Evolv CEO: "Thank Goodness Nothing Tragic Has Happened Yet But It's Probably Just A Matter Of Time"
Despite currently being sued by a student stabbed by a weapon not detected by Evolv, Evolv told investors "nothing tragic has happened yet" and spoke on the risks of future tragedies for sites using Evolv.
In this note, we examine Evolv's CEO remarks to investors, existing publicly disclosed issues, and the consequences of future tragedies that may occur for sites using Evolv.
Executive *******
***** *****'* *** ******* "******* ****** has ******** ***," ******* ***** **** been***** ********** ********* ** ***** *******(******* ** ******** ******** ***** ******* and ***** ****** ********** ***** ****** with ******** ******* *****) *** ********* ** * ** ***** ****(******** *** ******* ******** **** *** formally ********* ** *** ***** ** this).
************, ***** ********* *** ***-*********** *** non-refundable, *** **** *** *******'* *** saying **** **'* "******** **** * matter ** ****" ***** ** ****** happens, **** ********* *** ***** *** Evolv's ********* *** **** *** ** paying ******** ** ******* *** * system **** **** "********" **** ******* leading ** ********.
***** ** ***** **** *****'* *** that "*****'* ** ******* ********," *****'* problems *** **** **** ***********, **** in ***** ** ******* ***** ****** and ***** ** ******* ****** *******.
***** *** **** **** ********** ******* and ******** ** **** **** ***** can **** ******** ** **** ********* (albeit ***** ** ********* *********). ****** shootings ** ***** **** ***** ***** very **** ********* **** **********.
*** **** ********** ** ******'* ******** and ******, ***:
- ***** ***'* "********** *** *** *** Weapons ** *** *****" ***** ********
- *****'* *** ****** ******** ***** ************ In *** *****
- ***** *** ***** *********: "**** **** Nobody *** * ******"
Evolv ********* ** ** ********** ******* **********
******* **** *****,***** ************ ** * ******* ****** Conference, ** ****** ********** **** ** NY-based******* & *******(** ********** ******* *** ***** ********** firm). *****’**** ***** ************ **** ********** * ~**-****** **** ***** **** presented ***** *** ********* *** ******* state ** *******.
****** **** ************, **** ********** *****'* missing *******, *** ****** ****:
******** ******** ** *** **** *** that *** **** ** *** * layered ********. **** ** ********* ***** of ************ ** **** *** ****** from *********, ******* *****'* ** ******* solution.And ****** **** ****** ** **** ** *** ******, ****** *** ****** **** ****** ****** **** *** *****. And ***** ******** ******* ****** *** ******** ***. But **'* ******** **** * ****** ** **** because of the number of screenings that we have to do; this is an asymmetrical problem. We screen 2 million people a day. We have to keep 2 million times something bad from happening, and the bad actor only has to get in once. So you know it. This is the world we're in so there isn't anything perfect. [emphasis added]
Three *********
***** *****’* *** **** **** “******* tragic” *** ********, ******** ******** ******* in ********* ** *****’* ******* *** to ******.
*** ***** ***** ******** ******** **** took ***** ** *****’* ******** *** a ******* **** ******** ** ******* High ******, *****. *****, ** **** knowledge, **** *** *** ******** ******* by *****, ******** *********(*** ******* **** ** ********* ** further ****** *****) ********* **** ** incident, ******, ********:
******* ******** ** *** **** ****** took ***** **** ****** *****, ** **** ******* ****. *******, this ****, *** ******** ****** ******** attention, **** ******** ********** ***** ************, including********* *********, ********* ** *** ********.
*** ***** ***** ***** *** ****** of *** ********:
** ***** *********** ** *** ***, * ***** ******* *** ******* with * ~*.*" ***** *****:
*** **** ********** ** *** ********, see***** "*** *** ******* ******** *** Schools" **** ************** ***** ********.
******* ****** *****,******* ******** **** ***** ** ** Evolv ******, *** ** *** ******** **** Schools ********. **** ******** ******** **** public *********, *** ** ******* ** be **** *** *** *** *** knife **** *** **** ** *** stabbing.
