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Evolv Technology Announces that 92% of Customers¹ Eligible to End Contracts Elect to Stay with Evolv
FTC-Related Cancellation Period Closes as Value of Evolv Express to Education Customers Remains Strong ARR2 and Unit Impact of Cancellation Program Minimal,
About this update from Evolv Technologies Holdings, Inc.
[{"type":"text","content":"\nFTC-Related Cancellation Period Closes as Value of Evolv Express to Education Customers Remains Strong\n\nARR2 and Unit Impact of Cancellation Program Minimal, Currently Estimated at $445 thousand and 24 Units, respectively\n\nEvolv Remains Committed to Innovation, Integrity and Customer Trust\n\n WALTHAM, Mass.--(BUSINESS WIRE)--\nEvolv Technologies Holdings, Inc. (NASDAQ: EVLV) (the \"Company\"), a leading security technology company pioneering AI-based solutions designed to help create safer experiences, today announced the expiration of the previously disclosed 60-day cancellation period, under which a limited number of the Company’s K-12 education customers could cancel the remainder of their subscription contracts with the Company as part of Evolv’s resolution with the United States Federal Trade Commission (FTC).\n\nOf the 65 education customers (representing 237 Evolv Express units) who were eligible for contract cancellation, a total of 60 customers (92%) representing 213 Evolv Express units (90%) elected to retain their contracts with Evolv. Importantly, four of the 65 eligible customers expanded their use of Evolv Express by adding a total of 10 additional units acquired since the Company announced its resolution with the FTC. Netting the expansion and cancellation activity since the Company announced its resolution with the FTC, the Company achieved 92% Net Revenue Retention3 and 94% Net Unit Retention3 across the 65 eligible customers. Wyoming Valley West School District, who was part of the cohort of customers eligible for cancellation, recently increased its fleet of Express due to their satisfaction with the system’s performance.\n\n“We first deployed the Evolv Express systems in 2022 in our schools after evaluating different options and continuing to come back to the fact that Evolv performed at a superior level across the board,” said Anthony Dicton, Safety and Security Coordinator at Wyoming Valley West School District. “That initial evaluation has proven to be more than accurate as Evolv has been an important part of our safety planning and we couldn’t be more pleased with the partnership. We just expanded our Express systems by 50% because we have been so impressed by the results.”\n\nThe Company received cancellation requests from five out of the 65 eligible customers. These customers represented a total ...