Evolv Raises Guidance, Stock Soars Q1 2023
Evolv more than doubled its revenue year over year, raised its full-year outlook and its stock soared, now up 167% over the past year, though still down more than 50% from when it went public.
In this note, we examine the financial results.
**********:*****'* ** **** ********** ***** *******.
***** *** ***** ************ *** **** **** *****'* ************ in *** **** ******* *** *** confidence ** *** *******'* ***********:
****** *** ***** *******, ** ********* strong ******* ****** ***** *** ******* of *** ******** ***** ** *** strength ** ***** ******* *** *** confidence ** **** ** *** ******* for *** ********* ** *** ****.
Raising ******* ******** **** ******
***** ******** $**.* ******* ** ** revenue, * ***% *** ******, *** its *** **** **** ** $**.* million ** ** ******** ** $**.* million ** *** **** *** **** quarter **** ****.
***** ****** ******** *** *** **** full-year *******, ****** ********* ******* (***), and ***** ******* ** *** ****** earnings ****. *** *** ******** ********* a *%-**% ****** ** ****** *******, higher **** *** ******** *%-*% **********. If ** ********** *** ********** ******, its **** ****** ******* ****** ***** be ***%-***%, *******,***** ** *** ********* ** * pure ************ ********* ****** ***** *****-**** ******* *** greater **** **** *******.
***** *** **** ***************** ** *** ******* ** ******:
** ****** ******** ** ******* ** and ** ******* ** ****, ******** to *** ******* ******** ** ** to ** *******.
** ****** ** *** **** **** an *** ** ******* ** ** 71 *******, ******** ** *** ******** guidance ** ** ** ** ******* and ******** ** ** ******* ** the *** ** ****.
** ****** ***** ******* ** ******* throughout **** *** ** *** ********* modeling ** ** **% *** *** full ****, ** **** *** ***** outlook ** ** ** **%.
Ongoing ***** ** *** "**** ************ *****"
***** *** ***************** ** * **** ************ ********** ***-**** **** *** *** ***** transformed **** * *** ***** ***** the ***** ** ****. *** ****** said *** ********** *** ***** ****** in ******** *** *******'* ***** ******:
******* ********* ***** **** ** *** throughout *** ***** ******* *** *** increased ******** ** *** **** ************ model. ** **'** ****** **** ********* in *** ****, **'** **** ******* with *** ************ ***** *** **** six ****** ***. *** **** ****** is ********* ** *** *********. **** 60% ** *** **** ******** ** the ***** *******, **** *** *** pure ************ ***** ***** *** ******** correlated ** *** ***** ****** ********* we ********* ** **.
*** ******* ******* ********* *** *** growth ** *** *** ********* **** better-than-anticipated ******** ****** ********* *** ***(****):
** **** *** **** ** ******* at *** *** ** **** ** 42 ******* ** *** *** ** the ***** ******* ** **** ********** growth ** **** **% ************. ** remain ** ***** ** ****** *** in ****, ***** ******** **** *** gross ****** ********* *** ******* ******* management, ***** ** ********** ** *** ability ** ******* ******** **** ***** of *** ******* *******.
More ****** **** *******
***** ***** **** **** $*** ******* in ****. *******, ***** **** **** $30 ******* *********** *** **** ********* **** ******* Valley ******** **** ****, ******** *** **** balance **** ** $*** ******* ** the *** ** ****. *** ******* has *** ***** ** **** **** $182 ******* ** ****. *** ******* discussed *****'* **** ********* ** ******:
** ***** *** ******* **** *** million ** **** *** **** ***********, down ***** $** ******* ************. **** reflects *** **** $** ******* ****** of *** **** ******** **** ******* Valley **** ***** ** *** ********** installed ** *** ****** ******* ** 2022.
*** *** **** ******** **** **** $200 ******* ** *** *** ** 2022 ** ***** $*** ******* ** the *** ** ** **** ********* driven ** *** *** **** *** fixed ***** ********* ** ******* *** pure ************ ********, *** ** ***** was ********* ****** ** *** ******** change ** ******* *******.
*** ****** **** ********* *** ********** in *****'* **** ********* *** **** that *** ******* **** *** **** to ***** ********** *******:
** **** ******* **'** ** * much ******** *** **** ******** ***** than ** **** **** * ******* ago, ****** ** ****** ***** ****** expansion *** ******* ********* *********** **'** implemented ** *** *********** ****. ** remain **** *********** *** ****** ** reach **** ********* **** ******* ** and $*** ******* ** *** ****.
** ******* **** *** ******** ** our ******* ***** **** ****** ** to ***** **** ********* ******* *** need ** ***** *** ********** *******.
Increased ******** *** ** *** *****
******* *** ******* ******, ***** ******** a ****** *** **** ***. *** Donohue ********* **** **** ** *** expenses **** **** ********* ********** ****** several ******** *********, ********** ** ***** executives *** ******* ***********:
*** ********[** ********* ********] **** **** year ********* ******** ********* *********** ****** the ********, ************ ** *******-********** ********* and ** ******** *** ***********.
*** ******** ************ ** **** *** to ****** ******* *****, ***** ** common ** *** ***** ** *** new ****.
** ****** *** ******* **** *** employees ******** ** *** ** ******** 31, ****. *** ******** ** *** headcount ****** *** ** *****-******** ***** executives *** ******* *********** *********.
