financial results for the quarter ended March 31, 2024.The following table summarizes the breakdown of recurring and non-recurring revenue4 for each period presented:. The following table summarizes operating cash flows for each period presented:. The Company today commented on its business outlook for 2024. The Company's outlook is based on the current indications for its business, which may change at any time.The Company’s management team plans to host a live conference call and webcast at 4:30 p.m. Eastern Time today to discuss the financial results as well as management’s outlook for the business and other matters. The conference call may be ","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"ARR":"ARMOUR住宅房地产公司","BK4110":"抵押房地产投资信托","EVLVW":"Evolv Technologies Holdings, Inc. Warrant","EVLV":"Evolv Technologies Holdings, Inc.","DHS":"WisdomTree U.S. High Dividend Fund","BK4157":"电子设备和仪器"},"translate_title":"Evolv Technology报告第一季度财务业绩","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ARR":1,"DHS":1,"EVLV":1,"EVLVW":0.9},"content_text":"Q1 Revenue of $21.7 million, up 17% year-over-year\nQ1 Ending ARR1 of $82.5 million, up 96% year-over-year\nQ1 Ending RPO2 of $254.1 million, up 57% year-over-year\nQ1 Ending Evolv Express® subscriptions of 4,882, up 75% year-over-year\n\nWALTHAM, Mass., May 09, 2024--(BUSINESS WIRE)--Evolv Technology (NASDAQ: EVLV), the leading security technology company pioneering AI-based screening to create safer experiences, today announced financial results for the quarter ended March 31, 2024.\nResults for the First Quarter of 2024\nTotal revenue for the first quarter of 2024 was $21.7 million, an increase of 17% compared to $18.6 million for the first quarter of 2023. Annual Recurring Revenue (\"ARR\")1 was $82.5 million at the end of first quarter of 2024, an increase of 96% compared to $42.0 million at the end of the first quarter of 2023. Net loss for the first quarter of 2024 was $(11.6) million, or $(0.08) per basic and diluted share, compared to $(28.6) million, or $(0.20) per basic and diluted share, in the first quarter of 2023. Adjusted earnings (loss)3 for the first quarter of 2024 was $(13.1) million, or $(0.09) per diluted share, compared to adjusted earnings (loss)3 of $(16.9) million, or $(0.12) per diluted share, for the first quarter of 2023. Adjusted EBITDA3 for the first quarter of 2024 was $(10.7) million compared to $(15.4) million in the first quarter of 2023. As of March 31, 2024, the Company had cash, cash equivalents, marketable securities, and restricted cash of $81.3 million and no debt.\nThe following table summarizes the breakdown of recurring and non-recurring revenue4 for each period presented:\n\n\n\n\nThree Months Ended March 31,\n\n\n\n\n2024\n\n\n2023\n\n% Change\n\n\nRecurring revenue\n$\n19,381\n\n$\n9,075\n\n114\n%\n\n\nNon-recurring revenue\n\n2,287\n\n\n9,506\n\n(76\n)%\n\n\nTotal revenue\n$\n21,668\n\n$\n18,581\n\n17\n%\n\n\n\nThe following table summarizes operating cash flows for each period presented:\n\n\n\n\nThree Months Ended March 31,\n\n\n\n\n2024\n\n\n\n2023\n\n\n\nNet loss\n$\n(11,644\n)\n\n$\n(28,609\n)\n\n\nNon-cash expense\n\n1,653\n\n\n\n14,005\n\n\n\nChanges in operating assets and liabilities\n\n(6,092\n)\n\n\n11,170\n\n\n\nNet cash used in operating activities\n$\n(16,083\n)\n\n$\n(3,434\n)\n\n\n\nCompany Comments on Outlook for 2024\nThe Company today commented on its business outlook for 2024. The Company's outlook is based on the current indications for its business, which may change at any time.