The Momentum Builds with Record Revenue and Motorola Partnership

As we emerge from the pandemic, public health, safety, and security are driving structural changes to the way we interact with each other and the experience we demand in public environments. Not surprisingly, these structural changes are driving strong secular tailwinds for Evolv. 

I see it every day -- in our business, in conversations with our customers, and in the types of opportunities we see happening in the field. Venues are looking to reopen safely as pandemic-related restrictions are lifted, which has increased demand in our core industries.  In addition, the new post-COVID reality of patrons expecting a frictionless and safe experience is creating pent-up demand in important new markets such as casinos. 

Here are two examples: Last week, we announced record revenue and bookings as demand continues to accelerate for our transformative weapons detection screening technology. At the same time, Motorola announced our partnership, incorporating our solutions as a key screening technology for its Concealed Weapon Detection (CWD) video security and analytics portfolio. Let’s talk first about our record quarter. 

The numbers are proof of the momentum I was describing earlier. In the first quarter of 2021, revenue was $3.9 million. By comparison, revenue for all of 2020 was $4.8 million. Bookings based on Total Contract Value (TCV) for the first quarter of 2021 were $8.2 million; for all of 2020, TCV Bookings totaled $21.3 million.  

We expanded our total head count by 80% in the first quarter of 2021 and increased the sales quota by 25%. We achieved an increase of 177% in security screens over the prior 12-month period. 

The numbers are only a part of the momentum story, however. The accelerated rate of reopening across North America (and the new way so many of these venues are reopening) is translating into significant demand. Our technology has proven itself to be transformative time and again in real-world settings for some of the most iconic venues and companies in the world.  

Several major market professional sports teams—including members of MLB, MLS and the NFL—are now using Evolv to reopen with a safer, frictionless fan experience. Casinos are installing our solutions at a rapidly growing rate. Interest in Evolv has never been higher. At the same time, our ability to respond to and satisfy this growing demand has never been greater.  

Whether Lincoln Center, L.L. Bean, Six Flags or the hundreds of other Evolv customers, the market is now following their lead in making their venues safer places to live, work, and play. And we’re benefitting from that in spades 

Coming back to the partnership we announced with Motorola Solutions last week, however, highlights another angle of our momentum, around what I’ve called the digital threshold.  

Traditional security products are too slow, costly, and error prone for today’s world. Even the most motivated well-trained guards can only do so much, especially when they are fighting a flood of nuisance alarms from outdated analog technology that can’t tell the difference between a gun and a phone.  

Similar to the way in which the cybersecurity industry has adapted to a new era of digital threats, the physical security market is experiencing the same kind of transformation. As I have said before, this digital transformation will not only reduce costs, but also unlock innovations that transform the screening experience. Partnering with Motorola helps us accelerate this transformation. 

There are many important aspects to the momentum we are experiencing. It allows us to hire more terrific people, is part of the story we tell as we raise money and approach our public listing, and it enables us to invest in our products and in delighting our customers.  

But, perhaps more than anything, the momentum is providing us with a proof statement that we are fulfilling our mission of making the world a safer place to live, work, and play. I can speak for the entire team at Evolv when I say that we all take enormous pride and satisfaction in that.