Business
Evolv Technology Reports Record Second Quarter Financial Results
– Company Raises Outlook for 2023 – Q2 Revenue of $19.8 million, up 119% year-over-year Q2 Ending ARR1 of $54.3 million, up 160% year-over-year Q2 Ending
About this update from Evolv Technologies Holdings, Inc.
[{"type":"text","content":"\n– Company Raises Outlook for 2023 –\n\n\n\nQ2 Revenue of $19.8 million, up 119% year-over-year\n\n\n\nQ2 Ending ARR1 of $54.3 million, up 160% year-over-year\n\n\n\nQ2 Ending RPO2 of $198.3 million, up 145% year-over-year\n\n\n\nQ2 Ending Evolv Express® subscriptions of 3,386, up 195% year-over-year\n\n\n\n WALTHAM, Mass.--(BUSINESS WIRE)--\nEvolv Technology (NASDAQ: EVLV), the leader in AI-based weapons detection security screening, today announced financial results for the quarter ended June 30, 2023 and raised its business outlook for 2023.\n\n\nResults for the Second Quarter of 2023\n\n\nTotal revenue for the second quarter of 2023 was $19.8 million, an increase of 119% compared to $9.1 million for the second quarter of 2022. Annual Recurring Revenue (“ARR”)1 was $54.3 million at the end of second quarter of 2023, an increase of 160% compared to $20.9 million at the end of the second quarter of 2022. Net loss for the second quarter of 2023 was $(66.8) million, or $(0.45) per basic and diluted share, compared to net loss of $(25.7) million, or $(0.18) per basic and diluted share, in the second quarter of 2022. Adjusted earnings (loss)3 for the second quarter of 2023 was $(14.3) million, or $(0.10) per diluted share, compared to adjusted earnings (loss)3 of $(17.3) million, or $(0.12) per diluted share, for the second quarter of 2022. Adjusted EBITDA3 for the second quarter of 2023 was $(13.8) million compared to $(16.4) million in the second quarter of 2022. As of June 30, 2023, the Company had cash, cash equivalents, and restricted cash of $156.8 million and no debt.\n\n\nResults for the First Six Month of 2023\n\n\nTotal revenue for the six months ended June 30, 2023 was $38.4 million, an increase of 116% compared to $17.8 million for the six months ended June 30, 2022. Net loss for the six months ended June 30, 2023 was $(95.4) million, or $(0.65) per basic and diluted share, compared to net loss of $(39.5) million, or $(0.28) per basic and diluted share, in the six months ended June 30, 2022. Adjusted earnings (loss)3 for the six months ended June 30, 2023 was $(31.2) million, or $(0.21) per diluted share, compared to adjusted earnings (loss)3 of $(35.8) million, or $(0.25) per diluted share, for the six months ended June 30, 2022. Adjusted EBITDA3 for the six months ended June 30, 2023 was $(29.3) million compared to $...