NASDAQ$EVLV
Evolv Technologies Holdings Inc · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Evolv Technology reported record third quarter financial results and reaffirmed previously raised outlook for 2023 and issued outlook for 2024 above street consensus.
Evolv Technology announced strong Q3 2023 results, with revenue up 22% year-over-year to $20.2 million. The company's ARR increased by 129% year-over-year, reaching $65.8 million. Net income was $6.0 million, a significant improvement compared to the previous year's net loss.
- Q3 revenue reached $20.2 million, a 22% increase year-over-year.
- Ending ARR for Q3 was $65.8 million, representing a 129% year-over-year growth.
- Q3 ending RPO was $221.1 million, up 102% year-over-year.
- Evolv Express subscriptions grew to 4,014, a 137% increase year-over-year.
Headline financials
Revenue & EPS history
Evolv · Revenue · Quarterly
$20.2M
Revenue by segment
Evolv · $18.6M total across 3 segments · Q1 2023
- Product Revenue$8.75M—47.1%
- Subscription Revenue$6.47M—34.8%
- Service Revenue$3.36M—18.1%
Forward guidance
The Company reaffirmed its business outlook for 2023 as previously raised on October 12, 2023 and provided a preliminary outlook for 2024.
Tailwinds
- Total Revenue ~$75-$77 million (2023, Reaffirmed)
- Total Revenue ~$115 million (2024)
- ARR at 12/31/23 ~$73-$75 million (2023, Reaffirmed)
- ARR at 12/31/23 ~$108-$112 million (2024)
- Adjusted Gross Margin ~43%-45% (2023, Reaffirmed)
Headwinds
- Adjusted Gross Margin ~60% (2024)
- Adjusted EBITDA ~($50-$53) million (2023, Reaffirmed)
- Adjusted EBITDA Improve by 40%+ (2024)
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q3 2023
+0.9%
Avg return
Earnings day
+1.2%
Avg return
5 days after
+6.3%
Avg return
30 days after
59%
13 / 22 earnings
Positive
+29.2%
Q3 2022
Best reaction
-45.0%
Q4 2021
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +0.6% | -17.6% | -11.3% | |
| Q4 2025 | +9.7% | -1.1% | +13.5% | |
| Q3 2025 | -8.7% | -10.0% | +6.5% | |
| Q1 2025 | +7.8% | +3.1% | +3.4% | |
| Q3 2024 | -0.9% | -5.4% | +22.3% | |
| Q4 2024 | -1.4% | +4.3% | +31.3% | |
| Q2 2024 | -1.7% | +4.1% | +23.2% | |
| Q1 2024 | -38.9% | -26.9% | -36.3% | |
| Q4 2023 | -13.7% | -18.0% | -3.3% | |
| Q3 2023 | -11.8% | +0.8% | +13.8% | |
| Q2 2023 | +26.4% | +28.4% | +12.6% | |
| Q1 2023 | +25.2% | +28.6% | +50.4% | |
| Q4 2022 | +10.2% | +4.7% | +13.5% | |
| Q3 2022 | +29.2% | +29.2% | +31.4% | |
| Q2 2022 | +14.5% | +18.8% | -16.7% | |
| Q1 2022 | +12.8% | +20.9% | +57.2% | |
| Q4 2021 | -45.0% | -42.1% | -18.4% | |
| Q3 2021 | +17.5% | +9.8% | -23.3% | |
| Q2 2021 | -13.1% | -5.8% | -33.9% | |
| Q1 2021 | +0.1% | +0.3% | +0.1% | |
| Q4 2020 | +0.2% | -0.4% | -0.8% | |
| Q3 2020 | +0.4% | +0.7% | +2.6% | |
| Q2 2020 | — | — | — |
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