\n\n\n\nEstimate ($ in millions)\n\nIssued February 29, 2024\n\nIssued May 9, 2024\n\n\nTotal Revenue\n\n~$115\n\n~$100\n\n\nARR1 (ARR) at 12/31/24\n\n$108-$112\n\n~$100\n\n\nAdjusted Gross Margin3\n\n~60%\n\nReaffirmed\n\n\nAdjusted EBITDA3\n\nImprove by 40%+\n\nReaffirmed\n\n\n\nCompany to Host Live Conference Call and Webcast\nThe Company’s management team plans to host a live conference call and webcast at 4:30 p.m. Eastern Time today to discuss the financial results as well as management’s outlook for the business and other matters. The conference call may be accessed in the United States by dialing +1.877.692.8955 and using access code 825879. The conference call may be accessed outside of the United States by dialing +1.234.720.6979 and using the same access code. The conference call will be simultaneously webcast on the Company’s investor relations website, which can be accessed at http://ir.evolvtechnology.com. The press release with the financial results will be available on the Company’s website prior to the conference call. A replay of the conference call will be available for a period of 30 days by dialing +1.866.207.1041 or +1.402.970.0847 and using access code 2732005 or by accessing the webcast replay on the Company’s investor relations website at http://ir.evolvtechnology.com.\nAbout Evolv Technology\nEvolv Technology (NASDAQ: EVLV) is transforming human security to make a safer, faster, and better experience for the world’s most iconic venues and companies as well as schools, hospitals, and public spaces, using industry leading artificial intelligence (AI)-powered weapons detection and analytics. Its mission is to transform security to create a safer world to work, learn, and play. Evolv has digitally transformed the gateways in places where people gather by enabling seamless integration combined with powerful analytics and insights. Evolv’s advanced systems have scanned more than 1 billion people, second only to the Department of Homeland Security’s Transportation Security Administration (TSA) in the United States. Evolv has been awarded the U.S. Department of Homeland Security (DHS) SAFETY Act Designation as a Qualified Anti-Terrorism Technology (QATT) as well as the Security Industry Association (SIA) New Products and Solutions (NPS) Award in the Law Enforcement/Public Safety/Guarding Systems category. Evolv Technology®, Evolv Express®, Evolv Insights®, Evolv Cortex AI®, and Evolv Extend™ are registered trademarks of Evolv Technologies, Inc. in the United States and other jurisdictions. For more information, visit https://evolvtechnology.com.\n1 We define Annual Recurring Revenue, or ARR, as subscription revenue and the recurring service revenue related to purchase subscriptions for the final month of the quarter normalized to a one-year period. Our calculation of ARR is not adjusted for the impact of any known or projected future events (such as customer cancellations, upgrades or downgrades, or price increases or decreases) that may cause any such contract not to be renewed on its existing terms. In addition, the amount of actual revenue that we recognize over any 12-month period is likely to differ from ARR at the beginning of that period, sometimes significantly. This may occur due to new bookings, cancellations, upgrades, downgrades or other changes in pending renewals, as well as the effects of professional services revenue and acquisitions or divestitures. As a result, ARR should be viewed independently of, and not as a substitute for or forecast of, revenue and deferred revenue. Our calculation of ARR may differ from similarly titled metrics presented by other companies.\n2 We define Remaining Performance Obligation, or RPO, as estimated revenues expected to be recognized in the future related to performance obligations that are unsatisfied or partially satisfied as of the end of the quarter.