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

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