Evolv Technology was founded in 2013 as a next-generation
physical security company committed to making the world a safer
place. Over a decade later, and with the trust of former leaders of
the Central Intelligence Agency, Department of Homeland Security,
Federal Bureau of Investigation, Department of Defense, New York
Police Department, Office of National Intelligence, Transportation
Security Administration, and United States Secret Service, the
Company has partnered with hundreds of seasoned security
professionals as valued customers. They have vetted and selected
Evolv as part of their safety plans due to its performance
attributes and track record of balancing accurate detection with a
positive security experience for patrons – not because of any
advertisement or marketing campaign. Many of these professionals
test Evolv products in their operating environment before
deployment. Evolv is proud to say that its Express® solution has
been used to screen over 1 billion visitors, and is used to detect,
on average, hundreds of firearms every day across its rapidly
growing customer base.
Over the past year, Evolv believes it has been the target of a
short seller campaign, coordinating with certain media outlets, who
are incentivized to discredit the company, misrepresent facts, and
promote misinformation. Short sellers essentially bet on, and
profit from, a drop in a company’s share price.
The following outlines the main points these groups have raised
and Evolv’s fact-based responses. Evolv is committed to our mission
of making the world safer and stands behind our technology as
vetted by hundreds of security professionals in real world
environments.
Claim #1: Evolv has not undergone any
independent third-party testing.
Fact: Evolv undergoes rigorous internal and external testing
and validation procedures that are implemented before, during, and
after the procurement process. All of these third-party tests,
conducted by third-party experts, concluded that the Evolv Express
solution was highly effective at detecting firearms and many other
types of weapons.
Examples of Third-Party Testing (since 2022):
- DHS SAFETY Act Designation as a Qualified Anti-Terrorism
Technology
- Highest NILECJ Standard Met
- NPSA, the National Protective Security Authority (UK), formerly
known as the CPNI
Claim #2: Evolv says it can catch all
weapons.
Fact: Evolv states, and its customers know, that there is no
perfect security solution, including Evolv Express, that will stop
all threats, all the time, and that a layered approach combining
people, process and technology is necessary. Yet, they choose Evolv
Express to help them meet some of their most demanding security
requirements because among other things: (a) Evolv Express is
highly effective at detecting firearms and other mass casualty
weapons; (b) it has a high throughput rate; (c) its settings can be
adjusted and optimized to meet a customer’s unique security
screening requirements; and (d) the use of the Evolv Express
solution can help reduce labor costs.
When Evolv Express alerts on a weapon, the system still requires
human security operators to remove the potential threat from the
environment. This is why Evolv works with customers to improve
their overall security processes and shares best practices across
our community. Evolv Express is a modern component of layered
security to help reduce the risk of something bad happening.
Evolv has repeatedly said that keeping the public safe and
mitigating risk requires tradeoffs; for example, higher sensitivity
settings may slow down the screening process. Evolv is upfront
about the tradeoffs and customers regularly call out this as a key
source of trust in Evolv and across the Evolv customer
community.
Evolv Express systems are designed to configure various levels
of a security profile, which are selected by the customer, based on
their specific needs and events. These security profiles and
configurations vary widely across venue and experience type and are
at the discretion of the customer’s security team, who often change
settings hourly to recognize different threats; for example, a
school morning ingress versus an evening sporting event.
Claim #3: Evolv misleads the public and
customers to sell systems.
Fact: Evolv’s customers rely on real-world performance
metrics, testimonials and information obtained from other users in
their respective industries, and often their own testing of Evolv
Express, to guide their purchase decisions.
Evolv works with some of the country’s top brands and school
districts, such as Mercedes-Benz Stadium (home to the Atlanta
Falcons and MLS’s Atlanta United), SoFi Stadium (home to the NFL's
Los Angeles Rams and Los Angeles Chargers) and YouTube Theater, Six
Flags, TD Garden (home of the NHL’s Boston Bruins and NBA’s Boston
Celtics), and Charlotte-Mecklenburg School District.
