Evolv Technologies Holdings Inc (EVLV) 2025 Q1 法說會逐字稿

Good afternoon, and welcome to the Evolv Technology first-quarter earnings results conference call. (Operator Instructions) As a reminder, this conference call is being recorded. I would now like to introduce your host for today's call, Brian Norris, Senior Vice President of Finance and Investor Relations for Evolv Technology. Please go ahead, sir.

下午好，歡迎參加 Evolv Technology 第一季收益結果電話會議。（操作員指示）提醒一下，本次電話會議正在錄音。現在，我想介紹今天電話會議的主持人，Evolv Technology 財務和投資者關係高級副總裁 Brian Norris。先生，請繼續。

Thank you, and good afternoon, everyone, and welcome to the call. I'm joined here today by John Kedzierski, our President and Chief Executive Officer; and Chris Kutsor, our Chief Financial Officer. This afternoon, after the market closed, we issued a press release announcing our first quarter 2025 results and our business outlook for the year. This press release has been furnished with the SEC and is also available on the IR section of our website. There, investors can also access the Form 12b-25 that we filed on May 15, 2025, which was a required SEC filing, explaining why we needed more time to finalize our Q1 '25 financials due to the efforts spent completing our 2024 filings.

謝謝大家，下午好，歡迎參加電話會議。今天和我一起出席的還有我們的總裁兼執行長 John Kedzierski 和我們的財務長 Chris Kutsor。今天下午，股市收盤後，我們發布了一份新聞稿，宣布了我們2025年第一季的業績以及全年業務展望。本新聞稿已提交給美國證券交易委員會 (SEC)，也可在我們網站的 IR 部分查閱。在那裡，投資者還可以訪問我們於 2025 年 5 月 15 日提交的 12b-25 表格，這是一份 SEC 必需的文件，解釋了為什麼由於完成 2024 年文件所花費的努力，我們需要更多時間來完成 2025 年第一季的財務報表。

As required, that filing also included preliminary estimates for Q1 '25 results, and those estimates are in line with the results we issued this evening. During today's call, we will make forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements relate to our current expectations and views of future events, including, but not limited to, statements regarding our future operations, growth and financial results, our potential for growth and ability to gain new customers, demand for our products and offerings and our ability to meet our business outlook.

根據要求，該文件還包括 2025 年第一季業績的初步估計，這些估計與我們今晚發布的結果一致。在今天的電話會議中，我們將根據 1995 年《私人證券訴訟改革法案》的安全港條款做出前瞻性陳述。這些聲明涉及我們當前的預期和對未來事件的看法，包括但不限於有關我們未來營運、成長和財務業績、我們的成長潛力和獲得新客戶的能力、對我們的產品和服務的需求以及我們滿足業務前景的能力的聲明。

All forward-looking statements are subject to material risks, uncertainties and assumptions, some of which are beyond our control. Actual events or financial results may differ materially from these forward-looking statements because of a number of risks and uncertainties, including, without limitation, the risk factors set forth under the caption Risk Factors in our annual report on Form 10-K for the year ended December 31, 2024, filed with the SEC on April 28, 2025, and our quarterly report on Form 10-Q for the three months ended March 31, 2025, filed with the SEC earlier today. The forward-looking statements made today represent our views as of May 20, 2025, although we believe that the expectations reflected in these statements are reasonable, we cannot guarantee that future results, performance or the events and circumstances reflected in our forward-looking statements will be achieved or will occur. Except as may be required by applicable law, we disclaim any obligation to update them to reflect future events or circumstances.

所有前瞻性陳述都受到重大風險、不確定性和假設的影響，其中一些是我們無法控制的。由於存在許多風險和不確定性，實際事件或財務結果可能與這些前瞻性陳述存在重大差異，包括但不限於我們於 2025 年 4 月 28 日向美國證券交易委員會提交的截至 2024 年 12 月 31 日的年度報告 10-K 表和我們今天早些時候向美國證券交易委員會提交的截至 2015 年三個月和我們今天早些時候向美國證券交易委員會提交的截至 2015 年 3 月的風險因素中的 3 月 1013 月。今天所做的前瞻性陳述代表了我們截至 2025 年 5 月 20 日的觀點，儘管我們認為這些陳述中反映的預期是合理的，但我們無法保證未來結果、業績或前瞻性陳述中反映的事件和情況將會實現或發生。除適用法律可能要求外，我們不承擔更新它們以反映未來事件或情況的義務。

Our commentary today will also include non-GAAP financial measures, which we believe provide additional insights for investors. These measures should not be considered in isolation from or as a substitute for financial information prepared in accordance with GAAP. These measures include adjusted gross profit, adjusted gross margin, adjusted operating expenses, adjusted operating income, adjusted EBITDA, adjusted EBITDA margin, adjusted earnings and adjusted earnings per diluted share.

我們今天的評論還將包括非公認會計準則財務指標，我們相信這些指標可以為投資者提供更多見解。這些措施不應孤立地看待或取代根據 GAAP 編制的財務資訊。這些指標包括調整後的毛利、調整後的毛利率、調整後的營業費用、調整後的營業收入、調整後的 EBITDA、調整後的 EBITDA 利潤率、調整後的收益和調整後的每股稀釋收益。

Reconciliations between these non-GAAP measures and the most directly comparable GAAP measures can be found in our press release issued today. Please note that our definition of these measures may differ from similarly titled metrics presented by other companies. We will be discussing key metrics such as annual recurring revenue, or ARR, remaining performance obligation, or RPO, and total number of subscriptions, each of which we believe is helpful to investors in understanding the progress we are making as a business. Before I turn things over to John, I want to briefly share some details of our upcoming investor outreach plans.

這些非公認會計準則指標與最直接可比較的公認會計準則指標之間的對帳可以在我們今天發布的新聞稿中找到。請注意，我們對這些指標的定義可能與其他公司提出的類似指標不同。我們將討論關鍵指標，例如年度經常性收入（ARR）、剩餘履約義務（RPO）以及訂閱總數，我們相信這些指標都有助於投資者了解我們作為一家企業所取得的進展。在將事情交給約翰之前，我想簡要分享我們即將推出的投資者拓展計劃的一些細節。

We plan to return to the conference circuit here in Q2 with three events during the quarter: the Craig-Hallum Conference in Minneapolis and the Cowen Technology Conference, both being held later this month and the Northland Capital Conference in June. We look forward to seeing investors at those events.

我們計劃在第二季度重返會議圈，並在本季度舉辦三場活動：本月稍後在明尼阿波利斯舉行的 Craig-Hallum 會議和 Cowen 技術會議，以及 6 月舉行的 Northland Capital 會議。我們期待在這些活動中見到投資者。

With that, I'd like to turn the call over to John. John?

說完這些，我想把電話轉給約翰。約翰？

Thank you, Brian, and thanks, everyone, for joining us today. Before we get into our prepared remarks, since this marks our first call together as CEO and CFO, Chris and I are going to take a moment to introduce ourselves. As I speak with you today on my first earnings call, I do so with a deep sense of responsibility and optimism. In the brief time I've been with the company, I've been impressed by the commitment of our customers, partners, employees and shareholders. Their passion for what we do drives us every day, and it's more important than ever as we enter a new phase of growth.

謝謝 Brian，也謝謝大家今天加入我們。在我們開始準備好的發言之前，由於這是我們作為執行長和財務長的第一次通話，克里斯和我將花一點時間進行自我介紹。今天，當我在第一次財報電話會議上與大家交談時，我懷著深深的責任感和樂觀的態度。在我加入公司的短暫時間裡，我們的客戶、合作夥伴、員工和股東的承諾給我留下了深刻的印象。他們對我們所做工作的熱情每天都激勵著我們，而當我們進入新的成長階段時，這一點比以往任何時候都更重要。

I joined Evolv in December, bringing over 20 years of experience at Motorola Solutions, where I helped build a market-leading video security business in addition to leadership roles in engineering, sales and services. That experience taught me valuable lessons about growing technology businesses and staying close to customer needs. I also served on Evolv's Board from January 2022 to November 2023, which gave me a deeper understanding of the company's mission and the potential for our technology. I joined Evolv because I believe deeply in the mission, making the world a safer place. Gun violence, which continues to rage across the country has dominated headlines on almost a daily basis over the past eight weeks from a student union in Tallahassee to a food hall in downtown Oklahoma City, from a funeral service in Hartford, Connecticut to a spring car show in New Mexico to a school in Madison, Wisconsin.

