- Q4 Revenue of $21.8 million, up 4% year-over-year
- Q4 Ending ARR1 of $75.0 million, up 120%
year-over-year
- Q4 Ending RPO2 of $240.5 million, up 66%
year-over-year
- Q4 Ending Evolv Express® subscriptions of 4,505, up 99%
year-over-year
Evolv Technology (NASDAQ: EVLV), the leading security technology
company pioneering AI-based weapons detection to create safer
experiences, today announced financial results for the quarter and
year ended December 31, 20233 and issued its outlook for 2024.
Results for the Fourth Quarter of 2023
Total revenue for the fourth quarter of 2023 was $21.8 million,
an increase of 4% compared to $20.9 million for the fourth quarter
of 2022. Annual Recurring Revenue (“ARR”)1 was $75.0 million at the
end of fourth quarter of 2023, an increase of 120% compared to
$34.1 million at the end of fourth quarter of 2022. Net loss for
the fourth quarter of 2023 was $(16.9) million, or $(0.11) per
basic and diluted share, compared to net loss of $(28.3) million or
$(0.20) per basic and diluted share in the fourth quarter of 2022.
Adjusted net loss3 for the fourth quarter of 2023 was $(11.0)
million, or $(0.07) per diluted share, compared to adjusted loss3
of $(18.3) million, or $(0.13) per diluted share, for the fourth
quarter of 2022. Adjusted EBITDA3 for the fourth quarter of 2023
was $(9.5) million compared to $(18.0) million in the fourth
quarter of 2022. As of December 31, 2023, the Company had cash,
cash equivalents, marketable securities, and restricted cash of
$118.7 million and no debt.
Results for 2023
Total revenue in 2023 was $80.4 million, an increase of 46%
compared to $55.2 million in 2022. Net loss in 2023 was $(106.3)
million, or $(0.71) per basic and diluted share, compared to net
loss of $(86.4) million, or $(0.60) per basic and diluted share, in
2022. Adjusted net loss3 in 2023 was $(54.2) million, or $(0.36)
per diluted share, compared to $(72.7) million, or $(0.51) per
diluted share, in 2022. Adjusted EBITDA3 in 2023 was $(49.8)
million, compared to $(69.7) million in 2022.
The following table summarizes the breakdown of recurring and
non-recurring revenue4 during each year:
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2023
2022
% Change
2023
2022
% Change
Recurring revenue
$
17,350
$
7,388
135
%
$
52,491
$
21,372
146
%
Non-recurring revenue
4,471
13,497
(67
)%
27,927
33,823
(17
)%
Total revenue
$
21,821
$
20,885
4
%
$
80,418
$
55,195
46
%
The following table summarizes operating cash flows during each
year:
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2023
2022
2023
2022
Net loss
$
(16,890
)
$
(28,304
)
$
(106,254
)
$
(86,406
)
Non-cash expense
7,970
12,928
59,754
17,331
Changes in operating assets and
liabilities
5,777
10,069
36,699
(5,653
)
Net cash used in operating activities
$
(3,143
)
$
(5,307
)
$
(9,801
)
$
(74,728
)
Company Reaffirms 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.
2024 Business Outlook
Estimate (In millions)
Issued November 9, 2023
Issued February 29, 2024
Total Revenue
~$115
Reaffirmed
ARR1 (ARR) at 12/31/24
$108-$112
Reaffirmed
Adjusted Gross Margin3
~60%
Reaffirmed
Adjusted EBITDA3
Improve by 40%+
Reaffirmed
Company to Host Live Conference Call and Webcast
The Company’s management team plans to host a live conference
call and webcast at 4:30 p.m. Eastern Time today to discuss the
financial results as well as management’s outlook for the business
and other matters. The conference call may be accessed in the
United States by dialing +1.877.692.8955 and using access code
825879. The conference call may be accessed outside of the United
States by dialing +1.234.720.6979 and using the same access code.
The conference call will be simultaneously webcast on the Company’s
investor relations website, which can be accessed at
http://ir.evolvtechnology.com. The press release with the financial
results as well as the accompanying investor presentation materials
will be accessible from the Company’s website prior to the
conference call. A replay of the conference call will be available
for a period of 30 days by dialing +1.866.207.1041 or
+1.402.970.0847 and using access code 4005393 or by accessing the
webcast replay on the Company’s investor relations website at
http://ir.evolvtechnology.com.