\n3 Non-GAAP Financial Measures In this press release, the Company’s adjusted gross profit (loss), adjusted gross margin, adjusted operating expenses, adjusted operating income (loss), adjusted EBITDA, adjusted earnings (loss), and adjusted earnings per diluted share are not presented in accordance with generally accepted accounting principles (GAAP) and are not intended to be used in lieu of GAAP presentations of results of operations. Adjusted gross profit and adjusted gross margin exclude one-time expenses, stock-based compensation expense, and amortization of capitalized stock-based compensation which management believes provides a more meaningful representation of contribution margin. Adjusted operating expenses is defined as operating expenses less one-time items, stock-based compensation expense, amortization of capitalized stock-based compensation, and loss on impairment of lease equipment which management believes provides a more meaningful representation of on-going operating expense levels. Adjusted EBITDA is defined as net income (loss) plus depreciation and amortization, share-based compensation, interest expense (income), loss on extinguishment of debt, change in fair value of contingent earn-out liability, change in fair value of contingently issuable common stock liability, change in fair value of public warrant liability, and certain other one-time expenses. Adjusted earnings (loss) is defined as net income (loss) plus stock-based compensation, amortization of capitalized stock-based compensation, loss on extinguishment of debt, change in fair value of contingent earn-out liability, change in fair value of contingently issuable common stock liability, change in fair value of public warrant liability, loss on impairment of lease equipment, and certain other one-time expenses. Management presents non-GAAP financial measures because it considers them to be important supplemental measures of performance. Management uses non-GAAP financial measures for planning purposes, including analysis of the Company's performance against prior periods, the preparation of operating budgets and to determine appropriate levels of operating and capital investments. Management also believes non-GAAP financial measures provide additional insight for analysts and investors in evaluating the Company's financial and operating performance. However, non-GAAP financial measures have limitations as an analytical tool and are not intended to be an alternative to financial measures prepared in accordance with GAAP. We intend to provide non-GAAP financial measures as part of our future earnings discussions and, therefore, the inclusion of non-GAAP financial measures will provide consistency in our financial reporting. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures included in this press release. The Company is unable to provide a reconciliation of Adjusted Gross Margin to GAAP Gross Margin and Adjusted EBITDA to Net Income (Loss), each measure's most directly comparable GAAP financial measure, on a forward-looking basis without unreasonable effort, because items that impact these GAAP financial measures are not within the Company’s control and/or cannot be reasonably predicted. These items may include, but are not limited to, predicting forward-looking share-based compensation, changes in the fair value of derivative liabilities, changes in the fair value of contingent earn out liabilities, changes in the fair value of contingently issuable common stock liabilities and changes in fair value of public warrant liabilities. Such information may have a significant, and potentially unpredictable, impact on the Company’s future financial results.