Evolv Technologies Holdings Inc (EVLV)

Bank of America Stadium Reports Efficient Game-Day Operations Using Evolv TechnologyMay 13, 2026 8:05 AM
Business Wire Findings highlight high-throughput fan entry and real-time operational visibility supporting Carolina Panthers game-day operations Evolv Technologies Holdings, Inc. (NASDAQ: EVLV), a leading security technology company pioneering AI-based solutions designed to create safer experiences, shares new insights into the operational impact at Bank of America Stadium driven by ongoing use of Evolv Express® for efficient, high-volume fan entry security screening. As an early adopter of Evolv Express, purchasing Gen1 in 2021, the stadium recently announced their renewal and upgrade to Evolv Express Gen2 and the addition of Evolv eXpedite™ bag screening for employee entrances. Bank of America Stadium hosts over 40 large-scale events annually, screening tens of thousands of fans at each event. According to Evolv Insights® data over the first four years of deployment, the venue achieved an average 93% clear rate* at fan entrances - equating to only 7 out of every 100 fans alerting - allowing most guests to move through screening without secondary checks. Thousands of fans are screened in minutes during peak ingress, while security teams have also detected and tagged thousands of potential threat items since the deployment of Evolv Express. “With a clear rate around 93%, most of our fans are able to walk straight through without interruption,” said John Furr, Director of Safety and Security for Tepper Sports & Entertainment. “That makes a big difference during peak entry, where speed and visibility both matter.” “Our customers are increasingly focused on understanding how systems perform in real-world, high-volume environments,” said John Baier, Vice President of Sports & Entertainment at Evolv. “This data highlights how venues can combine throughput and operational visibility to support both security and the fan experience.” The results highlight a broader shift across sports and entertainment venues toward measuring security performance at scale, with a growing focus on throughput, operational visibility, and real-time adaptability. As attendance volumes remain high and fan expectations continue to rise, venues are increasingly looking for solutions that can support both security priorities and the overall arrival experience. Beyond pro football, Evolv serves a large share of the teams and venues in the other major North American professional leagues with nearly 100 sports organizations around the world in total. Evolv also holds official designations with more than fifty teams and venues. More broadly, Evolv has more than 1,200 customers in industries ranging from healthcare to education to industrial workplaces as well as iconic venues and marquee events worldwide. *Based on Evolv Insights® data across all Evolv Express Gen1 customer systems at fan entrances. Clear rate represents the percentage of visitors who walked through the systems without alerting. Alert rate varies across sensitivity settings and environments, and can be influenced by factors including, but not limited to, clutter, and operations and crowd flow. The secondary screening process is dependent on venue policy. About Evolv Technology: Evolv (NASDAQ: EVLV) is designed to transform human security by helping organizations detect potential threats, mitigate risk, and enhance safety using AI-powered security solutions with robust insights. Our technology has helped to create efficient and positive security screening experiences for the world’s most iconic venues and companies as well as schools, hospitals, and public spaces. Evolv’s mission is to create a safer world to live, work, learn, and play. Evolv’s advanced systems have scanned more than 4 billion people since 2019. Evolv Express® has been awarded the U.S. Department of Homeland Security (DHS) SAFETY Act Designation as a Qualified Anti-Terrorism Technology (QATT) and Evolv eXpedite™ has been awarded the Safety Act Developmental Testing and Evaluation Designation. Evolv and its products have been awarded numerous awards which can be viewed on our Certifications and Awards web page. Evolv®, Evolv Express®, Evolv Insights®, Evolv Visual Gun Detection™, Evolv eXpedite™, and Evolv Eva™ are registered trademarks or trademarks of Evolv Technologies, Inc. in the United States and other jurisdictions. For more information, visit evolv.com. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Evolv Technology intends for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All statements in this press release, other than that are historical facts, are statements that could be deemed forward-looking statements, as well as statements regarding the Company’s strategy, financial and operational performance and growth, and efforts to create value for stakeholders. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause actual results and actions to be materially different from any future results or actions expressed or implied by the forward-looking statements, including, but not limited to, the factors discussed under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission on March 10, 2026, as well as any such factors that may be updated from time to time in our other filings with the SEC. The forward-looking statements in this press release are based upon information available to us as of the date hereof, and while we believe such information forms a reasonable basis for such statements, it may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained in this document, whether as a result of any new information, future events or otherwise. View source version on businesswire.com: https://www.businesswire.com/news/home/20260513396372/en/ Evolv Media Contact
Alexandra Smith Ozerkis
aozerkis@evolvtechnology.com Evolv Investor Contact
Brian Norris
bnorris@evolvtechnology.com Original: Bank of America Stadium Reports Efficient Game-Day Operations Using Evolv Technology

