Why Evolv Technologies Stock Tumbled by 13% Today
Security tech stock Evolv Technologies Holdings (NASDAQ: EVLV) was hardly looking like a secure investment on Thursday. The company's share price fell by more than 13% after management published a set of preliminary quarterly results. This, on a day when the S 500 index slumped by a relatively modest 0.6%.
Evolv, which specializes in next-generation metal detectors for precision security screening, provided several estimates for its third quarter. The company anticipates it will book total revenue of $19.3 million to $19.8 million, with annual recurring revenue (ARR) landing at $65.5 million to $66 million as of the end of the period.
Those ranges are well above the third-quarter 2022 figures. For that frame, Evolv posted revenue of $16.5 million, while its quarter-end ARR was $28.7 million. It was well in the red on the bottom line, however, with an $18.6 million ($0.13 per share) net loss.
Source Fool.com
