Jesse is the principal at The Ledge Company and a 15-year veteran of finance in Media, Sports, Tech and Entertainment. He is a leading Forensic Accountant in M&A, and specializes in Forensic Accounting and Fractional CFO support for high-profile clients as well.
onstage during the DC: 2023 NOBCO Membership Meeting at the NACo Legislative Conference at Washington Hilton on February 12, 2023 in Washington, DC. Evolv Technology , which provides AI -based security screening to clients including sports teams and stadiums, announced that its previous two years of financial statements can no longer be relied upon, a stunning development for one of sports tech’s darlings.
Evolv estimates overstated revenue between $4m-$6m over a 2-plus year period. That may seem trivial since Evolv’s most recent quarterly revenue was $25m. But those numbers are net of premature revenue that corrected in a later period. Individual period financial impacts were material enough that every financial statement since June 2022 could no longer be relied upon.
Now, that’s not atypical for an industry that runs a consistent playbook: spend to develop an impactful product , scale like crazy, make investors happy. But the caveat is that strategy requires an aggressive sales function.
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