Gold prices edge higher on raised Fed rate cut hopes
WALTHAM, Mass. - Evolv Technologies Holdings, Inc. (NASDAQ: EVLV), a leader in AI-based security screening solutions, reported that following the closure of a 60-day cancellation period linked to a Federal Trade Commission (FTC) resolution, 92% of their K-12 education customers chose to retain their contracts. The cancellation window was part of an agreement with the FTC, allowing certain education customers to terminate their subscriptions. According to InvestingPro data, the company maintains strong growth with revenue increasing by 17.67% over the last twelve months, while maintaining a healthy gross profit margin of 53.68%.
The company disclosed that out of 65 eligible education customers, 60 decided to continue using Evolv’s services, equating to 213 out of 237 Evolv Express units. Additionally, 4 customers expanded their contracts, adding 10 more units since the FTC resolution was announced. This resulted in a 92% net revenue retention and a 94% net unit retention rate among the eligible customers. One such customer, Wyoming Valley West School District, increased its fleet of Evolv Express systems by 50%, citing high satisfaction with the product’s performance.
Despite the overall positive response, Evolv did receive cancellation requests from five customers, involving 24 units and an estimated annual recurring revenue (ARR) impact of approximately $445 thousand. These customers, however, have opted to maintain their current systems through the end of the 2024-2025 school year. While the company’s current market capitalization stands at $475.8 million, InvestingPro analysis indicates the stock is currently trading near its Fair Value, with additional insights available through the comprehensive Pro Research Report covering over 1,400 US stocks.
John Kedzierski, President and CEO of Evolv Technology, expressed gratitude for the continued trust from their customers and reaffirmed the company’s commitment to enhancing safety in schools and communities.
Evolv Technologies is known for its AI-powered screening and analytics, which have been deployed in various venues, including schools, hospitals, and public spaces. The company, which has screened over two billion people since 2019, emphasizes its mission to transform security for a safer world.
This news comes as the company continues to maintain a strong market position, with its technology recognized by the U.S. Department of Homeland Security as a Qualified Anti-Terrorism Technology, among other accolades. The information reported is based on a press release statement from Evolv Technologies Holdings, Inc.
In other recent news, Evolv Technologies Holdings, Inc. announced it received an extension from the Nasdaq Stock Market to file its overdue financial report, with a new deadline set for May 19, 2025. This extension pertains to the company’s Form 10-Q for the period ending September 30, 2024. Evolv Technology is collaborating with AlixPartners LLP to expedite the filing process and plans to discuss the financial results in a public conference call once the report is filed. In a separate update, Craig-Hallum raised its price target for Evolv Technologies from $5.75 to $6.75, maintaining a Buy rating, following a strong end to fiscal year 2024. The company reported that its deployment of new units in the fourth quarter exceeded forecasts by over 25%, marking the highest quarterly total for the year. Analysts noted this performance as a positive indicator despite past financial restatement issues and regulatory scrutiny. Evolv Technologies also reported no customer cancellations after a settlement with the FTC, indicating continued customer satisfaction. Additionally, the company announced orders for its new product, eXpedite, which was not previously included in financial projections and may lead to future estimate revisions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.