Evolv Technologies Holdings Inc Reports Second Quarter Financial Results
Intellectia.AI1970-01-01
Evolv Technologies Holdings, Inc. Reports Second Quarter Financial Results
Overview:
Evolv Technologies Holdings, Inc. has reported its financial results for the quarter ended June 30, 2024.
Key Financial Metrics:
| Metric | Q2 2024 | Q1 2024 | Q2 2023 | YoY Change | QoQ Change | Consensus Estimates (Current Quarter) |
|---|---|---|---|---|---|---|
| Total Revenue | $25.5M | $22.6M | $19.8M | +$5.7M | +$2.9M | $23.84M |
| Earnings Per Share | $0.02 | $(0.03) | $(0.10) | +$0.12 | +$0.05 | $(0.07) |
Interpretation:
Evolv Technologies experienced a strong quarter, with total revenue increasing both year-over-year and quarter-over-quarter. The company achieved quarterly revenue of $25.5 million, surpassing the Wall Street consensus estimate of $23.84 million. Earnings per share (EPS) also improved significantly, reaching $0.02 compared to $(0.10) in Q2 2023, and beating the consensus estimate of $(0.07).
Revenue by Segment:
| Segment | Q2 2024 | Q2 2023 | YoY Change |
|---|---|---|---|
| Product Revenue | $3.1M | $6.6M | -$3.5M |
| Subscription Revenue | $15.2M | $9.7M | +$5.5M |
| Service Revenue | $4.9M | $3.0M | +$1.9M |
| License Fee & Other Revenue | $2.3M | $0.5M | +$1.8M |
Interpretation:
Subscription revenue and license fee & other revenue segments showed substantial growth. Subscription revenue rose by $5.5 million and license fee & other revenue increased by $1.8 million year-over-year. However, product revenue declined by $3.5 million, likely reflecting the company’s transition towards a subscription-based model.
Stock Price Movement:
The company's stock price increased by approximately 3.41% following the earnings release.
This financial report highlights Evolv Technologies Holdings, Inc.'s robust performance across its subscription and service revenue segments, reflecting the successful shift in its business model. Despite a decline in product revenue, the comprehensive growth in recurring revenue streams indicates a solid foundation for sustained profitability.
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