– Company Reaffirms Outlook for 2022
–
- Q2 Revenue of $9.1 million, up 94% year-over-year
- Q2 Ending ARR of $20.9 million, up 181%
year-over-year
- Q2 Ending RPO of $66.2 million, up 166%
year-over-year
- Q2 Ending Evolv Express® subscriptions of 1,147, up 193%
year-over-year
Evolv Technology (NASDAQ: EVLV), a global leader in weapons
detection security screening, today announced financial results for
its second quarter ended June 30, 20221 and reaffirmed its business
outlook for 2022.
“We are pleased to be reporting strong second quarter results
highlighted by the addition of over 50 new customers, continued
expansion in our key vertical and geographic markets and important
traction with our key channel partners,” said Peter George,
President and Chief Executive Officer of Evolv Technology. “We’re
particularly pleased to have surpassed 1,100 Evolv Express systems
deployed and $100 million in cumulative TCV bookings this quarter.
Based on the strength of our first half results and our growing
market momentum, we remain confident in our full year growth plans
for 2022.”
Results for the Second Quarter of 2022
Total revenue for the second quarter of 2022 was $9.1 million,
an increase of 94% compared to $4.7 million for the second quarter
of 2021. Total Contract Value (“TCV”)2 of orders booked for the
second quarter of 2022 was $22.1 million, an increase of 111%
compared to $10.5 million in the second quarter of 2021. Annual
Recurring Revenue (“ARR”)3 was $20.9 million at the end of second
quarter of 2022, an increase of 181% compared to $7.4 million at
the end of the second quarter of 2021. Net loss for the second
quarter of 2022 was $(25.7) million, or $(0.18) per basic and
diluted share, compared to net loss of $(23.0) million, or $(1.93)
per basic and diluted share, in the second quarter of 2021.
Adjusted earnings (loss)4 for the second quarter of 2022 was
$(17.3) million, or $(0.12) per basic and diluted share, compared
to $(9.1) million, or $(0.76) per basic and diluted share, for the
second quarter of 2021. Adjusted EBITDA4 for the second quarter of
2022 was $(16.4) million compared to $(5.2) million in the second
quarter of 2021. As of June 30, 2022, the Company had cash and cash
equivalents of $242.7 million compared to $270.9 million as of
March 31, 2022.
Results for the First Six Months of 2022
Total revenue for the six months ended June 30, 2022 was $17.8
million, an increase of 112% compared to $8.4 million for the six
months ended June 30, 2021. TCV2 of orders booked for the six
months ended June 30, 2022 was $41.2 million, an increase of 118%
compared to $18.9 million in the six months ended June 30, 2021.
Net loss for the six months ended June 30, 2022 was $(39.5)
million, or $(0.28) per basic and diluted share, compared to net
loss of $(36.5) million, or $(3.26) per basic and diluted share,
for the six months ended June 30, 2021. Adjusted earnings (loss)4
for the six months ended June 30, 2022 was $(35.8) million, or
$(0.25) per basic and diluted share, compared to $(20.1) million,
or $(1.80) per basic and diluted share, for the six months ended
June 30, 2021. Adjusted EBITDA4 for the six months ended June 30,
2022 was $(33.7) million, compared to $(13.4) million for the six
months ended June 30, 2021.
Company Reaffirms Outlook for 2022
The Company today commented on its business outlook for 2022.
The Company's outlook is based on the current indications for its
business, which may change at any time.
2022 Business Outlook
Estimate (In millions)
Issued May 11, 2022
Issued August 10, 2022
Total Revenue
$29-$31
No change
Annual Recurring Revenue3 (ARR) at
12/31
$27-$28
No change
Adjusted EBITDA4
($65-$67)
No change
Cash and Cash Equivalents
$220-$230
No change
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
774298. 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. 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 7860978 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 350 million 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. For more
information, visit https://evolvtechnology.com.
1 Amounts herein pertaining to June 30, 2022 represent a
preliminary estimate as of the date of this earnings release. More
information on our results of operations for the three and six
months ended June 30, 2022 will be provided upon filing our
Quarterly Report on Form 10-Q with the Securities and Exchange
Commission.
2 We define Total Contract Value, or TCV, of orders
booked as the total value of the contract over the specified term.
Our calculation of TCV 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). TCV
should be viewed independently of, and not as a substitute for or
forecast of, revenue and deferred revenue. Our calculation of TCV
may differ from similarly titled metrics presented by other
companies.
3 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.
4 Non-GAAP Financial Measures In this press release, the
Company’s adjusted gross profit, adjusted gross margin, adjusted
EBITDA, adjusted earnings (loss) and adjusted earnings per 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 which management
believes provides a more meaningful representation of contribution
margin. 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
operational 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.
Forward-Looking Statements
Certain statements in this press release may constitute
“forward-looking” statements and information, within the meaning of
Section 27A of the Securities Act of 1933, Section 21E of the
Securities Exchange Act of 1934, and the safe harbor provisions of
the U.S. Private Securities Litigation Reform Act of 1995 that
relate to our current expectations and views of future events
including but not limited to statements regarding our ability to
meet our business outlook for revenue and profitability.
Forward-looking statements involve the Company’s current
expectations and projections relating to its financial condition,
competitive position, future financial results, plans, objectives,
and business. All statements other than statements of historical
facts contained in this press release are forward-looking
statements. In some cases, these forward-looking statements can be
identified by words or phrases such as “may,” “will,” “expect,”
“should,” “could,” “anticipate,” “aim,” “estimate,” “intend,”
“plan,” “believe,” “potential,” “continue,” “is/are likely to” or
the negative of these terms or other similar expressions. These
forward-looking statements are subject to risks, uncertainties and
assumptions, some of which are beyond our control. In addition,
these forward-looking statements reflect the Company’s current
views with respect to future events and the Company’s performance
and are not a guarantee of future performance. Actual outcomes may
differ materially from the information contained in the
forward-looking statements as a result of a number of factors,
including, without limitation 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; 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; 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; risk that the COVID-19
pandemic, including variants, vaccine roll-out efforts, and local,
state, and federal responses to addressing the pandemic may have an
adverse effect on the Company’s business operations, as well as the
Company’s financial condition and results of operations; risks
associated with inflation and its possible impact on the Company;
litigation and regulatory enforcement risks, including the
diversion of management time and attention and the additional costs
and demands on resources; and the risk factors set forth under the
caption “Risk Factors” in our Annual Report on Form 10-K for the
year ended December 31, 2021 filed with the Securities and Exchange
Commission ("SEC") on March 28, 2022 as may be updated in other
filings we make with the SEC.