Evolv Technology Reports First Quarter Financial ResultsMay 12, 2026 4:05 PM
Business Wire — Company Raises Outlook for 2026 — Q1'26 Revenue of $46.3 million, up 45% year-over-year Q1'26 Ending ARR1 of $127.3 million, up 20% year-over-year Q1'26 Net Loss of $(5.0) million, with Net Profit Margin of (10.8)% Q1'26 Adjusted EBITDA2 of $3.9 million, with Adjusted EBITDA Margin2 of 8.5% Evolv Technologies Holdings, Inc (NASDAQ: EVLV), a leading security technology company pioneering AI-based solutions designed to help create safer experiences, today announced financial results for the quarter ended March 31, 2026. “Our first quarter results reflect our progress in building a disciplined and predictable business,” said John Kedzierski, President and Chief Executive Officer of Evolv Technology. “Revenue growth during the quarter was driven by new customer acquisition, expanding deployments within our installed base, and growing adoption of our newest product — Evolv eXpedite. Looking ahead, we remain focused on scaling the business and delivering weapon screening in complex, real-world environments across the growing customer base we are serving—helping make the world a better place to live, learn, work, and play.” Results for the First Quarter of 2026 Total revenue for the first quarter of 2026 was $46.3 million, an increase of 45% compared to $32.0 million for the first quarter of 2025. Revenue for the first quarter of 2026 was primarily driven by strong new customer additions and continued expansion of deployments across the existing customer base. Annual Recurring Revenue (“ARR”)1 was $127.3 million at the end of first quarter of 2026, an increase of 20% compared to $106.0 million at the end of the first quarter of 2025. Net loss for the first quarter of 2026 was $(5.0) million, or $(0.03) per basic and diluted share, compared to net loss of $(1.7) million, or $(0.01) per basic and diluted share, in the first quarter of 2025. Adjusted loss2 for the first quarter of 2026 was $(3.3) million, or $(0.02) per diluted share, compared to adjusted loss2 of $(3.4) million, or $(0.02) per diluted share, for the first quarter of 2025. Adjusted EBITDA2 for the first quarter of 2026 was $3.9 million compared to $2.1 million in the first quarter of 2025. As of March 31, 2026, the Company had cash, cash equivalents and marketable securities of $61.1 million. The following table summarizes the breakdown of recurring and non-recurring revenue3 for each period presented:   Three Months Ended March 31,     2026       2025     % Change Recurring revenue $ 31,176   $ 25,753   21 % Non-recurring revenue   15,152     6,254   142 % Total revenue $ 46,328   $ 32,007   45 % The following table summarizes operating cash flows for each period presented:   Three Months Ended March 31,     2026       2025   Net loss $ (5,009 )   $ (1,689 ) Adjustments to reconcile net loss to net cash used in operating activities   9,604       (1,082 ) Changes in operating assets and liabilities   (7,774 )     232   Net cash used in operating activities $ (3,179 )   $ (2,539 ) Company Comments on Outlook for 2026 The Company today commented on its business outlook for 2026. The Company's outlook is based on the current indications for its business, which may change at any time. The Company expects total revenues in 2026 to be between $175 to $180 million, reflecting growth of approximately 20% to 23% year-over-year. The Company expects ending ARR at December 31, 2026 to increase to approximately $145 to $150 million, reflecting growth of approximately 20% to 25% year-over-year. The Company currently expects approximately 45% of the Company’s new unit deployments in 2026 to be delivered under the Company’s pure subscription model, with the remaining 55% deployed through the Company’s purchase-subscription model. The Company expects to deliver positive full year Adjusted EBITDA1 in 2026 with Adjusted EBITDA1 margins in the high single digits. Estimate   Issued March 10, 2026   Issued May 12, 2026 Total Revenue (Millions)   $172-$178   $175-$180 Ending ARR at 12/31/26 (Millions)   $145-$150   No Change Adjusted EBITDA Margin2   High Single Digits   No Change Company to Host Live Conference Call and Webcast The Company’s management team plans to host a live conference call and webcast at 4:30 p.m. Eastern Time today to discuss the financial results as well as management’s outlook for the business. The conference call will be webcast live at http://ir.evolvtechnology.com. About Evolv Technology Evolv Technologies Holdings, Inc (NASDAQ: EVLV) is designed to transform human security to make a safer, faster, and better experience for the world’s most iconic venues and companies as well as schools, hospitals, and public spaces, using industry leading artificial intelligence (AI)-powered screening and analytics. Its mission is to transform security to create a safer world to live, work, learn, and play. Evolv has digitally transformed the gateways in many places where people gather by enabling seamless integration combined with powerful analytics and insights. Evolv’s advanced systems have scanned more than four billion people since 2019. Evolv has been awarded the U.S. Department of Homeland Security (DHS) SAFETY Act Designation as a Qualified Anti-Terrorism Technology (QATT) as well as the Security Industry Association (SIA) 2024 New Products and Solutions (NPS) Award in the Law Enforcement/Public Safety/Guarding Systems category, as well as Sport Business Journal’s (SBJ) 2024 awards for “Best In Fan Experience Technology” and “Best In Sports Technology”. Evolv®, Evolv Express®, Evolv Insights®, Evolv Visual Gun Detection™, Evolv eXpedite™, and Evolv Eva™ are registered trademarks or trademarks of Evolv Technologies, Inc. in the United States and other jurisdictions. For more information, visit evolv.com. 1 We define Annual Recurring Revenue, or ARR, as the sum of subscription revenue and the recurring service revenue related to purchase subscriptions for the final month of the quarter all multiplied by twelve. The amount of revenue that we recognize over any 12-month period is likely to differ from ARR at the beginning of that period, sometimes significantly due to differences in our recurring and non-recurring revenue streams. To the extent that we are negotiating a renewal or upgrade with a customer after the expiration of the subscription and we are continuing to provide service to that customer, we may continue to include that associated revenue in ARR. If a customer notifies us that it is not renewing its subscription, we will continue to include associated revenue in ARR through the natural expiration of the subscription term. ARR should be viewed independently of, and not as a substitute for or forecast of, revenue or deferred revenue. Our calculation of ARR may differ from similarly titled metrics presented by other companies. 2 Non-GAAP Financial Measures In this press release, the Company’s adjusted operating expenses, adjusted gross profit (loss), adjusted gross margin, adjusted operating income (loss), adjusted EBITDA, adjusted EBITDA margin, adjusted earnings (loss), and adjusted earnings (loss) per diluted share are not presented in accordance with generally accepted accounting principles (GAAP) and are not intended to be used in lieu of GAAP presentations of results of operations. Adjusted operating expenses is defined as operating expenses less stock-based compensation expense, non-recurring employee restructuring and other separation costs, and other non-recurring legal and regulatory costs, which management believes provides a more meaningful representation of on-going operating expense levels. Other non-recurring legal and regulatory costs include non-recurring legal, accounting and professional fees related to the internal investigation, subsequent restatement, certain non-recurring regulatory, litigation and legal matters, as well as fees related to the resolution of the Securities and Exchange Commission investigation, net of estimated insurance recoveries. Adjusted gross profit and adjusted gross margin exclude stock-based compensation expense and amortization of capitalized stock-based compensation, which management believes provides a more meaningful representation of contribution margin. Adjusted operating income (loss) is defined as loss from operations, excluding stock-based compensation expense, amortization of capitalized stock-based compensation, non-recurring employee restructuring and other separation costs, and other non-recurring legal and regulatory costs, which management believes provides a more meaningful representation of operating results. Adjusted EBITDA and Adjusted EBITDA margin is defined as net income (loss) plus depreciation and amortization, stock-based compensation, interest expense (income), (benefit) provision for income taxes, change in fair value of contingent earn-out liability, change in fair value of contingently issuable/returnable common stock liability/asset, change in fair value of public warrant liability, loss on disposal of leased equipment, non-recurring employee restructuring and other separation costs, and other non-recurring legal and regulatory costs, which management believes provides a more meaningful representation of operating results. Adjusted earnings (loss) and Adjusted earnings (loss) per diluted share are defined as net income (loss) plus stock-based compensation, amortization of capitalized stock-based compensation, change in fair value of contingent earn-out liability, change in fair value of contingently issuable/returnable common stock liability/asset, change in fair value of public warrant liability, non-recurring employee restructuring and other separation costs, and other non-recurring legal and regulatory costs, which management believes provides a more meaningful representation of operating results. Management presents non-GAAP financial measures because it considers them to be important supplemental measures of performance. Management uses non-GAAP financial measures for planning purposes, including analysis of the Company's performance against prior periods, the preparation of operating budgets and to determine appropriate levels of operating and capital investments. Management also believes non-GAAP financial measures provide additional insight for analysts and investors in evaluating the Company's financial and operating performance. However, non-GAAP financial measures have limitations as an analytical tool and are not intended to be an alternative to financial measures prepared in accordance with GAAP. We intend to provide non-GAAP financial measures as part of our future earnings discussions and, therefore, the inclusion of non-GAAP financial measures will provide consistency in our financial reporting. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures included in this press release. The Company is unable to provide a reconciliation of Adjusted EBITDA to Net Income (Loss) and Adjusted EBITDA Margin to Net Profit Margin, each measure's most directly comparable GAAP financial measure, on a forward-looking basis without unreasonable effort, because items that impact these GAAP financial measures are not within the Company’s control and/or cannot be reasonably predicted. These items may include, but are not limited to, predicting forward-looking share-based compensation, changes in the fair value of contingent earn out liabilities, changes in the fair value of contingently issuable/returnable common stock liabilities/assets, and changes in fair value of public warrant liabilities. Such information may have a significant, and potentially unpredictable, impact on the Company’s future financial results. 3 Recurring revenue includes the recurring portion of revenue associated with pure subscription contracts and hardware purchase subscription contracts. Non-recurring revenue includes revenue that is non-recurring in nature, such as product revenue, shipping revenue, revenue from installation, training, and professional services, and rental revenue. Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release and related presentation materials other than statements of historical facts, including without limitation statements regarding our strategy, goals, business model, demand for our products, market opportunities, strategic partnerships, and future financial and operational results. Words such as “believe,” “may,” “will,” “expect,” “should,” “could,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “potential,” “continue,” “project,” “target,” “forecast,” “is/are likely to,” or the negative of these terms or other similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. The forward-looking statements in this press release and related presentation materials are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the amount of insurance reimbursements expected to be received for defense costs for counsel and consultants in connection with the securities litigation and related Securities and Exchange Commission (the “SEC”) and Department of Justice matters, and the following: our history of losses and ability to reach profitability; our reliance on reseller partners; expectations regarding the Company’s strategies and future financial performance, including its future business plans or objectives, prospective performance and opportunities and competitors, revenues, products and services, pricing, operating expenses, market trends, liquidity, cash flows and uses of cash, capital expenditures; our ability to renew customer contracts, our ability to renew customer contracts at terms favorable to the Company, the Company’s reliance on third party contract manufacturing and distribution, and a global supply chain; the Company recognizes a substantial portion of its revenue ratably over the term of its agreements, and, as a result, downturns or upturns in sales may not be immediately reflected in its operating results; the rate of innovation required to maintain competitiveness in the markets in which the Company competes; the competitiveness of the market in which the Company competes; the failure of our products to detect threats could result in injury or loss of life, which could harm our brand, reputation, and results of operations; the loss of designation of our Evolv Express® system as a Qualified Anti-Terrorism Technology under the Homeland Security SAFETY Act; risks related to our business model, which is predicated, in part, on building a customer base that will generate a recurring stream of revenues through the sale of our subscription contracts; the ability for the Company to obtain, maintain, protect and enforce the Company’s intellectual property rights and use of “open source” software; the concentration of the Company’s revenues on a single solution; the Company’s ability to timely design, produce and launch its solutions, the Company’s ability to invest in growth initiatives and pursue acquisition opportunities; the limited liquidity and trading of the Company’s securities; risks related to existing and changing tax laws; geopolitical risk and changes in applicable laws or regulations; the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; operational risk; risks related to material weaknesses in our internal control over financial reporting and our remediation plans and efforts, including related costs; risks related to increasing attention to and evolving expectations for sustainability initiatives; the impact of fluctuating general economic and market conditions and reductions in spending; the need for additional capital to support business growth, which might not be available on acceptable terms, if at all; and litigation and regulatory enforcement risks, including the diversion of management time and attention and the additional costs and demands on resources. These and other important factors discussed in our most recent report on Form 10-Q or 10-K filed with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. The forward-looking statements in this press release and related presentation materials are based upon information available to us as of the date hereof, and while we believe such information forms a reasonable basis for such statements, it may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements. You should review this press release and the documents that we reference in this press release and related presentation materials with the understanding that our actual future results, levels of activity, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained in this press release and related presentation materials, whether as a result of any new information, future events or otherwise. EVOLV TECHNOLOGY CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (In thousands, except share and per share data) (Unaudited)           Three Months Ended March 31,       2026       2025   Revenue:       Product revenue $ 13,421     $ 2,322   Subscription revenue   23,148       19,237   Service revenue   8,589       6,730   License fee and other revenue   1,170       3,718   Total revenue   46,328       32,007   Cost of revenue:       Cost of product revenue   11,856       3,184   Cost of subscription revenue   8,367       7,896   Cost of service revenue   2,192       1,705   Cost of license fee and other revenue   314       72   Total cost of revenue   22,729       12,857   Gross profit   23,599       19,150   Operating expenses:       Research and development   5,885       4,862   Sales and marketing   12,671       11,043   General and administrative   13,515       14,972   Restructuring costs   —       2,662   Total operating expenses   32,071       33,539   Loss from operations   (8,472 )     (14,389 ) Other income, net       Interest expense   (962 )     (1 ) Interest income   515       389   Other income (expense), net   (37 )     25   Change in fair value of contingent earn-out liability   374       8,976   Change in fair value of contingently issuable/returnable common stock liability/asset   1,492       1,653   Change in fair value of public warrant liability   2,044       1,721   Total other income, net   3,426       12,763   Loss before income taxes   (5,046 )     (1,626 ) (Benefit) provision for income taxes   (37 )     63   Net loss $ (5,009 )   $ (1,689 ) Net loss attributable to common stockholders – basic and diluted $ (5,009 )   $ (1,689 )         Weighted average common shares outstanding – basic and diluted   177,057,656       160,808,391   Net loss per share – basic and diluted $ (0.03 )   $ (0.01 )         Net income (loss) $ (5,009 )   $ (1,689 ) Other comprehensive income (loss)       Cumulative translation adjustment   28       (46 ) Total other comprehensive income (loss)   28       (46 ) Total comprehensive loss $ (4,981 )   $ (1,735 ) EVOLV TECHNOLOGY CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share data) (Unaudited)     March 31, 2026   December 31, 2025 Assets       Current assets:       Cash and cash equivalents $ 56,081     $ 49,150   Marketable securities   4,992       19,885   Accounts receivable, net   42,713       30,841   Inventory   8,256       9,317   Current portion of contract assets   1,199       878   Current portion of commission asset   5,644       6,062   Prepaid expenses and other current assets   33,094       35,169   Total current assets   151,979       151,302   Contract assets, noncurrent   12       15   Commission asset, noncurrent   7,728       7,867   Property and equipment, net   127,839       127,522   Operating lease right-of-use assets   11,871       12,303   Other assets   5,210       5,400   Total assets $ 304,639     $ 304,409           Liabilities and Stockholders’ Equity       Current liabilities:       Accounts payable $ 17,089     $ 9,770   Accrued expenses and other current liabilities   30,345       35,293   Current portion of deferred revenue   75,314       74,924   Current portion of operating lease liabilities   3,116       2,989   Total current liabilities   125,864       122,976   Deferred revenue, noncurrent   17,036       16,716   Long-term debt   28,665       28,596   Operating lease liabilities, noncurrent   10,190       10,654   Contingent earn-out liability, noncurrent   —       374   Contingently issuable common stock liability, noncurrent   392       1,809   Public warrant liability, noncurrent   1,818       3,862   Total liabilities   183,965       184,987           Stockholders’ equity:       Preferred stock, $0.0001 par value; 100,000,000 authorized at March 31, 2026 and December 31, 2025; no shares issued and outstanding at March 31, 2026 and December 31, 2025   —       —   Common stock, $0.0001 par value; 1,100,000,000 shares authorized at March 31, 2026 and December 31, 2025; 179,458,233 and 175,399,488 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively   18       18   Additional paid-in capital   513,580       507,347   Accumulated other comprehensive loss   (113 )     (141 ) Accumulated deficit   (392,811 )     (387,802 ) Stockholders’ equity   120,674       119,422   Total liabilities and stockholders’ equity $ 304,639     $ 304,409   EVOLV TECHNOLOGY CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited)           Three Months Ended March 31,       2026       2025   Cash flows from operating activities:       Net loss $ (5,009 )   $ (1,689 ) Adjustments to reconcile net loss to net cash used in operating activities:       Depreciation and amortization   6,801       5,530   Write-off of inventory and change in inventory reserve   60       2   Loss on disposal of property and equipment   184       321   Stock-based compensation   5,587       4,879   Amortization of debt issuance costs   282       —   Amortization of premium on marketable securities, net of change in accrued interest   168       71   Non-cash lease expense   432       424   Change in allowance for expected credit losses   —       41   Change in fair value of earn-out liability   (374 )     (8,976 ) Change in fair value of contingently issuable/returnable common stock liability/asset   (1,492 )     (1,653 ) Change in fair value of public warrant liability   (2,044 )     (1,721 ) Changes in operating assets and liabilities       Accounts receivable   (11,872 )     (6,124 ) Inventory   1,657       7,172   Commission assets   557       203   Contract assets   (318 )     (321 ) Other assets   265       82   Prepaid expenses and other current assets   (1,883 )     (3,859 ) Accounts payable   7,614       2,780   Deferred revenue   710       500   Accrued expenses and other current liabilities   (4,167 )     (71 ) Operating lease liability   (337 )     (130 ) Net cash used in operating activities   (3,179 )     (2,539 ) Cash flows from investing activities:       Development of internal-use software   (1,223 )     (1,556 ) Purchases of property and equipment   (3,742 )     (12,730 ) Purchases of marketable securities   —       (9,875 ) Proceeds from maturities of marketable securities   14,725       14,800   Net cash provided by (used in) investing activities   9,760       (9,361 ) Cash flows from financing activities:       Proceeds from exercise of stock options   322       20   Net cash provided by financing activities   322       20   Effect of exchange rate changes on cash and cash equivalents   28       (46 ) Net increase (decrease) in cash and cash equivalents   6,931       (11,926 ) Cash and cash equivalents       Cash and cash equivalents at beginning of period   49,150       37,015   Cash and cash equivalents at end of period $ 56,081     $ 25,089   EVOLV TECHNOLOGY SUMMARY OF KEY OPERATING STATISTICS (Unaudited)           Three Months Ended or as of, ($ in thousands)   March 31, 2025   June 30, 2025   September 30, 2025   December 31, 2025   March 31, 2026 New customers   54     63     62     64     48 Annual recurring revenue $ 105,990   $ 110,516   $ 117,200   $ 120,467   $ 127,300 Recurring revenue $ 25,753   $ 26,678   $ 30,120   $ 29,547   $ 31,176 EVOLV TECHNOLOGY RECONCILIATION OF GAAP OPERATING EXPENSES TO ADJUSTED OPERATING EXPENSES (In thousands) (Unaudited)           Three Months Ended,     March 31, 2025   June 30, 2025   September 30, 2025   December 31, 2025   March 31, 2026 Operating expenses, GAAP $ 33,539     $ 33,711     $ 29,902     $ 26,613     $ 32,071   Stock-based compensation   (4,660 )     (5,265 )     (5,121 )     (5,006 )     (5,272 ) Non-recurring employee restructuring and other separation costs   (2,137 )     (827 )     (6 )     —       —   Other non-recurring legal and regulatory costs   (3,561 )     (5,979 )     36       2,225       99   Adjusted operating expenses $ 23,181     $ 21,640     $ 24,811     $ 23,832     $ 26,898   EVOLV TECHNOLOGY RECONCILIATION OF GAAP GROSS PROFIT TO ADJUSTED GROSS PROFIT, GAAP GROSS MARGIN TO ADJUSTED GROSS MARGIN AND GAAP INCOME (LOSS) FROM OPERATIONS TO ADJUSTED OPERATING INCOME (LOSS) (In thousands) (Unaudited)     Three Months Ended March 31,     2026       2025   Revenue $ 46,328     $ 32,007   Cost of revenue   22,729       12,857   Gross profit, GAAP   23,599       19,150   Stock-based compensation   315       219   Amortization of capitalized stock-based compensation   161       103   Adjusted gross profit $ 24,075     $ 19,472           Gross margin %   50.9 %     59.8 % Impact of adjustments from Gross profit, GAAP to Adjusted gross profit   1.1 %     1.0 % Adjusted gross margin %   52.0 %     60.8 %     Three Months Ended March 31,     2026       2025   Loss from operations, GAAP $ (8,472 )   $ (14,389 ) Stock-based compensation   5,587       4,879   Amortization of capitalized stock-based compensation   161       103   Non-recurring employee restructuring and other separation costs   —       2,137   Other non-recurring legal and regulatory costs   (99 )     3,561   Adjusted loss from operations $ (2,823 )   $ (3,709 ) EVOLV TECHNOLOGY RECONCILIATION OF GAAP NET INCOME (LOSS) TO ADJUSTED EBITDA AND NET PROFIT MARGIN TO ADJUSTED EBITDA MARGIN (In thousands) (Unaudited)           Three Months Ended March 31,       2026       2025   Net loss $ (5,009 )   $ (1,689 ) Depreciation and amortization   6,801       5,530   Stock-based compensation   5,587       4,879   Interest expense (income)   447       (388 ) (Benefit) provision for income taxes   (37 )     63   Change in fair value of contingent earn-out liability   (374 )     (8,976 ) Change in fair value of contingently issuable/returnable common stock liability/asset   (1,492 )     (1,653 ) Change in fair value of public warrant liability   (2,044 )     (1,721 ) Loss on disposal of leased equipment*   164       321   Non-recurring employee restructuring and other separation costs   —       2,137   Other non-recurring legal and regulatory costs   (99 )     3,561   Adjusted EBITDA $ 3,944     $ 2,064           Net profit margin %   (10.8 )%     (5.3 )% Impact of adjustments from Net loss to Adjusted EBITDA   19.3 %     11.7 % Adjusted EBITDA margin %   8.5 %     6.4 %   *Q1 2025 figure reflects refinements of our adjusted EBITDA calculation in Q3 2025, applied consistently to all prior quarters. EVOLV TECHNOLOGY RECONCILIATION OF GAAP NET INCOME (LOSS) TO ADJUSTED EARNINGS (LOSS) (In thousands, except share and per share data) (Unaudited)           Three Months Ended March 31,       2026       2025   Net loss $ (5,009 )   $ (1,689 ) Stock-based compensation   5,587       4,879   Amortization of capitalized stock-based compensation   161       103   Change in fair value of contingent earn-out liability   (374 )     (8,976 ) Change in fair value of contingently issuable/returnable common stock liability/asset   (1,492 )     (1,653 ) Change in fair value of public warrant liability   (2,044 )     (1,721 ) Non-recurring employee restructuring and other separation costs   —       2,137   Other non-recurring legal and regulatory costs   (99 )     3,561   Adjusted loss $ (3,270 )   $ (3,359 )         Weighted average common shares outstanding – diluted   177,057,656       160,808,391           Net loss per share – diluted $ (0.03 )   $ (0.01 ) Impact of adjustments from Net loss to Adjusted loss   0.01       (0.01 ) Adjusted loss per share – diluted $ (0.02 )   $ (0.02 )   Three Months Ended,   March 31, 2025   June 30, 2025   September 30, 2025   December 31, 2025   March 31, 2026 Stock-based compensation:                   Cost of product revenue $ 8   $ 17   $ 32   $ 39   $ 58 Cost of subscription revenue   137     167     146     135     138 Cost of service revenue   67     74     72     80     100 Cost of license fee and other revenue   7     24     19     20     19 Research and development   1,115     1,154     1,227     1,252     1,280 Sales and marketing   1,048     1,710     1,480     1,330     1,566 General and administrative   1,972     2,401     2,414     2,424     2,426 Restructuring costs   525     —     —     —     — Total stock-based compensation $ 4,879   $ 5,547   $ 5,390   $ 5,280   $ 5,587                     Amortization of capitalized stock-based compensation:                   Cost of subscription revenue $ 59   $ 60   $ 63   $ 82   $ 86 Cost of service revenue   44     47     51     68     75 Total amortization of capitalized stock-based compensation $ 103   $ 107   $ 114   $ 150   $ 161                     Non-recurring employee restructuring and other separation costs:                   Cost of service revenue $ —   $ 6   $ —   $ —   $ — Research and development   —     31     —     —     — Sales and marketing   —     613     6     —     — General and administrative   —     183     —     —     — Restructuring costs   2,137     —     —     —     — Total non-recurring employee restructuring and other separation costs $ 2,137   $ 833   $ 6   $ —   $ —   View source version on businesswire.com: https://www.businesswire.com/news/home/20260512266569/en/ Investor Relations:
Brian Norris
Senior Vice President of Finance and Investor Relations
bnorris@evolvtechnology.com Original: Evolv Technology Reports First Quarter Financial Results

