Evolv 2022 Financials And 2023 Outlook Examined
Evolv beat its 2022 revenue projections, reporting higher-than-expected full-year revenue though projecting minimal revenue growth citing its plan to shift to subscription only.
Evolv is showing that buyers are buying despite the sizeable evidence of deception and performance problems, examples:
- Evolv Detects Certain Chromebooks As Weapons
- False Alarms On Binders And Water Bottles, Admits Evolv School User
- Evolv Sole Source Document Deceives Customers
Inside this report, IPVM analyzes the company’s 2022 financials, its planned shift to subscription-only revenue, and Evolv’s reported 2023 outlook
2022 **********
***** ********** **** ******* ** $**.* *******, reflecting ***% *** ******. ******** *** ** ********** *** *** yea* ** $*.* ******* ****** ******** **** ** ******* ******** $*.**.
*** ******* *** * *** **** of $**.* ******* ** ****, ******** to * $**.* ******* **** ** 2021. ** ********* *** ****, ********** the **** ** **, *** ** less-than-anticipated **** ************ *****:
**** *** ******** ****** **** *********** due ** * ****** ******* ******** subscription ****** **** ************ *****.
** *** ****** *******, *** ***** rallied ** ~**%, *******, *** ***** has ***** **********, *** ******* ** over *%:
2023 ********, ****** ******
***** *** **** ******* ****** * 2023 ** ******* ********** ** $** million -$** *******, ***** ********* * growth **** ** *% ** +*% vs. ****.
**** ********** *** ********* ** ***** as ****** ** *** ********** ** a "**** ************ *****" *** **** if ***** ********** *** **** ***, revenues ***** ** ** *** $*** million-$120 ******* *****:
*******, ** *** *** **** *** subscription ********** ** **** *** *** purchase ** **** ************ ******* *** in **** *** ********** **** **** we *** ** ****, *** ******* for ***** ******** ** **** ***** have **** **** ** *** ***** of ***** $*** ******* ** $*** million ********** ****** ** **** ***%.
*******, *** **** ******* ******* ** $55M-$60M ** *** ***** **** *** $132.3M ***** ********* **** ****'*** ** 2021:
Shift ** "**** ************ *****"
***** **** ** *** **** ************* more ********* *** ************* ** * pure ************ ********* ***** ****** ****, and ** *** ***** *********** **** the *** ***** ***** ******* *, 2023.
*** ***** ****** ****** *** ******* ended **** $*** ****** ********* ******* (ARR) ** **** *** ******* ** to ****** ** **** ** $***. He ********* *** *******'* *** ******:
*******, ** **** *** **** $** million ** *** *** ** **** to $** ******* ** *** *** of ****, ********** ****** ** **** 160%. ** ********** *** ** ***** double ** ****.
*****'* *** **** ******* ******* ********* the ********** ** *** **** ************ model, ****** *** ******** ***** ********* "full-term ***** ******":
** * ********, ** ****, ****** 60% ** *** ******* *** ***** 65% ** *** **** ******** **** related ** *** **** ************ *****, which ******** ** ** ********** *** hardware ******* *********** *** ***% ** the ******* ******* *****.These ******** **** ************ ********* *** ****-**** ***** ****** ** *** ******** ************. We plan to minimize these types of transactions going forward. [emphasis added].
************, ***** ******* ** ****** ******** EBITDA ****** ** **% ** **** by ************ **** ******** *****:
** ********** *** ** ***** ****** in ****, ***** ******** **** ********* gross ******* *** ******* ******* **********, should ****** ** **reduce *** ******** ****** ****** ** ** **** ** **% in 2023, while reducing our cash usage by about 20 million. [emphasis added]
Schools **** ** *******
******* *** ******* *****'* ****** **** 50% ** *** *******'* ******* *******, citing ******** ***** ** ******* ********* in **, **, **, *** **:
********, ***** **** ********* *** ** the ******* ** ********* *** ***** Express *****. *** ****, ***education ******** *********** **** ** *** ******** in the fourth quarter. [emphasis added]
**** ** * ******* ***** ** vertical ***** *** ******* ** **** 2 ***** ***** **** **** ******. In***** **** ******** ****, *** ***** *** ******* ******, tourism, *** *************.