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 June
30,
Six Months Ended June
30,
2022
2021
2022
2021
Revenue:
Product revenue
$
4,146
$
2,617
$
9,340
$
4,884
Subscription revenue
4,006
1,521
7,010
2,748
Service revenue
918
540
1,430
739
Total revenue
9,070
4,678
17,780
8,371
Cost of revenue:
Cost of product revenue
5,347
2,203
10,553
4,419
Cost of subscription revenue
1,981
1,060
3,523
1,803
Cost of service revenue
1,189
687
2,254
972
Total cost of revenue
8,517
3,950
16,330
7,194
Gross profit
553
728
1,450
1,177
Operating expenses:
Research and development
4,156
1,047
8,331
4,787
Sales and marketing
11,751
5,124
21,423
7,732
General and administrative
9,612
1,471
20,429
4,523
Loss from impairment of property and
equipment
316
—
412
—
Total operating expenses
25,835
7,642
50,595
17,042
Loss from operations
(25,282
)
(6,914
)
(49,145
)
(15,865
)
Other income (expense), net:
Interest expense
(159
)
(3,263
)
(301
)
(5,657
)
Interest income
491
—
559
—
Loss on extinguishment of debt
—
(11,820
)
—
(11,820
)
Change in fair value of derivative
liability
—
(795
)
—
(2,220
)
Change in fair value of contingent
earn-out liability
(569
)
—
2,509
—
Change in fair value of contingently
issuable common stock liability
(24
)
—
1,448
—
Change in fair value of public warrant
liability
(143
)
—
5,443
—
Change in fair value of common stock
warrant liability
—
(185
)
—
(921
)
Total other income (expense), net
(404
)
(16,063
)
9,658
(20,618
)
Net loss
$
(25,686
)
$
(22,977
)
$
(39,487
)
$
(36,483
)
Weighted average common shares outstanding
- basic and diluted
143,552,032
11,922,270
143,220,268
11,186,204
Net loss per share - basic and diluted
$
(0.18
)
$
(1.93
)
$
(0.28
) $
(3.26)
Net loss
$
(25,686
)
$
(22,977
)
$
(39,487
)
$
(36,483
)
Other comprehensive loss
Cumulative translation adjustment
(10
)
—
(10
)
—
Total other comprehensive loss
(10
)
—
(10
)
—
Total comprehensive loss
$
(25,696
)
$
(22,977
)
$
(39,497
)
$
(36,483
)
EVOLV TECHNOLOGY
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In thousands, except share
and per share data)
(Unaudited)
June 30, 2022
December 31, 2021
Assets
Current assets:
Cash and cash equivalents
$
242,691
$
307,492
Restricted cash
400
400
Accounts receivable, net
12,183
6,477
Inventory
6,010
2,890
Current portion of contract assets
6,180
1,459
Current portion of commission asset
2,079
1,645
Prepaid expenses and other current
assets
20,920
10,757
Total current assets
290,463
331,120
Restricted cash, noncurrent
275
275
Contract assets, noncurrent
3,159
3,418
Commission asset, noncurrent
3,624
3,719
Property and equipment, net
34,379
23,783
Operating lease right-of-use assets
2,092
—
Other assets
2,172
542
Total assets
$
336,164
$
362,857
Liabilities and Stockholders’
Equity
Current liabilities:
Accounts payable
$
9,427
$
6,045
Accrued expenses and other current
liabilities
7,759
9,551
Current portion of deferred revenue
13,892
6,599
Current portion of deferred rent
—
135
Current portion of long-term debt
4,000
2,000
Current portion of operating lease
liabilities
1,097
—
Total current liabilities
36,175
24,330
Deferred revenue, noncurrent
4,330
2,475
Deferred rent, noncurrent
—
333
Long-term debt, noncurrent
5,955
7,945
Operating lease liabilities,
noncurrent
1,398
—
Contingent earn-out liability
18,697
21,206
Contingently issuable common stock
liability
3,816
5,264
Public warrant liability
5,587
11,030
Total liabilities