*** ***** ***** ***** *** **** stabbing:
***** ** ******* **** ** * result ** ***** *********, ** ***** two ******** ********* ********, **** *** of *** ******** *** ***** *****, his ****** ********, *** * ***** integrator *** **** ********:
*** **** ******* ** *** *******, see ****’* ******** –**** **** ******* ********: *****, **********, and ******.
Shooting ** * ** ***** ****
******* ** ****, ********* **** ***** ** * **-***** theme ****, ** ***** ******** ****** ********* non-life-threatening ********. **** **** ******* ** ********** ***** **** *** gun ******** **** ******* *** ******,*** *********** “******** *** *** *** brought **** *** **** ******* ***** in *** ***** **** ***** *** shooting ********," ******* ***** ********.
****** *** **** ** *** **********, George **** ********** ** ******* ******** where “****** [********* ** *******] **** thrown **** *** *****,” *********** ******* about *** ********* ********.
**** **** ***** **** ******** ******* that ***** ****** ******** (** ********* followed) – *** *******,*** ** ******* ********** ******** ***** ********** ** *************-********:
** ******* ********, *** ***** ****** failed ** ***** **** ** ***-**** police ******* ************ ******* * ******* revolver ** * ****** **** *****
“Just * ****** ** ****”
***** ********** *** ********* **** ******** at *****’* *********, *** ****** **** on *** **** **** “**'* ******** **** * ****** ** time”****** ********* *** ******* – ********* that **** ****** ****, ** ********* the **** ******** ** *** ******** reports.
** **** ******* ******* ***** *******, and ** **** ******* ******** **** high ***** ***** *****, **** ****** objects *** ** ****** (* ********** called “***** *******,” **** ******** ***** as *** *** *** ***** **** effect).
********** ** ******* ****** ** ***** or ***, ** ** *** *** of * ******** ****** ******* **** sells ******* **** *** ***** ** prevent ***** *** ******* *********, *** saying **** ** ** “**** * matter ** ****” ****** ********* *** happens ** ********.
Risks *** ***** *****
*****’* ******** ***** ** ***** ** non-cancelable, ***-********** ****-**** ***** ********** **** its *********, *** *****’* *** ** saying **** ** ** “******** **** a ****** ** ****” ****** ** incident **** ******, ********* *** **** for *** *******’* ********* ** ****** million ******* (***** **** **** **** not *** ****) *** * ****** that *** *********** ********.
***** ** ******* *** ******* ** that, ** ** ****** **** ** the ***** ***** ** *****’* ***** school ******** **** **** ** ***** units ** * ***** ********, ********* ***** **% ********** ***** ***** After ***** ****** ** ********.
**** **** **** ** *****’* ********* own *** *****, *** ***** ** pushing *** ************ ***** ************, *** last ****,**** ********* **** **** *** ******** "purchased *************."
Peter ****** ***** **********
***** ******** *** *** ****** ******** of *****’* *** ****** ***** **********, as ** ******** *********, ** **** misleading ******.
*** ******* ** ********** ********** **** he ****, ****** ******** ***** **** that ***** *** *** “**********” *** all *** ******* ** *** *****:
“**'**written *** *** ********** *** *** *** ******* *** *****,” Evolv CEO Peter George told Gothamist. “ The magic is in the ability to discriminate between a phone and a firearm.” [emphasis added]
** ****** ******** ***** ****** *** platform, *** **’** ******* ***signatures *** *** *** ******* *** *****, ***** *** **** ******, including large tactical knives and bombs. So as you’re walking through, the platform knows what to look for and goes off. [emphasis added]
** **** ******* **** ********** *** **** ** **** ******** out ** ***** *********, ***** ***** ** ********* *** its ***** ****** ** *********** *** binders **** ******* ***** *** *** students ** **** ***:
**** [********] *** **** **** ****** talking **** ***** *******, ******* ** a ****** *****,not ****** ******** *** ** ***** *********… [emphasis added]
*** **** ******* ** ***** *** other ****** **** ** ***** ******, see ****’* ******** *********:
****** ******* ***** ****** *****'* ****** The *** *** ***** **** ******... instead, ** ** *** ******** - too **** ***** ******.
***** ****** ** **** ****** ****** those ******** ********* *** ***** ****** dismissive ** ************to ****** ******* after being conditioned over time to think that any ******** *** ***** ****** -******* ****'* **** **** **** ****** been.
******* ***** ****** ** ********* * cause *** ***** (*** ********) - but ***** ****** ** * *** more ********* ****** **** **** ********* hinder************** ** ********, *** **********, *** *****.
**** ** *** ******* ****** * am ****** ******* ******** ******* ********* 'solutions'.