Deal **** ********
** *** ** ********* ****** ******** from *** **** ************ *****, *** George **** *** ******* *** **** increases ** **** *****:
*******, ** *** **** ***** ******** to ******** **** *** ** ***** 20% **** *** ****-*** ******. **** reflects *** ****** ** *** ****** in **** ********* *** ***** *** average **** **** ************, *** ******* deal ** ** ******** * ***** Express ***** ******** ** * ** the ****** ******* *** * ** the ***** ******* ** **** ****.
*******, ***** **** ** *** *** 600 ********* **** ***** ** *,*** units ********.
Channel *********
*** ****** ********* *****'* ******* ********** with ******* ********, ***** ***** **% of *** ******** ********:
** ******** ** *** *********** ******** with *** ******* ******** ***** ******* Johnson ********, ********** ******** ******** *****, and **** ** ***** ********. * record **% ** *** ******* ******** in *** ***** ******* **** **** or ******* * ******* *******.
** *** **** ******* ** ******** our ******** ************ ************ ****, *** ******** ******** ************* *******. CT ** *** ** ********** *********** of ***** ******* *** **** **** an ********* **** *** ********* **** prefer ** ******** ***** ******* ***** concurrently ******** **** * ****-**** ************ contract **** ** *** **** ******* software. ** ******* **** ******** *********** will ****** **** ** *** ***** support *** ****** *********** ** *** customers, ***** **** ******* ***** ****** expansion **** *** **** ******* *****. CT ********* ** ** * ****** partner *** *** *******.
Expansion ** ********** **********
***** **** *** *******-******* ******** ****** is ********** **********:
**'** ********* ** *** ******* ******** in ********** **********, ***** *** *** fastest-growing ****** ** ** *** ***** we ******* **** ** * *********** driver ** *** ****** ** ****.
Accelerating ********* ******
********** *** *******'* ********** ******, **** of *** ***** ******** ** **** schools (**** ** **** ******** **** quarter). *** ****** **** **** ****** about *** *******'* ****** ** *** sector:
*** ********* ****** ***** ********** **% of *** ******** ** *** ***** quarter. ** ***** **** ** **** school ********* ** *** ***** ******* up **** *** ****** ********* ** the *** ** ****. * ******* we **** *** ** ***** *** more ****** ******** ***** **** ** q2. ** ******** *** *********** **** among *** *** ******* ****** ********* in *** *******, ***** *** ****** at **.
Hospital *** ****** ******* *********
*** ****** **** ********* *****'* ********* in *** ********** *******:
** ******** ** ****** *** ***** leadership ******** ** *** ********** ******, which ******** **** **** *********, ***** over **% ** ********* ******** ***** place. **'** ******* ** ****** **** we ***** ******* ** *** ********** customers ** *** ***** ******* ********* me ****** ********'* ******** ** ********, the ******* ******** ******** ******* ****** in *** ******, *** ******** ****** in ************. **'** *** ******** ** over *** ******** ********* ****** *** country, ***** ** ** **** **** 10x **** **** ****.
** **** **** **** *** *******'* coverage ** *** ****** *******:
************ ****** ****** * ****-********** ******** market *** **. ** *** ******* with ** ***** ****** *** ******** Football ****** *** ***** ****** *** National ****** ****** *** ***** ***** across ***** ****** ******. ** *** a **** **** ****** ****** ***** league ********, ** ** ****** **** the ******* *** *** ****** *** Sox, *** ********* *****, *** ************ Phillies, *** ******* ******, *** *** York ****, *** ********** *******, *** four ***** **********. ** *** ****** millions ** **** ** ****** **** professional ****** ***** ****** *** ***, MLS, ***, *** ***
Technology ***********
** ********** ***********, ***** *** ****** mentioned ********* *********** **** *********'* ***** security ******, *** *** ************ ** revolving ***** **** *** **********:
****(* ************* **** ** ****) **** also ******** ***** ******** ******* ** integrating ***** **** *** ******** ************ including ***** ********* ***** ******** ******. Next *** **** ** *** ************ of ********* ***** ** ***** ********** with ** *** ********** ** ***** Express ** **** ***** ***** *** be ************* ****** **** * ****** is *****.
****** ******** **** *** *********** ** artificial ************ **** ***** *******:
************ ** ********** ************ *** ** applied ** *** *** ******** ******** gripping *** *******. *** ********* ****** stadiums, *******, *********, ***** *****, *** performing **** ******. **** ********* **** Evolv ******* *** **** ****.
***** *** *** **** ***** **** exactly ** *** "**" ** ** using ** *** ** ** ** will *******, ***** *** ******* ***** alerting ********.
*********
**** **** ****,*** ********* *** ** ************* **** Evolv - "** ***** *** ***** To ****** ******* ** *******", *** ****** ** ******** ****** criticisms ** *** *******.
*******, ****** ** ****** *********, ***** continues ** **** ********.
Market ********
*****'* ***** ***** *** ** **.*% today ***** *** ******** **** ***** the ****** ** *********.
**** ***** ** ***** **** ***** Evolv's ***** ** ***** $** ** mid-2021 ****** * ***** ******* **** started ** **** *** ******** *** in **** ****: