The Bull Case For Evolv's Stock Analyzed

***** **** *** *** ********* ** be ******** *******'* ***** ********* *** ****** *********** problems, ** ******* **** * ******* bull **** ****** *** *****'* ***** to ****** ** ********* ** *** next *** *****.

** **** ******** ****, ** ******* Evolv's ********** *** *** ******* ** favor ** *****'* ***** ***** ************* rising, ********** **** * **** **** and *** *** **** **** *********** for ***** ** * ***-**** ***********.

General **** ***** *******

*****'* ***** ***** ******* ** ********** with ******* ******** ****** ****** *** stock ****** *** ********** *********. ****** of **** *********, **** *****, *** down ~**% ***** ****. ***** *** priced ** *** *** ** *** market ** ****, ** ** *** be ****** **** *** **** ** Evolv's ***** ***** ** ****** *** decline **** ** ******* ******** ******.

********, ****** **** ***** *** ********* and **** **** ******* **** ** SPACed. *****'* **** ******* *** **** $4.3 *******, **** **** $*.* ******* in ****, ******* ** ****** *** times ******* ****. ****** *** ****** three ***** ***** *** ** ********* market **********, ** *** ******* ************.

*****'* ***** *****, *********, ******* **** unfair ************ ****** **** ******** ********. However, ***** ********* ******* **** *** nearly $*** ******* ** ****** ** that *******, ******** * ****** **** and ***** *** ********* *********** **** vastly ********* *** ******.

Beating *** **** ****** *********** *************

***** *** ********** ************* **** ***** than ** ********* ** ****. ***** is ** ******* ** ***** *********** (from**** ** ** *** **** ******** deck):

***** ** ******* ** *,***+ ***** in *** ***** ***** ******** ** 2023, ****** **% ****** **** **** they ******** * *** ***** ***. Moreover, **** *** ********* ** **** 7,000+ ***** ** *** *** ** 2024, ***** *** ****** **** ***** sub-6,000 **** ********** **** **** ******.

********, ***** ******* ** ****** ** compare, ** **** **** **** ********* how **** ********* ********* *** ********* distribution, ***** *** ******** **** ******* significant ********* ** **** *******.

** ****** *****-**** ********* *******, ***** has *********.

Reasonable ***** *** ********* *****

*****'* ***** *** ********* ***** *** relatively ********** *** * ************ ********, with *** ******* ******* ******** $**,*** for **** ********** **** (***** ******* will **** $***,*** ** * ****-**** contract, **** ******* ******** ***** ********). We ********* **** ** ******** *** quarterly ***** *** ********* ******** ($** to $** *******) ** *** ****** of ***** ***** ********* (*** - 600), ***** ** ******* $**,***.

*** ******** ** **** *****'* ***** margins *** ***** **** ************ **** software *********, *** *****'* ***** ******* are ***** ** *** **% ***** (this ***** *****, ********* *** ******** / ******** ******* **********, *** ******* $40,000). *******, **** ** ****** ** Evolv's *********** ********* *-**** *****, ***** the ******* ******* **** *********.

Reasonable ******* *********

****** **** ** *** ********* ******* for ***** ******* ******** ***** **** it ****. ** ** * ************ company ** $** ******* ***, ******* ARR **%+ *** ****, **** *** lock ********* **** *-**** *********.

*** ****, ** *** ** ********** value ** **** ~$*** ******* (***** price ~$*, ****** ************** ~$*** ***** the ~$*** ******* ** **** *** equivalents).

* ****-****** ************ ******* ******* ** 6x *** ** **********, ** *** arguably ***********.

$250+ ******* *** **********

*** *******, ***** *** ********* ** the *** ** ****, ** **** 25 ******, ** **** **** **,***+ units ********, ***** ** ******* ********** to ~$*** ******* ***.

****** *** ****** ***** ** ***** to **** *** ***** ** *** unit ***********, ***** ***** ** *** met ** ****, **** ** **** to ** * ******* **** ~$*** million *** **** *** ** ********** valuation ** **** ~$*** *******.

******, ** ** *** ******* ************* is * ************* **** ***** **** *********** ** or ***** ** ******* ***** ******. Tech ********* ******* ** ********* *** four-year ********* ****** ********** ** ************ during ***** **** ****** *****. ** we ******** ***** ***** *** ********* expenses, ***** **** ********* ** ********** so **** ** ** ******** ** units / *******.

Expansion *************

*** ****** ***** ****, *** **** it *** ************* ** ****** ** the ******* ******* ********* *****. *** context, ****** ********* *****: ***** ** ***** vs ****** *********.***** ******** ***** *********, ****** ***** ** *** ********.

*** **** ********* ** *** *** the ****** *** *****, *** **** it *** **** ********** ******* ********* services, ********* *****-*****, ****** ******** **** could ********** ******** *** *******'* ******* revenue.

Bet ** **** ******

**** *************, ***** ** ** ********** opportunity **** *** ** *** **** impactful ******** ****** - **** ******.

*** **** ***** ****, ******* ** Evolv,********:

**’* **** ** *** * ******** spin ** * ******** ***** ***** market ***** ** **** ******

****** *****, **** ** ********* *****, it ** ***.

***** ** * *** *** ********* to *** ** *** **** ****** trend ** ******** ** **********. *****'* CEO ***** **** **** ******** **** ** *********:

** *** *** ******* ********* **** have ****driving *** ******* from our early days even before we went public continue in an unabated way. I mean to date there have been 597 **** ********* **** ****, which is two a day. There's lots ** *** ******** and a lot of anxiety in society. [emphasis added]

** *** ********, ****** *****, **** is * ****-**** **** *** *** company **** ** ***** ** *** conclusion **** ********** ****** ******** **** to ** ******** ** *** ***-****.

