Evolv Technologies Down 30%: What's Going On?

Zinger Key Points
  • Evolv Technologies' Q1 adjusted loss per share is 9 cents, missing estimates.
  • Despite a 75% YoY increase in Evolv Express subscriptions, Q1 revenues fall short of expectations.

Evolv Technologies Holdings, Inc. EVLV shares are trading lower on Friday.

Yesterday, the company reported an adjusted loss per share of 9 cents, missing the street view of 7 cents. The company reported quarterly revenues of $21.668 million, missing the street view of $22.999 million.

The company registered Evolv Express subscriptions of 4,882, up 75% year-over-year.

Adjusted EBITDA for the first quarter was $(10.7) million compared to $(15.4) million in the first quarter of 2023. 

As of March 31, the company had cash and equivalent worth $81.3 million and no debt.

The company sees FY24 total revenue of $100 million versus the $114.6 million estimate, lower than the prior view of $115 million. Adjusted EBITDA is expected to rise by 40% year over year.

According to Benzinga Pro, EVLV stock has lost over 35% in the past year. 

EVLV Price Action: Evolv Technologies shares are trading lower by 36.33% to $2.44 at last checked Friday.

Read Next: Benzinga’s ‘Stock Whisper’ Index: 5 Stocks Investors Secretly Monitor But Don’t Talk About Yet

Photo: Illustrated using artificial intelligence with Midjourney

Market News and Data brought to you by Benzinga APIs
Posted In: EquitiesNewsMarketsMoversTechGeneralBriefsStories That Matterwhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!