\n4 Recurring revenue includes the recurring portion of revenue associated with pure subscription contracts and hardware purchase subscription contracts. Non-recurring revenue includes revenue that is one-time in nature, such as product revenue, shipping revenue, and revenue from installation, training, and professional services.\nForward-Looking Statements\nThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release and related presentation materials other than statements of historical facts, including without limitation statements regarding our ability to meet our 2024 guidance for revenue, ARR, adjusted gross margin, and adjusted EBITDA, our estimates for cash and cash equivalents for fiscal year 2024, our results of operations and financial position, business strategy, plans and prospects, our relationship with significant manufacturers and suppliers, our ability to obtain new customers and retain existing customers, existing and prospective products, research and development costs, the potential benefits of our transition to a pure subscription model, timing and likelihood of success, macroeconomic and market trends, the impact of government regulations that we are subject to, our expectations regarding any outcomes and impact of any legal proceedings, government investigation or enforcement action (such as the current investigations by the FTC and the SEC), and plans and objectives of management for future operations and results are forward-looking statements. Words such as \"believe\" \"may,\" \"will,\" \"expect,\" \"should,\" \"could,\" \"anticipate,\" \"aim,\" \"estimate,\" \"intend,\" \"plan,\" \"believe,\" \"potential,\" \"continue,\" \"project,\" \"plan,\" \"target,\" \"forecast\", \"is/are likely to\" or the negative of these terms or other similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. The forward-looking statements in this press release and related presentation materials are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: relating to our history of losses and ability to reach profitability; our reliance on reseller partners to generate a growing portion of our revenue; expectations regarding the Company’s strategies and future financial performance, including its future business plans or objectives, prospective performance and opportunities and competitors, revenues, products and services, pricing, operating expenses, market trends, liquidity, cash flows and uses of cash, capital expenditures;; the Company’s reliance on third party contract manufacturing and distribution, and a global supply chain; the Company recognizes a substantial portion of its revenue ratably of the term of its agreements, and, as a result, downturns or upturns in sales may not be immediately reflected in its operating results; the rate of innovation required to maintain competitiveness in the markets in which the Company competes; the competitiveness of the market in which the Company competes; the failure of our products to detect threats could result in injury or loss of life, which could harm our brand, reputation, and results of operations; the loss of designation of our Evolv Express® system as a Qualified Anti-Terrorism Technology under the Homeland Security SAFETY Act; risks related to our business model, which is predicated, in part, on building a customer base that will generate a recurring stream of revenues through the sale of our subscription contracts; the ability for the Company to obtain, maintain, protect and enforce the Company’s intellectual property rights and use of \"open source\" software; the concentration of the Company’s revenues on a single solution; the Company’s ability to timely design, produce and launch its solutions, the Company’s ability to invest in growth initiatives and pursue