我於 12 月加入 Evolv，為摩托羅拉系統公司帶來了 20 多年的工作經驗，在那裡，除了擔任工程、銷售和服務方面的領導職務外，我還幫助建立了市場領先的視訊安全業務。那次經驗讓我學到了關於發展技術業務和密切關注客戶需求的寶貴經驗。我還在 2022 年 1 月至 2023 年 11 月擔任 Evolv 董事會成員，這讓我對公司的使命和我們技術的潛力有了更深入的了解。我加入 Evolv 是因為我深信我們的使命，那就是讓世界變得更安全。槍支暴力事件持續在全美肆虐，過去八週內幾乎每天都佔據著各大媒體的頭條，從塔拉哈西的學生會到俄克拉荷馬城市中心的美食大廳，從康涅狄格州哈特福德的葬禮到新墨西哥州的春季車展，再到威斯康星州麥迪遜的一所學校。

The headlines have been a sobering reminder of the ongoing toll of gun violence across America. Evolv has developed a technology that enables schools, hospitals, distribution warehouses, tourist attractions and other facilities to implement weapon screening in places where it simply wasn't practical before. There are hundreds of thousands of entrances across the country that could benefit from AI-based weapons detection. And today, we're only in around 6,600 of them. We're still very much in the early innings of adoption and the potential market opportunity is enormous.

這些新聞頭條令人警醒地提醒人們，美國各地槍支暴力的危害仍在持續。Evolv 開發了一項技術，使學校、醫院、配送倉庫、旅遊景點和其他設施能夠在以前根本不可能實施武器篩檢的地方實施武器篩檢。全國有數十萬個入口可以從基於人工智慧的武器檢測中受益。而今天，我們只在其中的 6,600 個左右。我們仍處於採用的早期階段，潛在的市場機會巨大。

This is my first time speaking with many of you, so I want to take a moment to share how I think about the drivers of our business model. At its core, our business rests on the total number of subscriptions. The first step in modeling a business like ours is the starting annual recurring revenue base, which was approximately $100 million as of December 31, 2024. That reflected a subscription base of approximately 6,100 units at that time.

這是我第一次與你們中的許多人交談，所以我想花點時間分享我對我們商業模式驅動因素的看法。從本質上講，我們的業務依賴訂閱總數。建立像我們這樣的企業的第一步是確定年度經常性收入基礎，截至 2024 年 12 月 31 日約為 1 億美元。這反映出當時的認購基數約為 6,100 台。

As we walked into 2025, that recurring revenue base formed a solid foundation to about 78% of the revenue plan we're outlining for 2025. We expect the additional revenue to come from new customer acquisition and expanded deployments with existing customers, which will drive our volume of subscriptions incrementally higher. To that end, we expect new subscriber growth in 2025 to be at least in line with what we delivered in 2024 and potentially greater.

當我們邁入 2025 年時，經常性收入基礎為我們為 2025 年制定的約 78% 的收入計劃奠定了堅實的基礎。我們預計額外的收入將來自新客戶的獲取和現有客戶的擴展部署，這將推動我們的訂閱量逐步增加。為此，我們預計 2025 年的新用戶成長將至少與 2024 年的成長持平，甚至可能更高。

So what does that mean for investors? Simply put, this should be a consistent and predictable business with a well-defined range of outcomes. That's the hallmark of a strong subscription model. We believe this gives us a clear path to building a highly valuable business, one capable of delivering strong growth, expanding adjusted EBITDA margins and increasing free cash flow.

那麼這對投資者意味著什麼？簡而言之，這應該是一項一致且可預測的業務，並且具有明確的結果範圍。這是強大的訂閱模式的標誌。我們相信，這為我們打造高價值業務提供了一條清晰的道路，該業務能夠實現強勁增長、擴大調整後的 EBITDA 利潤率並增加自由現金流。

In a few minutes, Chris will walk through some thoughts on our long-term operating model and explain why we believe there may be more leverage in the business than we've previously communicated. I'm focused on advancing our strategy and taking the company to the next stage of its maturity. Above all, I want to assure you that our commitment to integrity, transparency and accountability will guide every decision we make. We remain dedicated to maintaining open and honest communication with all our stakeholders as we work to achieve our long-term goals.

幾分鐘後，克里斯將介紹一些關於我們長期營運模式的想法，並解釋為什麼我們認為業務中的槓桿作用可能比我們之前傳達的要大。我專注於推進我們的策略並帶領公司進入成熟的下一個階段。最重要的是，我想向你們保證，我們對誠信、透明和責任的承諾將引導我們所做的每一個決定。在努力實現長期目標的過程中，我們始終致力於與所有利害關係人保持開放和誠實的溝通。

Let me pause there for a moment and ask Chris to share a little bit about himself.

請容許我暫停一下，請克里斯分享一些關於他自己的事。

Great. Thanks, John, and hello, everybody. It's a real pleasure to be here today. I'm excited to join Evolv at such a pivotal time, not just for the company, but for the future of security technology. What drew me here is Evolv's mission and the opportunity to use my recent experience to drive value.

偉大的。謝謝，約翰，大家好。今天能來到這裡我感到非常高興。我很高興在如此關鍵的時刻加入 Evolv，這不僅對公司而言，而且對安全技術的未來而言。吸引我來這裡的是 Evolv 的使命以及利用我最近的經驗來創造價值的機會。

Before coming to Evolv about a month ago, I served as CFO, COO and Board member of Kin and Carta, a publicly traded digital transformation consultancy, where we brought together 12 firms into global platform. And we did this over a multi-year period focused on scaling and the power of platforms by implementing enterprise-grade systems and processes. And I see that same opportunity here at Evolv to scale the business. Earlier in my career, I spent nearly 25 years at Motorola Solutions and a range of senior finance roles. I'm energized by the opportunity to help Evolv grow with focus, discipline and a deep commitment to our mission.

大約一個月前加入 Evolv 之前，我曾擔任 Kin and Carta 的財務長、營運長和董事會成員，這是一家上市的數位轉型顧問公司，我們將 12 家公司整合到全球平台中。我們花了多年時間來實現這一目標，透過實施企業級系統和流程，專注於擴展和平台的功能。我在 Evolv 也看到了同樣的擴大業務的機會。在我職業生涯的早期，我在摩托羅拉系統公司工作了近 25 年，擔任過多個高階財務職位。我很高興有機會幫助 Evolv 以專注、紀律和對我們使命的堅定承諾成長。

With that, I'll turn things back over to John for more discussion on the business.

說完這些，我將把事情交還給約翰，讓他進一步討論業務問題。

Thanks, Chris. Over the past 6 to 12 months, we have navigated a period of significant challenge and transformation. Since our last investor call in August, we have appointed a new Chief Executive Officer, Chief Financial Officer, Chief Accounting Officer, General Counsel, Chief Revenue Officer and Vice President of Supply Chain. We have successfully resolved the FTC inquiry that began in 2023. Following a previously disclosed internal investigation, we also completed a restatement that on a net basis, shifted $3.1 million in revenue from certain periods prior to July 1, 2024, to fiscal periods that extend to 2029.

謝謝，克里斯。在過去的 6 到 12 個月裡，我們經歷了一段重大挑戰和轉型時期。自八月上次投資者電話會議以來，我們已任命了新的執行長、財務長、首席會計官、總法律顧問、首席營收長和供應鏈副總裁。我們成功解決了 2023 年開始的 FTC 調查。在先前揭露的內部調查之後，我們也完成了一份重述，以淨額計算，將 2024 年 7 月 1 日之前某些期間的 310 萬美元收入轉移到延長至 2029 年的財政期間。

We fully recognize the seriousness of these matters. Under new leadership, we are taking comprehensive steps to address the root causes and build a stronger, more resilient organization. This includes fostering a stronger company culture, reinforcing our ethical standards and accountability, enhancing financial oversight and cross-functional coordination, refreshing policies and training programs and appointing experienced professionals to key roles. These efforts and investments are ongoing. We understand that rebuilding trust takes time, but we are confident that these changes will position us for long-term success.

我們充分認識到這些問題的嚴重性。在新的領導下，我們正在採取全面措施解決根本原因，建立一個更強大、更有韌性的組織。這包括培育更強大的公司文化、加強我們的道德標準和責任、加強財務監督和跨職能協調、更新政策和培訓計劃以及任命經驗豐富的專業人士擔任關鍵職位。這些努力和投資仍在持續進行中。我們明白重建信任需要時間，但我們相信這些改變將使我們獲得長期的成功。

To our shareholders, thank you for your patience and your partnership. To our customers, thank you for continuing to trust us to help make your venues safer, a responsibility we hold sacred. To our employees, your relentless commitment to our mission, our customers and our shareholders has been extraordinary. And to the families and loved ones who support our team, thank you. We are on a journey.

對於我們的股東，感謝你們的耐心與合作。對於我們的客戶，感謝您繼續信任我們，讓我們幫助您的場館更加安全，這是我們神聖的責任。對我們的員工來說，你們對我們的使命、我們的客戶和股東的不懈承諾是非凡的。也向支持我們團隊的家人和親人表示感謝。我們正在旅途中。

We intend to emerge from this period stronger and more resilient. We truly appreciate your patience and unwavering partnerships throughout these difficult times, and we're now focused on leveraging this momentum as we enter the next stage of growth and innovation. I'm going to spend a few minutes on our Q1 results and the trends that we are seeing in the business. Chris will then walk through our financial results and our outlook. Overall, I am pleased with the solid start to the year.