*** ****** ** ******* ***** ******* school ****************** ******** **** ************** **** *** ****** *********************** ***** ** "*** *** ******* solution *** *******".
Hospital ******
***** **** ***** ****** ** *********, stating **** **** *** ******** ********* using *****:
**'** ******* ** ****** **** ** added ******* ** ********* ** *** fourth ******* *** *** ****** ******100 ******** ********* ****** *** *******. That's up from just seven hospital buildings a year ago. We're honored to be the trusted training partner for these medical professionals and their patients. [emphasis added]
**** ***** ** ******* *** ********* and *********** ** ********* ***** ** hospitals ** * ****** ******.
Unit ****** *** ******* *********
***** ******** ** *** *,*** ***** Express ***** ********, ****** ** ***** 1,600 ***** ** **** *****:
** ******** **** *** *** ********* in *** ****** ******* *** ****** 300 ** *** ****. ** ********* 575 *** *****-**** ************* ** ***** Express ** *** ****** ******* ***** and ****** *,*** ** *** ** 2022.
***** **** ****** * *******-****** ***** mix ** **% ** **% ** 2022, ***** ** **** *** ** its **** *********** * **/** *****.***** *********** ***, *********, *** ******** as ****** "****** ********":
**** **% ** *** ***** ******** came **** ** ******* * ******* partner ** ****. ** ****** ** continue ** *** ****** ******** **** Johnson ********, *** ***** ****** ********* Technology, *** ******** *********, ** **** as ****** ** ***** ******** ******** like ******** ********** ***** *** ***** Security. ***** ************* **** ** ******* to *** ***** ** ***** **** time.
Cites "********** ****" ****** *** *** *****
*****'* *** **** ***** **** *** exploring "********** ****" ********* *** *** Evolv *****:
**** ****, **'** ******* ** ********** ways **** ***** ********* ***** *** Evolv ******* ***** ******* ******* *** typicaltiming-related ****** ** *** ***** *******. **** ** **** ** **** **** ** ******* *******. [emphasis added]
*** **** ******* ******* ***********, ***** margins, *** *****'* ****-************ ***** *********** is *** *** *****, *** ** indicates **** ***** ** ********* **** for ********* ** *** ***** ******** without ********* *** *******.
Cash ***********
*****'* **** *********** *** ******** **** ~$308 ******* ** *** ********* ** 2022 ** $*** ******* ** *** end ** ****, **** *** ******* projecting **** ** **** ** $*** million ** *** *** ** **** year.
*****'* **** ******** ** $** ******* quarter **** *******, *** **** *** the ****** ** **** ** ****** on ****:
* $** ******* ******** ** ********* under *** *** ***-******** ********* ******* implemented ** *** ****** ******* **** Silicon ****** ****. *** ******** *** equal ** *** ** *** **** we *** ********** ******** ** *** preceding ***** ******** ** ******* *** pure ************ ***** ********. ***** *******, we ****** ******* **** ****** ** to *********** ****** *** **** *** to ******* ******** ****** *** *** pure ************ *****.
*** ******* **** **** ******* **** it **** *** *** *** ** cash ** *** **** ********** *******:
** ******* **** ** ****** ****-*********** and ******* **** *** ******** ** our ******* ***** **** ****** ** to ***** **** ********* ******* *** additional *******.
*******
***** *** *** ****** ******* ************ for * ******** ** * ***, which ** * **** **** *** investors *** *** *******'* **** *******. However, ***** ** **** ********** ****** growth ** **** ***** ** *********** to * **** ************ *****. *** Evolv *** ******** ******** ***** *** performance *** ******* ********** ** ******* and *********, ******* **** **********, **** determine *** *******.
*** ******* ** ***** ** ******* as *** *********** ***** ***, ****** are **********, *** *** ******* ******* becomes ** **** ** * ****** for ***** *** ****** *******. ***** will ** ***** ***** , **** a ****** ****** **** ***** ********, then ****** * ********* ********* ** ADI. **** **** ***** *** **** of *** ******** ********** **** *** unknowns *** ********** ******* *** ********. Keep **** **** **** ** *****.
***** ****** *** *** ** **.**%, just **** $* * *****: