Evolv Technologies Shares See Blue Skies, Expects Q3 Revenue To Beat Consensus

Evolv Technologies Holdings Inc EVLV shares are trading higher by around 12% after the company disclosed better-than-expected third quarter (Q3) preliminary results and raised its fiscal 2023 outlook. 

The Waltham, Massachusetts-based company expects Q3 revenues of $19.3 million to $19.8 million (vs. consensus of $16.86 million) and an adjusted gross margin of 57% to 58%.

EVLV ended Q3 with ARR of $65.5 million to $66 million and net additions of 620 to 625.

FY23 outlook Raised: EVLV now expects revenue of $75 million-$77 million (vs. $70 million-$75 million earlier and $73.74 million consensus) and adjusted EBITDA loss of $50 million-$(53) million vs. a loss of $52 million-$56 million prior. 

The company projects an adjusted gross margin of 43%-45% (vs. 38%-42% earlier) and an ARR of $73 million-$75 million (vs. $70 million-$72 million previously). 

The company will report Q3 FY23 financial results on Nov. 9, 2023.

Price Action: EVLV shares are up 11.5% at $4.84 premarket on the last check Thursday.