我們決心走出這段時期，變得更強大、更堅韌。我們真誠地感謝您在這段困難時期的耐心和堅定不移的合作夥伴關係，現在我們正專注於利用這一勢頭進入下一個成長和創新階段。我將花幾分鐘時間介紹我們的第一季業績以及我們在業務中看到的趨勢。克里斯隨後將介紹我們的財務業績和前景。總體而言，我對今年的良好開局感到滿意。

Revenue in the first quarter was $32 million, up 10% sequentially and 44% year-over-year. Our results in Q1 reflected new customer acquisition activity, strong expansion from our installed customer base, overall growth in subscriptions of Evolv Express and the early adoption of our newest product offering, Evolv eXpedite. We'd recommend that investors not read too much into the year-over-year growth as Q1 2024 was a relatively soft quarter with only 10% growth over Q1 2023. As a result, we believe the year-over-year comparison is less meaningful in assessing current momentum. We welcomed over 50 new customers in Q1 ' 25 and now serve about 950 customers across our key end markets.

第一季營收為 3,200 萬美元，季增 10%，年增 44%。我們第一季的業績反映了新客戶獲取活動、現有客戶群的強勁擴張、Evolv Express 訂閱量的整體增長以及我們最新產品 Evolv eXpedite 的早期採用。我們建議投資者不要過度解讀年比成長，因為 2024 年第一季是一個相對疲軟的季度，僅比 2023 年第一季成長 10%。因此，我們認為，與去年同期的比較對於評估當前發展動能意義不大。我們在 2025 年第一季迎來了 50 多家新客戶，目前為我們主要終端市場的約 950 家客戶提供服務。

ARR grew 34% year-over-year to $106 million at the end of Q1 '25. Finally, building on our achievement of reaching positive adjusted EBITDA in Q4 '24, we're pleased to report adjusted EBITDA for Q1 '25 increased to $1.7 million. Adjusted EBITDA margin, a term that investors will hear more frequently from the company was 5% in Q1 '25. Despite challenging conditions, our sales teams remained focused and resilient, continuing to serve our customers with professionalism and integrity. We're deeply grateful for their perseverance during a demanding period.

截至 2025 年第一季末，ARR 年增 34%，達到 1.06 億美元。最後，在 2024 年第四季實現正調整後 EBITDA 的基礎上，我們很高興地報告 2025 年第一季的調整後 EBITDA 增至 170 萬美元。調整後的 EBITDA 利潤率（投資者更常聽到的術語）在 2025 年第一季為 5%。儘管面臨嚴峻挑戰，我們的銷售團隊依然保持專注和韌性，並繼續以專業和誠信的態度為客戶服務。我們深深感謝他們在艱困時期的堅持。

Their efforts have been reinforced by the leadership of Robert Marshall, our newly appointed Chief Revenue Officer, who joined earlier this year. Under Robert's guidance, we're starting to see early but encouraging signs of progress and renewed momentum across the business. Sales cycles, which we define as the average time from opportunity creation to a buying decision improved in Q1. These cycles have been lengthening throughout much of 2024, but began to recover following the successful resolution of the FTC matter, which we announced in late Q4. One measure of sales productivity is sales and marketing spend as a percentage of revenue.

他們的努力得到了我們新任命的首席營收長羅伯特馬歇爾 (Robert Marshall) 的領導，他於今年稍早加入公司。在羅伯特的指導下，我們開始看到整個業務出現早期但令人鼓舞的進展跡象和新的發展勢頭。銷售週期，我們將其定義為從機會創造到購買決策的平均時間，在第一季有所改善。這些週期在 2024 年的大部分時間裡都在延長，但在我們於第四季末宣布 FTC 問題成功解決後，開始恢復。衡量銷售效率的一個指標是銷售和行銷支出佔收入的百分比。

Sales and marketing spend as a percentage of revenue is improving, a metric that I monitor personally. That is a sign that our team is executing more effectively and efficiently. Following the resolution of the FTC matter, we retained 92% of the eligible education customers that could have canceled the remaining terms. Further, we retained 90% of the deployed units across those customers, reflecting the strong value our solutions deliver and the trust that our customers continue to demonstrate in us. In fact, several of the education customers eligible for early cancellation expanded their deployments with us, driving 92% net revenue retention and 94% net unit retention across the eligible group.

銷售和行銷支出佔收入的百分比正在提高，這是我親自監控的指標。這表明我們的團隊正在更有效、更有效率地執行任務。在聯邦貿易委員會解決問題後，我們保留了 92% 的合格教育客戶，他們可以取消剩餘的條款。此外，我們保留了這些客戶 90% 的已部署設備，這反映了我們的解決方案所提供的強大價值以及客戶對我們持續表現出的信任。事實上，幾家有資格提前取消的教育客戶擴大了與我們一起的部署，推動整個合格群體的淨收入保留率達到 92%，淨單位保留率達到 94%。

These results highlight the high customer satisfaction and strong renewal rates driven by Evolv's proven performance. This is a powerful endorsement of the value we're delivering with 400 of our 6,600 units naturally coming up for renewal this year, we remain optimistic about maintaining strong retention. I want to take a moment to introduce a new program we are rolling out here in Q2. Our Certified Pre-Owned program. This program, which you may hear us refer to as CPO, allows us to recapture value from Evolv Express units that are returning to us following a nonrenewal or from a customer upgrading from our first-generation Express to our second-generation Express.

這些結果凸顯了 Evolv 經過驗證的性能所帶來的高客戶滿意度和強勁的續約率。這有力地證明了我們所提供的價值，我們 6,600 個單位中今年自然會有 400 個進行續約，我們對於保持強勁的保留率仍然持樂觀態度。我想花點時間介紹一下我們將在第二季推出的新計劃。我們的認證二手車計畫。您可能聽到我們稱此計劃為 CPO，它使我們能夠從在未續約後返回給我們的 Evolv Express 單元或從我們的第一代 Express 升級到第二代 Express 的客戶那裡重新獲得價值。

A good example of this is the upgrade we just completed with the San Francisco Giants, who chose to move to our next-gen Express and commit to a new four-year subscription with a modest refurbishment investment, we can repurpose those partially depreciated units that are returned to us for a new set of subscription customers. This enables us to reach more price-sensitive buyers and expand into market segments that were previously out of reach. We expect this program to contribute positively to revenue, cash flow, ARR and RPO. EXpedite, our autonomous bag screening solution is off to a good start. In just a few months since its launch, we've added 12 new customers.

一個很好的例子就是我們剛剛為舊金山巨人隊完成的升級，他們選擇轉向我們的下一代 Express 並承諾以適度的翻新投資進行新的四年訂閱，我們可以重新利用那些退還給我們的部分折舊設備來為新一批訂閱客戶提供服務。這使我們能夠接觸到更多對價格敏感的買家，並擴展到以前無法觸及的細分市場。我們預計該計劃將對收入、現金流、ARR 和 RPO 做出積極貢獻。EXpedite，我們的自主行李安檢解決方案已取得良好開端。自推出以來的短短幾個月內，我們已經增加了 12 個新客戶。

That is early traction, which we believe is encouraging. We believe eXpedite has the potential to drive meaningful customer expansion, higher attach rates and stronger subscription stickiness. Lastly, I want to highlight a key signal of customer trust, expansion. About 50% of the units and ARR we booked in Q1 came from existing customers. These are organizations that have already deployed our technology, tested it in the real world and decided to invest further, a strong validation of the value we provide.

這是早期的進展，我們認為這是令人鼓舞的。我們相信 eXpedite 有潛力推動有意義的客戶擴張、更高的附加率和更強的訂閱黏性。最後，我想強調客戶信任的一個關鍵訊號，即擴張。我們在第一季預訂的單位和 ARR 中約有 50% 來自現有客戶。這些組織已經部署了我們的技術，在現實世界中進行了測試，並決定進一步投資，這有力地驗證了我們提供的價值。

Beyond the numbers, Evolv is making a significant impact in the communities we serve. On average, we are now screening over three million people every day and have screened over two billion people since we started Evolv -- deploying Evolv Express. More importantly, our technology is being used by our customers to tag on average, approximately 500 firearms every single day. What does that look like in real life? As you may have seen in the media, just last month at Rock Island High School in Illinois, Evolv Express flagged a student during morning screening.

