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Dec 31, 2022
Evolv Q4 2022 Earnings Report
Reported record fourth quarter and full year financial results, demonstrating accelerated growth and market leadership.
Key Takeaways
Evolv Technology reported strong Q4 results, highlighted by a 217% increase in revenue year-over-year and the addition of over 100 new customers. The company is well-positioned to achieve its goal of doubling Annual Recurring Revenue in 2023.
Q4 Revenue reached $20.9 million, a 217% increase year-over-year.
Q4 Ending ARR was $34.1 million, up 164% year-over-year.
Q4 Ending RPO totaled $144.6 million, reflecting a 181% increase year-over-year.
Q4 Ending Evolv Express® subscriptions reached 2,267, a 222% increase year-over-year.
Evolv
Evolv
Evolv Revenue by Segment
Forward Guidance
The Company provided its business outlook for 2023.
Positive Outlook
- Total Revenue: $55 million - $60 million
- Annual Recurring Revenue (ARR) at 12/31/23: $65 million - $70 million
- Cash and Cash Equivalents: $165 million - $175 million
Challenges Ahead
- Adjusted EBITDA: ($55 million) - ($60 million)
Revenue & Expenses
Visualization of income flow from segment revenue to net income