Customers typically purchase Evolv Express only after engaging
in testing, trials and procurement processes that can last months
or longer, including speaking with other Evolv customers about
their real-world usage of Evolv Express before purchase. Certain
customers, such as teams and venues within the NFL, MLB and NHL,
comply with mandatory procurement standards (e.g., government
entities) or obtain third-party approvals (e.g., league approval
for professional sports teams) before making a purchase. Many of
our customers have extensive security backgrounds both in the
private and governmental sectors from around the world.
Claim #4: Evolv regularly misses weapons.
Fact: Evolv detected 400,000 weapons in 2023, including
firearms and knives.
Customers frequently report that the Evolv Express systems have
stopped weapons from entering their environments. That being said,
nothing is perfect all the time. Evolv customers are keenly aware
of the fact that safety is never absolute. Rather, Evolv customers
balance safety needs with venue requirements (e.g., avoiding crowds
or long lines at security checkpoints) which is not an either/or
choice but a strategy that relies on a combination of people,
processes and technology.
There have been circumstances where a firearm was found inside a
customer’s venue but with no evidence that the weapon had passed
through the Evolv Express system. However, certain media entities
have perpetuated misinformation by implying otherwise.
Examples:
- In Kennywood, the police made an arrest and were investigating
fence jumping, or items thrown over the fence, as possibilities of
how a firearm entered the park. It was not reported or confirmed
that a gun went through Kennywood’s Evolv Express system.
- Similarly, in North Mecklenburg High School, school officials
made public statements asserting that the student carrying a weapon
did not go through an Evolv system.
Yet select news services are choosing to ignore these statements
and instead mislead by stating “Evolv missed the gun” to fit their
desired false narrative.
Claim #5: Evolv can’t catch
knives.
Fact: Evolv Express was specifically designed to detect guns
but will also alert on many types of knives and some
explosives.
Evolv Express was purposefully designed to detect firearms and
mass casualty weapons. That’s why customers come to Evolv as part
of their layered security strategy. In fact, in many instances,
such as in schools, knives are already present inside the venue for
various reasons. Even so, according to customer reported data,
Evolv Express systems detected over 80,000 knives in 2022 and over
200,000 knives in 2023.
Example: Windsor Regional Hospital has reported over 1,100 items
intercepted since the installation of the Express system, including
detecting hundreds of knives.
Claim #6: Evolv can’t back up its
through-put claims.
Fact: Throughput rates for Evolv Express have been repeatedly
observed in data collected during real-world operations.
- Customer Example 1, NFL Game, 2023 – a dual wide lane
Express unit screened approximately 5,152 people in one hour,
including the screening of 2,713 people in a twenty-minute period,
with an alert rate of just 5%
- Customer Example 2, MLB Game, 2023 – a dual wide lane
Express unit screened approximately 5,746 people in one hour,
including the screening of 2,291 people in a ten-minute period,
with an alert rate of just 4%
- Customer Example 3, NFL Game, 2023 – a dual wide lane
Express unit screened approximately 5,461 people in one hour,
including the screening of 1,407 people in a ten-minute period,
with an alert rate of just 5%
In fact, Evolv systems are designed specifically to allow for
venues to efficiently screen high volumes of people without
impacting visitor experience. This is due to the localized threat
detection (i.e., the red box that pinpoints an area of concern)
which not only reduces the burden on security teams to identify
threats but also reduces the soft target of long lines or crowds
around checkpoints, as well as reducing the potential for human
error and bias.
Claim #7: Evolv paid for third-party
testing and tried to manipulate the results.
Fact: Evolv elected to participate in the NCS⁴ operational
exercise, sponsored by the University of Southern Mississippi, to
offer another data point for those considering the technology. All
companies must pay to participate in the exercise, which reviews
security vendors in sports and entertainment venues.
By design, the NCS⁴ operational exercise program allows experts
to observe technology capabilities in a sports environment. School
customers test and/or review our systems in school
environments.
The NCS⁴ operational exercise program has an associated fee for
all manufacturers completing the process. Contrary to misleading
claims, Evolv did not change results of the third-party NCS⁴
report, and all customers and serious prospective customers are
offered full access to the complete NCS⁴ testing report upon
request. In addition to providing access to the report, Evolv will
also walk prospective customers through the complete NCS4 report
(as well as other third-party testing reports) during a 90-minute
briefing.