除了數字之外，Evolv 還對我們服務的社區產生了重大影響。平均而言，我們現在每天篩選超過 300 萬人，自從我們啟動 Evolv（部署 Evolv Express）以來，已經篩選了超過 20 億人。更重要的是，我們的客戶平均每天使用我們的技術來標記約 500 支槍。在現實生活中這是什麼樣的呢？正如您可能在媒體上看到的那樣，就在上個月，在伊利諾伊州的羅克島高中，Evolv Express 在晨間篩檢中標記了一名學生。

A search revealed a loaded handgun and the student was arrested, avoiding a potentially dangerous situation. Earlier this year, Antioch High School in Nashville, Tennessee experienced a heartbreaking tragedy of a school shooting that deeply impacted the entire community. In response, the district took swift action to enhance campus safety by deploying Evolv. Over just the last two weeks, our technology has been used to successfully identify loaded firearms on students on three different occasions. Thanks to Metro Nashville's rapid deployment of our technology and the exemplary actions by school staff on site, potential violence was averted.

在搜查中發現了一把上了膛的手槍，該學生被逮捕，避免了潛在的危險情況。今年早些時候，田納西州納什維爾的安提阿克高中發生了令人心碎的校園槍擊案，給整個社區帶來了深遠的影響。作為回應，該學區迅速採取行動，部署 Evolv 來加強校園安全。僅在過去兩週內，我們的技術就已三次成功識別學生身上攜帶的槍支。由於納許維爾市政府迅速部署了我們的技術，而現場學校工作人員採取了模範行動，潛在的暴力事件得以避免。

These are just a few examples that highlight how our technology is making a real difference in keeping schools safer. Today, Evolv Express is deployed in 20 of the 100 largest US school districts and over 1,300 school buildings, screening more than 850,000 students and visitors daily. This reflects the trust placed in us by school administrators, parents and communities who view our system as a critical tool for proactive safety. In health care, Evolv is making significant strides in transforming hospital safety.

這些只是幾個例子，說明了我們的科技如何真正發揮了保障學校安全的作用。目前，Evolv Express 已部署在美國 100 個最大的學區中的 20 個學區和 1,300 多棟校舍，每天篩選超過 85 萬名學生和訪客。這反映了學校管理人員、家長和社區對我們的信任，他們將我們的系統視為主動安全的重要工具。在醫療保健領域，Evolv 在改變醫院安全方面取得了重大進展。

We believe our concealed weapon detection technology is enhancing security in hospitals without compromising the patient experience. In Q1 2025, we added nearly a dozen new health care customers, and we now have an installed base of products in 500 hospital buildings across the United States. Daily visitor screenings have nearly doubled year-over-year, reaching nearly 900,000. At a hospital in Canada, our solution intercepted 23 knives in one week. This illustrates the power of our technology in creating safer environments for health care workers and patients alike, reinforcing our commitment to building trust and delivering safety.

我們相信，我們的隱藏式武器偵測技術能夠增強醫院的安全性，同時又不會影響病患的體驗。2025 年第一季度，我們增加了近十幾個新的醫療保健客戶，目前我們的產品已遍佈美國 500 座醫院大樓。每日遊客放映量較去年同期成長近一倍，達到近90萬人次。在加拿大一家醫院，我們的解決方案在一周內攔截了 23 把刀。這體現了我們的技術在為醫護人員和病患創造更安全環境方面的強大功能，強化了我們建立信任和提供安全的承諾。

We are also monitoring changes in state laws that could impact security requirements and create demand for our solutions. One notable example is California's new law mandating that hospitals implement automated weapons detection screening and staff security training at key entrances by March 2027. This regulation reflects growing concern over health care worker and patient safety and signals an increased focus toward prioritizing safety in health care settings. As hospitals work to improve safety and security, we believe there may be meaningful long-term opportunity for us. Momentum also continued in the sports and entertainment sector in Q4 2024 and Q1 2025.

我們也正在監測可能影響安全要求並產生對我們的解決方案的需求的州法律的變化。一個值得注意的例子是加州的新法律，該法律規定醫院必須在 2027 年 3 月之前在主要入口處實施自動武器檢測篩檢和員工安全培訓。該法規反映出人們對醫護人員和病人安全日益增長的關注，並顯示人們更加重視醫療保健環境中的安全。隨著醫院努力提高安全性，我們相信這對我們來說可能是一個有意義的長期機會。2024 年第四季和 2025 年第一季度，體育和娛樂產業也持續保持強勁成長勢頭。

We supported several high-profile events, including both NBA tip off games, the MLS Cup Final and the Mike Tyson vs. Logan Paul fight. We also provided fan screening at 12 college football bowl games, including 3 during the highly attended playoffs. Our new Evolv eXpedite solution was deployed at the Houston Astros Stadium, marking another milestone in professional sports. We added new venues such as the Rogers Centre in Edmonton and Sports Illustrated Stadium in New Jersey, a partnership with Cosm in both their L.A.

我們支持了幾場備受矚目的活動，包括 NBA 揭幕戰、MLS 盃決賽以及邁克泰森與洛根保羅的比賽。我們還在 12 場大學橄欖球碗賽上進行了球迷放映，其中包括 3 場觀眾眾多的季後賽。我們的全新 Evolv eXpedite 解決方案已部署於休士頓太空人體育場，標誌著職業運動的另一個里程碑。我們增加了新的場館，例如埃德蒙頓的羅傑斯中心和新澤西的體育畫報體育場，並與 Cosm 在洛杉磯建立了合作夥伴關係。

and Dallas locations and three new ASM Global venues. These events and renewals demonstrate the growing adoption of Evolv technology in major leagues and iconic venues, showcasing our ability to deliver safety and operational excellence at scale. This is just a glimpse of how Evolv is changing the landscape of safety, one vertical market at a time. As we look at the broader market opportunity, it's clear that this is bigger than just a product or a company. It's a movement, a transformation in how we think about safety and public spaces.

和達拉斯分店以及三個新的 ASM Global 場館。這些活動和續約顯示 Evolv 技術在各大聯賽和標誌性場館中的應用日益廣泛，展現了我們大規模提供安全和卓越營運的能力。這只是 Evolv 如何改變安全格局（逐一垂直市場）的縮影。當我們審視更廣泛的市場機會時，很明顯，這不僅僅是一種產品或一家公司那麼簡單。這是一場運動，也是我們對安全和公共空間看法的轉變。

We are not just helping to improve weapons detection. We're creating an entirely new category. Prior to Evolv, many of our customers lacked a weapons detection system, not because they didn't care about safety, but because they felt traditional solutions were too slow, too labor-intensive and too disruptive to daily operations. Evolv is changing that with our AI-powered technology that detects a wide variety of concealed weapons while ignoring many everyday benign items such as cell phones. There are hundreds of thousands of entrances that could be protected by AI-based weapons detection.

我們不僅僅幫助改善武器檢測。我們正在創建一個全新的類別。在 Evolv 之前，我們的許多客戶都缺乏武器偵測系統，這並不是因為他們不關心安全，而是因為他們覺得傳統的解決方案太慢、太費力並且對日常營運造成太大干擾。Evolv 正在利用我們的人工智慧技術改變這種狀況，該技術可以檢測出各種隱藏的武器，同時忽略手機等許多日常無害物品。有數十萬個入口可以透過基於人工智慧的武器檢測進行保護。

And while we're currently one of the leaders in this market, we're in only about 6,600 entrances today. Over time, we believe that could grow to 10,000, then 20,000 and so on. While that type of installed base of subscriptions would drive us to new heights in terms of both revenue and cash generation, the market penetration would still be far less than 10%. Let me give you some perspective. Today, Evolv is in only about 1% of US.

雖然我們目前是這個市場的領導者之一，但我們目前只涵蓋了大約 6,600 個入口。隨著時間的推移，我們相信這個數字可能會成長到 10,000，然後是 20,000，以此類推。雖然這種類型的訂閱安裝基礎將推動我們在收入和現金產生方面達到新的高度，但市場滲透率仍遠低於 10%。讓我給你一些觀點。目前，Evolv 僅涵蓋美國約 1% 的地區。

school buildings. Adoption in hospitals and health care is still in the low single-digits. Even in sports and entertainment, where we've made the most progress, we've only scratched the surface. Make no mistake, we are still in the early innings of a new market, which we think will drive significant value creation for shareholders. Think about electric vehicles, which are widely present today.

學校建築。醫院和醫療保健領域的採用率仍處於個位數偏低水準。即使在我們取得最大進步的體育和娛樂領域，我們也只是觸及了表面。毫無疑問，我們仍處於新市場的早期階段，我們認為這將為股東創造巨大的價值。想想如今廣泛存在的電動車。

10 years ago, EVs were for early adopters. That's where we are with AI-powered weapons detection, especially outside of sports and entertainment. We're still in the first mover phase. We're not just selling a product. We're enabling a new security paradigm, one that's designed to be smarter, faster and more scalable.

10 年前，電動車僅供早期使用者使用。這就是我們在人工智慧武器檢測方面的現狀，特別是在體育和娛樂之外的領域。我們仍處於先行階段。我們不只是在銷售產品。我們正在實現一種新的安全範式，該範式旨在更加智慧、更加快速、更具可擴展性。

So as we look ahead, the opportunity is large. So what does that look like in 2025? We expect to grow revenues by 20% to 25% in 2025, while delivering positive full year adjusted EBITDA. We also expect to be cash flow positive by the end of the year. We have strong visibility to the key drivers of our business and remain confident in our ability to deliver on our 2025 revenue targets and to build sustainable growth well beyond this year.

