On March 14, Evolv Technologies holdings Inc. (EVLV) declared its financial results for Q4 and fiscal 2021 along with a future outlook. Consequently, the stock plunged down to a new low in the after-hours session.
It seems investors were already worried about the company’s earnings as the stock remained in the red during the regular session. After fluctuating between a high of $3.49 and a low of $2.98, the stock closed the session at $2.99. Thus, EVLV declined by 3.24% in the regular session with 981.56K shares traded. Following the announcement, the stock plunged further deep in the after-hours to report its new 52-week low of $2.58. The previous 52-week low of the stock was $2.81 per share. Hence, EVLV declined by a further 13.71% in the after-hours on Monday.
The security screening products developer, Evolv Technologies holdings Inc. was founded in 2013. Currently, the company’s 142.44 million outstanding shares trade at a market capitalization of $440.13 million. EVLV stock stands at a year-to-date loss of 32.96% while it declined by 71.41% last year.
EVLV’s Q4 2021 Results
For Q4 2021, the company reported total revenue of $6.8 million with a humungous increase of 236% YOY.
Moreover, EVLV had a net income of $2.5 million or $0.02 per share in Q4 2021. Comparatively, the company had a net loss of $9.6 million or $1.06 per share in the year-ago period.
Additionally, the Total Contract Value of orders books increased by 201% and the Annual Recurring Revenue by 220% YOY.
Fiscal 2021 Results
For fiscal 2021, EVLV reported total revenue of $23.7 million with a huge increase of 395% YOY.
Furthermore, the net loss was $10.9 million or $0.15 per share in fiscal 2021 against $27.4 million or $3.07 per share in fiscal 2020.
EVLV’s 2022 Outlook
For fiscal 2022, the company expects total revenue of $29-$31 million with an adjusted EBITDA of $(65)-$(67) million. Additionally, the expected operating loss is $82-$84 million while ARR is $27-$28 million.
Recent Developments
On February 10, the company announced enhancements to its Evolv Express®. As per the new enhancements, Evolv Express® has now become the first system with integration of weapons screening and detection data collected at venue entrances with VMS (Video Management System) and Titan HST mass notification system.
Conclusion
Even though the company reported massive YOY improvement in its financials for fiscal 2021, EVLV stock tumbled down in the after hours. It seems investors remained unimpressed by the company’s outlook.