acquisition opportunities; the limited liquidity and trading of the Company’s securities; risks related to existing and changing tax laws; geopolitical risk and changes in applicable laws or regulations; the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; operational risk; risks related to material weaknesses in our internal control over financial reporting and our remediation plans; risks related to increasing attention to and evolving expectations for, environmental, social, and governance initiatives; the impact of fluctuating general economic and market conditions and reductions in spending; the need for additional capital to support business growth, which might not be available on acceptable terms, if at all; and litigation and regulatory enforcement risks, including the diversion of management time and attention and the additional costs and demands on resources. These and other important factors discussed under the caption \"Risk Factors\" in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (\"SEC\") on February 29, 2024, as any such factors may be updated from time to time in our other filings with the SEC, including the Quarterly Report on Form 10-Q for the quarter ended March 31, 2024. The forward-looking statements in this press release and related presentation materials are based upon information available to us as of the date hereof, and while we believe such information forms a reasonable basis for such statements, it may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.\nYou should review this press release and the documents that we reference in this press release and related presentation materials with the understanding that our actual future results, levels of activity, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained in this press release and related presentation materials, whether as a result of any new information, future events or otherwise.\n\n\n\n \n\n\nEVOLV TECHNOLOGYCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS(In thousands, except share and per share data)(Unaudited)\n\n\n\n \n\n\n\nThree Months Ended March 31,\n\n\n\n\n2024\n\n\n\n2023\n\n\n\nRevenue:\n\n\n\n\n\nProduct revenue\n$\n603\n\n\n$\n8,754\n\n\n\nSubscription revenue\n\n14,503\n\n\n\n6,466\n\n\n\nService revenue\n\n5,384\n\n\n\n2,786\n\n\n\nLicense fee and other revenue\n\n1,178\n\n\n\n575\n\n\n\nTotal revenue\n\n21,668\n\n\n\n18,581\n\n\n\nCost of revenue:\n\n\n\n\n\nCost of product revenue\n\n2,777\n\n\n\n10,578\n\n\n\nCost of subscription revenue\n\n5,779\n\n\n\n2,351\n\n\n\nCost of service revenue\n\n1,211\n\n\n\n583\n\n\n\nCost of license fee and other revenue\n\n129\n\n\n\n304\n\n\n\nTotal cost of revenue\n\n9,896\n\n\n\n13,816\n\n\n\nGross profit\n\n11,772\n\n\n\n4,765\n\n\n\nOperating expenses:\n\n\n\n\n\nResearch and development\n\n6,205\n\n\n\n5,389\n\n\n\nSales and marketing\n\n16,005\n\n\n\n12,804\n\n\n\nGeneral and administrative\n\n11,840\n\n\n\n8,926\n\n\n\nLoss from impairment of property and equipment\n\n—\n\n\n\n137\n\n\n\nTotal operating expenses\n\n34,050\n\n\n\n27,256\n\n\n\nLoss from operations\n\n(22,278\n)\n\n\n(22,491\n)\n\n\nOther income (expense), net:\n\n\n\n\n\nInterest expense\n\n—\n\n\n\n(654\n)\n\n\nInterest income\n\n1,085\n\n\n\n953\n\n\n\nOther income (expense), net\n\n(28\n)\n\n\n19\n\n\n\nLoss on extinguishment of debt\n\n—\n\n\n\n(626\n)\n\n\nChange in fair value of contingent earn-out liability\n\n6,899\n\n\n\n(3,318\n)\n\n\nChange in fair value of contingently issuable common stock liability\n\n527\n\n\n\n(742\n)\n\n\nChange in fair value of public warrant liability\n\n2,151\n\n\n\n(1,750\n)\n\n\nTotal other income (expense), net\n\n10,634\n\n\n\n(6,118\n)\n\n\nNet loss\n$\n(11,644\n)\n\n$\n(28,609\n)\n\n\n\n\n\n\n\n\nWeighted