Screening 4+ Million People Daily, Evolv Technology Introduces “Screened by Evolv™” SealMay 7, 2026 8:05 AM
Business Wire Evolv Technology (NASDAQ: EVLV), a leader in AI-powered weapons detection, screens approximately four million people each day to help prevent weapons from entering venues where they are prohibited. Since 2021, Evolv customers have used the Evolv Express® system to tag over 1.7 million weapons, helping to prevent those weapons from entering the places where people live, work, learn and play. Today, Evolv announces the launch of its new Screened by Evolv™ seal available to customers to be placed on entry doors and/or digital assets, providing a clear and recognizable signal that a venue or organization uses Evolv’s advanced weapons detection technology as part of its security operations. As public safety expectations continue to rise, research indicates that weapons screening can play a positive role in the experience of an event attendee. A national spectator survey by the National Center for Spectator Sports Safety and Security (NCS4) found that event attendees cite a greater sense of safety when screening is used. Federal guidance from the Cybersecurity and Infrastructure Security Agency (CISA) similarly emphasizes that modern, high-throughput screening approaches can enhance perceived safety without adversely impacting entry experience when properly deployed. Evolv customers have reported similar findings. In a post-event guest survey conducted at Riverside Convention Center, which has used Evolv Express for over two years, more than 1,000 attendees were asked about their entry experience. Nine out of ten respondents said that having a weapons detection system in place contributes to an increased sense of safety as part of the venue’s overall security approach, and more than 80% rated the screening experience positively, citing its speed and ease. Weapons detection technology is one component of a layered security strategy that includes trained personnel, established operational procedures, and coordination with public safety partners. And, in surveys conducted by Spartanburg District 5 Schools, more than half of the students reported feeling safer knowing a weapons detection system was in place, highlighting the role screening can play in school environments. “We needed a solution that was efficient and guest friendly while supporting our overall security operations. Evolv gave us the confidence that we could maintain strong screening while still treating our guests with respect,” said Devin Vanaman, Director of Security, Riverside Convention Center. Trust marks play an important role in helping people understand and navigate today’s environments. The Screened by Evolv seal serves as a clear, visible indicator that a venue has implemented weapons screening as part of its broader safety strategy. Displayed on doors, websites, and digital communications, the seal helps visitors quickly understand what to expect upon entry, and that a venue has invested in an advanced risk-reduction measure within an overall safety plan. “We take our role and responsibility as a security partner very seriously and understand that trust is at the center of what we do,” said Alexandra Ozerkis, Chief Marketing Officer of Evolv Technology. “We are proud to have screened more than four billion people worldwide as part of our customers’ overall safety plans. We continue to work towards solving the hard problems facing security operators.” Evolv customers include some of the world’s most iconic destinations, tourist attractions and events as well as hundreds of schools, hospitals, stadiums, performing arts centers and houses of worship. For more information about the Screened by Evolv seal, visit https://evolv.com/resources/screened-by-evolv-program/. About Evolv Technology Evolv (NASDAQ: EVLV) is designed to transform human security by helping organizations detect potential threats, mitigate risk, and enhance safety using AI-powered security solutions with robust insights. Our technology has helped to create efficient and positive security screening experiences for the world’s most iconic venues and companies as well as schools, hospitals, and public spaces. Evolv’s mission is to create a safer world to live, work, learn, and play. Evolv’s advanced systems have scanned more than 4 billion people since 2019. Evolv Express® has been awarded the U.S. Department of Homeland Security (DHS) SAFETY Act Designation as a Qualified Anti-Terrorism Technology (QATT) and Evolv eXpedite™ has been awarded the Safety Act Developmental Testing and Evaluation Designation. Evolv and its products have been awarded numerous awards which can be viewed on our Certifications and Awards web page. Evolv®, Evolv Express®, Evolv Insights®, Evolv Visual Gun Detection™, Evolv eXpedite™, and Evolv Eva™ are registered trademarks or trademarks of Evolv Technologies, Inc. in the United States and other jurisdictions. For more information, visit evolv.com. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Evolv Technology intends for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All statements in this press release, other than that are historical facts, are statements that could be deemed forward-looking statements, as well as statements regarding the Company’s strategy, financial and operational performance and growth, and efforts to create value for stakeholders. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause actual results and actions to be materially different from any future results or actions expressed or implied by the forward-looking statements, including, but not limited to, the factors discussed under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission on March 10, 2026, as well as any such factors that may be updated from time to time in our other filings with the SEC. The forward-looking statements in this press release are based upon information available to us as of the date hereof, and while we believe such information forms a reasonable basis for such statements, it may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained in this document, whether as a result of any new information, future events or otherwise. View source version on businesswire.com: https://www.businesswire.com/news/home/20260507274400/en/ Evolv Media Contact
Alexandra Smith Ozerkis
aozerkis@evolvtechnology.com Evolv Investor Contact
Brian Norris
bnorris@evolvtechnology.com Original: Screening 4+ Million People Daily, Evolv Technology Introduces “Screened by Evolv™” Seal

University of Washington Selects Evolv Express® to Enhance Security at Football Stadium and Basketball Arena on Seattle CampusApril 21, 2026 8:05 AM
Business Wire
Agreement includes a marketing partnership which designates Evolv as the “Official Fan Screening Partner” of the University’s Athletic Department


Evolv Technologies Holdings, Inc. (NASDAQ: EVLV), a leading security technology company pioneering AI-based solutions designed to create safer experiences, today announced that it has entered a multi-year subscription agreement and marketing partnership with the Athletic Department at the University of Washington. The University, which has an enrollment of more than 52,000 students at its flagship Seattle campus, fields teams in twenty men’s and women’s sports and is a perennial Big 10 and national athletic powerhouse.


The partnership is anchored by a multi-year subscription to Evolv’s hardware and software. The University plans to deploy Evolv Express® Gen2 systems across several athletic facilities on campus, including Husky Stadium, the 70,000-seat home of the football team, and Alaska Airlines Arena, the 10,000-seat home to men’s and women’s basketball, gymnastics, and volleyball.


Evolv Express uses advanced sensor technology and AI to detect concealed threats and identify the person and location of a potential threat, while allowing people to move through checkpoints at their natural walking pace. The system is designed to screen visitors effectively while helping minimize congestion and disruptions to traffic flow at entry points.


The agreement also designates Evolv as the “Official Fan Screening Partner of UW Athletics,” and the two organizations will collaborate on a range of marketing and community initiatives.


“We’re very excited to bring Evolv Express to the UW campus,” said Dan Erickson, the University’s Associate Athletic Director for Events & Facilities. “We were first exposed to the Evolv systems at T-Mobile Park in downtown Seattle. When we saw how the Mariners transformed their guest arrival experience, it was clear this was something we wanted to bring to campus for Husky fans as well.”


“We appreciate the trust that the UW Athletic Department has placed in Evolv,” said John Baier, the company’s Vice President of Sports & Entertainment. “A multi-venue deployment of this scale makes Evolv a central part of the Husky fan experience, which we understand is an important responsibility. We’re also pleased to grow our footprint in the Pacific Northwest, which includes deployments at professional sports venues, such as T-Mobile Park, home of the Seattle Mariners.”


The University of Washington deployment expands Evolv’s growing sports and entertainment presence on university campuses, which are increasingly adopting the guest experience best practices established in professional venues. Evolv also works with other NCAA venues, including a recently announced partnership with the University of North Carolina. More broadly, Evolv serves nearly 100 sports and entertainment customers worldwide, as part of a global customer base of more than 1,200 organizations.


About Evolv Technology

"Evolv (NASDAQ: EVLV) is designed to transform human security by helping organizations detect potential threats, mitigate risk, and enhance safety using AI-powered security solutions with robust insights. Our technology has helped to create efficient and positive security screening experiences for the world’s most iconic venues and companies as well as schools, hospitals, and public spaces. Evolv’s mission is to create a safer world to live, work, learn, and play. Evolv’s advanced systems have scanned more than 4 billion+ people since 2019. Evolv Express® has been awarded the U.S. Department of Homeland Security (DHS) SAFETY Act Designation as a Qualified Anti-Terrorism Technology (QATT) and Evolv eXpedite™ has been awarded the Safety Act Developmental Testing and Evaluation Designation. Evolv and its products have been awarded numerous awards which can be viewed on our Certifications and Awards web page. Evolv®, Evolv Express®, Evolv Insights®, Evolv Visual Gun Detection™, Evolv eXpedite™, and Evolv Eva™ are registered trademarks or trademarks of Evolv Technologies, Inc. in the United States and other jurisdictions. For more information, visit evolv.com."


Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Evolv Technology intends for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All statements in this press release, other than that are historical facts, are statements that could be deemed forward-looking statements, as well as statements regarding the Company’s strategy, financial and operational performance and growth, and efforts to create value for stakeholders. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause actual results and actions to be materially different from any future results or actions expressed or implied by the forward-looking statements, including, but not limited to, the factors discussed under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission on March 10, 2026, as well as any such factors that may be updated from time to time in our other filings with the SEC. The forward-looking statements in this press release are based upon information available to us as of the date hereof, and while we believe such information forms a reasonable basis for such statements, it may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements.


Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained in this document, whether as a result of any new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260421899649/en/
Evolv Media Contact

Alexandra Smith Ozerkis

aozerkis@evolvtechnology.com
Evolv Investor Contact

Brian Norris

bnorris@evolvtechnology.com


Original: University of Washington Selects Evolv Express® to Enhance Security at Football Stadium and Basketball Arena on Seattle Campus

Evolv Technology Reports Fourth Quarter Financial ResultsMarch 10, 2026 4:05 PM
Business Wire
— Company Raises Outlook for 2026 — 



Q4'25 Revenue of $38.5 million, up 32% year-over-year



Q4'25 Ending ARR1 of $120.5 million, up 21% year-over-year



Q4'25 Net Income of $10.9 million, with Net Profit Margin of 28%



Q4'25 Adjusted EBITDA2 of $1.8 million, with Adjusted EBITDA Margin2 of 5%



Q4'25 Ending Cash, Cash Equivalents and Marketable Securities of $69.0 million, up $12.8 million sequentially



Evolv Technologies Holdings, Inc (NASDAQ: EVLV), a leading security technology company pioneering AI-based solutions designed to help create safer experiences, today announced financial results for the year ended December 31, 2025.


