Evolv Q1 2024 Earnings Report
Key Takeaways
Evolv Technology announced its Q1 2024 financial results, with a revenue of $21.7 million, a 17% increase year-over-year. The Annual Recurring Revenue (ARR) reached $82.5 million, marking a 96% increase year-over-year. The company's net loss was $(11.6) million, or $(0.08) per share, and adjusted loss was $(13.1) million, or $(0.09) per share.
Q1 Revenue reached $21.7 million, a 17% increase year-over-year.
Ending ARR for Q1 was $82.5 million, up 96% year-over-year.
Ending RPO for Q1 totaled $254.1 million, reflecting a 57% increase year-over-year.
Evolv Express subscriptions ended Q1 with 4,882, up 75% year-over-year.
Evolv
Evolv
Evolv Revenue by Segment
Forward Guidance
The Company commented on its business outlook for 2024. The Company's outlook is based on the current indications for its business, which may change at any time.
Positive Outlook
- Adjusted Gross Margin is expected to be around 60%.
- Adjusted EBITDA is expected to improve by 40%+
Challenges Ahead
- Total Revenue is expected to be ~$100 million.
- ARR at 12/31/24 is expected to be ~$100 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income