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 a billion people since 2019. 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 or trademarks of Evolv Technologies, Inc. in
the United States and other jurisdictions. For more information,
visit https://evolvtechnology.com.
1 We define Annual Recurring Revenue, or ARR, as
subscription revenue and the recurring service revenue related to
purchase subscriptions for the final month of the quarter
normalized to a one-year period. Our calculation of ARR is not
adjusted for the impact of any known or projected future events
(such as customer cancellations, upgrades or downgrades, or price
increases or decreases) that may cause any such contract not to be
renewed on its existing terms. In addition, the amount of actual
revenue that we recognize over any 12-month period is likely to
differ from ARR at the beginning of that period, sometimes
significantly. This may occur due to new bookings, cancellations,
upgrades, downgrades or other changes in pending renewals, as well
as the effects of professional services revenue and acquisitions or
divestitures. As a result, ARR should be viewed independently of,
and not as a substitute for or forecast of, revenue and deferred
revenue. Our calculation of ARR may differ from similarly titled
metrics presented by other companies.
2 We define Remaining Performance Obligation, or RPO, as
estimated revenues expected to be recognized in the future related
to performance obligations that are unsatisfied or partially
satisfied as of the end of the quarter.
3 Non-GAAP Financial Measures In this press release, the
Company’s adjusted gross profit (loss), adjusted gross margin,
adjusted operating expenses, adjusted operating income (loss),
adjusted EBITDA, adjusted earnings (loss), and adjusted earnings
per basic and diluted share are not presented in accordance with
generally accepted accounting principles (GAAP) and are not
intended to be used in lieu of GAAP presentations of results of
operations. Adjusted gross profit and adjusted gross margin exclude
one-time items and stock-based compensation expense which
management believes provides a more meaningful representation of
contribution margin. Adjusted operating expenses is defined as
operating expenses less one-time items, stock-based compensation
expense, restructuring expenses, and loss on impairment of lease
equipment which management believes provides a more meaningful
representation of on-going operating expense levels. Adjusted
EBITDA is defined as net income (loss) plus depreciation and
amortization, share-based compensation, and certain other one-time
expenses. Adjusted earnings (loss) is defined as net income (loss)
plus stock-based compensation, change in fair value of derivative
liability, change in fair value of contingent earn-out liability,
change in fair value of contingently issuable common stock
liability, change in fair value of public warrant liability, change
in fair value of common stock warrant liability, restructuring
expenses, loss on impairment of lease equipment, and certain other
one-time expenses. Management presents non-GAAP financial measures
because it considers them to be important supplemental measures of
performance. Management uses non-GAAP financial measures for
planning purposes, including analysis of the Company's performance
against prior periods, the preparation of operating budgets and to
determine appropriate levels of operating and capital investments.
Management also believes non-GAAP financial measures provide
additional insight for analysts and investors in evaluating the
Company's financial and operating performance. However, non-GAAP
financial measures have limitations as an analytical tool and are
not intended to be an alternative to financial measures prepared in
accordance with GAAP. We intend to provide non-GAAP financial
measures as part of our future earnings discussions and, therefore,
the inclusion of non-GAAP financial measures will provide
consistency in our financial reporting. Investors are encouraged to
review the reconciliation of these non-GAAP measures to their most
directly comparable GAAP financial measures included in this press
release. The Company is unable to provide a reconciliation of
Adjusted Gross Margin to GAAP Gross Margin and non-GAAP Adjusted
EBITDA to Net Income (Loss), each measure's most directly
comparable GAAP financial measure, on a forward-looking basis
without unreasonable effort, because items that impact these GAAP
financial measures are not within the Company’s control and/or
cannot be reasonably predicted. These items may include, but are
not limited to, predicting forward-looking share-based
compensation, changes in the fair value of derivative liabilities,
changes in the fair value of contingent earn out liabilities,
changes in the fair value of contingently issuable common stock
liabilities and changes in fair value of public warrant
liabilities. Such information may have a significant, and
potentially unpredictable, impact on the Company’s future financial
results.
