Evolv Q4 2023 highlights gun detection offering, new sporting venues

WALTHAM, Mass. – Evolv Technology, a security technology company developing AI-based weapons detection systems, announced its financial results for the fourth quarter (Q4) 2023 and issued its outlook for 2024 on February 29.

Among the notable statistics was that total revenue for the fourth quarter of 2023 was $21.8 million, an increase of 4% compared to $20.9 million for the fourth quarter of 2022. Annual Recurring Revenue (“ARR”)1 was $75.0 million at the end of fourth quarter of 2023, an increase of 120% compared to $34.1 million at the end of fourth quarter of 2022. Net loss for the fourth quarter of 2023 was $(16.9) million, or $(0.11) per basic and diluted share, compared to net loss of $(28.3) million or $(0.20) per basic and diluted share in the fourth quarter of 2022.

President and CEO Peter George reported that he was thrilled with the company’s performance regarding expansion into sporting venues. “Building on our previous wins at the New England Patriots and the Boston Red Sox, we are proud to now provide security screening at the TD North Garden, which of course is home of the Boston Bruins and the Boston Celtics,” he said. “We further expanded in the NBA with key wins at the Houston Rockets and the Charlotte Hornets. We also added the T-Mobile Arena, home of the 2023 Stanley Cup Champion Vegas Golden Knights. We're excited to have added a 100,000-seat Melbourne Cricket Grounds, which is the largest stadium in the Southern Hemisphere.” George added that their solution had been deployed at the stadium earlier in February to screen hundreds of thousands of Taylor Swift fans during a three-day concert stop there.

Among the technologies being deployed at these venues is the company’s Evolv Visual Gun Detection which utilizes artificial intelligence (AI). Introduced in 2023, the system is designed to detect brandished firearms as an individual approaches a venue, providing security that George said expands well beyond the doorway. “Feedback from early adopters, which include some of the most discerning customers, has been overwhelmingly positive and the pipeline for Evolv Visual Gun Detect is growing nicely,” he said.

The full release is available online at ir.evolvtechnology.com.