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EVLV

Evolv Technologies Holdings, Inc.

EVLV

Evolv Technologies Holdings, Inc. • NASDAQ
$6.39 ▲ 2.24% (+0.14)
Market Cap $1.05 B
52w High $8.91
52w Low $2.64
Dividend Yield 0%
P/E -18.26
Volume 720.75K
Outstanding Shares 164.46M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $42.85M ▲ $29.902M ▼ $-1.796M ▲ -4.191% ▲ $-0.01 ▲ $5.458M ▲
Q2-2025 $32.544M ▲ $33.711M ▲ $-40.535M ▼ -124.554% ▼ $-0.25 ▼ $-34.748M ▼
Q1-2025 $32.007M ▲ $33.539M ▼ $-1.689M ▲ -5.277% ▲ $-0.011 ▲ $3.905M ▲
Q4-2024 $29.1M ▲ $35.619M ▲ $-15.72M ▲ -54.021% ▲ $-0.099 ▲ $-10.278M ▲
Q3-2024 $27.36M $34.961M $-30.443M -111.268% $-0.19 $-25.868M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $56.227M ▲ $304.289M ▲ $202.053M ▲ $102.236M ▲
Q2-2025 $36.942M ▲ $280.422M ▲ $187.772M ▲ $92.65M ▼
Q1-2025 $35.02M ▼ $255.982M ▼ $134.921M ▼ $121.061M ▲
Q4-2024 $51.942M ▼ $268.059M ▼ $150.408M ▲ $117.651M ▼
Q3-2024 $55.993M $278.466M $149.481M $128.985M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-1.796M ▲ $3.524M ▲ $-39.615M ▼ $30.627M ▲ $-5.438M ▼ $-10.286M ▼
Q2-2025 $-40.535M ▼ $2.113M ▲ $5.75M ▲ $4.075M ▲ $11.853M ▲ $-2.012M ▲
Q1-2025 $-1.689M ▲ $-2.539M ▼ $-9.361M ▲ $20K ▼ $-11.926M ▼ $-16.825M ▼
Q4-2024 $-15.72M ▲ $3.204M ▼ $-13.251M ▼ $658K ▲ $-9.293M ▼ $-4.894M ▼
Q3-2024 $-30.443M $3.675M $6.231M $515K $10.335M $-811K

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Product
Product
 $0 ▲$0 ▲$0 ▲$10.00M ▲
Service
Service
 $70.00M ▲$10.00M ▼$60.00M ▲$70.00M ▲
Subscription and Circulation
Subscription and Circulation
 $200.00M ▲$20.00M ▼$190.00M ▲$200.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Evolv looks like a classic early‑stage growth company: revenue has been climbing steadily each year and gross profit has improved from almost nothing to a clear positive level. That shows the core business is gaining commercial traction and the basic unit economics are moving in the right direction. At the same time, operating losses remain significant. The company is spending heavily on sales, marketing, and product development, so it has not yet reached profitability. Net results have bounced around rather than improving in a straight line, which underlines that the path to stable profits is still uncertain. The story here is “growing fast, but still clearly loss‑making.”

Balance Sheet

Balance Sheet The balance sheet shows a business that is capital‑light but reliant on its cash reserves. Total assets have drifted down from earlier peaks, largely because cash has been drawn down over time. Debt levels are very low, which reduces financial risk from lenders, but it also means the company leans mainly on its own cash and equity. Shareholders’ equity is positive but has been shrinking, reflecting ongoing losses. In plain terms, Evolv still has a cushion, but it is thinner than a few years ago. Over the long run, the company will either need to move closer to break‑even or refresh its capital base to maintain financial flexibility.

Cash Flow

Cash Flow Cash flow is still a pressure point. The core business consistently consumes cash rather than generating it, and free cash flow has been solidly negative every year. The company is not only covering its operating costs from cash reserves but also funding investment in equipment and technology. Management appears willing to tolerate ongoing cash burn to support growth and innovation. For stakeholders, the key question is how long existing cash can support this pace and when operating cash flow might trend toward break‑even. Until that happens, financing risk remains an important factor to watch.

Competitive Edge

Competitive Edge Evolv has carved out a distinct niche in physical security by combining sensors with artificial intelligence to create faster, more convenient weapons screening. Its installed base across venues like stadiums and schools, plus a recurring subscription model, gives it a degree of stickiness with customers and some visibility into future revenue. The company’s large dataset from screening many visitors is a real differentiator; it can train detection models that newcomers would struggle to match quickly. However, the field is becoming more crowded, and rivals are also pushing AI‑enabled systems. On top of that, regulatory scrutiny over Evolv’s marketing claims introduces reputational and competitive risk. Its position is promising but not unchallenged, and trust in the reliability of its technology will be central to its long‑term standing.

Innovation and R&D

Innovation and R&D Innovation is at the heart of Evolv’s strategy. The company continues to upgrade its core gateway product with better AI models, software features, and analytics, and it has expanded into related areas like automated bag screening. Its cloud platform and open integrations allow customers to link Evolv’s systems with broader security infrastructure, which can deepen relationships and raise switching costs. This ongoing R&D push is a double‑edged sword: it supports a technological edge and new revenue opportunities, but it also requires sustained investment and contributes to current losses. Regulatory actions around how it describes system capabilities are likely to influence future product design, testing standards, and marketing, making transparency and real‑world performance even more critical parts of its innovation story.

Summary

Overall, Evolv looks like an early‑stage, high‑growth security technology company that is still in the investment phase. Revenue and gross profit have trended upward, but the business remains meaningfully loss‑making and cash‑consuming, gradually eroding its balance‑sheet cushion. On the positive side, the company has a differentiated product, a growing installed base, and a data advantage that can reinforce its AI capabilities. On the risk side, it faces ongoing cash burn, the need for eventual capital or profitability, intensifying competition, and heightened regulatory and reputational scrutiny. The long‑term outcome will hinge on whether Evolv can convert its technological lead and subscription model into durable, profitable growth before financial and regulatory constraints tighten too much. Stakeholders may want to follow the trajectory of losses, cash usage, contract renewals, and the company’s handling of regulatory requirements as key markers of progress.

NEWS

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November 13, 2025 · 4:05 PM UTC

Evolv Technology Reports Third Quarter Financial Results

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November 12, 2025 · 8:00 AM UTC

Evolv Surpasses Over One Million Bags Screened by Evolv eXpedite™

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October 29, 2025 · 8:00 AM UTC

Evolv Technology Announces Upcoming Investor Events

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