Evolv Technologies Holdings, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023
February 01, 2024 at 02:46 am IST
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Evolv Technologies Holdings, Inc. reported earnings results for the fourth quarter and full year ended December 31, 2023. For the fourth quarter, the company reported revenue was USD 21.82 million compared to USD 20.89 million a year ago. Net loss was USD 16.89 million compared to USD 28.3 million a year ago. Basic loss per share from continuing operations was USD 0.11 compared to USD 0.2 a year ago. Diluted loss per share from continuing operations was USD 0.11 compared to USD 0.2 a year ago.
For the full year, the company reported revenue was USD 80.42 million compared to USD 55.2 million a year ago. Net loss was USD 106.25 million compared to USD 86.41 million a year ago. Basic loss per share from continuing operations was USD 0.71 compared to USD 0.6 a year ago.
Evolv Technologies Holdings, Inc. is a security technology company. The Company is developing artificial intelligence (AI)-based weapons detection to create safer experiences for venues and companies as well as schools, hospitals, and public spaces. Its touchless security screening solutions use AI software, software-as-a-service (SaaS) cloud services, and advanced sensors to reliably detect weapons that could be a threat to a crowd of visitors while significantly reducing nuisance alarms from harmless personal items. Its flagship product is Evolv Express, a touchless security screening system designed to detect firearms, improvised explosive devices, and large tactical knives in unstructured people flows. Evolv Express supports a maximum screening throughput of approximately 4,000 people per hour. It sells its solutions under two primary sales models. Evolv Technology, Evolv Express, Evolv Insights, Evolv Cortex AI, and Evolv Visual Gun Detection are its registered trademarks.