Evolv Technologies Holdings, Inc. (NASDAQ: EVLV) has released its business update for the three-month period ended December 31, 2024. The company reported several key metrics that demonstrate its growth and progress over the quarter.
Firstly, Evolv surpassed 6,000 Evolv Express units deployed globally, with approximately 470 new multi-year subscriptions activated. Additionally, the company added around 60 new customers across various industries, including education, healthcare, professional sports, live entertainment, tourist attractions, and industrial workplaces.
Furthermore, Evolv expanded its presence in the education and healthcare sectors by adding over 100 school buildings, bringing the total number of school buildings served to over 1,200, and over 30 hospital buildings, serving over 450 hospital buildings.
The company also booked its first orders of Evolv Expedite™, its new AI-based weapons detection solution for bags. As of December 31, 2024, Evolv had approximately $52 million in cash, cash equivalents, marketable securities, and restricted cash and no debt.
CEO John Kedzierski expressed satisfaction with the company's performance, highlighting strong customer adoption, expansion, and market traction of Evolv Expedite during the fourth quarter of 2024. Looking ahead to 2025, the company remains focused on achieving positive adjusted EBITDA in the second quarter and positive free cash flow in the fourth quarter.
In terms of regulatory matters, the company provided an update on its restatement efforts following a plan of compliance submission to the Nasdaq Market LLC. Evolv is working with AlixPartners LLP to complete the restatement effort and file the quarterly report and the restated financial statements.
Moreover, the company resolved the United States Federal Trade Commission’s (FTC) inquiry into certain aspects of its prior marketing claims, offering a limited number of its K-12 education customers the option to cancel the remainder of their current contracts during a 60-day cancellation period. As of January 23, 2025, no customers had exercised their contract cancellation rights provided by the resolution.
Evolv's commitment to transforming human security using AI-powered screening and analytics has garnered notable recognition, including the U.S. Department of Homeland Security (DHS) Safety Act designation as a Qualified Anti-Terrorism Technology (QATT) and the Security Industry Association (SIA) New Products and Solutions (NPS) award in the law enforcement/public safety/guarding systems category.
The company's strategic metrics indicate its continued momentum and growth as it navigates regulatory matters and focuses on achieving positive financial performance in the coming quarters. Today the company's shares have moved 14.8% to a price of $3.69. For more information, read the company's full 8-K submission here.
