– Company Reaffirms Previously Raised
Outlook for 2023 and Issues Outlook for 2024 Above Street Consensus
–
- Q3 Revenue of $20.2 million, up 22% year-over-year
- Q3 Ending ARR1 of $65.8 million, up 129%
year-over-year
- Q3 Ending RPO2 of $221.1 million, up 102%
year-over-year
- Q3 Ending Evolv Express® subscriptions of 4,014, up 137%
year-over-year
Evolv Technology (NASDAQ: EVLV), the leader in AI-based weapons
detection security screening, today announced financial results for
the quarter ended September 30, 2023, reaffirmed its previously
raised business outlook for 2023 and issued its preliminary outlook
for 2024..
Results for the Third Quarter of 2023
Total revenue for the third quarter of 2023 was $20.2 million,
an increase of 22% compared to $16.5 million for the third quarter
of 2022. Annual Recurring Revenue (“ARR”)1 was $65.8 million at the
end of third quarter of 2023, an increase of 129% compared to $28.7
million at the end of the third quarter of 2022. Net income for the
third quarter of 2023 was $6.0 million, or $0.04 per basic share
and $0.03 per diluted share, compared to net loss of $(18.6)
million, or $(0.13) per basic and diluted share, in the third
quarter of 2022. Adjusted earnings (loss)3 for the third quarter of
2023 was $(12.0) million, or $(0.08) per diluted share, compared to
adjusted earnings (loss)3 of $(18.6) million, or $(0.13) per
diluted share, for the third quarter of 2022. Adjusted EBITDA3 for
the third quarter of 2023 was $(11.1) million compared to $(18.0)
million in the third quarter of 2022. As of September 30, 2023, the
Company had cash, cash equivalents, marketable securities, and
restricted cash of $140.4 million and no debt.
Results for the First Nine Months of 2023
Total revenue for the nine months ended September 30, 2023 was
$58.6 million, an increase of 71% compared to $34.3 million for the
nine months ended September 30, 2022. Net loss for the nine months
ended September 30, 2023 was $(89.4) million, or $(0.60) per basic
and diluted share, compared to net loss of $(58.1) million, or
$(0.40) per basic and diluted share, in the nine months ended
September 30, 2022. Adjusted earnings (loss)3 for the nine months
ended September 30, 2023 was $(43.1) million, or $(0.29) per
diluted share, compared to adjusted earnings (loss)3 of $(54.3)
million, or $(0.38) per diluted share, for the nine months ended
September 30, 2022. Adjusted EBITDA3 for the nine months ended
September 30, 2023 was $(40.3) million compared to $(51.7) million
in the nine months ended September 30, 2022.
The following table summarizes the breakdown of recurring and
non-recurring revenue4 during each quarter:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023
2022
% Change
2023
2022
% Change
Recurring revenue
$
14,377
$
6,221
131
%
$
35,141
$
13,984
151
%
Non-recurring revenue
5,814
10,309
(44
)%
23,456
20,326
15
%
Total revenue
$
20,191
$
16,530
22
%
$
58,597
$
34,310
71
%
The following table summarizes operating cash flows during each
quarter:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
Net income (loss)
$
5,999
$
(18,615
)
$
(89,364
)
$
(58,102
)
Non-cash (income) expense
(16,446
)
1,771
51,784
4,403
Changes in operating assets and
liabilities
12,544
(82
)
30,922
(15,722
)
Net cash provided by (used in) operating
activities
$
2,097
$
(16,926
)
$
(6,658
)
$
(69,421
)
Company Provides Preliminary Outlook for 2024
The Company today reaffirmed its business outlook for 2023 as
previously raised on October 12, 2023 and provided a preliminary
outlook for 2024. The Company's outlook is based on the current
indications for its business, which may change at any time.
2023 Business Outlook
2024 Business Outlook
Estimate ($ in millions)
Raised October 12,
2023
Issued November 9,
2023
Issued November 9,
2023
Total Revenue
$75-$77
Reaffirmed
~$115
ARR1 (ARR) at 12/31/23
$73-$75
Reaffirmed
$108-$112
Adjusted Gross Margin3
43%-45%
Reaffirmed
~60%
Adjusted EBITDA3
($50-$53)
Reaffirmed
Improve by 40%+
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. 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 4536095 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 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 Extend™ are registered 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 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 ability to meet our 2023 guidance for revenue, ARR, adjusted
gross margin, and adjusted EBITDA, as well as our estimates for
cash and cash equivalents for fiscal year 2023. 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, competitors, revenues,
products and services, pricing, operating expenses, market trends,
liquidity, cash flows and uses of cash, and 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
loss of designation of the Evolv Express system as a Qualified
Anti-Terrorism Technology under the Homeland Security SAFETY Act;
the ability for the Company to obtain, maintain, protect and
enforce the Company’s intellectual property rights and use of “open
source” software; 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
general economic and market conditions; the need for additional
capital to support business growth, which might not be available on
acceptable terms, if at all; litigation and regulatory enforcement
risks, including the diversion of management time and attention and
the additional costs and demands on resources, and the Company’s
ability to identify and implement digital advances in its
technology. 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, 2022 filed with the Securities and Exchange
Commission ("SEC") on March 24, 2023, as may be updated from time
to time in other filings we make with the SEC including our
Quarterly Report on Form 10-Q for the quarter ended on June 30,
2023 that was filed with the SEC on August 10, 2023, 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
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In thousands, except share
and per share data)
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
Revenue:
Product revenue
$
3,191
$
9,839
$
19,188
$
19,179
Subscription revenue
10,231
5,198
24,661
12,208
Service revenue
4,757
1,493
12,736
2,923
License fee and other revenue
2,012
—
2,012
—
Total revenue
20,191
16,530
58,597
34,310
Cost of revenue:
Cost of product revenue
3,153
12,960
21,453
23,513
Cost of subscription revenue
4,231
2,207
9,988
5,730
Cost of service revenue
1,417
1,138
3,588
3,392
Total cost of revenue
8,801
16,305
35,029
32,635
Gross profit
11,390
225
23,568
1,675
Operating expenses:
Research and development
6,409
5,616
18,193
13,947
Sales and marketing
13,919
11,746
40,336
33,169
General and administrative
11,273
8,839
31,073
29,268
Loss from impairment of property and
equipment
28
626
322
1,038
Total operating expenses
31,629
26,827
89,924
77,422
Loss from operations
(20,239
)
(26,602
)
(66,356
)
(75,747
)
Other income (expense), net:
Interest expense
—
(188
)
(654
)
(489
)
Interest income
1,791
1,052
4,597
1,611
Other expense, net
(64
)
(57
)
(67
)
(57
)
Loss on extinguishment of debt
—
—
(626
)
—
Change in fair value of contingent
earn-out liability
14,078
7,245
(17,353
)
9,754
Change in fair value of contingently
issuable common stock liability
2,277
1,081
(3,560
)
2,529
Change in fair value of public warrant
liability
8,156
(1,146
)
(5,345
)
4,297
Total other income (expense), net
26,238
7,987
$
(23,008
)
$
17,645
Net income (loss)
$
5,999
$
(18,615
)
$
(89,364
)
$
(58,102
)
Weighted average common shares
outstanding
Basic
150,206,893
144,117,273
148,521,299
143,522,555
Diluted
173,976,375
144,117,273
148,521,299
143,522,555
Net income (loss) per share
Basic
$
0.04
$
(0.13
)
$
(0.60
)
$
(0.40
)
Diluted
$
0.03
$
(0.13
)
$
(0.60
)
$
(0.40
)
Net income (loss)
$
5,999
$
(18,615
)
$
(89,364
)
$
(58,102
)
Other comprehensive income (loss)
Cumulative translation adjustment
34
45
1
35