“We are pleased to be reporting solid fourth quarter results, which capped a year of significant improvement across the Company,” said John Kedzierski, President and Chief Executive Officer of Evolv Technology. ”We continue to deliver advanced weapons screening capabilities at scale for more than 1,200 customers worldwide through a tightly integrated platform that combines proprietary hardware, real-world visitor data sets, and AI-driven software, delivered via long-term subscriptions that foster durable customer relationships and high-quality recurring revenue. Looking ahead, we believe AI-based weapons screening will continue to become increasingly prevalent, and we look forward to capitalizing on this still-nascent market opportunity to help make the world a safer place to live, work, learn, and play."


Results for the Fourth Quarter of 2025


Total revenue for the fourth quarter of 2025 was $38.5 million, an increase of 32% compared to $29.1 million for the fourth quarter of 2024. Revenue for the fourth quarter of 2025 was primarily driven by strong new customer additions and continued expansion of deployments across the existing customer base. Annual Recurring Revenue (“ARR”)1 was $120.5 million at the end of fourth quarter of 2025, an increase of 21% compared to $99.4 million at the end of the fourth quarter of 2024. Net income for the fourth quarter of 2025 was $10.9 million, or $0.06 per basic share and $0.06 per diluted share, compared to net loss of $(15.7) million, or $(0.10) per basic and diluted share, in the fourth quarter of 2024. Adjusted earnings (loss)2 for the fourth quarter of 2025 was $(5.3) million, or $(0.03) per diluted share, compared to adjusted earnings (loss)2 of $(4.4) million, or $(0.03) per diluted share, for the fourth quarter of 2024. Adjusted EBITDA2 for the fourth quarter of 2025 was $1.8 million compared to $0.4 million in the fourth quarter of 2024. As of December 31, 2025, the Company had cash, cash equivalents and marketable securities of $69.0 million.


Results for 2025


Total revenue for the twelve months ended December 31, 2025 was $145.9 million, an increase of 40% compared to $103.9 million for the twelve months ended December 31, 2024. Net loss for the twelve months ended December 31, 2025 was $(33.1) million, or $(0.20) per basic and diluted share, compared to $(54.0) million, or $(0.34) per basic and diluted share, in the twelve months ended December 31, 2024. Adjusted earnings (loss)2 for the twelve months ended December 31, 2025 was $(16.8) million, or $(0.10) per diluted share, compared to adjusted earnings (loss)2 of $(35.3) million, or $(0.23) per diluted share, for the twelve months ended December 31, 2024. Adjusted EBITDA2 for the twelve months ended December 31, 2025 was $11.1 million compared to $(21.0) million in the twelve months ended December 31, 2024.


The following table summarizes the breakdown of recurring and non-recurring revenue3 for each period presented:




 






Three Months Ended

December 31,






 






Twelve Months Ended

December 31,








 






2025






 






2024






 






% Change






 






2025






 






2024






 






% Change








Recurring revenue






$






29,547






 






$






23,678






 






25






%






 






$






112,098






 






$






87,419






 






28






%








Non-recurring revenue






 






8,957






 






 






5,422






 






65






%






 






 






33,807






 






 






16,446






 






106






%








Total revenue






$






38,504






 






$






29,100






 






32






%






 






$






145,905






 






$






103,865






 






40






%







The following table summarizes operating cash flows for each period presented:




 






Twelve Months Ended

December 31,








 






 






2025






 






 






 






2024






 








Net loss






$






(33,138






)






 






$






(54,017






)








Adjustments to reconcile net loss to net cash provided by operating activities






 






38,542






 






 






 






22,504






 








Changes in operating assets and liabilities






 






13,265






 






 






 






660






 








Net cash provided by (used in) operating activities






$






18,669






 






 






$






(30,853






)







Company Comments on Outlook for 2026


The Company today commented on its business outlook for 2026. The Company's outlook is based on the current indications for its business, which may change at any time. The Company expects total revenues in 2026 to be between $172 to $178 million, reflecting growth of approximately 18% to 22% year-over-year. The Company expects ending ARR at December 31, 2026 to increase to approximately $145 to $150 million, reflecting growth of approximately 20% to 25% year-over-year. The Company continues to expect ARR growth to exceed total revenue growth as previously disclosed changes to the Company's selling model and pricing continue to reshape contractual revenue recognition toward a higher mix of recurring revenue and reduced one-time revenue. The Company currently expects approximately 50% of the Company’s new unit deployments in 2026 to be delivered under the Company’s pure subscription model, with the remaining 50% deployed through the Company’s purchase-subscription model. The Company expects to deliver positive full year Adjusted EBITDA1 in 2026 with Adjusted EBITDA1 margins in the high single digits.




Estimate






 






Issued November 13, 2025






 






Issued March 10, 2026








Total Revenue (Millions)







$160-$165







$172-$178








Ending ARR at 12/31/26 (Millions)






 






n/a






 






$145-$150








Adjusted EBITDA Margin2






 






n/a






 






High Single Digits







Company to Host Live Conference Call and Webcast


The Company’s management team plans to host a live conference call and webcast at 4:30 p.m. Eastern Time today to discuss the financial results as well as management’s outlook for the business. The conference call will be webcast live at http://ir.evolvtechnology.com.


About Evolv Technology


Evolv Technologies Holdings, Inc (NASDAQ: EVLV) is designed to transform human security to make a safer, faster, and better experience for the world’s most iconic venues and companies as well as schools, hospitals, and public spaces, using industry leading artificial intelligence (AI)-powered screening and analytics. Its mission is to transform security to create a safer world to live, work, learn, and play. Evolv has digitally transformed the gateways in many places where people gather by enabling seamless integration combined with powerful analytics and insights. Evolv’s advanced systems have scanned more than four billion people since 2019. Evolv has been awarded the U.S. Department of Homeland Security (DHS) SAFETY Act Designation as a Qualified Anti-Terrorism Technology (QATT) as well as the Security Industry Association (SIA) 2024 New Products and Solutions (NPS) Award in the Law Enforcement/Public Safety/Guarding Systems category, as well as Sport Business Journal’s (SBJ) 2024 awards for “Best In Fan Experience Technology” and “Best In Sports Technology”. Evolv®, Evolv Express®, Evolv Insights®, Evolv Visual Gun Detection™, Evolv eXpedite™, and Evolv Eva™ are registered trademarks or trademarks of Evolv Technologies, Inc. in the United States and other jurisdictions. For more information, visit evolv.com.


1 We define Annual Recurring Revenue, or ARR, as subscription revenue and the recurring service revenue related to purchase subscriptions for the final month of the quarter normalized to a one-year period. Our calculation of ARR is not adjusted for the impact of any known or projected future events (such as customer cancellations, upgrades or downgrades, or price increases or decreases) that may cause any such contract not to be renewed on its existing terms. In addition, the amount of actual revenue that we recognize over any 12-month period is likely to differ from ARR at the beginning of that period, sometimes significantly. This may occur due to new bookings, cancellations, upgrades, downgrades or other changes in pending renewals, as well as the effects of professional services revenue and acquisitions or divestitures. As a result, ARR should be viewed independently of, and not as a substitute for or forecast of, revenue and deferred revenue. Our calculation of ARR may differ from similarly titled metrics presented by other companies.


2 Non-GAAP Financial Measures In this press release, the Company’s adjusted gross profit (loss), adjusted gross margin, adjusted operating expenses, adjusted operating income (loss), adjusted EBITDA, adjusted EBITDA margin, adjusted earnings (loss), and adjusted earnings (loss) per diluted share are not presented in accordance with generally accepted accounting principles (GAAP) and are not intended to be used in lieu of GAAP presentations of results of operations. Adjusted gross profit and adjusted gross margin exclude stock-based compensation expense, amortization of capitalized stock-based compensation, loss on impairment of intangible asset, non-recurring employee restructuring and other separation costs, and non-recurring inventory charges, which management believes provides a more meaningful representation of contribution margin. Adjusted operating expenses is defined as operating expenses less stock-based compensation expense, loss on impairment of leased equipment, non-recurring employee restructuring and other separation costs, and other non-recurring legal and regulatory costs, which management believes provides a more meaningful representation of on-going operating expense levels. Other non-recurring legal and regulatory costs include non-recurring legal, accounting and professional fees related to the internal investigation, subsequent restatement, certain non-recurring regulatory, litigation and legal matters, as well as fees related to the resolution of the Securities and Exchange Commission investigation, net of estimated insurance recoveries. Adjusted operating income (loss), is defined as loss from operations, excluding stock-based compensation expense, amortization of capitalized stock-based compensation, loss on impairment of leased equipment, loss on impairment of intangible asset, non-recurring employee restructuring and other separation costs, non-recurring inventory charges, and other non-recurring legal and regulatory costs, which management believes provides a more meaningful representation of operating results. Adjusted EBITDA and Adjusted EBITDA margin is defined as net income (loss) plus depreciation and amortization, stock-based compensation, interest expense (income), provision for income taxes, change in fair value of contingent earn-out liability, change in fair value of contingently issuable common stock liability, change in fair value of public warrant liability, loss on impairment of leased equipment, loss on impairment of intangible asset, loss on disposal of leased equipment, non-recurring employee restructuring and other separation costs, non-recurring inventory charges, and other non-recurring legal and regulatory costs, which management believes provides a more meaningful representation of operating results. Adjusted earnings (loss) and Adjusted earnings (loss) per diluted share are defined as net income (loss) plus stock-based compensation, amortization of capitalized stock-based compensation, change in fair value of contingent earn-out liability, change in fair value of contingently issuable common stock liability, change in fair value of public warrant liability, loss on impairment of leased equipment, loss on impairment of intangible asset, non-recurring employee restructuring and other separation costs, non-recurring inventory charges, and other non-recurring legal and regulatory costs, which management believes provides a more meaningful representation of operating results. Management presents non-GAAP financial measures because it considers them to be important supplemental measures of performance. Management uses non-GAAP financial measures for planning purposes, including analysis of the Company's performance against prior periods, the preparation of operating budgets and to determine appropriate levels of operating and capital investments. Management also believes non-GAAP financial measures provide additional insight for analysts and investors in evaluating the Company's financial and operating performance. However, non-GAAP financial measures have limitations as an analytical tool and are not intended to be an alternative to financial measures prepared in accordance with GAAP. We intend to provide non-GAAP financial measures as part of our future earnings discussions and, therefore, the inclusion of non-GAAP financial measures will provide consistency in our financial reporting. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures included in this press release. The Company is unable to provide a reconciliation of Adjusted EBITDA to Net Income (Loss) and Adjusted EBITDA Margin to Net Profit Margin, each measure's most directly comparable GAAP financial measure, on a forward-looking basis without unreasonable effort, because items that impact these GAAP financial measures are not within the Company’s control and/or cannot be reasonably predicted. These items may include, but are not limited to, predicting forward-looking share-based compensation, changes in the fair value of contingent earn out liabilities, changes in the fair value of contingently issuable common stock liabilities and changes in fair value of public warrant liabilities. Such information may have a significant, and potentially unpredictable, impact on the Company’s future financial results.


