Revenue Performance - The company generated revenue of $25.5 million for the three months ended June 30, 2024, compared to $19.8 million for the same period in 2023, representing a year-over-year increase of approximately 28.8%[92] - Total revenue for the three months ended June 30, 2024, was $25,540,000, representing a 29% increase from $19,825,000 in the same period of 2023[124] - Subscription revenue increased by 100% to $15,903,000 in Q2 2024 from $7,964,000 in Q2 2023[127] - Service revenue grew by 42% to $5,553,000 in Q2 2024 compared to $3,905,000 in Q2 2023[128] - License fee and other revenue surged by 186% to $2,040,000 in Q2 2024 from $713,000 in Q2 2023[129] - Total revenue for the six months ended June 30, 2024, reached $47.208 million, up 23% from $38.406 million in 2023[139] - Subscription revenue surged to $30.406 million for the six months ended June 30, 2024, representing a 111% increase from $14.430 million in the same period of 2023[143] Profitability and Losses - Operating losses for the three months ended June 30, 2024, were $22.3 million, slightly improved from $23.6 million in the same period of 2023[92] - The company reported a net income of $3,462,000 in Q2 2024, a significant turnaround from a net loss of $66,754,000 in Q2 2023, marking a 105% improvement[124] - The company reported a net loss of $8.182 million for the six months ended June 30, 2024, significantly improved from a net loss of $95.363 million in the same period of 2023, reflecting a 91% reduction in losses[139] - The company reported a net loss of $8.2 million for the six months ended June 30, 2024, a significant improvement from a net loss of $95.4 million in the same period of 2023[156] Expenses - Research and development expenses are expected to increase for the year ending December 31, 2024, primarily due to investments in new product development efforts[110] - Sales and marketing expenses are projected to rise for the year ending December 31, 2024, due to an overall increase in personnel-related expenses[111] - Personnel-related expenses in sales and marketing increased to $12.514 million for the three months ended June 30, 2024, up 22% from $10.258 million in the same period of 2023[131] - Total sales and marketing expenses rose to $16.892 million, a 24% increase from $13.613 million year-over-year[131] - Research and development expenses decreased by 11% to $5,722,000 in Q2 2024 from $6,395,000 in Q2 2023, reflecting cost management efforts[130] - Research and development expenses were $11.927 million for the six months ended June 30, 2024, a slight increase of 1% from $11.784 million in 2023[139] - Sales and marketing expenses rose to $32.9 million, a 25% increase from $26.4 million in the same period of 2023, primarily due to increased personnel costs and stock-based compensation[148] - General and administrative expenses increased by 31% to $26.0 million, up from $19.8 million in 2023, driven by higher personnel costs and professional fees[149] Customer Acquisition - The company added 84 new customers in Q2 2024, up from 74 new customers in Q2 2023, indicating growth in customer acquisition[126] - The company added 137 new customers during the six months ended June 30, 2024, compared to 135 new customers in the same period of 2023[141] Cash Flow and Liquidity - Cash outflows from operating activities were $38.0 million for the six months ended June 30, 2024, compared to $8.8 million in the prior year[156] - As of June 30, 2024, the company had $56.5 million in cash, cash equivalents, and marketable securities, indicating a strong liquidity position[156] - Cash used in investing activities for the six months ended June 30, 2024, was $5.9 million, significantly lower than $64.1 million in the same period of 2023[166][167] - Cash used in financing activities decreased to $0.6 million for the six months ended June 30, 2024, compared to $30.0 million in the prior year[168] - The company reported a $30.3 million inflow related to marketable securities during the six months ended June 30, 2024[166] Legal and Regulatory Matters - The company accrued $1.1 million related to legal proceedings during the three months ended June 30, 2024, with potential losses differing materially from current estimates[93] Market and Economic Factors - The company anticipates fluctuations in revenue due to various economic factors, including inflation, supply chain issues, and geopolitical conflicts[95] Product and Technology - The company’s flagship product, Evolv Express®, utilizes AI and advanced sensors to enhance security screening while minimizing visitor contact[90] - The company plans to focus its go-to-market strategy on pure subscription and distributor licensing sales models, expecting product revenue to decline as a percentage of overall revenue[101] Fair Value Changes - The change in fair value of contingent earn-out liability was $16,514,000, a 159% increase compared to a loss of $28,113,000 in the prior year[124] - The change in fair value of contingently issuable common stock liability was $3,747,000, improving by 174% from a loss of $5,095,000 in the same period last year[124] - The change in fair value of contingent earn-out liability resulted in a gain of $16.5 million for the three months ended June 30, 2024, compared to a loss of $28.1 million in the same period of 2023[135] - The change in fair value of contingent earn-out liability resulted in a $23.4 million gain for the six months ended June 30, 2024, compared to a $31.4 million loss in the same period of 2023[153] Inventory and Accounts Receivable - Accounts receivable increased by $14.0 million for the six months ended June 30, 2024, primarily due to the timing of customer billings[165] - Inventory rose by $10.4 million during the same period, driven by increased purchases to meet future demand and transition to the next generation of Evolv Express systems[165] Accounting and Market Risks - There were no new accounting pronouncements expected to materially impact the company's financial position or results of operations[169] - The company has not experienced any material changes in market risks since the last disclosure in the 2023 Form 10-K[171] - Critical accounting policies and estimates remained unchanged during the six months ended June 30, 2024[170]

