WALTHAM, Mass. - Evolv Technology (NASDAQ: EVLV), a company specializing in AI-based security solutions, has entered into a partnership with Boston Common Golf, a team in the new TGL golf league. The announcement made today indicates that Evolv will be the Official Partner of the team, providing their Evolv Express™ systems to enhance security screening at SoFi (NASDAQ:SOFI) Center in Palm Beach Gardens, Fla., the venue for TGL matches.
The partnership aims to ensure a secure yet seamless experience for attendees at the new league's events, which will feature a blend of physical and virtual golfing elements. TGL, presented by SoFi and featuring top PGA TOUR talent, is set to bring golf to prime time with its inaugural season starting on a Tuesday in January on ESPN.
Boston Common Golf, which is under the umbrella of Fenway Sports Group, includes renowned players like Rory McIlroy, Keegan Bradley, Adam Scott, and Hideki Matsuyama. The Evolv Express™ systems will be used to screen guests at the SoFi Center, a tech-infused arena designed to hold over 1,500 fans around a field the size of a football pitch. The venue boasts a 3,400-square-foot screen for projecting virtual golf holes, offering an innovative fan experience.
Evolv's VP of Sports, John Baier, expressed excitement about the partnership, highlighting the company's commitment to enhancing the fan experience with its security technology. Evolv's systems have already scanned over a billion people since 2019 and have been recognized for their contributions to security and fan experience technology.
Mark Lev, President & CEO of Boston Common Golf, echoed the sentiment, emphasizing the alignment between Evolv's next-gen security approach and the league's tech-forward vision.
The partnership with Boston Common Golf marks Evolv's sixth official sports collaboration in the Boston area, joining forces with teams and venues such as the Boston Red Sox and New England Patriots.
This news is based on a press release statement and does not include any speculation or analysis of the potential impact on the industry or broader market trends.
In other recent news, Evolv Technology, a leader in AI-based security screening solutions, reported a 29% year-over-year increase in Q2 revenue to $25.5 million and a 64% rise in annual recurring revenue (ARR) to $89 million. This growth is largely attributed to strong customer acquisition and the adoption of its products, with 84 new customers added, bringing the total to over 800 across 10 vertical markets. The company also launched a significant software update, integrating Evolv Express into customers' security infrastructure.
In addition, Evolv Technology secured a new patent for its technology that distinguishes threats in public spaces. The patent, titled Personnel Inspection with Threat Detection and Discrimination, recognizes the company’s method of classifying objects as threats or non-threats using radio frequency (RF) electromagnetic data. This technology, a key component of the Evolv Express system, has been adopted by more than 800 customers worldwide.
Looking ahead, the company is focusing on the industrial warehouse vertical, projected to be a significant revenue contributor in 2025. CEO Peter George expressed confidence in the company's momentum and strategy to achieve long-term financial goals, including 25% revenue growth in 2024 and positive adjusted EBITDA by Q2 2025. The company also reaffirmed its full-year guidance, expecting revenues and ARR of around $100 million.
InvestingPro Insights
Evolv Technology's partnership with Boston Common Golf aligns with the company's growth trajectory, as evidenced by recent financial data from InvestingPro. The company's revenue growth of 17.67% over the last twelve months, and a more impressive 28.83% growth in the most recent quarter, suggests that strategic partnerships like this one could be contributing to its expanding market presence.
An InvestingPro Tip highlights that Evolv Technology holds more cash than debt on its balance sheet, which could provide the financial flexibility needed to support new ventures and partnerships such as the one with TGL. This strong liquidity position is further underscored by another InvestingPro Tip indicating that the company's liquid assets exceed its short-term obligations.
While these positive indicators support Evolv's expansion efforts, it's worth noting that the company is not yet profitable, according to InvestingPro data. This is a common scenario for growing technology companies investing heavily in innovation and market expansion. Investors interested in a more comprehensive analysis can access additional insights through InvestingPro, which offers 8 more tips for Evolv Technology.
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