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
The Company also recently announced the launch of Evolv Insights™, a powerful SaaS-based analytics dashboard that provides security and operations professionals the ability to comprehensively review, analyze and collect valuable data from their Evolv Express® screening systems throughout their venues and facilities.
The Evolv Express system delivers up to a 70% reduction in cost and is 10 times faster than traditional metal detectors, resulting in screening an unparalleled 3,600 people per hour, per system. The system allows for visitors to pass through screening without breaking stride, continuing their pace, improving security at the speed and scale required in today’s world.
Some of the world’s most iconic venues and companies place their trust in Evolv to protect their employees and visitors, including Uber, Lincoln Center, L.L. Bean, Six Flags, and hundreds of others. Evolv’s systems have been used to screen more than 50 million people, second only to the Department of Homeland Security’s Transportation Security Administration in screening people in the U.S.
Evolv is on track to complete its previously announced merger with NewHold Investment Corp. (NASDAQ: NHIC) shortly after the second quarter of 2021, subject to satisfaction of customary closing conditions. The transaction, announced in March 2021, would result in Evolv becoming a U.S. publicly listed entity. The combined company is expected to have a post-transaction pro forma total enterprise value of approximately $1.25 billion, total equity value of approximately $1.7 billion and intends to remain listed on the NASDAQ under the ticker symbol “EVLV”. For more information visit www.nhicspac.com.
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