3 Recurring revenue includes the recurring portion of revenue associated with pure subscription contracts and hardware purchase subscription contracts. Non-recurring revenue includes revenue that is non-recurring in nature, such as product revenue, shipping revenue, and revenue from installation, training, and professional services.


Forward-Looking Statements


This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release and related presentation materials other than statements of historical facts, including without limitation statements regarding our strategy, goals, demand for our products, market opportunities, and future financial and operational results. Words such as “believe” “may,” “will,” “expect,” “should,” “could,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “potential,” “continue,” “project,” “target,” “forecast”, “is/are likely to” or the negative of these terms or other similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. The forward-looking statements in this press release and related presentation materials are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the amount of insurance reimbursements expected to be received for defense costs for counsel and consultants in connection with the securities litigation and related Securities and Exchange Commission (the “SEC”) and Department of Justice matters, and the following: our history of losses and ability to reach profitability; our reliance on reseller partners; expectations regarding the Company’s strategies and future financial performance, including its future business plans or objectives, prospective performance and opportunities and competitors, revenues, products and services, pricing, operating expenses, market trends, liquidity, cash flows and uses of cash, capital expenditures; our ability to renew customer contracts, our ability to renew customer contracts at terms favorable to the Company, the Company’s reliance on third party contract manufacturing and distribution, and a global supply chain; the Company recognizes a substantial portion of its revenue ratably over the term of its agreements, and, as a result, downturns or upturns in sales may not be immediately reflected in its operating results; the rate of innovation required to maintain competitiveness in the markets in which the Company competes; the competitiveness of the market in which the Company competes; the failure of our products to detect threats could result in injury or loss of life, which could harm our brand, reputation, and results of operations; the loss of designation of our Evolv Express® system as a Qualified Anti-Terrorism Technology under the Homeland Security SAFETY Act; risks related to our business model, which is predicated, in part, on building a customer base that will generate a recurring stream of revenues through the sale of our subscription contracts; the ability for the Company to obtain, maintain, protect and enforce the Company’s intellectual property rights and use of “open source” software; the concentration of the Company’s revenues on a single solution; the Company’s ability to timely design, produce and launch its solutions, the Company’s ability to invest in growth initiatives and pursue acquisition opportunities; the limited liquidity and trading of the Company’s securities; risks related to existing and changing tax laws; geopolitical risk and changes in applicable laws or regulations; the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; operational risk; risks related to material weaknesses in our internal control over financial reporting and our remediation plans; risks related to increasing attention to and evolving expectations for sustainability initiatives; the impact of fluctuating general economic and market conditions and reductions in spending; the need for additional capital to support business growth, which might not be available on acceptable terms, if at all; and litigation and regulatory enforcement risks, including the diversion of management time and attention and the additional costs and demands on resources. These and other important factors discussed in our most recent report on Form 10-Q or 10-K filed with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. The forward-looking statements in this press release and related presentation materials are based upon information available to us as of the date hereof, and while we believe such information forms a reasonable basis for such statements, it may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.


You should review this press release and the documents that we reference in this press release and related presentation materials with the understanding that our actual future results, levels of activity, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained in this press release and related presentation materials, whether as a result of any new information, future events or otherwise.






 



EVOLV TECHNOLOGY




CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)




(In thousands, except share and per share data)




(Unaudited)










 



 






Three Months Ended

December 31,






 






Twelve Months Ended

December 31,








 






 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 








Revenue:






 






 






 






 






 






 






 








Product revenue






$






7,545






 






 






$






1,675






 






 






$






21,637






 






 






$






6,464






 








Subscription revenue






 






21,717






 






 






 






17,263






 






 






 






83,839






 






 






 






65,046






 








Service revenue






 






8,151






 






 






 






6,564






 






 






 






29,375






 






 






 






23,467






 








License fee and other revenue






 






1,091






 






 






 






3,598






 






 






 






11,054






 






 






 






8,888






 








Total revenue






 






38,504






 






 






 






29,100






 






 






 






145,905






 






 






 






103,865






 








Cost of revenue:






 






 






 






 






 






 






 








Cost of product revenue






 






7,825






 






 






 






2,166






 






 






 






24,320






 






 






 






10,735






 








Cost of subscription revenue






 






8,971






 






 






 






8,604






 






 






 






36,684






 






 






 






27,846






 








Cost of service revenue






 






2,657






 






 






 






1,476






 






 






 






8,410






 






 






 






5,225






 








Cost of license fee and other revenue






 






423






 






 






 






113






 






 






 






1,189






 






 






 






597






 








Total cost of revenue






 






19,876






 






 






 






12,359






 






 






 






70,603






 






 






 






44,403






 








Gross profit






 






18,628






 






 






 






16,741






 






 






 






75,302






 






 






 






59,462






 








Operating expenses:






 






 






 






 






 






 






 








Research and development






 






5,412






 






 






 






5,390






 






 






 






20,619






 






 






 






23,446






 








Sales and marketing






 






11,132






 






 






 






13,455






 






 






 






45,626






 






 






 






60,637






 








General and administrative






 






10,069






 






 






 






16,759






 






 






 






54,858






 






 






 






56,602






 








Restructuring costs






 






—






 






 






 






—






 






 






 






2,662






 






 






 






860






 








Loss on impairment of property and equipment






 






—






 






 






 






15






 






 






 






—






 






 






 






224






 








Total operating expenses






 






26,613






 






 






 






35,619






 






 






 






123,765






 






 






 






141,769






 








Loss from operations






 






(7,985






)






 






 






(18,878






)






 






 






(48,463






)






 






 






(82,307






)








Other income, net:






 






 






 






 






 






 






 








Interest expense






 






(1,018






)






 






 






—






 






 






 






(1,732






)






 






 






—






 








Interest income






 






487






 






 






 






548






 






 






 






1,536






 






 






 






2,942






 








Other income (expense), net






 






(18






)






 






 






(50






)






 






 






99






 






 






 






(83






)








Change in fair value of contingent earn-out liability






 






10,138






 






 






 






1,218






 






 






 






12,435






 






 






 






16,310






 








Change in fair value of contingently issuable/returnable common stock liability/asset






 






2,683






 






 






 






311






 






 






 






2,614






 






 






 






2,529






 








Change in fair value of public warrant liability






 






6,595






 






 






 






1,131






 






 






 






435






 






 






 






6,592






 








Total other income, net






 






18,867






 






 






 






3,158






 






 






 






15,387






 






 






 






28,290






 








Loss before income taxes






 






10,882






 






 






 






(15,720






)






 






 






(33,076






)






 






 






(54,017






)








Provision for income taxes






 






—






 






 






 






—






 






 






$






62






 






 






$






—






 








Net income (loss)






$






10,882






 






 






$






(15,720






)






 






$






(33,138






)






 






$






(54,017






)








Net income (loss) income attributable to common stockholders – basic and diluted






$






10,810






 






 






$






(15,720






)






 






$






(33,138






)






 






$






(54,017






)








 






 






 






 






 






 






 






 








Weighted average common shares outstanding






 






 






 






 






 






 






 








Basic






 






174,625,931






 






 






 






158,997,410






 






 






 






168,419,211






 






 






 






156,573,886






 








Diluted






 






189,125,126






 






 






 






158,997,410






 






 






 






168,419,211






 






 






 






156,573,886






 








Net income (loss) per share






 






 






 






 






 






 






 








Basic






$






0.06






 






 






$






(0.10






)






 






$






(0.20






)






 






$






(0.34






)








Diluted






$






0.06






 






 






$






(0.10






)






 






$






(0.20






)






 






$






(0.34






)








 






 






 






 






 






 






 






 








Net income (loss)






$






10,882






 






 






$






(15,720






)






 






$






(33,138






)






 






$






(54,017






)








Other comprehensive (loss) income






 






 






 






 






 






 






 








Cumulative translation adjustment






 






(4






)






 






 






96






 






 






 






(109






)






 






 






21






 








Total other comprehensive (loss) income






 






(4






)






 






 






96






 






 






 






(109






)






 






 






21






 








Total comprehensive income (loss)






$






10,878






 






 






$






(15,624






)






 






$






(33,247






)






 






$






(53,996






)











 



EVOLV TECHNOLOGY




CONDENSED CONSOLIDATED BALANCE SHEETS




(In thousands, except share and per share data)




(Unaudited)










 



 






December 31, 2025






 






December 31, 2024








Assets






 






 






 








Current assets:






 






 






 








