Evolv Financial Results Q4 2023 Examined (Stock Price Declines)

Executive *******

*****'* ***** ***** *** **** ~*% to **% ** ***** ******* ******* despite ******* *** **** ********, *********** existing **** ********, *** ******* ********* it ** "******** ** *********** ****** in *** ****** ***********" ******* ** the******* ********* *** **************.

**** ** *** ****-**** **** ******** call ** *** ***** ********-****** ****** webinar *** ******* **** *************** **** *** *** ******* ************* them* **** ***.

*****'* *** ********* **** *** *** investigation ** ******* ** *** *** one, ***** ******* ** *****'* ********* practices.

*** ******* ********** *** ****** ********* performance *** *** ******, ****** ** reach ******** ****** ** ***** * year (***** **** ** ****).

*** ******* ** *** *** *** SEC ************** ***** **** * ********** negative ******, ***** ** ******* ********* are ********* ** ** * ***********, given **** *** ******* ********* ** trade ** **** **** **% ** the ***** ** ****** ** ** 2021 ******* *** ********* ******* ** date.

Stock **** ~**%

*****'* ***** *** **** ~**% ***-******* after *** **** ****** ******** **** despite *** ****** ********* ***********, ********** investors' ***** **** *** ******* *** and *** **************:

******: *****'* ***** **** ******* **** throughout *** ***, ****** *** *** with * ***** **.**% ***** **** the *** ******:

**** ********* **** ******* ******* *** Q4 *** ****-**** **** ********, ********* were *** **** ** *** ******* only *********** ******* ** ******* *** 2024 ********.

*****'* ***** *** **** ***** ** disclosed *** *** ************* ** ******** 20, ********* ********* **** *********, *** down ***** ***** *** ******** **** on ******** **:

*******, *** *******'* ***** *** **** more **** **% ***** ** **** public ** ****, **** ** ****** in *** ****** **** ** **** due ** *** ****** ********* ******* and ******** ******** ******:

2023 ******** **** ********

***** ********* **** *** **** ****-**** total ******* *** ~$** *******, * 46% *** ****** *** ******* *** company's **** ******** ** $** ******* to $** ******* ****** ** ******* 12:

*** ******* ********* ********* *** **** revenue ** ** ** *** ***** of $** ******* ** $** ******* at *** ***** ** *** **** but **** ****** ******** ***** ***** throughout *** ****.

*****'* ******** ****** ** -$**.* ******* was **** ****** **** *** ******** -$50 ******* ** -$** *******, *** its ** ****** *** (****** ********* revenue) ** $** ******* **** ** the ***** *** ** *** ******** range.

2024 ******** **********

***** ********** ********* *** **** ******** in *** ** **** ******** **** in ********, *** *** ******* ********** those ********* ***** ****** *****:

Comments ** *** *** *************

********** **** ** *** ***** ** SEC ************* * **** ***, *****'* *** *********:

** *** **** ********no *********** ****** ** *** ****** environment because of the work we were doing with the Federal Trade Commission and the Securities and Exchange Commission. [emphasis added]

** ***** ******* **** *** *** last **** ** ***** ******* **** certain ** *** ********* *********. ** responded ** *** ***** *********** ******** and ******** ** * ****** ****** Early **** ****, *** ** **** prepared ** ******* **** ** *** final ***** ** ***** ******.

** *** **** ******* **** *** SEC ** * ******** ******* ** received ***** *** ***** ***.

** *** ********* ** ******* **** both *** *** *** *** *** is *** ********, ******, **, ** they ******** ******* ***** ********* *** will ******** ** **** ********* ** to **** ** *** ******** ************.

******* ********* ** *** *&* ******* that ***** *** *** **** *** much ****** "** *** ********** ****" of *** ******** *** **** ** plans ** "******" *** ****** ** made ** ********** ** *** *** to *** *** *************:

**'* * ****** *** *****. **'* a ****** *** ***** ** *** SEC *** ** ** ****** **** had *** ******** ******. **'** *** a *** *********** **** ********* *** want ** ********** *** *** *** that ****'* ****** ******** *** ********** side.

**'** ****** ** ******* *** ***'* process **** ****'** ***** ******* ***** here. ** ***'* ***** * *** of *******, ***what ** **** **** ** *** ********* ** *** ******, *** *** ******* **********, ******, ** *** * ******** ******** ** *** ********** ********* **** ** *** **** *** ***. [Emphasis added]

**'** **** ***** **** ***** **** the **** ** *********** **** *** FTC *** *** ***. ** *** know ** *** ********, *** *** was **** ***, *** ** **** them **** **** ****** ** ***** fall. **'** **** * *** ** work *****, *** * *** ** that ****** **** ** ******** **** the *** ****.

Reaffirming ***** ** ** ******** **** ******** ** ****

***** ******** **** ** "**** * well-lit ****" ** ******** ******** **** positive ** *** ***** **** ** 2025, *** **** *** *** **** of ********* ***** ****** ** * slide ** *** ******** ****:

ARR ******

*** ******* ****** *** *** ****** again ***** ************** ** * "**** ************ *****" earlier ** ****:

Education ********

***** ********** **** ****** **** ** its ******* ** ****** **** *******, making ** *** ******* ******* **** year:

** ** ******* **** **'* ***** to ** *** ** *** ********* quarters. ** *** **** *** **** two *****. *** **'* ****** ******* education *********** **% ** *** ******** in ****. *** * *** ** our ********* *********, ***** ****** **** ends ** ****, **** ***** ******. And ****, ** ******, ** **** most ** *** ****** ****** ****** starts ** *** ******* ********. **, our *** ********** ******* ***** **** it's ** **. *** ****, ** Q4 *** **** ** **** ***** seasonality, ** ***** *** **** **** of ***** **** ** ***** ** be ********. *** ** **** ******** always ** ******** **** ** ******* we **** **** **** **** ** deploy.

*******, *** ******* *** ***** **** COVID ******* *** ******* ** "****** up" *** **** ** *** ********* schools ***** **** ***** ****** ***, given *** ******* ** ****** *********:

** *********, ***** ******* ** ****** up **** *********, ** ********* ** 2024. **'** ******* **** ******* **** a *** ** ******* ** ***** funding *******, *** **** ***** *** operating *******, *** ***** ******* *******, other ****** **** *** ********* ** them ** **** *** ******* ** like ****. **, ** ***'* **** it ***** * *** ****** ***** forward. **'* **** ** ****** **** to **** **** *** ****** **** that **'* ******** * ******** *** parents *** ********* *** *********.

***********, **** ***** *** ******* *** been * **** ** *****, ** it **** ** ***** ******** ** such ***** **** "*** **" *** how ** ******* *****'* *****.

******, ***** ****** **** *** ******* are ********* **** "********, ****** ***** detectors" *** *** ******* ** ******* retention:

****** ************** *** **** ******* ** advanced ******** ********* ** ******* ******* retention ******* ***** ******** ****** ***** detectors *** *** ********* ******** ****** they *** **** ** *** ******* learning ***********.

***** *** *** **** *** ********** or ********, ****** ****** ********* ** increase **** **** *** ******** *** teachers *********.

Analysts ************* *****

******** ** *** ******** **** ****** the ******* ** ********, **** **** congratulating *****, *********:

******** ** ******* ********* *******.

******** ** * ***** ****.

***** ** ***, *************** ** *** quarter. *** *** **** *** **** you **** ***** ** **.

****** *** ****** ** *********, *** congrats ** *** *******.

** *** **********, ******** ***** *************** when **** **** ******* ** ** better **** ******** *** ***** ** comment **** ******* *** ******* ** worse **** ********.

Reason *** ****

***** **** ***** **** *** ** results, ********** **** ********, *** *** positive ********* **** ******** ** *** call, ***** ******* *** ******* **********.

** *********** **** **** ********* ******** expected ***** ** ***** **** ******** (given **** **** **** ** **** results) *** **** *** **** ** this ***** *** ****** *********.

**********, ******, *****'* ********* ******* ******* on *** ******** ** *** *** and *** **************, ***** *** ********* to ********* ** **** *****.