Far ******* ***** *** ********* ****** ***********

** ********* ************** *** ***** ** that *** ******* *** ****** ******* sales *** ********* ********* **** *** competitors. ***** ****** **** ** ***** and ********* *** **** **** *** two ******* **********, **** *** *******, price ***** ******** ***.

**** ** * ******* ********* ** winning ***** ** * ******** ***** products **** ** ** **** *** need ** **** ********* ******** *********** from *** ****** ** *** ******. Given *** **** ******** ** ********** a ******* **** ****** ****** ** prevent **** *******, ****** * ****** sales *** ****** ****** ** ***.

********, **** *** * ******** ************ network **** **** *** *******, ********* them **** **** ******* ******* ** pitch *** ******** *** *****.

Near **** ***** ***** ****

****, * ************ ****** ******** *** Evolv's ***** ** **** ** **** effectively ********** **** **** ***** ***** 2026 ******* ** *** ****-**** ********* and ******* ** **** ******* ** sell ** *** ******** ****** ** 2022.

**** ***** ***** **** ** *************** low **** *** **** *** ***** (2024 *** ****). *** *******, ****** the ****** ***** ***** ****** * knife **** ******** ** * ********. They *** ********** ** ** ******* **** ** a ****. **** ** *** *** *** school *** **** ***********, ** ***** in *** ***** **** *** *****.

*** ************ ********** ********** **** ** deal **** ***** *** ***** * significant **** ** ***** *** ********* efforts ****** ** ******* ********* *** churn. *** ******** ** ****, **** could ** **** ***********.

*******, ***** ****, *** ******** ********* results **** ** *******.

Cloud / ***** *********** ********

*** ** *****'* *********** ***** *****-** video *********** (** ****** **** / locate ******), *** ** **** **** cloud ********** / ********. ***** ******* fundamentally ******* ***** ******** (*** ********** main ******* ** **** *******), **** provide ******* *** ****** *************** ******* competitors.

Limited ****** ** ******** *********

***** ** ** ************* **** ** assess *** **** ******** ********* ******* a ******* (***** ** ****** ********** be */* ******), ** ** ************ that *** **** ******** ** *****'* marketing *** ***********, ** ******* ******** reporting, ***** **** *** ************* ** this *******, *** *** * ******* negative ********* ****** ** ***** ** date. *** *******, ******* ***** **** ****** *********, ********* coverage **** ***, *** *********, ****, and **** ******.

** ********* **** ** ***** ******** we **** **** **** *** *****:

• **** **** **** ********* ** ******* buying *********.
• *****'* ***** ***** *** ********* *******.
• **** ** ****** *** ****** *** the ****** ** ********** *** ******** involved *****.

** ** ***** ***** ** *** bear *******, **** ******* * ****** risk ** *** **** ****.

FTC ********* ****** ****** *******

*** *** *** *** ** ******** to *****, *** **** ** ** does, ********** ********* ********* **** **** is ******** ** ********* *****'* ******** positioning *************. **** * ********* ***********, this ***, ** *****, **** ** being * **** ** *** ***** or *** **** ** ***** ********.

2024 / **** ***** ***** *** **

*** ** **** ******** ***** **** Evolv's ***** *** * ****** *********** of ********** ************* **** *** **** two ***** ** ********* *** *** large ***** ** ******** *** ** investor ********** / ********** ********* ** return.

Long-Term ******* ***********

*******, ** *** **** ****, ** is *** ***** *********** *** ***** to ** ***********, **** ******* **** murder *********.

***** *** ******** ******** ********** *** help **** **** *******, ************** ****** control *** ***** ************ ******* ***** even ******* *** ******* *********. *****'* value ***********, **** ************* (******** ***********), is ****** ************, ****** *** ***** over ******.

***** *** **** ** ***** **** now **** **** ****** ** *******, but ** ***** **** ** ****** fall, ** ****** *******. ** **** shootings ***** ****** ** *** **** few *****, ** **** ***** ******* decline, *** *** ****** ***** ** an *********** ****** ** *****.

** ****, *** **** ****-**** *** for ** ******** **** ****, ** heavily ********* ** **** ******, ** for ** ** ** **** ** a ****** ******** ******** ********** ********, enabling ** ** ** *** ******** in * ******* ***** ** ********* that ***** ****** *** ******* ********** towards ***** *** ******* ********* *** buffer ** ** **** **** ****** rates *******.

Bear / ********* / ********

*** **** **** ******* **:

• *** ** ******* ***** ******* ** Not ******** ***********
• ***** ** ******** ** ** **** to *** ***** *********** *********** ******** over *** **** *** *****.
• ****** *** *** ****** **** ************ understand ***** ********. ** **** **** this ******* **********, ** ***** ** seems **** ** *** ***** ***, over ****, ****** ******.
• ***** **** **** **** *******, *** more ****** **** ** *******, *** possibly ********, ******* ******* ********.
• ****** **** ****** **** ************* ***** tradeoffs *** *****-**** ************.
• *** ** **** **** **** ******* revenue ******, ********* ** ****-**** ********* are *********, *** **** ***** ******* a ******.

Mid-Term *********** **** ********

*********** ********, *****'* ********** ****** **** to ******** *** ***** ***** ************* over *** **** *** *****, ************ on *** *********** ** **** ** quickly ** ******** ** **** ** possible. ****, ****** **** **** * long-term ****** ***** **** ***** ** a ********** *********** ******** (*****, ***** SoundThinking / ***********), **** ******** ********** for ** *********** ** * ****** entity **** ************ ***** **** * broader ******** ******** ********** ********.