Total other comprehensive income
34
45
1
35
Total comprehensive income (loss)
$
6,033
$
(18,570
)
$
(89,363
)
$
(58,067
)
EVOLV TECHNOLOGY
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In thousands, except share
and per share data)
(Unaudited)
September 30, 2023
December 31, 2022
Assets
Current assets:
Cash and cash equivalents
$
99,617
$
229,783
Restricted cash
1,000
—
Marketable securities
39,487
—
Accounts receivable, net
29,786
31,920
Inventory
7,826
10,257
Current portion of contract assets
3,667
2,852
Current portion of commission asset
3,908
3,384
Prepaid expenses and other current
assets
16,500
14,388
Total current assets
201,791
292,584
Restricted cash, noncurrent
275
275
Contract assets, noncurrent
496
1,386
Commission asset, noncurrent
6,888
5,655
Property and equipment, net
93,995
44,707
Operating lease right-of-use assets
1,537
1,673
Other assets
1,483
1,835
Total assets
$
306,465
$
348,115
Liabilities and Stockholders’
Equity
Current liabilities:
Accounts payable
$
13,887
$
18,194
Accrued expenses and other current
liabilities
12,164
11,545
Current portion of deferred revenue
53,041
18,273
Current portion of long-term debt
—
10,000
Current portion of operating lease
liabilities
1,655
1,114
Total current liabilities
80,747
59,126
Deferred revenue, noncurrent
19,478
17,695
Long-term debt, noncurrent
—
19,683
Operating lease liabilities,
noncurrent
133
892
Contingent earn-out liability
31,571
14,218
Contingently issuable common stock
liability
6,952
3,392
Public warrant liability
11,469
6,124
Total liabilities
150,350
121,130
Stockholders’ equity:
Preferred stock, $0.0001 par value;
100,000,000 authorized at September 30, 2023 and December 31, 2022;
no shares issued and outstanding at September 30, 2023 and December
31, 2022
—
—
Common stock, $0.0001 par value;
1,100,000,000 shares authorized at September 30, 2023 and December
31, 2022; 150,661,124 and 145,204,974 shares issued and outstanding
at September 30, 2023 and December 31, 2022, respectively
15
15
Additional paid-in capital
437,683
419,190
Accumulated other comprehensive loss
(9
)
(10
)
Accumulated deficit
(281,574
)
(192,210
)
Stockholders’ equity
156,115
226,985
Total liabilities and stockholders’
equity
$
306,465
$
348,115
EVOLV TECHNOLOGY
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Nine Months Ended
September 30,
2023
2022
Cash flows from operating
activities:
Net loss
$
(89,364
)
$
(58,102
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
6,781
3,782
Write-off of inventory and change in
inventory reserve
581
559
Adjustment to property and equipment for
sales type leases
—
(625
)
Loss from impairment of property and
equipment
322
1,038
Stock-based compensation
17,303
15,513
Non-cash interest expense
22
14
Accretion of discount on marketable
securities
(482
)
—
Non-cash lease expense
136
602
Change in allowance for expected credit
losses
237
100
Loss on extinguishment of debt
626
—
Change in fair value of earn-out
liability
17,353
(9,754
)
Change in fair value of contingently
issuable common stock
3,560
(2,529
)
Change in fair value of public warrant
liability
5,345
(4,297
)
Changes in operating assets and
liabilities
Accounts receivable
2,107
(14,822
)
Inventory
2,041
(4,401
)
Commission assets
(1,757
)
(1,656
)
Contract assets
75
(1,938
)
Other assets
352
(629
)
Prepaid expenses and other current
assets
(2,111
)
(9,009
)
Accounts payable
(6,396
)
2,177
Deferred revenue
36,551
16,005
Accrued expenses and other current
liabilities
278
(750
)
Operating lease liability
(218
)
(699
)
Net cash used in operating activities
(6,658
)
(69,421
)
Cash flows from investing
activities:
Development of internal-use software
(2,202
)
(1,936
)
Purchases of property and equipment
(51,646
)
(17,554
)
Proceeds from sale of property and
equipment
60
312
Purchases of marketable securities
(58,652
)
—
Proceeds from maturities of marketable
securities
19,647
—
Net cash used in investing activities
(92,793
)
(19,178
)
Cash flows from financing
activities:
Proceeds from exercise of stock options
and warrants
616
571
Proceeds from long-term debt
1,876
—
Repayment of principal on long-term
debt
(31,876
)
(1,000
)
Payment of debt issuance costs and
prepayment penalty
(332
)
—
Net cash provided by (used in) financing