average common shares outstanding – basic and diluted\n\n153,076,719\n\n\n\n146,433,378\n\n\n\nNet loss per share - basic and diluted\n$\n(0.08\n)\n\n$\n(0.20\n)\n\n\n\n\n\n\n\n\nNet loss\n$\n(11,644\n)\n\n$\n(28,609\n)\n\n\nOther comprehensive income (loss)\n\n\n\n\n\nCumulative translation adjustment\n\n3\n\n\n\n(16\n)\n\n\nTotal other comprehensive income (loss)\n\n3\n\n\n\n(16\n)\n\n\nTotal comprehensive loss\n$\n(11,641\n)\n\n$\n(28,625\n)\n\n\n\n\n\n\nEVOLV TECHNOLOGYCONDENSED CONSOLIDATED BALANCE SHEETS(In thousands, except share and per share data)(Unaudited)\n\n\n\n\n\n \n\n\n\nMarch 31, 2024\n\nDecember 31, 2023\n\n\nAssets\n\n\n\n\n\nCurrent assets:\n\n\n\n\n\nCash and cash equivalents\n$\n44,596\n\n\n$\n67,162\n\n\n\nRestricted cash\n\n—\n\n\n\n275\n\n\n\nMarketable securities\n\n36,415\n\n\n\n51,289\n\n\n\nAccounts receivable, net\n\n22,030\n\n\n\n22,611\n\n\n\nInventory\n\n11,007\n\n\n\n9,507\n\n\n\nCurrent portion of contract assets\n\n2,538\n\n\n\n3,707\n\n\n\nCurrent portion of commission asset\n\n4,516\n\n\n\n4,339\n\n\n\nPrepaid expenses and other current assets\n\n20,700\n\n\n\n16,954\n\n\n\nTotal current assets\n\n141,802\n\n\n\n175,844\n\n\n\nRestricted cash, noncurrent\n\n275\n\n\n\n—\n\n\n\nContract assets, noncurrent\n\n307\n\n\n\n451\n\n\n\nCommission asset, noncurrent\n\n7,000\n\n\n\n7,107\n\n\n\nProperty and equipment, net\n\n129,342\n\n\n\n112,921\n\n\n\nOperating lease right-of-use assets\n\n2,535\n\n\n\n1,195\n\n\n\nOther assets\n\n999\n\n\n\n1,202\n\n\n\nTotal assets\n$\n282,260\n\n\n$\n298,720\n\n\n\n\n\n\n\n\n\nLiabilities and Stockholders’ Equity\n\n\n\n\n\nCurrent liabilities:\n\n\n\n\n\nAccounts payable\n$\n15,584\n\n\n$\n17,400\n\n\n\nAccrued expenses and other current liabilities\n\n13,712\n\n\n\n15,578\n\n\n\nCurrent portion of deferred revenue\n\n48,913\n\n\n\n47,677\n\n\n\nCurrent portion of operating lease liabilities\n\n1,713\n\n\n\n1,391\n\n\n\nTotal current liabilities\n\n79,922\n\n\n\n82,046\n\n\n\nDeferred revenue, noncurrent\n\n22,808\n\n\n\n23,813\n\n\n\nOperating lease liabilities, noncurrent\n\n980\n\n\n\n—\n\n\n\nContingent earn-out liability\n\n22,220\n\n\n\n29,119\n\n\n\nContingently issuable common stock liability\n\n6,003\n\n\n\n6,530\n\n\n\nPublic warrant liability\n\n8,738\n\n\n\n10,889\n\n\n\nTotal liabilities\n\n140,671\n\n\n\n152,397\n\n\n\n\n\n\n\n\n\nStockholders’ equity:\n\n\n\n\n\nPreferred stock, $0.0001 par value; 100,000,000 authorized at March 31, 2024 and December 31, 2023; no shares issued and outstanding at March 31, 2024 and December 31, 2023\n\n—\n\n\n\n—\n\n\n\nCommon stock, $0.0001 par value; 1,100,000,000 shares authorized at March 31, 2024 and December 31, 2023; 155,356,947 and 151,310,080 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively\n\n16\n\n\n\n15\n\n\n\nAdditional paid-in capital\n\n451,731\n\n\n\n444,825\n\n\n\nAccumulated other comprehensive loss\n\n(50\n)\n\n\n(53\n)\n\n\nAccumulated deficit\n\n(310,108\n)\n\n\n(298,464\n)\n\n\nStockholders’ equity\n\n141,589\n\n\n\n146,323\n\n\n\nTotal liabilities and stockholders’ equity\n$\n282,260\n\n\n$\n298,720\n\n\n\n\n\n\n\nEVOLV TECHNOLOGYCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(In thousands)(Unaudited)\n\n\n\n \n\n\n\nThree Months Ended March 31,\n\n\n\n\n2024\n\n\n\n2023\n\n\n\nCash flows from operating activities:\n\n\n\n\n\nNet loss\n$\n(11,644\n)\n\n$\n(28,609\n)\n\n\nAdjustments to reconcile net loss to net cash used in operating activities:\n\n\n\n\n\nDepreciation and amortization\n\n3,474\n\n\n\n1,815\n\n\n\nWrite-off of inventory and change in inventory reserve\n\n1,059\n\n\n\n214\n\n\n\nLoss from impairment of property and equipment\n\n—\n\n\n\n137\n\n\n\nStock-based