Cash and cash equivalents






$






49,150






 






 






$






37,015






 








Marketable securities






 






19,885






 






 






 






14,927






 








Accounts receivable, net






 






30,841






 






 






 






28,392






 








Inventory






 






9,317






 






 






 






16,963






 








Current portion of contract assets






 






878






 






 






 






799






 








Current portion of commission asset






 






6,062






 






 






 






5,429






 








Prepaid expenses and other current assets






 






35,169






 






 






 






17,921






 








Total current assets






 






151,302






 






 






 






121,446






 








Contract assets, noncurrent






 






15






 






 






 






657






 








Commission asset, noncurrent






 






7,867






 






 






 






7,567






 








Property and equipment, net






 






127,522






 






 






 






123,661






 








Operating lease right-of-use assets






 






12,303






 






 






 






13,993






 








Other assets






 






5,400






 






 






 






735






 








Total assets






$






304,409






 






 






$






268,059






 








 






 






 






 








Liabilities and Stockholders’ Equity






 






 






 








Current liabilities:






 






 






 








Accounts payable






$






9,770






 






 






$






10,492






 








Accrued expenses and other current liabilities






 






35,293






 






 






 






19,508






 








Current portion of deferred revenue






 






74,924






 






 






 






64,506






 








Current portion of operating lease liabilities






 






2,989






 






 






 






2,203






 








Total current liabilities






 






122,976






 






 






 






96,709






 








Deferred revenue, noncurrent






 






16,716






 






 






 






20,266






 








Long-term debt






 






28,596






 






 






 






—






 








Operating lease liabilities, noncurrent






 






10,654






 






 






 






12,326






 








Contingent earn-out liability, noncurrent






 






374






 






 






 






12,809






 








Contingently issuable common stock liability, noncurrent






 






1,809






 






 






 






4,001






 








Public warrant liability, noncurrent






 






3,862






 






 






 






4,297






 








Total liabilities






 






184,987






 






 






 






150,408






 








 






 






 






 








Stockholders’ equity:






 






 






 








Preferred stock, $0.0001 par value; 100,000,000 authorized at December 31, 2025 and December 31, 2024; no shares issued and outstanding at December 31, 2025 and December 31, 2024






 






—






 






 






 






—






 








Common stock, $0.0001 par value; 1,100,000,000 shares authorized at December 31, 2025 and December 31, 2024; 175,399,488 and 159,602,069 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively






 






18






 






 






 






16






 








Additional paid-in capital






 






507,347






 






 






 






472,331






 








Accumulated other comprehensive loss






 






(141






)






 






 






(32






)








Accumulated deficit






 






(387,802






)






 






 






(354,664






)








Stockholders’ equity






 






119,422






 






 






 






117,651






 








Total liabilities and stockholders’ equity






$






304,409






 






 






$






268,059






 









 



EVOLV TECHNOLOGY




CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS




(In thousands)




(Unaudited)








 



 






Twelve Months Ended

December 31,








 






 






2025






 






 






 






2024






 








Cash flows from operating activities:






 






 






 








Net loss






$






(33,138






)






 






$






(54,017






)








Adjustments to reconcile net loss to net cash provided by (used in) operating activities:






 






 






 








Depreciation and amortization






 






24,340






 






 






 






17,375






 








Write-off of inventory and change in inventory reserve






 






2,891






 






 






 






2,578






 








Loss on impairment of property and equipment






 






—






 






 






 






224






 








Loss on impairment of intangible asset






 






—






 






 






 






983






 








Loss on disposal of property and equipment






 






3,787






 






 






 






—






 








Stock-based compensation






 






21,096






 






 






 






24,756






 








Non-cash interest expense






 






482






 






 






 






—






 








(Accretion) amortization of (discount) premium on marketable securities, net of change in accrued interest






 






(126






)






 






 






447






 








Non-cash lease expense






 






1,690






 






 






 






1,420






 








Change in allowance for expected credit losses






 






(134






)






 






 






152






 








Change in fair value of earn-out liability






 






(12,435






)






 






 






(16,310






)








Change in fair value of contingently issuable/returnable common stock liability/asset






 






(2,614






)






 






 






(2,529






)








Change in fair value of public warrant liability






 






(435






)






 






 






(6,592






)








Changes in operating assets and liabilities






 






 






 








Accounts receivable






 






(2,315






)






 






 






(6,997






)








Inventory






 






9,118






 






 






 






(7,852






)








Commission assets






 






(933






)






 






 






(1,360






)








Contract assets






 






563






 






 






 






905






 








Other assets






 






750






 






 






 






467






 








Prepaid expenses and other current assets






 






(22,577






)






 






 






(964






)








Accounts payable






 






3,775






 






 






 






192






 








Deferred revenue






 






6,868






 






 






 






12,815






 








Accrued expenses and other current liabilities






 






18,902






 






 






 






4,534






 








Operating lease liability






 






(886






)






 






 






(1,080






)








Net cash provided by (used in) operating activities






 






18,669






 






 






 






(30,853






)








Cash flows from investing activities:






 






 






 








Development of internal-use software






 






(5,627






)






 






 






(6,125






)








Purchases of property and equipment






 






(31,367






)






 






 






(31,189






)








Purchases of marketable securities






 






(39,388






)






 






 






(29,367






)








Proceeds from maturities of marketable securities






 






34,556






 






 






 






65,282






 








Net cash used in investing activities






 






(41,826






)






 






 






(1,399






)








Cash flows from financing activities:






 






 






 








Proceeds from exercise of stock options






 






9,085






 






 






 






1,809






 








Proceeds from long-term debt






 






26,316






 






 






 






—






 








Net cash provided by financing activities






 






35,401






 






 






 






1,809






 








Effect of exchange rate changes on cash and cash equivalents






 






(109






)






 






 






21






 








Net increase (decrease) in cash and cash equivalents






 






12,135






 






 






 






(30,422






)








Cash and cash equivalents






 






 






 








Cash, cash equivalents, and restricted cash at beginning of period






 






37,015






 






 






 






67,437






 








Cash and cash equivalents at end of period






$






49,150






 






 






$






37,015






 









 



EVOLV TECHNOLOGY




SUMMARY OF KEY OPERATING STATISTICS




(Unaudited)








 



 






Three Months Ended or as of,








($ in thousands)






 






March 31,

2024






 






June 30,

2024






 






September 30,

2024






 






December 31,

2024






 






March 31,

2025






 






June 30,

2025






 






September 30,

2025






 






December 31,

2025








New customers






 






 






53






 






 






84






 






 






52






 






 






60






 






 






54






 






 






63






 






 






62






 






 






64








Annual recurring revenue






 






$






79,192






 






$






87,011






 






$






93,676






 






$






99,351






 






$






105,990






 






$






110,516






 






$






117,200






 






$






120,467








Recurring revenue






 






$






18,961






 






$






21,016






 






$






23,764






 






$






23,678






 






$






25,753






 






$






26,678






 






$






30,120






 






$






29,547







The following table includes the Company's remaining performance obligations for the fiscal quarters from December 31, 2024 through September 30, 2025, which have been updated to reflect immaterial adjustments made as part of the Company’s 2025 year end financial reporting process. These changes had no impact on the Company’s statements of operations and comprehensive income (loss), balance sheets, or statements of cash flows for any periods presented.




 






As of








($ in thousands)






 






December 31,

2024






 






March 31,

2025






 






June 30,

2025






 






September 30,

2025






 






December 31,

2025








Remaining performance obligation (as reported)






 






$






266,704






 






 






$






261,233






 






 






$






275,451






 






 






$






298,560






 






 






$






293,589








Adjustment






 






 






(7,592






)






 






 






(8,444






)






 






 






(8,415






)






 






 






(8,829






)






 






 






—








Remaining performance obligation (as adjusted)






 






$






259,112






 






 






$






252,789






 






 






$






267,036






 






 






$






289,731






 






 






$






293,589









 



EVOLV TECHNOLOGY




RECONCILIATION OF GAAP OPERATING EXPENSES TO ADJUSTED OPERATING EXPENSES




(In thousands)




(Unaudited)








 



 






Three Months Ended,








 






 






March 31,

2024






 






June 30,

2024






 






September 30,

2024






 






December 31,

2024






 






March 31,

2025






 






June 30,

2025






 






September 30,

2025






 






December 31,

2025








 






 






(Restated)






 






(Restated)






 






 






 






 






 






 






 






 






 






 






 






 








Operating expenses, GAAP






 






$






34,061






 






 






$






37,128






 






 






$






34,961






 






 






$






35,619






 






 






$






33,539






 






 






$






33,711






 






 






$






29,902






 






 






$






26,613






 








Stock-based compensation






 






 






(6,292






)






 






 






(7,254






)






 






 






(7,263






)






 






 






(3,159






)






 






 






(4,660






)






 






 






(5,265






)






 






 






(5,121






)






 






 






(5,006






)








Loss on impairment of leased equipment






 






 






—






 






 






 






—






 






 






 






(209






)






 






 






(15






)






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 








Non-recurring employee restructuring and other separation costs






 






 






—






 






 






 






(1,000






)






 






 






—






 






 






 






(2,060






)






 






 






(2,137






)






 






 






(827






)






 






 






(6






)






 






 






—






 








Other non-recurring legal and regulatory costs






 






 






(476






)






 






 






(2,185






)






 






 






(2,339






)






 






 






(7,284






)






 






 






(3,561






)






 






 






(5,979






)






 






 






36






 






 






 






2,225






 








Adjusted operating expenses






 






$






27,293






 






 






$






26,689






 






 






$






25,150






 






 






$






23,101






 






 






$






23,181






 






 






$






21,640






 






 






$






24,811






 






 






$






23,832






 











 



EVOLV TECHNOLOGY




RECONCILIATION OF GAAP GROSS PROFIT TO ADJUSTED GROSS PROFIT, GAAP GROSS MARGIN TO ADJUSTED GROSS MARGIN AND GAAP INCOME (LOSS) FROM OPERATIONS TO ADJUSTED OPERATING INCOME (LOSS)




