Evolv Technology Lays Off 40 Employees

Evolv layoffs follow the company’s decision last year to fire the CEO and four other employees resigned after an internal investigation.
Published: January 24, 2025

WALTHAM, Mass. — Security technology company Evolv Technology announced the layoff of 40 employees, about 14% of its global workforce, according to a Boston Business Journal report.

This follows the company’s decision last year to fire CEO Peter George and four other employees resigned following an internal investigation focused on financial practices, the report says. The company had almost 300 employees at the end of 2023.

In an emailed statement to BBJ, Evolv CEO John Kedzierski said “the optimization of the operating expenses included a percentage of role reductions.”

“I am confident that these changes will strengthen our business performance without impacting organizational effectiveness,” he wrote in the statement. “We will, of course, continue to prioritize excellence in customer service with a focus on our mission of making places and people safer. We are deeply grateful for the contributions of all our Evolvers.”

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More About the Evolv Layoffs

Evolv Technology sells security-screening systems that use artificial intelligence to detect weapons to schools, hospitals, stadiums, theaters and other large venues.

Evolv’s shares closed up 22.67% at $3.95 on Thursday, good for a total market value of about $622 million, according to the BBJ report.

The job cuts are part of a larger initiative seeking to increase cash savings “as the company seeks further flexibility to pursue its investment strategy with certain growth opportunities,” Evolv said in a Jan. 23 public filing.

Evolv Technology appointed Kedzierski as chief executive in December after George was terminated “without cause” and “effective immediately” in October after the company conducted an internal investigation on “inaccurate” accounting, according to the BBJ report.

That investigation concluded that between $4 million to $6 million were “prematurely or incorrectly recognized” in financial statements provided to investors between 2022 and 2024, the report says.

Former Evolv CFO Mark Donohue and four employees in the company’s sales, accounting and finance departments resigned in November.

Evolv also submitted a plan to Nasdaq “to regain compliance after the delayed filing of its quarterly report for the period ended in September last year,” according to the BBJ report.

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