Company Overview: Evolv Technologies Holdings, Inc.

Business Focus:

• Industry: Security technology with an emphasis on AI-powered screening solutions.
• Mission: To create safer experiences by addressing gun violence, mass shootings, and terrorist threats while maintaining positive visitor experiences.
• Core Market Verticals:
  • Education (schools)
  • Healthcare facilities
  • Sports stadiums and arenas
  • Live entertainment venues
  • Industrial workplaces
  • Government offices
  • Houses of worship
  • Tourist destinations and cultural attractions

Key Products:

1. Evolv Express®:
   • AI-driven security screening system.
   • Detects firearms, improvised explosive devices, large knives.
   • Uses sensors, AI software, and cloud services.
   • Visualizes threat locations for targeted secondary screening.
   • Commercially available since October 2019.
   • Deployed approximately 6,100 units as of December 31, 2024.
2. Evolv eXpedite™:
   • Autonomous AI-based X-ray bag scanning system.
   • Launched in September 2024.
   • Operates rapidly at high speed, integrated with Evolv Express.
   • Can be used standalone or alongside Express systems.
3. Evolv Insights®:
   • Analytics dashboard providing data on visitor flow, system detection, alarms, threat detections, and settings.
   • Used to inform security operations and improve visitor experience.

Revenue & Financials (2024):

• Total Revenue: $103.9 million
  • Product revenue: $6.46 million
  • Subscription revenue: $65.05 million
  • Service revenue: $23.47 million
  • License fee and other revenue: $8.89 million
• Net Loss: $54.0 million
• Employees: 287 full-time employees as of December 31, 2024.
• Customer Base:
  • Over 2 billion visitors screened since product launch in 2019.
  • Approximately 249 new customers added in 2024.
  • Major customers include iconic venues across multiple industry verticals.
• Stock & Market Cap:
  • Shares Outstanding: approximately 163.5 million as of April 21, 2025.
  • Market value as of June 30, 2024: around $338 million with a share price of $2.55.

Business Model:

• Primarily offers solutions via multi-year security-as-a-service subscription models.
• Also sells hardware outright or through distributor licensing.
• Has a global network of value-added resellers to expand reach.
• Focuses on deploying systems in high-traffic venues to enhance safety, efficiency, and visitor experience.

Additional Details:

• The company is working to scale manufacturing, research & development, and global adoption.
• Continually enhancing detection algorithms with AI and expanding product features.
• Focused on modernizing security screening processes, especially in non-regulated venues.
• Has ongoing legal proceedings and restated financial statements due to prior accounting misstatements.

Summary: Evolv Technologies develops AI-powered security screening systems, including firearm and explosive detection solutions, primarily sold through multi-year SaaS subscriptions, targeting high-traffic venues in various sectors to improve safety and visitor experience. It employs a broad reseller network, holds approximately 163.5 million shares with a market cap close to $338 million, and has user deployments exceeding 6,100 units as of the end of 2024. The company reported $103.9 million in revenue for 2024 but incurred a net loss of $54 million.