Investors who purchased the Company's securities between June 28, 2021 and March 13, 2024, inclusive (the "Class Period"), are encouraged to contact the firm before May 24, 2024. If you are a shareholder who suffered a loss, click here to participate. We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or ...

Core Viewpoint - The Gross Law Firm has issued a notice to shareholders of Evolv Technologies Holdings, Inc. regarding a class action lawsuit alleging that the company made materially false and misleading statements about the efficacy of its products [1][2]. Allegations - The complaint claims that Evolv overstated the effectiveness of its products, particularly in detecting weapons such as knives and guns, which increased the risk of undetected weapons entering sensitive locations like schools [1]. - It is alleged that Evolv misled the public, customers, and investors about the effectiveness of its products, resulting in materially false and misleading statements regarding its business operations and prospects [1]. Class Action Details - The class period for the lawsuit is from June 28, 2021, to March 13, 2024, and shareholders who purchased shares during this time are encouraged to register for participation [1][2]. - The deadline for shareholders to seek lead plaintiff status is May 24, 2024, and there is no cost or obligation to participate in the case [2]. Firm's Mission - The Gross Law Firm is a nationally recognized class action law firm dedicated to protecting the rights of investors who have suffered due to deceit, fraud, and illegal business practices [3]. - The firm aims to ensure that companies adhere to responsible business practices and seeks recovery for investors affected by misleading statements that artificially inflated stock prices [3].

CONTACT US HERE: NEW YORK, May 17, 2024 /PRNewswire/ -- The Gross Law Firm issues the following notice to shareholders of Evolv Technologies Holdings, Inc. (NASDAQ: EVLV). Shareholders who purchased shares of EVLV during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointment. Appointment as lead plaintiff is not required to partake in any recovery. https://securitiesclasslaw.com/securities/evolv-technologies-holdings-inc-loss-submission-form/? id=80150&from= ...

Core Viewpoint - Investors in Evolv Technologies Holdings, Inc. have the opportunity to lead a securities fraud class action lawsuit due to substantial losses incurred during the class period from June 28, 2021, to March 13, 2024 [1][2]. Group 1: Allegations Against Evolv - The complaint alleges that Evolv materially overstated the efficacy of its products [2] - It is claimed that the products were ineffective in detecting knives and guns, increasing the risk of undetected weapons entering sensitive locations such as schools [2] - The company is accused of deceiving the public, customers, and investors regarding the effectiveness of its products, leading to misleading positive statements about its business and operations [2] Group 2: Class Action Participation - Investors do not need to take any action at this time to be part of the class action; they may choose to retain counsel or remain absent [3] - For more information regarding the class action or any questions about rights or interests, investors can contact the Law Offices of Howard G. Smith [3]

Key PointsEvolv stock fell more than 30% on news that the company is the target of a class-action lawsuit. The news made a bad earnings report look worse than it was. The long-term viability of EVLV stock will depend on the suit's validity, which claims the company overstated its product's effectiveness.  5 stocks we like better than Evolv TechnologiesA bad week continues to get worse for Evolv Technologies Holdings Inc. NASDAQ: EVLV. The AI-based weapons detection company's stock was subject to a limit up, ...

Evolv Technologies Holdings, Inc. (EVLV) came out with a quarterly loss of $0.08 per share versus the Zacks Consensus Estimate of a loss of $0.14. This compares to loss of $0.12 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 42.86%. A quarter ago, it was expected that this company would post a loss of $0.14 per share when it actually produced a loss of $0.11, delivering a surprise of 21.43%.Over the last four quarters, the co ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to Commission file number: 001-39417 ___________________________________ Evolv Technologies Holdings, Inc. (Exact Name of Reg ...

Waltham, Massachusetts – May 9, 2024 – 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. Results for the First Quarter of 2024 Total 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") was $82.5 million at the end of first quarter of 2024, an i ...

New York City is testing this innovative technology on its subway system. Here's what it means for stockholders.There is something special about seeing events live, whether you like sports, concerts, or shows. I recently visited T-Mobile Arena in Las Vegas to watch the Vegas Golden Knights take on the Detroit Red Wings, and there was something different about getting into the arena. I'll explain below.A large part of any event is security. Sadly, mass shootings have skyrocketed over the past 20 years. New Y ...