4 Recurring revenue includes the recurring portion of
revenue associated with pure subscription contracts and hardware
purchase subscription contracts. Non-recurring revenue
includes revenue that is one-time in nature, such as product
revenue, shipping revenue, and revenue from installation, training,
and professional services.
Forward-Looking Statements
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 facts, including without limitation statements regarding
our results of operations and financial position, business
strategy, plans and prospects, future operations, and growth, our
ability to meet our goals for revenue and profitability, as well as
our estimates for cash and cash equivalents, including for fiscal
year 2024, our ability to retain existing and acquire new
customers, and our ability to maintain our market position are
forward looking statements. Words such as “believe” “may,” “will,”
“expect,” “should,” “could,” “anticipate,” “aim,” “estimate,”
“intend,” “plan,” “believe,” “potential,” “continue,” “project,”
“plan,” “target,” “is/are likely to” or the negative of these terms
or other similar expressions are intended to identify
forward-looking statements, though not all forward-looking
statements use these words or expressions. These statements are
neither promises nor guarantees, but 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,
but not limited to, the following: expectations regarding the
Company’s strategies and future financial performance, including
its future business plans or objectives, prospective performance
and opportunities and competitors, revenues, products and services,
pricing, operating expenses, market trends, liquidity, cash flows
and uses of cash, capital expenditures; the Company’s history of
losses and lack of profitability; the Company’s reliance on third
party contract manufacturing and a global supply chain; the rate of
innovation required to maintain competitiveness in the markets in
which the Company competes; the competitiveness of the market in
which the Company competes; the ability for the Company to obtain,
maintain, protect and enforce the Company’s intellectual property
rights; the concentration of the Company’s revenues on a single
solution; the Company’s ability to timely design, produce and
launch its solutions, the Company’s ability to invest in growth
initiatives and pursue acquisition opportunities; the limited
liquidity and trading of the Company’s securities; risks related to
existing and changing tax laws; geopolitical risk and changes in
applicable laws or regulations; the possibility that the Company
may be adversely affected by other economic, business, and/or
competitive factors; operational risk; the impact of fluctuating
economic conditions; the need for additional capital to support
business growth, which might not be available on acceptable terms,
if at all; risks related to our indebtedness; risks related to
domestic and international privacy and cybersecurity concerns, laws
and regulations; and litigation and regulatory enforcement risks,
including the diversion of management time and attention and the
additional costs and demands on resources. These and other
important factors discussed under the caption “Risk Factors” in our
Annual Report on Form 10-K for the year ended December 31, 2023
filed with the Securities and Exchange Commission ("SEC") on
February 29, 2024, could cause actual results to differ materially
from those indicated by the forward-looking statements made in this
press release.
These statements reflect management’s current expectations
regarding future events and operating performance and speak only as
of the date of this press release. You should not put undue
reliance on any forward-looking statements. Although we believe
that the expectations reflected in the forward-looking statements
are reasonable, we cannot guarantee that future results, levels of
activity, performance and events and circumstances reflected in the
forward-looking statements will be achieved or will occur. Except
as required by law, we undertake no obligation to update or revise
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise, after the date on which
the statements are made or to reflect the occurrence of
unanticipated events.