Claim #8: Evolv shouldn’t use the terms
“weapons detector” or “frictionless” because it is
misleading.
FACT: Customers invest in Evolv after carefully assessing the
technology during procurement, including reviewing literature,
receiving a demo or pilot, visiting and speaking with other
customers, and all customers have an opportunity to conduct testing
in their actual environment.
Evolv’s sophisticated business-to-business customers, many of
whom are themselves security experts and/or engage third-party
experts, purchase Evolv Express with the specific goal of helping
to detect and deter threats like firearms that could cause a
mass-casualty event. Evolv’s technology is deployed at over 650
customers across many markets including education, healthcare,
professional sports, industrial workplaces, houses of worship and
tourist attractions.
About Evolv Technology
Evolv Technology (NASDAQ: EVLV) is transforming human security
to make a safer, faster, and better experience for the world’s most
iconic venues and companies as well as schools, hospitals, and
public spaces, using industry leading artificial intelligence
(AI)-powered weapons detection and analytics. Its mission is to
transform security to create a safer world to work, learn, and
play. Evolv has digitally transformed the gateways in places where
people gather by enabling seamless integration combined with
powerful analytics and insights. Evolv’s advanced systems have
scanned more than 1 billion people, second only to the Department
of Homeland Security’s Transportation Security Administration (TSA)
in the United States. Evolv has been awarded the U.S. Department of
Homeland Security (DHS) SAFETY Act Designation as a Qualified
Anti-Terrorism Technology (QATT) as well as the Security Industry
Association (SIA) New Products and Solutions (NPS) Award in the Law
Enforcement/Public Safety/Guarding Systems category. Evolv
Technology®, Evolv Express®, Evolv Insights®, Evolv Cortex AI®, and
Evolv Visual Gun Detection™ are registered trademarks of Evolv
Technologies, Inc. in the United States and other jurisdictions.
For more information, visit https://evolvtechnology.com.
Forward-Looking Statements Disclaimer
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. We intend such forward-looking statements to be covered by
the safe harbor provisions for forward-looking statements contained
in Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. All
statements contained in this press release, other than statements
of historical fact, including, without limitation, statements
regarding our expectations related to the SEC investigation and any
impact on our business, financial condition, results of operations,
or liquidity, are forward-looking statements. The words “may,”
“will,” “should,” “expects,” “plans,” “anticipates,” “could,”
“intends,” “targets,” “projects,” “contemplates,” “believes,”
“estimates,” “forecasts,” “predicts,” “potential” or “continue” or
the negative of these terms or other similar expressions are
intended to identify forward-looking statements though not all
forward-looking statement use these word or expressions.
The forward-looking statements in this press release are only
predictions. We have based these forward-looking statements largely
on our current expectations and projections about future events and
financial trends that we believe may affect our business, financial
condition and results of operations. Forward-looking statements
involve known and unknown risks, uncertainties and other important
factors that may cause our actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements, including, without limitation the
important factors discussed in our Annual Report on Form 10-K for
the year ended December 31, 2022, as any such factors may be
updated from time to time in our other filings with the Securities
and Exchange Commission, including our Quarterly Reports on Form
10-Q. The forward-looking statements in this press release are
based upon information available to us as of the date of this press
release, and while we believe such information forms a reasonable
basis for such statements, it may be limited or incomplete, and our
statements should not be read to indicate that we have conducted an
exhaustive inquiry into, or review of, all potentially available
relevant information. These statements are inherently uncertain and
investors are cautioned not to unduly rely upon these
statements.
You should read this press release with the understanding that
our actual future results, levels of activity, performance and
achievements may be materially different from what we expect. We
qualify all of our forward-looking statements by these cautionary
statements. These forward-looking statements speak only as of the
date of this press release. Except as required by applicable law,
we do not plan to publicly update or revise any forward-looking
statements contained in this press release, whether as a result of
any new information, future events or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240220580675/en/
Investor Relations: Brian Norris Senior Vice President of
Finance and Investor Relations bnorris@evolvtechnology.com
Evolv Technologies (NASDAQ:EVLV)
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