Evolv Technology announces that 92% of customers eligible to end contracts elect to stay with Evolv
Seeking Alpha News (Mon, 31-Mar 10:30 AM)
- Evolv Technologies Holdings (NASDAQ:EVLV) has announced the expiration of the previously disclosed 60-day cancellation period, under which a limited number of the Co.’s K-12 education customers could cancel the remainder of their subscription contracts with the Co. as part of Evolv’s resolution with the U.S. FTC.
- Of the 65 education customers who were eligible for contract cancellation, a total of 60 customers (92%) representing 213 Evolv Express units (90%) elected to retain their contracts with Evolv.
- Importantly, four of the 65 eligible customers expanded their use of Evolv Express by adding a total of 10 additional units acquired since the Co. announced its resolution with the FTC.
- Netting the expansion and cancellation activity since the Co. announced its resolution with the FTC, the Co. achieved 92% Net Revenue Retention and 94% Net Unit Retention across the 65 eligible customers.
- “We first deployed the Evolv Express systems in 2022 in our schools after evaluating different options and continuing to come back to the fact that Evolv performed at a superior level across the board,” said Anthony Dicton, Safety and Security Coordinator at Wyoming Valley West School District.