EVOLV TECHNOLOGY
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2023
2022
2023
2022
Revenue:
Product revenue
$
2,789
$
12,806
$
21,977
$
31,985
Subscription revenue
12,586
5,361
37,247
17,569
Service revenue
5,015
2,094
16,141
4,331
License fee and other revenue
1,431
624
5,053
1,310
Total revenue
21,821
20,885
80,418
55,195
Cost of revenue:
Cost of product revenue
5,214
18,062
26,667
41,575
Cost of subscription revenue
5,003
1,739
14,991
7,469
Cost of service revenue
1,166
548
3,982
2,200
Cost of license fee and other revenue
177
482
949
2,222
Total cost of revenue
11,560
20,831
46,589
53,466
Gross profit
10,261
54
33,829
1,729
Operating expenses:
Research and development
6,262
4,824
24,455
18,771
Sales and marketing
14,887
13,470
55,223
46,639
General and administrative
11,018
8,451
42,091
37,719
Loss from impairment of property and
equipment
—
123
322
1,161
Total operating expenses
32,167
26,868
122,091
104,290
Loss from operations
(21,906
)
(26,814
)
(88,262
)
(102,561
)
Other income (expense), net:
Interest expense
—
(223
)
(654
)
(712
)
Interest income
1,630
1,554
6,227
3,165
Other expense, net
(17
)
(7
)
(84
)
(64
)
Loss on extinguishment of debt
—
—
(626
)
—
Change in fair value of contingent
earn-out liability
2,452
(2,766
)
(14,901
)
6,988
Change in fair value of contingently
issuable common stock liability
422
(657
)
(3,138
)
1,872
Change in fair value of public warrant
liability
580
609
(4,765
)
4,906
Total other income (expense), net
$
5,067
$
(1,490
)
$
(17,941
)
$
16,155
Loss before income taxes
(16,839
)
(28,304
)
(106,203
)
(86,406
)
Provision for income taxes
(51
)
—
(51
)
—
Net loss
$
(16,890
)
$
(28,304
)
$
(106,254
)
$
(86,406
)
Weighted average common shares outstanding
– basic and diluted
151,087,430
144,856,047
149,168,105
143,858,668
Net loss per share - basic and diluted
$
(0.11
)
$
(0.20
)
$
(0.71
)
$
(0.60
)
Net loss
$
(16,890
)
$
(28,304
)
$
(106,254
)
$
(86,406
)
Other comprehensive loss
Cumulative translation adjustment
(44
)
(45
)
(43
)
(10
)
Total other comprehensive loss
(44
)
(45
)
(43
)
(10
)
Total comprehensive loss
$
(16,934
)
$
(28,349
)
$
(106,297
)
$
(86,416
)
EVOLV TECHNOLOGY
CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands,
except share and per share data) (Unaudited)
December 31, 2023
December 31, 2022
Assets
Current assets:
Cash and cash equivalents
$
67,162
$
229,783
Restricted cash
275
—
Marketable securities
51,289
—
Accounts receivable, net
22,611
31,920
Inventory
9,507
10,257
Current portion of contract assets
3,707
2,852
Current portion of commission asset
4,339
3,384
Prepaid expenses and other current
assets
16,954
14,388
Total current assets
175,844
292,584
Restricted cash, noncurrent
—
275
Contract assets, noncurrent
451
1,386
Commission asset, noncurrent
7,107
5,655
Property and equipment, net
112,921
44,707
Operating lease right-of-use assets
1,195
1,673
Other assets
1,202
1,835
Total assets
$
298,720
$
348,115
Liabilities and Stockholders’
Equity
Current liabilities:
Accounts payable
$
17,400
$
18,194
Accrued expenses and other current
liabilities
15,578
11,545
Current portion of deferred revenue
47,677
18,273
Current portion of long-term debt
—
10,000
Current portion of operating lease
liabilities
1,391
1,114
Total current liabilities
82,046
59,126
Deferred revenue, noncurrent
23,813
17,695
Long-term debt, noncurrent
—
19,683
Operating lease liabilities,
noncurrent
—
892
Contingent earn-out liability
29,119
14,218
Contingently issuable common stock
liability
6,530
3,392
Public warrant liability
10,889
6,124
Total liabilities
152,397
121,130
Stockholders’ equity:
Preferred stock, $0.0001 par value;
100,000,000 authorized at December 31, 2023 and December 31, 2022;
no shares issued and outstanding at December 31, 2023 and December
31, 2022
—
—
Common stock, $0.0001 par value;
