•
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
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