Evolv Technology Announces Record Q1 Bookings and Revenue

Evolv 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.

“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.”

The 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.

Financial Highlights:

  • TCV Bookings for Q1 2021 were $8.2 million, 2020 annual TCV Bookings were $21.3 million

  • Revenue for Q1 2021 was $3.9 million, 2020 annual revenue was $4.8 million

  • Quota Carrying Sales Reps/Sales Rep Capacity increased by 25% in Q1 2021

Business Highlights:

  • Expanded total headcount by 80% in Q1 2021

  • Several 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

  • Accelerated expansion of Evolv’s presence in casinos

  • 177% increase in security screens over the prior 12-month period