compensation\n\n6,410\n\n\n\n5,043\n\n\n\nNon-cash interest expense\n\n—\n\n\n\n22\n\n\n\nAccretion of discount on marketable securities, net of change in accrued interest\n\n200\n\n\n\n—\n\n\n\nNon-cash lease expense\n\n354\n\n\n\n214\n\n\n\nChange in allowance for expected credit losses\n\n(267\n)\n\n\n124\n\n\n\nLoss on extinguishment of debt\n\n—\n\n\n\n626\n\n\n\nChange in fair value of earn-out liability\n\n(6,899\n)\n\n\n3,318\n\n\n\nChange in fair value of contingently issuable common stock\n\n(527\n)\n\n\n742\n\n\n\nChange in fair value of public warrant liability\n\n(2,151\n)\n\n\n1,750\n\n\n\nChanges in operating assets and liabilities\n\n\n\n\n\nAccounts receivable\n\n848\n\n\n\n8,640\n\n\n\nInventory\n\n(2,091\n)\n\n\n1,418\n\n\n\nCommission assets\n\n(70\n)\n\n\n(644\n)\n\n\nContract assets\n\n1,313\n\n\n\n258\n\n\n\nOther assets\n\n203\n\n\n\n(130\n)\n\n\nPrepaid expenses and other current assets\n\n(3,746\n)\n\n\n(25\n)\n\n\nAccounts payable\n\n(760\n)\n\n\n(2,213\n)\n\n\nDeferred revenue\n\n231\n\n\n\n8,757\n\n\n\nAccrued expenses and other current liabilities\n\n(1,628\n)\n\n\n(4,637\n)\n\n\nOperating lease liability\n\n(392\n)\n\n\n(254\n)\n\n\nNet cash used in operating activities\n\n(16,083\n)\n\n\n(3,434\n)\n\n\nCash flows from investing activities:\n\n\n\n\n\nDevelopment of internal-use software\n\n(1,797\n)\n\n\n(733\n)\n\n\nPurchases of property and equipment\n\n(19,665\n)\n\n\n(13,365\n)\n\n\nProceeds from sale of property and equipment\n\n—\n\n\n\n60\n\n\n\nPurchases of marketable securities\n\n(14,567\n)\n\n\n—\n\n\n\nProceeds from maturities of marketable securities\n\n29,241\n\n\n\n—\n\n\n\nNet cash used in investing activities\n\n(6,788\n)\n\n\n(14,038\n)\n\n\nCash flows from financing activities:\n\n\n\n\n\nProceeds from exercise of stock options\n\n302\n\n\n\n33\n\n\n\nProceeds from long-term debt\n\n—\n\n\n\n1,876\n\n\n\nRepayment of principal on long-term debt\n\n—\n\n\n\n(31,876\n)\n\n\nPayment of debt issuance costs and prepayment penalty\n\n—\n\n\n\n(332\n)\n\n\nNet cash provided by (used in) financing activities\n\n302\n\n\n\n(30,299\n)\n\n\nEffect of exchange rate changes on cash and cash equivalents\n\n3\n\n\n\n(16\n)\n\n\nNet decrease in cash, cash equivalents and restricted cash\n\n(22,566\n)\n\n\n(47,787\n)\n\n\nCash, cash equivalents and restricted cash\n\n\n\n\n\nCash, cash equivalents and restricted cash at beginning of period\n\n67,437\n\n\n\n230,058\n\n\n\nCash, cash equivalents and restricted cash at end of period\n$\n44,871\n\n\n$\n182,271\n\n\n\n\n\n\n\nEVOLV TECHNOLOGYSUMMARY OF KEY OPERATING STATISTICS(Unaudited)\n\n\n\n \n\n\n\nThree Months Ended or as of,\n\n\n($ in thousands)\n\nMarch 31, 2023\n\nJune 30, 2023\n\nSeptember 30, 2023\n\nDecember 31, 2023\n\nMarch 31, 2024\n\n\nNew customers\n\n\n61\n\n\n74\n\n\n70\n\n\n75\n\n\n53\n\n\nAnnual recurring revenue\n\n$\n42,021\n\n$\n54,339\n\n$\n65,774\n\n$\n74,989\n\n$\n82,511\n\n\nRecurring revenue\n\n$\n9,075\n\n$\n11,689\n\n$\n14,377\n\n$\n17,350\n\n$\n19,381\n\n\nRemaining performance obligation\n\n$\n161,813\n\n$\n198,296\n\n$\n221,126\n\n$\n240,513\n\n$\n254,070\n\n\nNet additions\n\n\n520\n\n\n599\n\n\n628\n\n\n491\n\n\n377\n\n\nEnding deployed units\n\n\n2,787\n\n\n3,386\n\n\n4,014\n\n\n4,505\n\n\n4,882\n\n\n\n\n\n\nEVOLV TECHNOLOGYRECONCILIATION OF GAAP OPERATING EXPENSES TO ADJUSTED OPERATING EXPENSES(In thousands)(Unaudited)\n\n\n\n \n\n\n\nThree Months Ended,\n\n\n\n\nMarch 31, 2023\n\nJune 30, 2023\n\nSeptember 30, 2023\n\nDecember 31, 2023\n\nMarch 31, 2024\n\n\nOperating expenses, GAAP\n\n$\n27,256\n\n\n$\n31,039\n\n\n$\n31,629\n\n\n$\n32,167\n\n\n$\n34,050\n\n\n\nStock-based compensation\n\n\n(4,898\n)\n\n\n(6,505\n)\n\n\n(5,454\n)\n\n\n(6,711\n)\n\n\n(6,272\n)\n\n\nLoss on