1,100,000,000 shares authorized at December 31, 2023 and December
31, 2022, 151,310,080 and 145,204,974 shares issued and outstanding
at December 31, 2023 and December 31, 2022, respectively
15
15
Additional paid-in capital
444,825
419,190
Accumulated other comprehensive loss
(53
)
(10
)
Accumulated deficit
(298,464
)
(192,210
)
Stockholders’ equity
146,323
226,985
Total liabilities and stockholders’
equity
$
298,720
$
348,115
EVOLV TECHNOLOGY
CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)
(Unaudited)
Twelve Months Ended
December 31,
2023
2022
Cash flows from operating
activities:
Net loss
$
(106,254
)
$
(86,406
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
9,932
5,465
Write-off of inventory and change in
inventory reserve
1,612
1,582
Adjustment to property and equipment for
sales type leases
—
(625
)
Loss from impairment of property and
equipment
322
1,161
Stock-based compensation
24,151
22,498
Non-cash interest expense
22
55
Accretion of discount on marketable
securities
(575
)
—
Non-cash lease expense
478
811
Change in allowance for expected credit
losses
382
150
Loss on extinguishment of debt
626
—
Change in fair value of earn-out
liability
14,901
(6,988
)
Change in fair value of contingently
issuable common stock
3,138
(1,872
)
Change in fair value of public warrant
liability
4,765
(4,906
)
Changes in operating assets and
liabilities
Accounts receivable
8,927
(25,593
)
Inventory
(644
)
(8,495
)
Commission assets
(2,407
)
(3,675
)
Contract assets
80
639
Other assets
633
(419
)
Prepaid expenses and other current
assets
(2,566
)
(3,174
)
Accounts payable
(5,963
)
7,661
Deferred revenue
35,522
26,887
Accrued expenses and other current
liabilities
3,732
1,462
Operating lease liability
(615
)
(946
)
Net cash used in operating activities
(9,801
)
(74,728
)
Cash flows from investing
activities:
Development of internal-use software
(3,535
)
(2,720
)
Purchases of property and equipment
(69,134
)
(21,473
)
Proceeds from sale of property and
equipment
270
312
Purchases of marketable securities
(89,898
)
—
Proceeds from maturities of marketable
securities
39,184
—
Net cash used in investing activities
(123,113
)
(23,881
)
Cash flows from financing
activities:
Proceeds from exercise of stock
options
668
827
Proceeds from long-term debt
1,876
29,683
Repayment of principal on long-term
debt
(31,876
)
(10,000
)
Payment of debt issuance costs and
prepayment penalty
(332
)
—
Net cash provided by (used in) financing
activities
(29,664
)
20,510
Effect of exchange rate changes on cash
and cash equivalents
(43
)
(10
)
Net increase (decrease) in cash, cash
equivalents and restricted cash
(162,621
)
(78,109
)
Cash, cash equivalents and restricted
cash
Cash, cash equivalents and restricted cash
at beginning of period
230,058
308,167
Cash, cash equivalents and restricted cash
at end of period
$
67,437
$
230,058
EVOLV TECHNOLOGY
SUMMARY OF KEY OPERATING STATISTICS (Unaudited)
Three Months Ended or as
of,
($ in thousands)
March 31, 2022
June 30, 2022
September 30,
2022
December 31,
2022
March 31, 2023
June 30, 2023
September 30,
2023
December 31,
2023
New customers
44
53
92
106
61
74
70
75
Annual recurring revenue
$
16,641
$
20,865
$
28,741
$
34,120
$
42,021
$
54,339
$
65,774
$
74,989
Recurring revenue
$
3,159
$
4,604
$
6,221
$
7,388
$
9,075
$
11,689
$
14,377
$
17,350
Remaining performance obligation
$
63,750
$
80,978
$
109,407
$
144,561
$
161,813
$
198,296
$
221,126
$
240,513
Net additions
207
237
545
575
520
599
628
491
Ending deployed units
910
1,147
1,692
2,267
2,787
3,386
4,014
4,505
EVOLV TECHNOLOGY
RECONCILIATION OF GAAP OPERATING EXPENSES TO ADJUSTED OPERATING
EXPENSES (In thousands) (Unaudited)
Three Months Ended,
March 31, 2022
June 30, 2022
September 30,
2022
December 31,
2022
March 31, 2023
June 30, 2023
September 30,
2023
December 31,
2023
Operating expenses, GAAP
$
24,760
$
25,835
$
26,827
$
26,868