因此，展望未來，機會是巨大的。那麼 2025 年的情況會是如何呢？我們預計 2025 年營收將成長 20% 至 25%，同時實現全年調整後 EBITDA 為正。我們也預計到今年年底現金流將為正值。我們對業務的關鍵驅動因素有著清晰的認識，並對我們實現 2025 年收入目標和在今年之後實現永續成長的能力充滿信心。

I'm going to leave it there and turn it over to Chris, who will take you through our financial results and details behind our outlook.

我將把它留在那裡並交給克里斯，他將向您介紹我們的財務表現和展望背後的細節。

Thanks, John. I'm going to review our results in more detail and then walk through our outlook. Since we did not host a conference call following the release of our full year results a few weeks ago, I want to cover our final 2024 financial results very briefly. Total revenue in 2024 was $103.9 million, representing a 31% increase compared to $79.6 million in 2023 as restated. That strong growth reflected continued progress across our core markets and expanded adoption of our solutions.

謝謝，約翰。我將更詳細地回顧我們的結果，然後介紹我們的展望。由於我們在幾週前發布全年業績後沒有召開電話會議，因此我想非常簡要地介紹一下我們 2024 年的最終財務業績。2024 年總營收為 1.039 億美元，較 2023 年重述的 7,960 萬美元成長 31%。強勁的成長反映了我們核心市場的持續進步以及我們解決方案的廣泛採用。

It also reflects the full annualized impact of the record bookings levels we achieved in 2023. Adjusted EBITDA also improved meaningfully to a loss of $21 million compared to a loss of $51.8 million in 2023. Turning to our 2025 first-quarter results. As John mentioned, revenue was $32 million, up 10% sequentially and 44% year-over-year. Those results include approximately $1 million of one-time favorable impacts with approximately $800,000 from a Q4 '24 product order in the industrial warehouse market that disproportionately benefited Q1 and just under $100,000 related to the restatement.

它也反映了我們在 2023 年實現的創紀錄預訂水準的全部年度影響。調整後的 EBITDA 也大幅改善，虧損 2,100 萬美元，而 2023 年的虧損為 5,180 萬美元。談到我們的 2025 年第一季業績。正如約翰所提到的，收入為 3,200 萬美元，環比成長 10%，年增 44%。這些結果包括約 100 萬美元的一次性有利影響，其中約 80 萬美元來自工業倉庫市場 24 年第四季的產品訂單，這對第一季產生了不成比例的益處，以及與重述相關的略低於 10 萬美元的影響。

I also want to echo John's comments about the softness in the prior year comparison and the strong adoption of our full subscription model just to keep things in the proper context. Annual recurring revenue or ARR at March 31, 2025, was $106 million, reflecting growth of 34% year-over-year. 80% of our revenue in Q1 '25 was recurring revenue compared to 85% in the first quarter of last year, reflecting a higher contribution from one-time product sales such as the product order I just mentioned and higher one-time IP license fees. Remaining performance obligation, or RPO, as of March 31, 2025, was $261.2 million. This reflects the value of the 48 month subscriptions that we have with our customers.

我還想附和約翰關於與去年同期相比的疲軟以及我們大力採用全訂閱模式的評論，只是為了讓事情保持在適當的背景下。截至 2025 年 3 月 31 日的年度經常性收入或 ARR 為 1.06 億美元，年增 34%。 2025 年第一季我們的 80% 收入為經常性收入，而去年第一季這一比例為 85%，這反映了一次性產品銷售（例如我剛才提到的產品訂單）的貢獻增加，以及一次性 IP 許可費的增加。截至 2025 年 3 月 31 日，剩餘履約義務（RPO）為 2.612 億美元。這反映了我們與客戶簽訂的 48 個月訂閱協議的價值。

Adjusted gross margin, which excludes stock-based compensation and certain other one-time expenses was 61% in the first quarter of 2025, consistent with the first quarter of last year and benefiting from the one-time favorable items previously mentioned. Adjusted operating expenses, which excludes stock-based compensation, loss on impairment of equipment and certain other one-time expenses were $23.2 million compared to $27.3 million in the first quarter of last year. This 15% year-over-year decline in adjusted operating expenses primarily reflects the actions we've taken over the last year to reduce spend. We are beginning to see the impact of improving operating leverage in our business model. Adjusted loss, which excludes stock-based compensation, noncash charges and other one-time items, was $3.4 million compared to $12.7 million in the first quarter of last year.

2025 年第一季度，調整後毛利率（不包括股票薪酬和某些其他一次性費用）為 61%，與去年第一季持平，並受益於前面提到的一次性有利項目。調整後的營業費用（不包括股票薪酬、設備減損損失和某些其他一次性費用）為 2,320 萬美元，而去年第一季為 2,730 萬美元。調整後營運費用年減 15% 主要反映了我們去年為削減支出所採取的措施。我們開始看到提高經營槓桿對我們商業模式的影響。調整後虧損（不包括股票薪酬、非現金費用和其他一次性項目）為 340 萬美元，而去年第一季為 1,270 萬美元。

Adjusted EBITDA, which excludes stock-based compensation and the other one-time items, was $1.7 million compared to a loss of $10.4 million in the first quarter of last year. This $1.7 million or 5.3% margin included approximately $500,000 or 150 basis point benefit from the one-time product order previously mentioned. Due to new information recently received from our insurers, we recorded an estimated insurance recovery of $3.9 million for the first quarter of 2025. This is related to certain defense costs previously incurred and paid for in connection with the securities litigation and related regulatory matters, including the restatement in connection with the same. This is reflected as a reduction in our GAAP G&A expenses for the quarter and is also included in prepaid and other current assets on our balance sheet as of March 31, 2025.

調整後的 EBITDA（不包括股票薪酬和其他一次性項目）為 170 萬美元，而去年第一季的虧損為 1,040 萬美元。這 170 萬美元或 5.3% 的利潤包括前面提到的一次性產品訂單帶來的約 50 萬美元或 150 個基點的收益。根據我們最近從保險公司收到的新消息，我們預計 2025 年第一季的保險賠償金額為 390 萬美元。這與先前因證券訴訟和相關監管事項而產生和支付的某些辯護費用有關，包括與此相關的重述。這反映為本季 GAAP G&A 費用的減少，並且還包含在截至 2025 年 3 月 31 日的資產負債表中的預付款和其他流動資產中。

The estimate includes both of: one, the amounts confirmed for reimbursement by our insurance providers; and two, a reasonable estimate of the minimum additional claims we expect will be covered. We expect this receivable to be recovered as a cash payment to the company partially in Q2 and the balance expected later in the year. While the estimated recovery is part of our Q1 GAAP results, we excluded it from our non-GAAP financial metrics to give investors a clearer view of our ongoing operating performance. There are more claims that are being evaluated for possible recovery, and we will continue to keep investors up to date. Turning to the balance sheet.

此估算包括：一、我們的保險提供者確認的報銷金額；二、我們預期將承保的最低額外索賠的合理估算。我們預計這筆應收款將在第二季以現金支付的形式部分收回，餘額預計將在今年稍後收回。雖然預期的復甦是我們第一季 GAAP 業績的一部分，但我們將其排除在非 GAAP 財務指標之外，以便投資者更清楚地了解我們持續的經營業績。還有更多索賠正在接受評估，以確定是否能夠獲得追償，我們將繼續向投資者通報最新情況。轉向資產負債表。

We ended the quarter with $35 million in cash, cash equivalents and marketable securities compared with $52 million at the end of Q4 2024. This reduction primarily reflects several drivers. First, we had approximately $6 million of one-time cash disbursements associated with third-party advisers related to the ad hoc investigation and ensuing restatement. We had approximately $3.5 million in short-term incentive payments associated with our 2024 performance. This distribution typically occurs in March each year.

本季末，我們的現金、現金等價物和有價證券為 3,500 萬美元，而 2024 年第四季末為 5,200 萬美元。這種減少主要反映了幾個因素。首先，我們與第三方顧問就臨時調查和隨後的重述支付了約 600 萬美元的一次性現金支出。我們獲得了與 2024 年業績相關的約 350 萬美元的短期激勵金。這種分發通常發生在每年三月。

We also had approximately $1.5 million in disbursements for restructuring costs related to the workforce rationalization that was completed in Q1 and the sequential decline in cash also reflected the traditional linearity of customer collections, which tends to be very strong in the fourth quarter. Turning to our outlook for 2025. We expect total revenues to grow by 20% to 25% this year to between $125 million and $130 million. Of note, we do not expect any material revenue contribution from the restatement in 2025. I want to take a moment to share some details on the assumptions behind our revenue outlook.