activities
(29,716
)
(429
)
Effect of exchange rate changes on cash
and cash equivalents
1
35
Net increase (decrease) in cash, cash
equivalents and restricted cash
(129,166
)
(88,993
)
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
$
100,892
$
219,174
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
New customers
44
53
92
106
61
74
70
Annual recurring revenue
$
16,641
$
20,865
$
28,741
$
34,120
$
42,021
$
54,339
$
65,774
Recurring revenue
$
3,159
$
4,604
$
6,221
$
7,388
$
9,075
$
11,689
$
14,377
Remaining performance obligation
$
63,750
$
80,978
$
109,407
$
144,561
$
161,813
$
198,296
$
221,126
Net additions
207
237
545
575
520
599
628
Ending deployed units
910
1,147
1,692
2,267
2,787
3,386
4,014
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
Operating expenses, GAAP
$
24,760
$
25,835
$
26,827
$
26,868
$
27,256
$
31,039
$
31,629
Stock-based compensation
(3,819
)
(4,781
)
(6,298
)
(6,771
)
(4,898
)
(6,505
)
(5,454
)
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
)
Adjusted Operating Expenses
$
19,414
$
18,453
$
19,834
$
19,933
$
22,168
$
23,694
$
25,202
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
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
Revenue
$
20,191
$
16,530
$
58,597
$
34,310
Cost of Revenue
8,801
16,305
35,029
32,635
Gross Profit, GAAP
11,390
225
23,568
1,675
Stock-based compensation
117
227
446
615
Amortization of capitalized stock-based
compensation
12
6
33
15
Adjusted Gross Profit
$
11,519
$
458
$
24,047
$
2,305
Gross Margin %
56.4
%
1.4
%
40.2
%
4.9
%
Adjusted Gross Margin %
57.1
%
2.8
%
41.0
%
6.7
%
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
Operating income (loss), GAAP
$
(20,239
)
$
(26,602
)
$
(66,356
)
$
(75,747
)
Stock-based compensation
5,571
6,525
17,303
15,513
Amortization of capitalized stock-based
compensation
12
6
33
15
Restructuring expenses
—
—
—
311
Loss on impairment of lease equipment
28
626
322
1,038
Other one-time expenses
945
69
1,681
3,474
Adjusted Operating Income (Loss)
$
(13,683
)
$
(19,376
)
$
(47,017
)
$
(55,396
)
EVOLV TECHNOLOGY
RECONCILIATION OF GAAP NET
INCOME (LOSS) TO ADJUSTED EBITDA
(In thousands)
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
Net income (loss)
$
5,999
$
(18,615
)
$
(89,364
)
$
(58,102
)
Depreciation & amortization
2,694
1,432
6,781
3,782
Stock-based compensation
5,571
6,525
17,303
15,513
Interest expense (income)
(1,791
)
(864
)
(3,943
)
(1,122
)
Loss on extinguishment of debt
—
—
626
—
Change in fair value of contingent
earn-out liability
(14,078
)
(7,245
)
17,353
(9,754
)
Change in fair value of contingently
issuable common stock liability
(2,277
)
(1,081
)
3,560
(2,529
)
Change in fair value of public warrant
liability
(8,156
)
1,146
5,345
(4,297
)
Restructuring expenses
—
—
—
311
Loss on impairment of lease equipment
28
626
322
1,038
Other one-time expenses
945
69
1,681
3,474
Adjusted EBITDA
$
(11,065
)
$
(18,007
)
$
(40,336
)
$
(51,686
)
EVOLV TECHNOLOGY
RECONCILIATION OF GAAP NET
INCOME (LOSS) TO ADJUSTED EARNINGS (LOSS)
(In thousands, except share
and per share data)
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
Net income (loss)
$
5,999
$
(18,615
)
$
(89,364
)
$
(58,102
)
Stock-based compensation
5,571
6,525
17,303
15,513
Amortization of capitalized stock-based
compensation
12
6
33
15
Loss on extinguishment of debt
—
—
626
—
Change in fair value of contingent
earn-out liability
(14,078
)
(7,245
)
17,353
(9,754
)
Change in fair value of contingently
issuable common stock liability
(2,277
)
(1,081
)
3,560
(2,529
)
Change in fair value of public warrant
liability
(8,156
)
1,146
5,345
(4,297
)
Restructuring expenses
—
—
—
311
Loss on impairment of lease equipment
28
626
322
1,038
Other one-time expenses
945
69
1,681
3,474
Adjusted Earnings (Loss)
$
(11,956
)
$
(18,569
)
$
(43,141
)
$
(54,331
)
Weighted average common shares outstanding
– diluted
150,206,893
144,117,273
148,521,299
143,522,555
Adjusted Earnings (Loss) Per Share –
diluted
$
(0.08
)
$
(0.13
)
$
(0.29
)
$
(0.38
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231109348574/en/
Investor Relations: Brian Norris Senior Vice President of
Finance and Investor Relations bnorris@evolvtechnology.com
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