$
27,256
$
31,039
$
31,629
$
32,167
Stock-based compensation
(3,819
)
(4,781
)
(6,298
)
(6,771
)
(4,898
)
(6,505
)
(5,454
)
(6,711
)
Restructuring expenses
(324
)
13
—
—
—
—
—
—
Loss on impairment of lease equipment
(96
)
(316
)
(626
)
(123
)
(137
)
(157
)
(28
)
—
Other one-time expenses
(1,107
)
(2,298
)
(69
)
(41
)
(53
)
(683
)
(945
)
(535
)
Adjusted operating expenses
$
19,414
$
18,453
$
19,834
$
19,933
$
22,168
$
23,694
$
25,202
$
24,921
EVOLV TECHNOLOGY
RECONCILIATION OF GAAP GROSS PROFIT TO ADJUSTED GROSS PROFIT,
GAAP GROSS MARGIN TO ADJUSTED GROSS MARGIN AND GAAP OPERATING
INCOME (LOSS) TO ADJUSTED OPERATING INCOME (LOSS) (In
thousands) (Unaudited)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2023
2022
2023
2022
Revenue
$
21,821
$
20,885
$
80,418
$
55,195
Cost of revenue
11,560
20,831
46,589
53,466
Gross profit, GAAP
10,261
54
33,829
1,729
Stock-based compensation
137
214
583
829
Amortization of capitalized stock-based
compensation
14
9
47
24
Other one-time expenses
1,925
—
1,925
—
Adjusted gross profit
$
12,337
$
277
$
36,384
$
2,582
Gross margin %
47.0
%
0.3
%
42.1
%
3.1
%
Adjusted gross margin %
56.5
%
1.3
%
45.2
%
4.7
%
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2023
2022
2023
2022
Operating loss, GAAP
$
(21,906
)
$
(26,814
)
$
(88,262
)
$
(102,561
)
Stock-based compensation
6,848
6,985
24,151
22,498
Amortization of capitalized stock-based
compensation
14
9
47
24
Restructuring expenses
—
—
—
311
Loss on impairment of lease equipment
—
123
322
1,161
Other one-time expenses
2,460
41
4,141
3,515
Adjusted operating loss
$
(12,584
)
$
(19,656
)
$
(59,601
)
$
(75,052
)
EVOLV TECHNOLOGY
RECONCILIATION OF GAAP NET INCOME (LOSS) TO ADJUSTED EBITDA
(In thousands) (Unaudited)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2023
2022
2023
2022
Net loss
$
(16,890
)
$
(28,304
)
$
(106,254
)
$
(86,406
)
Depreciation & amortization
3,151
1,683
9,932
5,465
Stock-based compensation
6,848
6,985
24,151
22,498
Interest expense (income)
(1,630
)
(1,331
)
(5,573
)
(2,453
)
Provision for income taxes
51
—
51
—
Loss on extinguishment of debt
—
—
626
—
Change in fair value of contingent
earn-out liability
(2,452
)
2,766
14,901
(6,988
)
Change in fair value of contingently
issuable common stock liability
(422
)
657
3,138
(1,872
)
Change in fair value of public warrant
liability
(580
)
(609
)
4,765
(4,906
)
Restructuring expenses
—
—
—
311
Loss on impairment of lease equipment
—
123
322
1,161
Other one-time expenses
2,460
41
4,141
3,515
Adjusted EBITDA
$
(9,464
)
$
(17,989
)
$
(49,800
)
$
(69,675
)
EVOLV TECHNOLOGY
RECONCILIATION OF GAAP NET INCOME (LOSS) TO ADJUSTED EARNINGS
(LOSS) (In thousands, except share and per share data)
(Unaudited)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2023
2022
2023
2022
Net loss
$
(16,890
)
$
(28,304
)
$
(106,254
)
$
(86,406
)
Stock-based compensation
6,848
6,985
24,151
22,498
Amortization of capitalized stock-based
compensation
14
9
47
24
Loss on extinguishment of debt
—
—
626
—
Change in fair value of contingent
earn-out liability
(2,452
)
2,766
14,901
(6,988
)
Change in fair value of contingently
issuable common stock liability
(422
)
657
3,138
(1,872
)
Change in fair value of public warrant
liability
(580
)
(609
)
4,765
(4,906
)
Restructuring expenses
—
—
—
311
Loss on impairment of lease equipment
—
123
322
1,161
Other one-time expenses
2,460
41
4,141
3,515
Adjusted loss
$
(11,022
)
$
(18,332
)
$
(54,163
)
$
(72,663
)
Weighted average common shares outstanding
– diluted
151,087,430
144,856,047
149,168,105
143,858,668
Adjusted loss per share – diluted
$
(0.07
)
$
(0.13
)
$
(0.36
)
$
(0.51
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240229712594/en/
Investor Relations: Brian Norris Senior Vice President of
Finance and Investor Relations bnorris@evolvtechnology.com
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