Evolv Channel Sales Strengthen; Total Revenue Growth Just 3-13% Rest of Year
While Evolv reaffirmed weak revenue growth for the rest of 2022, the company boosted strengthened channel sales. Can the channel help Evolv break through the challenges it has faced in its rocky year since SPACing?
While Evolv reported $8.7M Q1 revenue on Wednesday's earning's call, total revenue growth for the rest of the year is projected at just 3%-13%, a concerningly low rate for a company burning as much money as Evolv is doing.
Executing *** ***** ** *******
** *****'* ** ******** ****, ***** ******** ******* ******** *** represent **% ** ***** ** ***** Contacted ***** (***). **** ** * significant ******** **** ***** ******** ****** to ******* ***** ***:
** ******** ** *** ****** ******** with *** ******* ********, ***** ** enabling ** ** ****** *** ******** and ********** *****.Over **% ** *** ** *** **** ******* *** ******* ********, ***** ** ** ************* **** *** **** **** ** ****
** ** – *** **** ***this **** *** ** *** *** **** ***** **% ****** *** **% through channel partners. You may remember last **** ** *** **** **** **-**, ** *** ** ******l – 30% through channel partners. [emphasis added]
**** ****, **** ******* *****'* ******* strategy:*****: "**'** * ******* ***** *******"***** **** ****** ***** *** ** achieve **% ******* *****. ***** *** hired ******** ******** ******** *********:
- *** *****, ******** ** ******* *****, ****** Bosch, ****
- ***** ********, ********* ******* *******, ****** ******** and *******
- **** ****, ******* *********, ****** *********, *******
- ***** **********, ******* ** ***** *******, ****** March ********
- **** *******, ***, ****** **** *** ***** Networks
- ****** ******, ******* ** ***** *******, ****** Bosch, ****, *********
- ******* *******, ******** *********** ********, **** *******, former *******
- ***** *****, ******** ** ******* *****, ****** Tyco/JCI
- *** *****, ******** ******* ***** *******, ****** Hitachi, ****
- **** ********, ********* ******* ******* *********, ****** Anixter, *******
******, *** ***** ****** **** *** have ***** ***** ******* ******** *** that ************* **** "***** **** **** higher".
**'** ****** ***** ******** ******three ***** ********** ******* ******** and several strategic global partners in Motorola Solutions, Johnson Controls and Stanley. The number ofqualified ******* ******** ************* *** ***** **** **** ******.
High ****** **** *******
*** ********* ********* ********* ** ***** the ******* ** **** *** ** a ***** ********** ******** ***** ** get **** **** ***** ***** ******** less ** *** *** **** ** end ****-******* ***********.
********, *** *** *******, ***** ** attractive ***** ** ** (*) * category **** *********** ************ *** *** sell (*.*., ************ ***** ********* *** (2) * ************ ******** **** ******* integrators ** *** * *** ** long-term ********* *******.
** ** ***** *** **** *** channel ****, ** ********* ****** **** for ****-**** *********** ******.
Risks **** *******
******* ******** *** ********** **** ********* to ******** **** ************-****** *********** ** they ****** * ******** ** *** rewards *** * **************** ****** ** complaints **** ***-*****.
******** ** ***** ** *** **** of ******* **** *****'* ******* ************ that ** ***** **** *** ****** - *.*.,***** ****** *************, ******** *****, *********, *********, *** other ****** *******, ****** ******** *********** ** **** *** ********* tradeoff** ******* *** ***** ** **** more ******* ** ***** ***** ***** alerts, **** *** ************* ** ** * "******* ********"*** ** ****** * ******* ***** detector, ***.
** *** **** ****, ***** ******* partners **** ******** **** ***** *** been ******** ** **** *********. ** the ****** **** ***** *** **** with *** ******* ******** ** ****** these ******, ***** *** ** ********** with *** *******.
*******, ******* ******** *** **** **** to ***********. ***** ***** *** * clear *** ******* **** ** ***** awareness **** ***********, ***** ** *** more ********* **** ******* *********** **** similar *********** **** ** ****, ***:**** ***** ***** *** ******** ****** District.
Revenue ****** ********, ********* ****** *****
***** ** ******* **** **** ***% year **** ****, ***** ******* *** rest ** *** ****'* ****** ** be **** * ** **%, ***** is * ********* ************.
** ******** *****, **** *** **** 9 ******, ***** **** ******* ** grow ******* ******* $***,*** *** $*.* million *** ***** **** **** $** - $** ******* ** **** (**** at *** ** ** *** ~$*** million, ***** ******* **** ** *** end ** **** **** ** ** down ** $*** ** $*** *******).
*** *******, ***** *** * ~$** million **** **** ********** **** **** 15% ** **** ***** ** *&*:
*********** ****** *** **** *** ****-****** companies *** **** ** **** **** are ********** **** ******, *** **** 3 ** **%.
Channel ******* ** ****?
** ***** *** ******** *** ******* to ******* ****, ***** ***** ******* in ****. *** **** (** ***) the ******* **** ******* ***** ******* to ** ****.