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Tag: Evolv Stock

  • Evolv Technologies (EVLV) Stock Advances In Pre-Market Trades

    Evolv Technologies (EVLV) Stock Advances In Pre-Market Trades

    Following the publication of its preliminary financial statistics for the first quarter of 2025, Evolv Technologies Holdings, Inc. (Nasdaq: EVLV) shares had a large pre-market rise, up 16.67% as of the last check to $4.90. Evolv Technologies’ overall revenue is expected to be between $31.0 million and $32.0 million, which is a significant rise over the $22.2 million it earned during the same period in 2024.

    Robust Financial Positions

    Along with their sales forecast, Evolv Technologies also revealed a solid financial foundation. It had around $35 million in marketable securities, cash, and cash equivalents at the end the reported period. It also had no outstanding debt. On Tuesday, May 20, 2025, following market close, the completed financial figures for the first quarter of 2025 are expected to be made public. Notably, EVLV anticipates that less than $0.1 million of their revenues will come from a past financial restatement.

    Strategic Implementation in the Field of Education

    Additionally, EVLV is growing its presence in the field of education by forming a new alliance with Rahway Public Schools in New Jersey. The Evolv Express and Evolv eXpedite systems were recently installed by the district at strategic campus entrances, such as the performing arts center and gymnasium. These solutions improve safety while reducing disturbances by enabling smooth security checks without forcing students to take computers out of their backpacks.

    National School Safety Momentum

    Rahway Public Schools is establishing itself as a pioneer in implementing cutting-edge safety measures by being the first district in New Jersey to implement the eXpedite solution in conjunction with Express technology. Evolv Technologies claims that since eXpedite’s September 2024 launch, educational institutions have been progressively integrating the technology into their overall safety policies.

    With over 1,100 school buildings nationwide currently utilizing EVLV’s security systems, the company is showcasing its commitment to offering prompt, astute, and effective safety solutions that prioritize both safety and a welcoming learning environment.

  • After Market Bounce For Evolv Technologies (EVLV)

    After Market Bounce For Evolv Technologies (EVLV)

    During after-hours trading last Friday, the stock price of Evolv Technologies Holdings, Inc. (NASDAQ: EVLV) had a minor comeback, rising 6.81% to $2.64. The stock saw a steep 39.76% drop during regular trading, closing at $2.47, before this bounce. The company’s revelation of revenue recognition irregularities involving specific workers set off the slump.

    Findings of Sales Misconduct

    Evolv Technologies (EVLV) declared on October 25, 2024, that anomalies in its sales procedures had been discovered during an internal investigation. The business will have to restate its financial accounts for a two-year period as a result. EVLV cautioned stakeholders and shareholders not to depend on several of its earlier financial reporting.

    Additionally, Evolv will delay filing its quarterly report on Form 10-Q for the period ending September 30, 2024, as the investigation unfolds.

    Internal Investigation and Findings

    The Board of Directors formed an ad hoc committee consisting of independent directors to oversee an investigation into the company’s sales practices. The inquiry focuses on whether some product and subscription sales to channel partners and end users involved extra-contractual terms that affected revenue recognition.

    According to preliminary investigations, certain sales were subject to secret terms, including those involving one of Evolv’s biggest partners. PricewaterhouseCoopers LLP (PwC), an independent auditing firm, the audit committee, and the company’s accounting staff were not given access to these.

    The committee concluded that these erroneous recognitions resulted in false financial reporting between the second quarter of 2022 and the second quarter of 2024, which in turn caused either early or wrong revenue recognition. Most of the income is recognized prematurely rather than improperly, and the expected impact on revenue ranges from $4 million to $6 million.

    SEC Involvement and Future Updates

    The U.S. Securities and Exchange Commission (SEC), which is already looking into the matter independently, has been notified of the findings by Evolv Technologies. EVLV continues to assist the SEC in its investigation. Following the conclusion of the internal inquiry and the timely filing of the postponed quarterly report, more developments will be given.