20 Hidden Gem AI Stocks

5. Evolv Technologies Holdings, Inc. (NASDAQ:EVLV)

Number of Hedge Fund Holders: 19 

Evolv Technologies Holdings, Inc. (NASDAQ:EVLV) provides artificial intelligence-based weapons detection for security screening in the United States and internationally. The firm beat market expectations on earnings per share and revenue for the second quarter of 2024 by $0.01 and $1.7 million respectively. Peter George, the CEO of the firm, said during the earnings call that the firm added 84 new customers in Q2 and now served over 800 customers across 10 key vertical markets. This was the highest number of new customers in the quarter since the fourth quarter of 2022, per the chief executive. He added that the firm activated 441 new multi year subscriptions of Evolv Express in Q2 compared to 377 in Q1.

Evolv Technologies Holdings, Inc. (NASDAQ:EVLV) markets Evolv Express as an AI-powered concealed weapons detection system that can differentiate between threats and everyday items like phones and keys. It is used in large venues like stadiums and schools. Per George, the system was used to screen on average, nearly 3 million visitors a day in Q2, with customers using Evolv Express to tag on average, more than 500 firearms every single day.