Business
Evolv Technology Announces Record Q1 Bookings and Revenue
The industry leader in AI-Based Touchless Security Screening continues to perform WALTHAM, Mass.--(BUSINESS WIRE)-- Evolv Technology, the leader in AI
About this update from Evolv Technologies Holdings, Inc.
[{"type":"text","content":"\nThe industry leader in AI-Based Touchless Security Screening continues to perform\n\n WALTHAM, Mass.--(BUSINESS WIRE)--\nEvolv Technology, the leader in AI touchless security screening, today announced select financial highlights for the First Quarter of 2021, including the highest single quarter Revenue and Total Contract Value (TCV) Bookings numbers in the company’s history. The strong performance was attributed to venues looking to reopen safely amidst a health and safety pandemic, and a more robust expansion into key industries new to security screening.\n\n“Our record Q1 revenue is a testament to how our industry leading weapons detection screening technology is transforming today’s physical security landscape,” said Peter George, Chief Executive Officer of Evolv Technology. “Sales were fueled by continued expansion within our customer base, strong progress in sports and new industry developments in gaming. We look forward to continuing to open up the world’s most iconic venues and leveraging our partners as they magnify Evolv’s presence in the market.”\n\nThe Evolv Management team will be hosting a webcast to discuss these results with a recording available beginning Friday, June 11, 2021 at 8 AM ET, and can be accessed by visiting the NewHold Investment Corporation website at www.nhicspac.com/investors.\n\nFinancial Highlights:\n\n\nTCV Bookings for Q1 2021 were $8.2 million, 2020 annual TCV Bookings were $21.3 million\n\n\nRevenue for Q1 2021 was $3.9 million, 2020 annual revenue was $4.8 million\n\n\nQuota Carrying Sales Reps/Sales Rep Capacity increased by 25% in Q1 2021\n\n\nBusiness Highlights:\n\n\nExpanded total headcount by 80% in Q1 2021\n\n\nSeveral major market professional sports teams including members of the MLB, MLS, and NFL, are now using Evolv to open their gates with a safer, frictionless fan experience\n\n\nAccelerated expansion of Evolv’s presence in casinos\n\n\n177% increase in security screens over the prior 12-month period\n\n\nThe Company also recently announced the launch of Evolv Insights™, a powerful SaaS-based analytics dashboard that provides security and operations professionals the ability to comprehensively review, analyze and collect valuable data from their Evolv Express® screening systems throughout their venues and facilities.\n\nThe Evolv Express system delivers up to a 70% reductio...