我們還支付了約 150 萬美元與第一季完成的勞動力合理化相關的重組成本，現金的連續下降也反映了客戶收款的傳統線性，這種趨勢在第四季度往往非常強勁。展望 2025 年。我們預計今年總營收將成長 20% 至 25%，達到 1.25 億美元至 1.3 億美元之間。值得注意的是，我們預期 2025 年的重述不會帶來任何實質的收入貢獻。我想花點時間分享一些關於我們收入前景背後假設的細節。

The financial hallmark of any strong subscription business is, of course, ARR. This is a measure of the revenue we expect to generate from existing customers in the next 12 months. We had an ARR balance of approximately $100 million on December 31, 2024. So we effectively brought in about 78% of our full year revenue plan into the year on day one. We expect a substantial amount of our growth plan to come from the expansion of our existing subscription base during the year, which helps reduce overall volatility and provides a more defined set of possible outcomes from 2025 or any year.

當然，任何強大的訂閱業務的財務標誌都是 ARR。這是我們預計在未來 12 個月內從現有客戶獲得的收入的衡量標準。截至 2024 年 12 月 31 日，我們的 ARR 餘額約為 1 億美元。因此，我們在第一天就有效地實現了全年收入計劃的約 78%。我們預計，我們成長計畫的很大一部分將來自今年現有訂閱基礎的擴大，這有助於降低整體波動性，並為 2025 年或任何一年的可能結果提供更明確的定義。

And we expect the incremental growth to come from new customer acquisition and expanding deployments. To that end, we're encouraged by the strength of our pipeline, the positive buying signals that we're seeing from both customers and prospects and the signals we're seeing in overall improved sales execution. One final consideration in forming our 2025 revenue outlook. Based on the trends we are seeing during the first half of 2025, we expect to shift towards more pure subscription orders versus purchase deals. Pure subscription generates less upfront revenue, but maximizes ARR and strengthens future year revenue visibility.

我們預計增量成長將來自新客戶的獲取和部署的擴大。為此，我們對我們的通路實力、從客戶和潛在客戶看到的積極購買訊號以及我們在整體銷售執行情況改善中看到的訊號感到鼓舞。在製定 2025 年收入展望時，還有最後一個考慮因素。根據我們在 2025 年上半年看到的趨勢，我們預計將轉向更多純粹的訂閱訂單而非購買交易。純訂閱產生的前期收入較少，但可以最大化 ARR 並增強未來幾年的收入可見度。

Conversely, purchase subscription transactions can bring higher one-time upfront revenue with less ARR. For these reasons, model mix can be a key driver to short-term revenue growth, ARR growth and gross margins. And based on the model mix in our outlook, we expect slight headwinds of 200 basis points to 300 basis points of gross margin for the full year 2025. However, over the long-term, shifting to models that maximize ARR and thus long-term revenue growth and profitability is optimal for the company and its shareholders. I want to turn to our outlook for profitability in 2025.

相反，購買訂閱交易可以帶來更高的一次性前期收入，但 ARR 較低。由於這些原因，模型組合可以成為短期收入成長、ARR 成長和毛利率的關鍵驅動力。根據我們展望中的模型組合，我們預計 2025 年全年毛利率將略有下降 200 個基點至 300 個基點。然而，從長遠來看，轉向最大化 ARR 並因此實現長期收入成長和獲利能力的模式對於公司及其股東來說是最佳的。我想談談我們對 2025 年獲利能力的展望。

In short, we believe our strong revenue growth plans, coupled with a continued careful focus on operational efficiency will drive improved profitability in 2025. And we expect to make approximately $2 million of near-term temporary investments in 2025 to help improve our back-office platform and scale our business operations. We intend to improve our systems and processes for enhanced controls with expected efficiency once implemented. As a result of our growth and operational drivers, we expect to deliver positive full year adjusted EBITDA in 2025 with margins in the low to mid single-digits, inclusive of this $2 million near-term investment. Turning to cash.

簡而言之，我們相信強勁的收​​入成長計劃，加上對營運效率的持續關注，將在 2025 年推動獲利能力的提高。我們預計在 2025 年進行約 200 萬美元的短期臨時投資，以幫助改善我們的後台平台並擴大我們的業務運作。我們打算改進我們的系統和流程，以便在實施後增強控制並達到預期的效率。由於我們的成長和營運驅動力，我們預計 2025 年全年調整後 EBITDA 將為正，利潤率將達到低至中等個位數，其中包括這筆 200 萬美元的近期投資。轉向現金。

We feel confident about our liquidity position for several reasons. First, we have a solid plan focused on driving top line growth of 20% to 25% in 2025. Second, we've successfully restructured the company, reduced spend and achieved positive adjusted EBITDA ahead of schedule. Third, we have confirmation by our insurer that certain defense costs related to the securities litigation and other related matters will be reimbursed starting now. And finally, we remain on track to deliver positive free cash flow in Q4 as planned, subject to any future swings in tariffs.

出於多種原因，我們對我們的流動性狀況充滿信心。首先，我們有一個完善的計劃，重點是到 2025 年實現 20% 至 25% 的營收成長。其次，我們成功重組了公司，削減了開支，並提前實現了調整後的 EBITDA 為正。第三，我們的保險公司已確認，與證券訴訟和其他相關事項有關的某些辯護費用將從現在開始得到報銷。最後，儘管未來關稅可能出現波動，但我們仍有望在第四季度按計劃實現正自由現金流。

I also want to be clear that we have no current plans to raise capital through any type of dilutive forms of equity-based financing. And finally, I want to close with a few comments on our long-term operating model. That long-term operating model was last shared with investors in 2023. At that time, the target was achieving long-term adjusted EBITDA margins of 10% to 15%. And since then, a lot has changed in the business.

我還想明確指出，我們目前沒有計劃透過任何類型的稀釋性股權融資來籌集資金。最後，我想就我們的長期營運模式發表一些評論。這個長期營運模式最後一次與投資者分享是在 2023 年。當時的目標是實現長期調整後的 EBITDA 利潤率達到 10% 至 15%。從那時起，業務發生了很大變化。

We're currently taking a fresh look at the model and intend to update it. In short, we believe there's potential for greater long-term leverage in this business. While there's more work to do, we look forward to sharing detailed updates at our next Analyst Day.

我們目前正在重新審視該模型並打算對其進行更新。簡而言之，我們相信這項業務具有更大的長期槓桿潛力。雖然還有更多工作要做，但我們期待在下一次分析師日分享詳細的更新。

And with that, I'll turn the call back over to Brian.

說完這些，我將把電話轉回給布萊恩。

Thank you, Chris. At this time, we'd like to open the call up for Q&A.

謝謝你，克里斯。現在，我們想開始問答環節。

(Operator Instructions)

（操作員指示）

Jeremy Hamblin, Craig Hallum.

傑里米·漢布林、克雷格·哈勒姆。

And congratulations on all the hard work getting here and the great results. I wanted to start by just asking about the success you're having with expansions. I think you said 50% of the new subscriptions were expansions and get an understanding of whether or not more of that is coming from the education vertical or health care or kind of enterprise or stadiums.

恭喜你們為達到這一目標所付出的所有努力和取得的偉大成果。首先我想問一下你們的擴張是否成功。我認為您說過 50% 的新訂閱是擴展，並了解其中是否有更多來自教育垂直領域或醫療保健或企業或體育場館。

Thank you for the question. We're thrilled about the commitment our customers are showing to our technology and see that as a great sign to the value we provide that they chose to double down on the investment that they've made in Evolv. In terms of your question on where that's coming from, that is our Express installed base since eXpedite is new to the market. And in terms of specific verticals, that's something we could follow up at a later time.

謝謝你的提問。我們很高興看到客戶對我們技術的承諾，並將此視為他們選擇加倍對 Evolv 的投資，這充分錶明了我們提供的價值。至於您關於其來源的問題，那是我們的 Express 安裝基礎，因為 eXpedite 是新進入市場的。至於具體的垂直領域，我們可以稍後再跟進。

Got it. And then I wanted to get an understanding there's some new -- there's a new law in California that's captured some attention here about hospital entrances being required by March of '27 to have weapons detection systems at all entrance ways. And wanted to get a sense for inbound interest related to that. And then any additional comments that you might have. I think there's several other states that are looking at similar types of legislation requirements.

知道了。然後我想了解一些新情況——加州有一項新法律引起了一些關注，該法律規定，到 2027 年 3 月，醫院入口處的所有入口都必須安裝武器檢測系統。並希望了解與此相關的入站興趣。然後您可以提出任何其他意見。我認為還有其他幾個州正在研究類似的立法要求。

We have a health care vertical team, and they're aware of that legislation and actively engaging with customers in California. I believe that, that legislation is a broader indicator of enhanced focus on safety and security in the health care setting, and we are seeing positive signs in that vertical overall and see that as a significant opportunity for Evolv.

