Business
Evolv Technology Reports Strong Third Quarter Financial Results
– Company Raises Outlook for 2021 – Q3 Total Contract Value (TCV) of $16.9 million, up 365% year-over-year Q3 Revenue of $8.4 million, up 473% year-over-year
About this update from Evolv Technologies Holdings, Inc.
[{"type":"text","content":"\n– Company Raises Outlook for 2021 –\n\n\nQ3 Total Contract Value (TCV) of $16.9 million, up 365% year-over-year\n\n\nQ3 Revenue of $8.4 million, up 473% year-over-year\n\n\n WALTHAM, Mass.--(BUSINESS WIRE)--\nEvolv Technology (NASDAQ: EVLV), the global leader in weapons detection security screening, today announced financial results for its third quarter ended September 30, 2021 and raised its business outlook for 2021.\n\n“We are pleased to be reporting strong third quarter results highlighted by record revenues, accelerating channel activity and category defining new product innovations,” said Peter George, Chief Executive Officer of Evolv Technology. “We continued to extend our market leadership position with dozens of new customers including the Indianapolis Symphony Orchestra, the Nasdaq MarketSite and the National Football League’s Carolina Panthers and Tennessee Titans. Looking ahead, we are focused on a strong finish in 2021 and believe that we are well positioned for accelerated growth.”\n\nResults for the Third Quarter of 2021\n\nTotal revenue for the third quarter of 2021 was $8.4 million, an increase of 473% compared to $1.5 million for the third quarter of 2020. Total Contract Value (“TCV”) of orders booked for the third quarter of 2021 was $16.9 million, an increase of 365% compared to $3.6 million in the third quarter of 2020. GAAP net income for the third quarter of 2021 was $23.2 million, or $0.15 per diluted share, compared to a GAAP net loss of $6.3 million, or $0.70 per basic and diluted share, for the third quarter of 2020.\n\nResults for the First Nine Months of 2021\n\nTotal revenue for the first nine months of 2021 was $16.8 million, an increase of 513% compared to $2.8 million for the first nine months of 2020. TCV of orders booked for the first nine months of 2021 was $36.0 million, an increase of 280% compared to $9.5 million in the first nine months of 2020. GAAP net loss for the first nine months of 2021 was $13.4 million, or $0.28 per basic and diluted share, compared to a GAAP net loss of $18.0 million, or $2.00 per basic and diluted share, for the first nine months of 2020.\n\nCompany Raises Outlook for 2021\n\nThe Company today raised its business outlook for 2021. The Company's outlook is based on the current indications for its business, which may change at any time.\n\n\n\n \n\n\n\nBusiness ...