Evolv Technologies Holdings, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 09, 2023 at 04:55 pm EST
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Evolv Technologies Holdings, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported revenue was USD 20.19 million compared to USD 16.53 million a year ago. Net income was USD 6 million compared to net loss of USD 18.62 million a year ago. Basic earnings per share from continuing operations was USD 0.04 compared to basic loss per share from continuing operations of USD 0.13 a year ago. Diluted earnings per share from continuing operations was USD 0.03 compared to diluted loss per share from continuing operations of USD 0.13 a year ago.
For the nine months, revenue was USD 58.6 million compared to USD 34.31 million a year ago. Net loss was USD 89.36 million compared to USD 58.1 million a year ago. Basic loss per share from continuing operations was USD 0.6 compared to USD 0.4 a year ago. Diluted loss per share from continuing operations was USD 0.6 compared to USD 0.4 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.