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Sep 30, 2022
Evolv Q3 2022 Earnings Report
Reported record third quarter results and raised outlook for 2022.
Key Takeaways
Evolv Technology reported a strong third quarter with a 96% increase in revenue year-over-year, driven by robust market adoption and expansion. The company also raised its business outlook for 2022.
Q3 Revenue reached $16.5 million, showing a 96% increase year-over-year.
Q3 Ending ARR totaled $28.7 million, up 189% year-over-year.
Q3 Ending RPO was $109.4 million, reflecting a 220% increase year-over-year.
Q3 Ending Evolv Express® subscriptions amounted to 1,692, up 198% 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 raised its outlook for 2022 and provided preliminary estimates for 2023.
Positive Outlook
- Total Revenue for 2022 is expected to be between $46 million and $48 million.
- Annual Recurring Revenue (ARR) at 12/31/2022 is projected to be between $31 million and $32 million.
- Exiting ARR in 2023 is estimated to be in the range of $65 million to $70 million, reflecting growth of more than 100%.
- Full year revenues in 2023 are expected to be in the range of $55 million to $60 million.
- The company anticipates significantly reducing its full year operating cash usage in 2023.
Revenue & Expenses
Visualization of income flow from segment revenue to net income