5 Penny Stocks that Captured the Attention of Billionaires

This article presents an overview of the 5 Penny Stocks that Captured the Attention of Billionaires. For a detailed overview of such stocks, read our article 13 Penny Stocks that Captured the Attention of Billionaires.

5. Evolv Technologies Holdings Inc (NASDAQ:EVLV)

Number of Billionaire Investors: 10

Evolv Technologies Holdings Inc (NASDAQ:EVLV) uses AI for security screening. A total of 10 billionaires in Insider Monkey’s database had stakes in Evolv Technologies Holdings Inc (NASDAQ:EVLV) as of the end of the September quarter. According to Evolv Technologies Holdings Inc’s (NASDAQ:EVLV) third quarter results, Evolv Technologies Holdings Inc’s (NASDAQ:EVLV) revenue in the period increased by about 22% year over year.

Evolv Technologies Holdings Inc (NASDAQ:EVLV) talked about its state of business and future expectations during Q3 earnings call:

Specifically, we remain on pace to deliver our ARR growth of at least 115% in 2023. While we’re still in the planning stages for next year, our preliminary models are focused on delivering another very strong year in 2024 with expected ARR growth of about 50%. That would drive us to well over $100 million in ARR in 2024 with gross margins of about 60% and accelerating leverage from our investments.

We believe this would put us in an excellent position to reach positive adjusted EBITDA in the first half of 2025 without the need of any additional capital. There are several drivers for our industry-leading growth, most importantly the pressing need for improved security. Every day we all see the reports of escalating gun violence in the very places that should be free of firearms; schools, hospitals, warehouses, stadiums and places of worship; but it’s in these very same places where we expect yet another year of tragic gun violence. In fact in 2023, we’ve had 597 mass shootings so far this year including the recent tragedy in Lewiston, Maine, just three hours north of us here in Boston, which took the lives of 18 innocent people and wounded many more.

Read the full earnings call transcript here.