我們有一個醫療保健垂直團隊，他們了解該立法並積極與加州的客戶接觸。我相信，這項立法是一個更廣泛的指標，表明人們更加關注醫療保健環境中的安全和保障，我們看到該垂直領域總體上出現了積極跡象，並將其視為 Evolv 的一個重要機會。

Great. And then as you continue to roll out the Gen 2 Express product, I wanted to get an understanding of how you expect the gross margin profile to play out as that rolls out here over the next year or two.

偉大的。然後，隨著您繼續推出 Gen 2 Express 產品，我想了解您預計未來一兩年內毛利率狀況將如何發展。

As Chris commented in his prepared remarks, Overall, we see gross margins being consistent outside of the comment that Chris mentioned in terms of some headwinds based on mix as we do have a different gross margin profile across purchase versus full subscription. But we're very encouraged about the signs of more customers preferring full subscription as that maximizes our ARR and RPO.

正如克里斯在其準備好的演講中所說，總體而言，我們認為毛利率是一致的，除了克里斯提到的基於組合的一些不利因素之外，因為我們在購買和完全訂閱方面確實有不同的毛利率狀況。但我們非常高興地看到，越來越多的客戶傾向於完全訂閱，因為這可以最大限度地提高我們的 ARR 和 RPO。

Got it. Last one for me. Go ahead.

知道了。對我來說是最後一個。前進。

Go ahead, Jeremy. Last one.

繼續吧，傑瑞米。最後一個。

Yes. I was just going to ask about your CapEx expectations for the year.

是的。我只是想問一下您對今年的資本支出預期。

Yes. So Jeremy, it's Brian. So I think if you look at maybe $20 million to $25 million for CapEx to support the full subscription business, that's probably a good way to think about it. Again, based on what John just described, we're seeing a little bit more rotation to full subscription. And in that case, it could be just a little bit higher.

是的。傑瑞米，我是布萊恩。因此我認為，如果您考慮將資本支出定為 2000 萬至 2500 萬美元來支持整個訂閱業務，這可能是一個不錯的思考方式。再次，根據約翰剛才的描述，我們看到了更多向完全認購的輪替。在這種情況下，它可能會稍微高一點。

But $20 million to $25 million is probably the right way to think about the business. Remember, we have a different BOM cost for Gen 2, right? So we can do that a little bit more.

但 2000 萬到 2500 萬美元可能是考慮這項業務的正確方法。請記住，第二代產品的 BOM 成本不同，對嗎？所以我們可以做得更多。

Michael Latimore, Northland Capital Markets.

麥可‧拉蒂莫爾 (Michael Latimore)，北國資本市場 (Northland Capital Markets)。

Congrats on getting these reports done. Excellent to have a live call again here. I guess, John, maybe since this is your first call, maybe a little bit more on strategy here. Any refinements to strategy, whether it's through distribution versus direct OEM? Is there a view that you might want to make an acquisition?

恭喜您完成這些報告。很高興在這裡再次進行現場通話。我想，約翰，因為這是你的第一次打電話，所以也許你可以多談一些策略。對策略有任何改進嗎，是透過分銷還是直接 OEM？您是否認為您可能想要進行收購？

Just maybe a couple of updates on kind of any enhancements to strategy here?

也許只是一些關於這裡的策略增強的更新？

We see the highest opportunity for shareholder value creation in continuing to drive the strong predictable subscription model that we have. As Chris mentioned, we had the privilege of walking into 2025 with 78% of our outlook already contracted, and we're focused on securing as many more entry lanes as we can to grow into that subscription base, which will drive predictable long-term revenue growth.

我們認為，繼續推動我們現有的強大、可預測的訂閱模式是創造股東價值的最大機會。正如克里斯所提到的，我們很榮幸在進入 2025 年時，已經完成了 78% 的預期目標，我們專注於確保盡可能多的進入管道，以擴大訂閱基礎，這將推動可預測的長期收入成長。

Got it. And then does your guidance assume kind of consistent bookings every quarter? Or are you expecting second half to be greater than first half?

知道了。那麼，您的指導是否假設每季的預訂量都保持一致？還是您預計下半年會比上半年表現更好？

As we look into that guidance and what informed it beyond walking in with 78% already committed and the incremental coming from new bookings, we expect to deploy as many new -- at least as many new subscriptions in 2025 as we did in 2024.

當我們研究該指導意見及其背後的信息時，除了 78% 的用戶已經承諾訂閱以及來自新預訂的增量之外，我們預計 2025 年將部署與 2024 年一樣多的新訂閱——至少與 2024 年一樣多。

Got it. And then is there one vertical that you're particularly excited about that you're seeing a lot of momentum?

知道了。那麼，有沒有一個垂直領域讓您特別興奮，並且看到很大的發展勢頭？

We're excited about the momentum that we see across our verticals, Q1s, sports and entertainment, where many of our shareholders can experience our product when they attend their favorite sporting event. Education, where we take our responsibility very seriously in helping schools secure their facilities and to the earlier comment about health care, where there's an increasing focus in patient and health care worker safety.

我們對垂直產業、Q1、體育和娛樂領域所看到的勢頭感到非常興奮，我們的許多股東在參加他們最喜歡的體育賽事時都可以體驗我們的產品。在教育領域，我們非常重視幫助學校保護其設施，並就前面關於醫療保健的評論，越來越關注患者和醫療保健工作者的安全。

And Michael, this is Chris. One point I'd add that I'm excited about, and I mentioned briefly, about half of our bookings and units in Q1 came from existing customers. So that's across the verticals, but that's a pretty strong statement of repeat -- not just repeat business, but continued investment or further investment by our installed base.

邁克爾，這是克里斯。我想補充一點，我很興奮，我簡要地提到過，我們第一季大約一半的預訂和單位來自現有客戶。因此，這是跨垂直領域的，但這是一個非常強烈的重複聲明——不僅僅是重複業務，而是持續投資或我們安裝基礎的進一步投資。

Got it. I guess just last one on the tariff topic. Is that having an impact on pricing for the system or access to components?

知道了。我想這只是關於關稅話題的最後一個問題。這會對系統定價或組件存取產生影響嗎？

Well, first, I want to make sure that you know that we have factored in our forecast for tariff exposure in our 2025 outlook that we just shared with you tonight. And I believe that we're well positioned to manage the potential trade-related headwinds. For some additional color on why we feel that way. First, it's important to note that our products are assembled right here in the US, which significantly limits the direct impact of tariffs on our operations. For some additional detail, approximately 40% of our bill of materials comes from North America, US, Mexico and Canada, and the Mexico and Canada content is in compliance with the USMCA and thus tariff exempt.

嗯，首先，我想確保你們知道，我們已經將對關稅風險的預測納入了我們今晚剛剛與你們分享的 2025 年展望中。我相信我們已做好準備應對潛在的貿易相關阻力。進一步了解我們為何會有這種感覺。首先，值得注意的是，我們的產品是在美國組裝的，這大大限制了關稅對我們營運的直接影響。更詳細地說，我們的物料清單中約有 40% 來自北美、美國、墨西哥和加拿大，而墨西哥和加拿大的內容符合 USMCA，因此免關稅。

One other bit of detail that I'll provide, as we look into tariff impacts into the future, our flagship product, Evolv Express, which is the disproportionate majority of the revenue in our outlook represents less than 5%. China represents less than 5% of the bill of materials in that product. So we're obviously watching the changing tariff environment very closely, but it is in the outlook that you saw.

在我們研究未來關稅影響時，我將提供另外一點細節，我們的旗艦產品 Evolv Express 在我們的預期中佔了絕大部分收入，但比例不到 5%。中國在該產品的材料清單中所佔比例不到5%。因此，我們顯然正在密切關注不斷變化的關稅環境，但這是您所看到的前景。

Eric Martinuzzi, Lake Street Capital Markets.

Eric Martinuzzi，Lake Street Capital Markets。

Was curious about the expectation for the number of units. Historically, you guys have kind of given a range that you expect to support the revenue target. So this 20% to 25% revenue growth, you just finished the year where you shipped 1,748 Evolv Express units. What's the range that we're looking at for 2025?

對單位數量的預期感到好奇。從歷史上看，你們已經給出了預計能夠支持收入目標的範圍。因此，在營收成長 20% 至 25% 的背景下，你們剛結束了一年的出貨量，共出貨 1,748 台 Evolv Express 設備。我們對 2025 年的預期範圍是怎樣的？

As I stated earlier, we expect to deploy at least as many units in '25 as we do in 2024, which would put us in about 8,000 -- approximately 8,000 units deployed at the end of the year. Going forward, you're going to hear us deemphasize the number of units shipped per quarter, and that's for a very intentional reason. As we're entering into the next phase of our revolution, upgrades from Gen 1 to Gen 2, which would not be a new unit shift, but would be an extension of RPO renewals of systems, including early renewals sometimes as people upgrade to Gen 2, short-term subscription opportunities that we're excited about are all becoming drivers of ARR revenue and RPO and not reflected in a new unit shift. So you're not going to hear us talk about that as much, but we believe we'll be finishing 2025 with approximately 8,000 units [deployment].

正如我之前所說，我們預計 2025 年部署的部隊數量至少與 2024 年一樣多，這意味著到年底我們將部署約 8,000 個部隊——大約 8,000 個部隊。展望未來，您將聽到我們不再強調每季出貨的單位數量，這是有意為之。隨著我們進入革命的下一階段，從第一代升級到第二代，這不會是一個新的單位轉變，而是系統 RPO 更新的延伸，有時包括人們升級到第二代時的早期更新，我們興奮的短期訂閱機會都成為 ARR 收入和 RPO 的驅動力，而不是反映在新的單位轉變中。所以你不會聽到我們談論太多，但我們相信到 2025 年，我們的銷量將達到約 8,000 輛[部署]。

Okay. And then the revenue progression for 2025, you guys have historically -- there's just been sequential growth quarter-by-quarter. Given the one-time benefits that you talked about in Q1, do we have a step down? Should we expect a step down in Q2? Or is there -- is sequential growth the plan?

好的。然後是 2025 年的營收成長，從歷史上看，你們的營收一直是逐季連續成長的。考慮到您在第一季談到的一次性福利，我們是否會降低？我們是否應該預期第二季會下滑？或者有－連續成長是計劃嗎？

This is Chris. Thanks for the question, Eric. A couple of things. We did say, hey, don't read too much into Q1 because of the soft compare. Hopefully, that's clear.

這是克里斯。謝謝你的提問，艾瑞克。有幾件事。我們確實說過，嘿，不要因為軟比較而對 Q1 進行過多解讀。希望這是清楚的。

It did have some one-time impacts. We haven't guided specifically on Q2. So I'm not going to get overly specific there. But remember, Q3, Q4 and now Q1, all had, in general, some benefits of this more one-time revenue where revenue is reflected more upfront because of the purchase subscription transactions that customers were opting for. You heard John say a few minutes ago, however, we are seeing increased adoption of pure subscription.

它確實產生了一些一次性的影響。我們還沒有針對第二季度做出具體指引。所以我不會在這裡說得太具體。但請記住，第三季、第四季以及現在的第一季度，總體上都受益於這種一次性收入，由於客戶選擇的購買訂閱交易，收入可以更提前地反映出來。然而，幾分鐘前您聽到約翰說，我們看到純訂閱的採用率正在增加。

And what that means is more revenue over the four-year lease versus more upfront. And that's a good thing for the business that we think is likely to continue as we get more ARR, and it's very good in general. I will just give you a quick reminder, right? Full subscription defers revenue recognition compared to purchase subscription, and that is informed in our 2025 outlook. Remember, too, the comps through the rest of this year, through the rest of 2025 are impacted by the higher revenue recognition in the second half of last year, the second half of 2024 that also had some of that one-time higher revenue impact.

這意味著四年租約的收入會更多，而不是預付款更多。這對業務來說是一件好事，我們認為隨著我們獲得更多的 ARR，這種情況很可能會持續下去，總的來說，這是非常好的。我只是給你一個快速提醒，對嗎？與購買訂閱相比，完全訂閱會推遲收入確認，這一點在我們的 2025 年展望中有所體現。還要記住，今年剩餘時間以及 2025 年剩餘時間的業績將受到去年下半年、2024 年下半年較高收入確認的影響，而這些收入確認也產生了一次性較高收入的影響。

So when you keep that all together, it nets out to exactly what you heard from us 20% to 25% that we expect for this year. It's informed again by all the way back to the beginning, you heard John talk about a strong predictable subscription business that has a substantial amount of revenue booked on day 1 that gives us a little bit more visibility and less volatility in either direction.

因此，當你把所有這些因素放在一起時，你的淨收入就和我們今年預期的 20% 到 25% 完全一致。從一開始，你就聽到約翰談論一個強大的、可預測的訂閱業務，該業務在第一天就獲得了大量收入，這讓我們在任何一個方向上都獲得了更多的可見性和更少的波動性。

Got you. And then you talked about kind of a $2 million in near-term investments. How does that layer on? Is this sort of spread like peanut butter across the remaining three quarters? Or is there -- should we anticipate larger amounts in different quarters?

明白了。然後您談到了 200 萬美元的近期投資。那層是怎麼形成的？這種現像是否像花生醬一樣蔓延到了剩餘的三個季度？或者我們應該預期不同季度的金額會更大？

For now, it is just beginning. Some of that spend has begun now. But yes, it will be a bit more in the second half. But we'll update you again in Q2 with the state of that investment.

目前，一切才剛開始。部分支出現已開始。但是的，下半場會多一點。但我們會在第二季再次向您通報該投資的狀況。

Brett Knoblauch, Cantor Fitzgerald.

布雷特·諾布勞赫，康托·菲茨杰拉德。

Just on the purchase versus subscription model, is there a mix that we should assume that you guys are going to target? Like are we ever going to have another quarter where we're going to get a higher purchase quarter? Or is now the business direction and focus just on the subscription side, so we're never going to have that quarter where there's a big one-time cost or one-time benefit, if you will?

僅就購買與訂閱模式而言，我們是否應該假設你們將要瞄準某種組合？例如，我們是否還會再有一個季度的購買量更高？或者現在的業務方向和重點僅僅放在訂閱方面，所以我們永遠不會出現出現一次性大成本或一次性收益的季度，如果你願意的話？

We definitely like the shift that we see to more pure subscription because of all the reasons that we've already articulated. And we also think it's the best ownership experience for our customers as well. The shift that we are observing here in the first half is coming from customer preference, which we see as an encouraging sign. We're going to continue both options in terms of customers being able to purchase the hardware and then subscribe to the software because all of our models have a subscription attached a 48-month subscription or enter into pure subscription. So we're communicating what we're seeing and the trend that we see for the rest of the year.

由於我們已經闡明的所有原因，我們確實喜歡看到的轉變為更純粹的訂閱的轉變。我們也認為這對我們的客戶來說也是最好的擁有體驗。我們在上半年觀察到的轉變來自於客戶偏好，我們認為這是一個令人鼓舞的跡象。我們將繼續提供這兩種選擇，客戶可以購買硬件，然後訂閱軟體，因為我們所有的型號都附帶 48 個月的訂閱或純訂閱。因此，我們正在傳達我們所看到的情況以及我們對今年剩餘時間的趨勢的預測。

Got it. And maybe just a follow-up on eXpedite. The 12 new customers that you guys have added, were those like net new customers who weren't using Evolv at all before? Or were those kind of existing customers just adding eXpedite on top?

知道了。也許只是對 eXpedite 的後續行動。你們增加的 12 位新客戶，是那些之前根本沒有使用過 Evolv 的淨新客戶嗎？或者這些現有客戶只是在其基礎上添加了 eXpedite？

There was a mix of customers with quite a few that had Expresses already, which we think is great to the comments we've made about existing customer expansion, growing their fleets or cross-selling new units. But we also saw brand-new customers with eXpedite that we're excited about. We're optimistic about how that product is launched into market with seeing new customers early -- so early into the launch process.

有各種各樣的客戶，其中不少已經擁有 Express 車輛，我們認為這對於我們關於現有客戶擴張、擴大車隊或交叉銷售新車輛的評論非常有幫助。但我們也看到了 eXpedite 的全新客戶，這讓我們感到興奮。我們對該產品如何進入市場感到樂觀，因為它在發布過程的早期就能夠看到新客戶。

This concludes our question-and-answer session. I'd like to turn it back to the company.

我們的問答環節到此結束。我想將其退還給公司。

Thank you for joining us today. We are very pleased to be back in compliance with the SEC and our SEC filing requirements and reengaging with investors like we did just now. We have had a period of significant change. I am very proud of how our team has negotiated through those challenges. We greatly appreciate the support of our customers, our partners, our shareholders and our employees.

感謝您今天加入我們。我們非常高興能夠重新遵守美國證券交易委員會和我們的證券交易委員會備案要求，並像剛才一樣重新與投資者接觸。我們經歷了一段重大變革時期。我為我們的團隊克服這些挑戰的方式感到非常自豪。我們非常感謝客戶、合作夥伴、股東和員工的支持。

Thank you. I'm pleased with the start we've seen to the year and the positive indicators that we see about the business. We believe that there may be more leverage in the model and in this model specifically on adjusted EBITDA, and we really look forward to seeing our investors as we enter into our outreach period. Thank you.

謝謝。我對今年的開局和業務的積極指標感到滿意。我們相信該模型可能會有更大的槓桿作用，特別是在調整後的 EBITDA 模型中，我們非常期待在進入外展期時見到我們的投資者。謝謝。

Thank you for joining. This concludes today's call. You may now disconnect.

感謝您的加入。今天的電話會議到此結束。您現在可以斷開連線。