Your project's Coverfly Score is the dynamically weighted average of all of your project's reviews, contest placements, and scores.
It's important to note that Coverfly Score is not a metric of quality, it's a metric of confidence of quality, which increases with more strong evaluations. Furthermore, your Coverfly Score will never decrease.
Coverfly aggregates scores from a number of competitions and runs them through a proprietary algorithm to calculate the project's Coverfly Score.
A high Coverfly Score will put your project above another project with a lower score in industry search results, and will give the project more exposure on The Red List and Industry Dashboard, which has led to representation and paid options for writers through Coverfly in the past. A Coverfly Score itself doesn't hold any intrinsic value with industry executives - it's simply a metric used to give top projects exposure on Coverfly. You can read more about Coverfly Score's underlying formula here.
If you feel your Coverfly Score is too low or inaccurate, it's probably because your script does not have enough evaluations to increase the score. In general, it takes at least 5 reads to get a sense of where your Coverfly Score is landing. Remember, however, that most contests have multiple reads. For example, WeScreenplay reads scripts up to 5 times and the Nicholl fellowship reads scripts up to 8 times. So five reads could just be one or two contest entries depending on the contest.
The score is calculated this way because one of the major considerations for a high score is confidence, and this can only be increased with more strong evaluations (from vetted Coverfly-qualifying contests and professional script evaluation services).
Your Coverfly Score is not used by competitions on Coverfly's platform to evaluate your project. In other words, your Coverfly Score will never affect your performance in competitions and is completely separate from a contest's decision to select your project as a finalist or winner.
Also read: What is a "good" Coverfly Score?