Evolv Technologies (EVLV) - 2025 Q1 - Quarterly Results

Financial Performance - Total revenue for Q4 2024 was $29.1 million, a 41% increase compared to$ 20.6 million in Q4 2023[6] - Annual Recurring Revenue (ARR) at the end of Q4 2024 was $99.4 million, up 39% from$ 71.3 million in Q4 2023[6] - Total revenue for the full year 2024 was $103.9 million, a 31% increase from$ 79.6 million in 2023[6] - Total revenue for the nine months ended September 30, 2024 was $74.8 million, a 27% increase compared to$ 59.0 million in the same period of 2023[5] - Total revenue for the twelve months ended December 31, 2024, was $74,765,000, representing a 26.7% increase from$ 58,985,000 in 2023[23] Profitability Metrics - Adjusted EBITDA for Q4 2024 was $0.4 million, compared to a loss of$ (10.3) million in Q4 2023[6] - The company achieved positive adjusted EBITDA in Q4 2024, six months ahead of schedule[2] - Gross profit for the year ended December 31, 2024, was $59.3 million, compared to$ 31.9 million for the previous year, representing an 86.1% increase[17] - The total comprehensive loss for the year was $54.0 million, compared to$ 108.1 million in the previous year, indicating a significant reduction[18] - Adjusted gross profit for the twelve months ended December 31, 2024, reached $64,100 million, up from$ 34,462 million in 2023, reflecting an 85.8% year-over-year growth[33] Net Loss and Earnings Per Share - Net loss for the full year 2024 was $(54.0) million, or$ (0.34) per share, compared to $(108.0) million, or$ (0.72) per share in 2023[6] - The net loss for Q4 2024 was $15.7 million, a slight improvement from a net loss of$ 17.2 million in Q4 2023[17] - Net loss for the twelve months ended December 31, 2024, was $54.02 million, improved from$ 108.05 million in the previous year[37] - Adjusted loss per share for Q4 2024 was $0.03, compared to$ 0.08 in Q4 2023, indicating a reduction in losses[37] Cash and Liquidity - As of December 31, 2024, the company had cash and cash equivalents of $51.9 million and no debt[6] - Cash and cash equivalents decreased to$ 37,015,000 at the end of 2024 from $67,162,000 at the end of 2023, reflecting a decrease of 44.7%[22] - Cash flows from operating activities showed a net cash used of$ 34,057 million for the nine months ended September 30, 2024, compared to $6,658 million for the same period in 2023[27] Expenses - Research and development expenses for the year totaled$ 23.4 million, a decrease from $24.5 million in the previous year[17] - Sales and marketing expenses increased to$ 61.3 million for the year, compared to $55.0 million in 2023, reflecting a 9.4% rise[17] - One-time employee separation costs for the three months ended December 31, 2024, amounted to$ 2,060 million, compared to $262 million in the same period of 2023[34] - Stock-based compensation for the twelve months ended December 31, 2024, totaled$ 24,756 million, slightly increasing from $24,129 million in 2023[36] Customer Metrics - The company reported a total of 60 new customers in Q3 2024, compared to 52 in Q2 2024, indicating a growth in customer acquisition[29] - Total net units shipped rose from 375 in Q1 2024 to 468 in Q3 2024, indicating an increase of 24.8%[29] Future Outlook - The company plans to continue focusing on cost management and operational efficiency to improve future performance[37]