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Mar 31, 2023
Evolv Q1 2023 Earnings Report
Evolv Technology reported record first-quarter financial results and raised its outlook for 2023.
Key Takeaways
Evolv Technology's first quarter 2023 revenue increased by 113% year-over-year to $18.6 million. The company raised its business outlook for 2023.
Q1 Revenue of $18.6 million, up 113% year-over-year
Q1 Ending ARR of $42.0 million, up 153% year-over-year
Q1 Ending RPO of $161.8 million, up 154% year-over-year
Q1 Ending Evolv Express® subscriptions of 2,787, up 206% year-over-year
Evolv
Evolv
Evolv Revenue by Segment
Revenue by Segment
Product Revenue
CapyFin.comSubscription Revenue
CapyFin.comService Revenue
CapyFin.com Forward Guidance
The Company today commented on its business outlook for 2023. The Company's outlook is based on the current indications for its business, which may change at any time.
Positive Outlook
- Total Revenue: $60-$65 million
- Annual Recurring Revenue (ARR) at 12/31/23: $67-$71 million
- Adjusted Gross Margin: 35%-40%
Challenges Ahead
- Adjusted EBITDA: ($53-$58) million
Revenue & Expenses
Visualization of income flow from segment revenue to net income