Page 1

EX - 99.1 2 tm2124831d1_ex99-1.htm EXHIBIT 99.1 evolv Investor Relations : Brian Norris Vice President of Investor Relations bnorris@evolvtechnology.com Public Relations : Fitz Barth Director of Communications fbarth@evolvtechnology.com Evolv Technology Reports Strong Second Quarter Financial Results - Company Issues Full Year Revenue Outlook of 375 % Growth in 2021 - Q2 Revenue of $ 4.5 million , up 590 % year - over - year Q2 Total Contract Value ( TCV ) of $ 10.9 million , up 361 % year - over - year Exhibit 99.1 Begins Trading on NASDAQ following combination with New Hold Investment Corp. Waltham , Massachusetts - August 16 , 2021 - Evolv Technology ( NASDAQ : EVLV ) , the global leader in weapons detection security screening , today announced financial results for its second quarter ended June 30 , 2021 . " We're delighted to be reporting strong second quarter results which reflect the growing demand for our innovative approach to keeping venues safe , " said Peter George , Chief Executive Officer of Evolv Technology . “ Our growth continues to be fueled by visionary security experts that are deploying Evolv Express in venues to improve their security posture and their visitors ' experience , while lowering their operating costs . Looking ahead , we believe that we are well positioned to extend our leadership in the weapons detection security screening market . " Results for the Second Quarter of 2021 Total revenue for the second quarter of 2021 was $ 4.5 million , an increase of 590 % compared to $ 0.6 million for the second quarter of 2020. Total Contract Value ( “ TCV " ) of orders booked for the second quarter of 2021 was $ 10.9 million , an increase of 361 % compared to $ 2.6 million in the second quarter of 2020. GAAP net loss for the second quarter of 2021 was $ 22.4 million , or $ 0.71 per basic and diluted share , compared to a GAAP net loss of $ 5.1 million , or $ 0.22 per basic and diluted share , for the second quarter of 2020. As of June 30 , 2021 , the Company had $ 10.0 million of cash and cash equivalents compared to $ 4.7 million at December 31 , 2020. On July 16 , 2021 , the Company completed its previously announced business combination with NewHold Investment Corp. , which raised approximately $ 385 million of cash for the Company which the Company intends to use for general working capital requirements and to fund the Company's accelerating growth .