As AI Utilization in Security Screening Broadens, PRISM AI Emerger Evolv (EVLV) is Taking Stake
While earnings season is wrapping up, there is still one name on everyone’s watchlist, NVIDIA Corporation (NVDA). Its announcement should provide color on the AI landscape in addition to its partnerships that may boost other names within the space.
PRISM MarketView highlights some emerging names with a focus on AI in its PRISM Emerging NextGen Tech & AI Index that include SoundHound AI (SOUN), which had been mentioned by NVIDIA in a previous releaseas one AI emerger they had invested in.
Another interesting AI focused emerging company is Evolv Technologies Holdings, Inc. (EVLV) who is a security technology company pioneering AI-based weapons screening across some of the worlds most iconic venues and businesses. Its technology is being utilized across multiple sports venues, universities, and colleges as well as corporations.
The utilization of AI for security screening purposes is on the rise and becoming a common topic of conversation as the TSA intends to implement AI technology in its security screening process for airline passengers and their luggage.
Two weeks ago, Evolv reported its first quarter financial results that came in mixed as revenues were up 17% yoy but still missed on estimates while its losses narrowed. The company cited that pricing competition has increased; however, it has maintained premium pricing but has adjusted for volume in school systems. Additionally, the company’s cash balance is expected to be between $65M – $75M upon reaching EBITDA breakeven in H1 2025.