75,958
72,583
Stockholders’ equity:
Preferred stock, $0.0001 par value;
100,000,000 authorized at June 30, 2022 and December 31, 2021; no
shares issued and outstanding at June 30, 2022 and December 31,
2021
—
—
Common stock, $0.0001 par value;
1,100,000,000 shares authorized at June 30, 2022 and December 31,
2021; 143,829,995 and 142,745,021 shares issued and outstanding at
June 30, 2022 and December 31, 2021, respectively
14
14
Additional paid-in capital
405,493
396,064
Accumulated other comprehensive loss
(10
)
—
Accumulated deficit
(145,291
)
(105,804
)
Stockholders’ equity
260,206
290,274
Total liabilities and stockholders’
equity
$
336,164
$
362,857
EVOLV TECHNOLOGY
REVISION OF PRIOR PERIOD
FINANCIAL STATEMENTS
(In thousands)
(Unaudited)
In preparing the condensed consolidated financial statements as
of and for the three and six months ended June 30, 2022, the
Company identified various errors in its previously issued
financial statements. The identified errors impacted the Company's
previously issued 2021 quarterly and annual financial statements
and its quarterly financial statements for the three months ended
March 31, 2022, and accordingly the Company has made adjustments to
the prior period amounts presented herein. A summary of the
revisions to certain previously reported financial information
impacting amounts presented in this earnings release is as follows
(in thousands):
Three Months Ended June
30, 2021
Six Months Ended June
30, 2021
As Previously Reported
Adjustment
Revised
As Previously Reported
Adjustment
Revised
Revenue:
Product revenue
$
2,452
$
165
$
2,617
$
4,954
$
(70
)
$
4,884
Subscription revenue
1,513
8
1,521
2,813
(65
)
2,748
Service revenue
515
25
540
712
27
739
Total revenue
4,480
198
4,678
8,479
(108
)
8,371
Cost of revenue:
Cost of product revenue
2,075
128
2,203
4,304
115
4,419
Cost of subscription revenue
861
199
1,060
1,456
347
1,803
Cost of service revenue
413
274
687
540
432
972
Total cost of revenue
3,349
601
3,950
6,300
894
7,194
Gross profit
1,131
(403
)
728
2,179
(1,002
)
1,177
Operating expenses:
Research and development
1,077
(30
)
1,047
4,689
98
4,787
Sales and marketing expense
5,090
34
5,124
8,774
(1,042
)
7,732
General and administrative
1,280
191
1,471
4,179
344
4,523
Loss from impairment of property and
equipment
—
—
—
—
—
—
Total operating expenses
7,447
195
7,642
17,642
(600
)
17,042
Loss from operations
(6,316
)
(598
)
(6,914
)
(15,463
)
(402
)
(15,865
)
Other income (expense), net:
Interest expense
(3,255
)
(8
)
(3,263
)
(5,702
)
45
(5,657
)
Interest income
—
—
—
—
—
—
Loss on extinguishment of debt
(11,820
)
—
(11,820
)
(11,820
)
—
(11,820
)
Change in fair value of derivative
liability
(795
)
—
(795
)
(2,220
)
—
(2,220
)
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
(185
)
—
(185
)
(921
)
—
(921
)
Total other income (expense), net
(16,055
)
(8
)
(16,063
)
(20,663
)
45
(20,618
)
Net loss
$
(22,371
)
$
(606
)
$
(22,977
)
$
(36,126
)
$
(357
)
$
(36,483
)
December 31, 2021
As Previously Reported
Adjustment
Revised
Assets
Current assets:
Cash and cash equivalents
$
307,492
$
—
$
307,492
Restricted cash
400
—
400
Accounts receivable, net
6,477
—
6,477
Inventory
5,140
(2,250
)
2,890
Current portion of contract assets
1,459
—
1,459
Current portion of commission asset
1,645
—
1,645
Prepaid expenses and other current
assets
11,047
(290
)
10,757
Total current assets
333,660
(2,540
)
331,120