impairment of lease equipment\n\n\n(137\n)\n\n\n(157\n)\n\n\n(28\n)\n\n\n—\n\n\n\n—\n\n\n\nOther one-time expenses\n\n\n(53\n)\n\n\n(683\n)\n\n\n(945\n)\n\n\n(535\n)\n\n\n(476\n)\n\n\nAdjusted operating expenses\n\n$\n22,168\n\n\n$\n23,694\n\n\n$\n25,202\n\n\n$\n24,921\n\n\n$\n27,302\n\n\n\n\n\n\n\nEVOLV TECHNOLOGYRECONCILIATION OF GAAP GROSS PROFIT TO ADJUSTED GROSS PROFIT, GAAP GROSS MARGIN TO ADJUSTEDGROSS MARGIN AND GAAP OPERATING INCOME (LOSS) TO ADJUSTED OPERATING INCOME (LOSS)(In thousands)(Unaudited)\n\n\n\n \n\n\n\nThree Months Ended March 31,\n\n\n\n\n2024\n\n\n\n2023\n\n\n\nRevenue\n$\n21,668\n\n\n$\n18,581\n\n\n\nCost of revenue\n\n9,896\n\n\n\n13,816\n\n\n\nGross profit, GAAP\n\n11,772\n\n\n\n4,765\n\n\n\nStock-based compensation\n\n138\n\n\n\n145\n\n\n\nAmortization of capitalized stock-based compensation\n\n14\n\n\n\n10\n\n\n\nOther one-time expenses\n\n1,204\n\n\n\n—\n\n\n\nAdjusted gross profit\n$\n13,128\n\n\n$\n4,920\n\n\n\n\n\n\n\n\n\nGross margin %\n\n54.3\n%\n\n\n25.6\n%\n\n\nAdjusted gross margin %\n\n60.6\n%\n\n\n26.5\n%\n\n\n\n\n\n\n\nThree Months Ended March 31,\n\n\n\n\n2024\n\n\n\n2023\n\n\n\nOperating loss, GAAP\n$\n(22,278\n)\n\n$\n(22,491\n)\n\n\nStock-based compensation\n\n6,410\n\n\n\n5,043\n\n\n\nAmortization of capitalized stock-based compensation\n\n14\n\n\n\n10\n\n\n\nLoss on impairment of lease equipment\n\n—\n\n\n\n137\n\n\n\nOther one-time expenses\n\n1,680\n\n\n\n53\n\n\n\nAdjusted operating loss\n$\n(14,174\n)\n\n$\n(17,248\n)\n\n\n\n\n\n\nEVOLV TECHNOLOGYRECONCILIATION OF GAAP NET INCOME (LOSS) TO ADJUSTED EBITDA(In thousands)(Unaudited)\n\n\n\n \n\n\n\nThree Months Ended March 31,\n\n\n\n\n2024\n\n\n\n2023\n\n\n\nNet loss\n$\n(11,644\n)\n\n$\n(28,609\n)\n\n\nDepreciation & amortization\n\n3,474\n\n\n\n1,815\n\n\n\nStock-based compensation\n\n6,410\n\n\n\n5,043\n\n\n\nInterest expense (income)\n\n(1,085\n)\n\n\n(299\n)\n\n\nLoss on extinguishment of debt\n\n—\n\n\n\n626\n\n\n\nChange in fair value of contingent earn-out liability\n\n(6,899\n)\n\n\n3,318\n\n\n\nChange in fair value of contingently issuable common stock liability\n\n(527\n)\n\n\n742\n\n\n\nChange in fair value of public warrant liability\n\n(2,151\n)\n\n\n1,750\n\n\n\nLoss on impairment of lease equipment\n\n—\n\n\n\n137\n\n\n\nOther one-time expenses\n\n1,680\n\n\n\n53\n\n\n\nAdjusted EBITDA\n$\n(10,742\n)\n\n$\n(15,424\n)\n\n\n\n\n\n\nEVOLV TECHNOLOGYRECONCILIATION OF GAAP NET INCOME (LOSS) TO ADJUSTED EARNINGS (LOSS)(In thousands, except share and per share data)(Unaudited)\n\n\n\n \n\n\n\nThree Months Ended March 31,\n\n\n\n\n2024\n\n\n\n2023\n\n\n\nNet loss\n$\n(11,644\n)\n\n$\n(28,609\n)\n\n\nStock-based compensation\n\n6,410\n\n\n\n5,043\n\n\n\nAmortization of capitalized stock-based compensation\n\n14\n\n\n\n10\n\n\n\nLoss on extinguishment of debt\n\n—\n\n\n\n626\n\n\n\nChange in fair value of contingent earn-out liability\n\n(6,899\n)\n\n\n3,318\n\n\n\nChange in fair value of contingently issuable common stock liability\n\n(527\n)\n\n\n742\n\n\n\nChange in fair value of public warrant liability\n\n(2,151\n)\n\n\n1,750\n\n\n\nLoss on impairment of lease equipment\n\n—\n\n\n\n137\n\n\n\nOther one-time expenses\n\n1,680\n\n\n\n53\n\n\n\nAdjusted loss\n$\n(13,117\n)\n\n$\n(16,930\n)\n\n\n\n\n\n\n\n\nWeighted average common shares outstanding – diluted\n\n153,076,719\n\n\n\n146,433,378\n\n\n\n\n\n\n\n\n\nAdjusted loss per share – diluted\n$\n(0.09\n)\n\n$\n(0.12\n)\n\n\n\nView source version on businesswire.com: https://www.businesswire.com/news/home/20240509711104/en/\nContacts\nInvestor Relations: Brian NorrisSenior Vice President of Finance and Investor Relationsbnorris@evolvtechnology.com","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2434283060"}