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Jun 30, 2023
Evolv Q2 2023 Earnings Report
Evolv Technology reported record second quarter financial results and raised outlook for 2023.
Key Takeaways
Evolv Technology's Q2 2023 revenue reached $19.8 million, a 119% increase year-over-year, with ending ARR of $54.3 million, up 160% year-over-year. The company raised its business outlook for 2023.
Q2 Revenue of $19.8 million, up 119% year-over-year
Q2 Ending ARR of $54.3 million, up 160% year-over-year
Q2 Ending RPO of $198.3 million, up 145% year-over-year
Q2 Ending Evolv Express® subscriptions of 3,386, up 195% year-over-year
Evolv
Evolv
Evolv Revenue by Segment
Revenue by Segment
Recurring Revenue
CapyFin.comNon-Recurring Revenue
CapyFin.com Forward Guidance
The Company commented on its business outlook for 2023 and updated the estimates.
Positive Outlook
- Total Revenue is expected to be $70-$75 million
- Annual Recurring Revenue (ARR) at 12/31/23 is expected to be $70-$72 million
- Adjusted Gross Margin is expected to be 38%-42%
- Adjusted EBITDA is expected to be ($52-$56) million
Revenue & Expenses
Visualization of income flow from segment revenue to net income