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EX - 99.1 2 nhic - 20211110xex99d1.htm EX - 99.1 evolv Exhibit 99.1 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 Third Quarter Financial Results - Company Raises Outlook for 2021 - Q3 Total Contract Value ( TCV ) of $ 16.9 million , up 365 % year - over - year Q3 Revenue of $ 8.4 million , up 473 % year - over - year Waltham , Massachusetts – November 10 , 2021 – Evolv Technology ( NASDAQ : EVLV ) , the global leader in weapons detection security screening , today announced financial results for its third quarter ended September 30 , 2021 and raised its business outlook for 2021 . " We are pleased to be reporting strong third quarter results highlighted by record revenues , accelerating channel activity and category defining new product innovations , ” said Peter George , Chief Executive Officer of Evolv Technology . " We continued to extend our market leadership position with dozens of new customers including the Indianapolis Symphony Orchestra , the Nasdaq MarketSite and the National Football League's Carolina Panthers and Tennessee Titans . Looking ahead , we are focused on a strong finish in 2021 and believe that we are well positioned for accelerated growth . " Results for the Third Quarter of 2021 Total revenue for the third quarter of 2021 was $ 8.4 million , an increase of 473 % compared to $ 1.5 million for the third quarter of 2020. Total Contract Value ( " TCV " ) of orders booked for the third quarter of 2021 was $ 16.9 million , an increase of 365 % compared to $ 3.6 million in the third quarter of 2020. GAAP net income for the third quarter of 2021 was $ 23.2 million , or $ 0.15 per diluted share , compared to a GAAP net loss of $ 6.3 million , or $ 0.70 per basic and diluted share , for the third quarter of 2020 . Results for the First Nine Months of 2021 Total revenue for the first nine months of 2021 was $ 16.8 million , an increase of 513 % compared to $ 2.8 million for the first nine months of 2020. TCV of orders booked for the first nine months of 2021 was $ 36.0 million , an increase of 280 % compared to $ 9.5 million in the first nine months of 2020. GAAP net loss for the first nine months of 2021 was $ 13.4 million , or $ 0.28 per basic and diluted share , compared to a GAAP net loss of $ 17.8 million , or $ 2.00 per basic and diluted share , for the first nine months of 2020 . Company Raises Outlook for 2021 The Company today raised its business outlook for 2021. The Company's outlook is based on the current indications for its business , which may change at any time . Estimate TCV of orders booked ( in millions ) Total Revenue ( in millions ) Business Outlook for Year Ending December 31 , 2021 Issued August 16 , 2021 Issued November 10 , 2021 $ 53- $ 55 $ 20- $ 21 $ 53- $ 57 $ 20- $ 23 Company to Host Live Conference Call and Webcast The Company's management team plans to host a live conference call and webcast at 4:30 p.m. Eastern Time today to discuss the financial results as well as management's outlook for the business and other matters . The conference call may be accessed in the United States by dialing +1.844.867.6169 and using access code 1400696. The conference call may be accessed outside of the United States by dialing +1.409.207.6975 and using access code 1400696. The conference call will be simultaneously webcast on the Company's investor relations website , which can be accessed at http://ir.evolvtechnology.com . A replay of the conference call will be available for a period of 30 days by dialing 1.866.207.1041 or +1.402.970.0847 and using access code 3758262 or by accessing the webcast replay on the Company's investor relations website at http://ir.evolvtechnology.com . The Company has used , and intends to continue to use , the investor relations portion of its website as a means of disclosing material non - public information and for complying with disclosure obligations under Regulation FD .