Restricted cash, noncurrent
275
—
275
Contract assets, noncurrent
3,418
—
3,418
Commission asset, noncurrent
3,719
—
3,719
Property and equipment, net
21,592
2,191
23,783
Operating lease right-of-use assets
—
—
—
Other assets
401
141
542
Total assets
$
363,065
$
(208
)
$
362,857
Liabilities and Stockholders’
Equity
Current liabilities:
Accounts payable
$
6,363
$
(318
)
$
6,045
Accrued expenses and other current
liabilities
9,183
368
9,551
Current portion of deferred revenue
6,690
(91
)
6,599
Current portion of deferred rent
135
—
135
Current portion of long-term debt
2,000
—
2,000
Current portion of operating lease
liabilities
—
—
—
Total current liabilities
24,371
(41
)
24,330
Deferred revenue, noncurrent
2,475
—
2,475
Deferred rent, noncurrent
333
—
333
Long-term debt, noncurrent
7,945
—
7,945
Operating lease liabilities,
noncurrent
—
—
—
Contingent earn-out liability
20,809
397
21,206
Contingently issuable common stock
liability
5,264
—
5,264
Public warrant liability
11,030
—
11,030
Total liabilities
72,227
356
72,583
Stockholders’ equity:
Preferred stock, $0.0001 par value;
100,000,000 authorized at December 31, 2021; no shares issued and
outstanding at December 31, 2021
—
—
—
Common stock, $0.0001 par value;
1,100,000,000 shares authorized at December 31, 2021; 142,745,021
shares issued and outstanding at December 31, 2021
14
—
14
Additional paid-in capital
395,563
501
396,064
Accumulated other comprehensive loss
—
—
—
Accumulated deficit
(104,739
)
(1,065
)
(105,804
)
Stockholders’ equity
290,838
(564
)
290,274
Total liabilities and stockholders’
equity
$
363,065
$
(208
)
$
362,857
EVOLV TECHNOLOGY
RECONCILIATION OF FORECASTED
2022 NET LOSS TO ADJUSTED EBITDA
(In thousands)
(Unaudited)
Twelve Months Ended
December 31, 2022
High
Low
Net income (loss)
$
(81,000
)
$
(83,000
)
Adjustments to reconcile net income (loss)
to Adjusted EBITDA:
Depreciation and amortization
6,000
6,000
Stock-based compensation
17,000
17,000
Other one-time expenses
5,000
5,000
Other (income) expense
(12,000
)
(12,000
)
Adjusted EBITDA
$
(65,000
)
$
(67,000
)
EVOLV TECHNOLOGY
SUMMARY OF KEY OPERATING
STATISTICS
(Unaudited)
Three Months Ended,
($ in thousands)
March 31, 2021
June 30, 2021
September 30,
2021
December 31,
2021
March 31, 2022
June 30, 2022
New customers
13
21
23
27
44
53
Total contract value of orders booked
$
8,424
$
10,476
$
16,995
$
17,916
$
19,167
$
22,066
Annual recurring revenue
$
5,424
$
7,423
$
9,932
$
12,907
$
16,641
$
20,865
Remaining performance obligation
$
17,658
$
24,930
$
34,152
$
40,160
$
50,537
$
66,238
Contract value for units in backlog
n/a
n/a
n/a
$
11,270
$
13,213
$
14,740
Net additions
64
113
176
136
207
237
Ending deployed units
278
391
567
703
910
1,147
EVOLV TECHNOLOGY
RECONCILIATION OF GAAP
OPERATING EXPENSES TO ADJUSTED OPERATING EXPENSES
(In thousands)
(Unaudited)
Three Months Ended,
March 31, 2021
June 30, 2021
September 30,
2021
December 31,
2021
March 31, 2022
June 30, 2022
Operating expenses, GAAP
$
9,400
$
7,642
$
22,826
$
19,429
$
24,760
$
25,835
Stock-based compensation
(304
)
(1,062
)
(4,626
)
(3,546
)
(3,867
)
(5,010
)
Restructuring expenses
—
—
—
—
(324
)
14
Loss on impairment of lease equipment
—
—
(1,656
)
(213
)
(96
)
(316
)
Other one-time expenses
—
—
(685
)
—
(1,107
)
(2,298
)
Adjusted Operating Expenses
$
9,096
$
6,580
$
15,859
$
15,670
$
19,366
$
18,225
EVOLV TECHNOLOGY
RECONCILIATION OF GAAP GROSS
PROFIT TO ADJUSTED GROSS PROFIT AND GAAP OPERATING INCOME (LOSS) TO
ADJUSTED OPERATING INCOME (LOSS)
(In thousands)
(Unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2022
2021
2022
2021
Revenue
$
9,070
$
4,678
$
17,780
$
8,371
Cost of revenue
8,517
3,950
16,330
7,194
Gross Profit, GAAP
553
728
1,450
1,177
Stock-based compensation
52
5
112
10
Amortization of capitalized stock-based
compensation
5
—
9
—
Adjusted Gross Profit
$
610
$
733
$
1,571
$
1,187
Gross Margin %
6.1
%
15.6
%
8.2
%
14.1
%
Adjusted Gross Margin %
6.7
%
15.7
%
8.8
%
14.2
%
Three Months Ended June
30,
Six Months Ended June
30,
2022
2021
2022
2021
Operating income (loss), GAAP
$
(25,282
)
$
(6,914
)
$
(49,145
)
$
(15,865
)
Stock-based compensation
5,061
1,069
8,988
1,376
Amortization of capitalized stock-based
compensation
5
—
9
—
Restructuring expenses
(13
)
—
311
—
Loss on impairment of lease equipment
316
—
412
—
Other one-time expenses
2,298
—
3,405
—
Adjusted Operating Income (loss)
$
(17,615
)
$
(5,845
)
$
(36,020
)
$
(14,489
)
EVOLV TECHNOLOGY
RECONCILIATION OF GAAP NET
INCOME (LOSS) TO ADJUSTED EBITDA
(In thousands)
(Unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2022
2021
2022
2021
Net income (loss)
$
(25,686
)
$
(22,977
)
$
(39,487
)
$
(36,483
)
Depreciation & amortization
1,264
611
2,350
1,053
Stock-based compensation
5,061
1,069
8,988
1,376
Interest and other expense (income)
(332
)
3,263
(258
)
5,657
Loss on extinguishment of debt
—
11,820
—
11,820
Change in fair value of derivative
liability
—
795
—
2,220
Change in fair value of contingent
earn-out liability
569
—
(2,509
)
—
Change in fair value of contingently
issuable common stock liability
24
—
(1,448
)
—
Change in fair value of public warrant
liability
143
—
(5,443
)
—
Change in fair value of common stock
warrant liability
—
185
—
921
Restructuring expenses
(13
)
—
311
—
Loss on impairment of lease equipment
316
—
412
—
Other one-time expenses
2,298
—
3,405
—
Adjusted EBITDA
$
(16,356
)
$
(5,234
)
$
(33,679
)
$
(13,436
)
EVOLV TECHNOLOGY
RECONCILIATION OF GAAP NET
INCOME (LOSS) AND EARNINGS PER SHARE TO ADJUSTED EARNINGS (LOSS)
AND ADJUSTED EARNINGS PER SHARE
(In thousands, except share
and per share data)
(Unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2022
2021
2022
2021
Net income (loss)
$
(25,686
)
$
(22,977
)
$
(39,487
)
$
(36,483
)
Stock-based compensation
5,061
1,069
8,988
1,376
Amortization of capitalized stock-based
compensation
5
—
9
—
Loss on extinguishment of debt
—
11,820
—
11,820
Change in fair value of derivative
liability
—
795
—
2,220
Change in fair value of contingent
earn-out liability
569
—
(2,509
)
—
Change in fair value of contingently
issuable common stock liability
24
—
(1,448
)
—
Change in fair value of public warrant
liability
143
—
(5,443
)
—
Change in fair value of common stock
warrant liability
—
185
—
921
Restructuring expenses
(13
)
—
311
—
Loss on impairment of lease equipment
316
—
412
—
Other one-time expenses
2,298
—
3,405
—
Adjusted earnings (loss)
$
(17,283
)
$
(9,108
)
$
(35,762
)
$
(20,146
)
Weighted average common shares outstanding
– basic and diluted
143,552,032
11,922,270
143,220,268
11,186,204
Adjusted EPS
$
(0.12
)
$
(0.76
)
$
(0.25
)
$
(1.80
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220810005683/en/
Investor Relations: Brian Norris Vice President of
Finance and Investor Relations bnorris@evolvtechnology.com
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