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EVLVW

Evolv Technologies Holdings, Inc.

EVLVW

Evolv Technologies Holdings, Inc. • NASDAQ
$0.23 ▲ 24.32% (+0.04)
Market Cap $37.83 M
52w High $0.80
52w Low $0.19
Dividend Yield 0%
P/E -2.07
Volume 37.59K
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 Q4-2024Q1-2025Q2-2025Q3-2025
Product
Product
 $0 ▲$0 ▲$10.00M ▲$10.00M ▲
Service
Service
 $10.00M ▲$60.00M ▲$70.00M ▲$70.00M ▲
Subscription and Circulation
Subscription and Circulation
 $20.00M ▲$190.00M ▲$200.00M ▲$220.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Evolv looks like a classic early‑stage growth company: revenue has climbed each year from a very small base, and gross profit has turned positive and improved over time. That suggests the underlying economics of each unit sold are moving in the right direction. At the same time, the company is still meaningfully unprofitable. Operating losses and net losses remain sizable because spending on sales, marketing, and product development is still much larger than gross profit. Losses widened after the SPAC listing, then started to narrow more recently, but the business is not close to break-even yet. Overall, the income statement tells a story of a company prioritizing market capture and product build‑out over current profitability, with gradual but not yet decisive progress toward better earnings.

Balance Sheet

Balance Sheet The balance sheet shows a business that is asset‑light, with modest total assets and a cash balance that has come down from earlier post‑IPO levels. Shareholders’ equity is positive now (it was negative before going public), but it has been trending lower as losses accumulate. Debt is very low, which reduces financial risk and gives the company flexibility, but it also means the main funding cushion is equity and whatever cash remains. If current loss and cash burn levels persist, the company may eventually need to raise more capital, which could dilute existing shareholders. In short, the balance sheet is clean in terms of leverage but not large or growing; it supports operations for now but doesn’t leave unlimited room to keep burning cash at the same pace indefinitely.

Cash Flow

Cash Flow Cash flow is clearly the weak spot. The company has consistently used cash in its operations, with money flowing out each year rather than in. There are some signs of improvement in operating cash burn compared with the worst years, but it is still meaningfully negative. Investment in equipment and related assets has been relatively modest but has added to the overall cash outflow, so free cash flow has been negative every year in the period shown. That means the business is still dependent on previously raised capital (and potentially future capital raises) to fund growth and day‑to‑day operations. The cash flow profile is typical of a young, innovation‑driven firm, but it also underscores the execution risk: Evolv needs to keep growing revenue and improving margins to narrow this gap before its cash cushion becomes too thin.

Competitive Edge

Competitive Edge Evolv operates in a focused niche of the security market: AI‑driven, touchless weapons detection for places like stadiums, schools, and healthcare facilities. Its main edge lies in combining sensors with artificial intelligence to allow people to walk through quickly with fewer nuisance alarms than traditional metal detectors. The company benefits from several structural advantages: a first‑mover position in AI screening, growing brand recognition, and a subscription‑based model that can create sticky, recurring relationships once systems are deployed. Importantly, the data gathered from each screening helps improve the AI across all customers, which can deepen its lead over newer entrants. However, Evolv is still small compared with large, established security equipment players, and this sector tends to involve long sales cycles, budget constraints at public institutions, and strict regulatory and performance scrutiny. If bigger competitors accelerate their own AI offerings or if Evolv faces questions around accuracy, safety, or privacy, its competitive edge could be pressured.

Innovation and R&D

Innovation and R&D Innovation is clearly at the core of Evolv’s strategy. The flagship Evolv Express system is backed by its Cortex AI engine, and the company is continuously updating the software to improve threat detection, reduce false alarms, and localize suspicious items more precisely. Beyond the main gate systems, Evolv is building an ecosystem: automated bag screening (eXpedite), analytics and operational insights (Insights), and an emerging personal safety app (Eva). These moves aim to turn Evolv from a single‑product hardware company into a broader security‑as‑a‑service platform. The ongoing software updates, data network effects, and strategic manufacturing partnerships suggest a strong R&D and product roadmap. The flip side is that the company must keep investing heavily to maintain its technological lead, and any misstep in product performance, AI accuracy, or cyber protection could quickly erode trust in safety‑critical environments.

Summary

Putting it all together, Evolv is an early‑stage, high‑innovation security technology company with growing revenue, improving gross economics, and a differentiated AI‑driven product set, but it remains firmly in the investment and scale‑up phase. Financially, the business shows rising sales from a small base, persistent operating and net losses, a clean but not especially strong balance sheet, and ongoing negative cash flow. That combination highlights both potential upside from successful scaling and clear risk if growth or margin improvements stall before cash is replenished. Strategically, Evolv’s data‑rich AI platform, subscription model, and first‑mover position in frictionless weapons detection give it a credible competitive story, reinforced by continued product innovation and partnerships. Yet the company still faces execution, funding, competitive, regulatory, and technology risks typical of a young firm operating in a safety‑critical, scrutinized market. For anyone following EVLVW (the warrants linked to Evolv’s common stock), the core questions revolve around whether Evolv can convert its technological and data advantages into durable, profitable scale before capital constraints become a binding issue, and how the competitive and regulatory landscape for AI‑based security screening evolves over the next several years.