RE:RE:RE: Yeah well EVLV also released Q1 today with a fairly low Q over Q increase and reduced guidance.
Evolv Technology Reports First Quarter Financial Results WALTHAM, Mass. -- (Business Wire) --
Evolv Technology (NASDAQ: EVLV), the leading security technology company pioneering AI-based screening to create safer experiences, today announced financial results for the quarter ended March 31, 2024.
Results for the First Quarter of 2024 Total revenue for the first quarter of 2024 was $21.7 million, an increase of 17% compared to $18.6 million for the first quarter of 2023. Annual Recurring Revenue (“ARR”)
1 was $82.5 million at the end of first quarter of 2024, an increase of 96% compared to $42.0 million at the end of the first quarter of 2023. Net loss for the first quarter of 2024 was $(11.6) million, or $(0.08) per basic and diluted share, compared to $(28.6) million, or $(0.20) per basic and diluted share, in the first quarter of 2023. Adjusted earnings (loss)
3 for the first quarter of 2024 was $(13.1) million, or $(0.09) per diluted share, compared to adjusted earnings (loss)
3 of $(16.9) million, or $(0.12) per diluted share, for the first quarter of 2023. Adjusted EBITDA
3 for the first quarter of 2024 was $(10.7) million compared to $(15.4) million in the first quarter of 2023. As of March 31, 2024, the Company had cash, cash equivalents, marketable securities, and restricted cash of $81.3 million and no debt.
The following table summarizes the breakdown of recurring and non-recurring revenue
4 for each period presented:
| | Three Months Ended
March 31, |
| | | 2024 | | | 2023 | | % Change |
| Recurring revenue | $ | 19,381 | | $ | 9,075 | | 114 | % |
| Non-recurring revenue | | 2,287 | | | 9,506 | | (76 | )% |
| Total revenue | $ | 21,668 | | $ | 18,581 | | 17 | % |
The following table summarizes operating cash flows for each period presented:
| | Three Months Ended
March 31, |
| | | 2024 | | | | 2023 | |
| Net loss | $ | (11,644 | ) | | $ | (28,609 | ) |
| Non-cash expense | | 1,653 | | | | 14,005 | |
| Changes in operating assets and liabilities | | (6,092 | ) | | | 11,170 | |
| Net cash used in operating activities | $ | (16,083 | ) | | $ | (3,434 | ) |
Company Comments on Outlook for 2024 The Company today 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.
| Estimate ($ in millions) | | Issued February 29, 2024 | | Issued May 9, 2024 |
| Total Revenue | | ~$115 | | ~$100 |
| ARR1 (ARR) at 12/31/24 | | $108-$112 | | ~$100 |
| Adjusted Gross Margin3 | | ~60% | | Reaffirmed |
| Adjusted EBITDA3 | | Improve by 40%+ | | Reaffirmed |