(In thousands)




(Unaudited)










 



 






Three Months Ended

December 31,






 






Twelve Months Ended

December 31,








 






 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 








Revenue






$






38,504






 






 






$






29,100






 






 






$






145,905






 






 






$






103,865






 








Cost of revenue






 






19,876






 






 






 






12,359






 






 






 






70,603






 






 






 






44,403






 








Gross profit, GAAP






 






18,628






 






 






 






16,741






 






 






 






75,302






 






 






 






59,462






 








Stock-based compensation






 






274






 






 






 






233






 






 






 






1,044






 






 






 






788






 








Amortization of capitalized stock-based compensation






 






150






 






 






 






85






 






 






 






474






 






 






 






137






 








Loss on impairment of intangible asset






 






—






 






 






 






983






 






 






 






—






 






 






 






983






 








Non-recurring employee restructuring and other separation costs






 






—






 






 






 






—






 






 






 






6






 






 






 






—






 








Non-recurring inventory charges






 






—






 






 






 






123






 






 






 






—






 






 






 






2,730






 








Adjusted gross profit*






$






19,052






 






 






$






18,165






 






 






$






76,826






 






 






$






64,100






 








 






 






 






 






 






 






 






 








Gross margin %






 






48.4






%






 






 






57.5






%






 






 






51.6






%






 






 






57.2






%








Adjusted gross margin %






 






49.5






%






 






 






62.4






%






 






 






52.7






%






 






 






61.7






%







*Beginning in the three month period ended September 30, 2025, and on a go-forward basis, management has determined that the loss on disposal of leased equipment should no longer be considered a non-recurring expense, and accordingly, loss on disposal of leased equipment is now reflected within non-GAAP gross margins and adjusted loss from operations.




 






Three Months Ended

December 31,






 






Twelve Months Ended

December 31,








 






 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 








Loss from operations, GAAP






$






(7,985






)






 






$






(18,878






)






 






$






(48,463






)






 






$






(82,307






)








Stock-based compensation






 






5,280






 






 






 






3,392






 






 






 






21,096






 






 






 






24,756






 








Amortization of capitalized stock-based compensation






 






150






 






 






 






85






 






 






 






474






 






 






 






137






 








Loss on impairment of leased equipment






 






—






 






 






 






15






 






 






 






—






 






 






 






224






 








Loss on impairment of intangible asset






 






—






 






 






 






983






 






 






 






—






 






 






 






983






 








Non-recurring employee restructuring and other separation costs






 






—






 






 






 






2,060






 






 






 






2,976






 






 






 






3,060






 








Non-recurring inventory charges






 






—






 






 






 






123






 






 






 






—






 






 






 






2,730






 








Other non-recurring legal and regulatory costs






 






(2,225






)






 






 






7,284






 






 






 






7,279






 






 






 






12,284






 








Adjusted loss from operations*






$






(4,780






)






 






$






(4,936






)






 






$






(16,638






)






 






$






(38,133






)







*Beginning in the three month period ended September 30, 2025, and on a go-forward basis, management has determined that the loss on disposal of leased equipment should no longer be considered a non-recurring expense, and accordingly, loss on disposal of leased equipment is now reflected within non-GAAP gross margins and adjusted loss from operations.






 



EVOLV TECHNOLOGY




RECONCILIATION OF GAAP NET INCOME (LOSS) TO ADJUSTED EBITDA AND NET PROFIT MARGIN TO ADJUSTED EBITDA MARGIN




(In thousands)




(Unaudited)










 



 






Three Months Ended

December 31,






 






Twelve Months Ended

December 31,








 






 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 








Net income (loss)






$






10,882






 






 






$






(15,720






)






 






$






(33,138






)






 






$






(54,017






)








Depreciation and amortization






 






6,481






 






 






 






5,442






 






 






 






24,340






 






 






 






17,375






 








Stock-based compensation






 






5,280






 






 






 






3,392






 






 






 






21,096






 






 






 






24,756






 








Interest expense (income)






 






531






 






 






 






(548






)






 






 






196






 






 






 






(2,942






)








Provision for income taxes






 






—






 






 






 






—






 






 






 






62






 






 






 






—






 








Change in fair value of contingent earn-out liability






 






(10,138






)






 






 






(1,218






)






 






 






(12,435






)






 






 






(16,310






)








Change in fair value of contingently issuable/returnable common stock liability/asset






 






(2,683






)






 






 






(311






)






 






 






(2,614






)






 






 






(2,529






)








Change in fair value of public warrant liability






 






(6,595






)






 






 






(1,131






)






 






 






(435






)






 






 






(6,592






)








Loss on impairment of leased equipment






 






—






 






 






 






15






 






 






 






—






 






 






 






224






 








Loss on impairment of intangible asset






 






—






 






 






 






983






 






 






 






—






 






 






 






983






 








Loss on disposal of leased equipment






 






284






 






 






 






—






 






 






 






3,787






 






 






 






—






 








Non-recurring employee restructuring and other separation costs






 






—






 






 






 






2,060






 






 






 






2,976






 






 






 






3,060






 








Non-recurring inventory charges






 






—






 






 






 






123






 






 






 






—






 






 






 






2,730






 








Other non-recurring legal and regulatory costs






 






(2,225






)






 






 






7,284






 






 






 






7,279






 






 






 






12,284






 








Adjusted EBITDA






$






1,817






 






 






$






371






 






 






$






11,114






 






 






$






(20,978






)








 






 






 






 






 






 






 






 








Net profit margin %






 






28.3






%






 






 






(54.0






)%






 






 






(22.7






)%






 






 






(52.0






)%








Impact of adjustments from Net loss to Adjusted EBITDA






 






(23.6






)%






 






 






55.3






%






 






 






30.3






%






 






 






31.8






%








Adjusted EBITDA margin %






 






4.7






%






 






 






1.3






%






 






 






7.6






%






 






 






(20.2






)%











 



EVOLV TECHNOLOGY




RECONCILIATION OF GAAP NET INCOME (LOSS) TO ADJUSTED EARNINGS (LOSS)




(In thousands, except share and per share data)




(Unaudited)










 



 






Three Months Ended

December 31,






 






Twelve Months Ended

December 31,








 






 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 








Net income (loss)






$






10,882






 






 






$






(15,720






)






 






$






(33,138






)






 






$






(54,017






)








Stock-based compensation






 






5,280






 






 






 






3,392






 






 






 






21,096






 






 






 






24,756






 








Amortization of capitalized stock-based compensation






 






150






 






 






 






85






 






 






 






474






 






 






 






137






 








Change in fair value of contingent earn-out liability






 






(10,138






)






 






 






(1,218






)






 






 






(12,435






)






 






 






(16,310






)








Change in fair value of contingently issuable/returnable common stock liability/asset






 






(2,683






)






 






 






(311






)






 






 






(2,614






)






 






 






(2,529






)








Change in fair value of public warrant liability






 






(6,595






)






 






 






(1,131






)






 






 






(435






)






 






 






(6,592






)








Loss on impairment of leased equipment






 






—






 






 






 






15






 






 






 






—






 






 






 






224






 








Loss on impairment of intangible asset






 






—






 






 






 






983






 






 






 






—






 






 






 






983






 








Non-recurring employee restructuring and other separation costs






 






—






 






 






 






2,060






 






 






 






2,976






 






 






 






3,060






 








Non-recurring inventory charges






 






—






 






 






 






123






 






 






 






—






 






 






 






2,730






 








Other non-recurring legal and regulatory costs






 






(2,225






)






 






 






7,284






 






 






 






7,279






 






 






 






12,284






 








Adjusted loss






$






(5,329






)






 






$






(4,438






)






 






$






(16,797






)






 






$






(35,274






)








 






 






 






 






 






 






 






 








Weighted average common shares outstanding – diluted






 






174,625,931






 






 






 






158,997,410






 






 






 






168,419,211






 






 






 






156,573,886






 








 






 






 






 






 






 






 






 








Adjusted loss per share – diluted






$






(0.03






)






 






$






(0.03






)






 






$






(0.10






)






 






$






(0.23






)







*Stock-based compensation, amortization of capitalized stock-based compensation, and non-recurring restructuring and other employee separation costs were recorded in the condensed consolidated statements of operations and comprehensive loss (income) as follows. Prior period amounts are being shown for comparative purposes:




 






Three Months Ended,








 






March 31,

2024






 






June 30,

2024






 






September 30,

2024






 






December 31,

2024






 






March 31,

2025






 






June 30,

2025






 






September 30,

2025






 






December 31,

2025








Stock-based compensation:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Cost of product revenue






$






—






 






$






5






 






$






4






 






$






8






 






 






$






8






 






$






17






 






$






32






 






$






39








Cost of subscription revenue






 






91






 






 






110






 






 






169






 






 






154






 






 






 






137






 






 






167






 






 






146






 






 






135








Cost of service revenue






 






44






 






 






51






 






 






63






 






 






61






 






 






 






67






 






 






74






 






 






72






 






 






80








Cost of license fee and other revenue






 






3






 






 






7






 






 






8






 






 






10






 






 






 






7






 






 






24






 






 






19






 






 






20








Research and development






 






902






 






 






1,222






 






 






1,243






 






 






1,153






 






 






 






1,115






 






 






1,154






 






 






1,227






 






 






1,252








Sales and marketing






 






2,959






 






 






2,724






 






 






2,516






 






 






2,747






 






 






 






1,048






 






 






1,710






 






 






1,480






 






 






1,330








General and administrative






 






2,431






 






 






3,308






 






 






3,504






 






 






(741






)






 






 






1,972






 






 






2,401






 






 






2,414






 






 






2,424








Restructuring costs






 






—






 






 






—






 






 






—






 






 






—






 






 






 






525






 






 






—






 






 






—






 






—








Total stock-based compensation






$






6,430






 






$






7,427






 






$






7,507






 






$






3,392






 






 






$






4,879






 






$






5,547






 






$






5,390






 






$






5,280








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Amortization of capitalized stock-based compensation:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Cost of subscription revenue






$






8






 






$






8






 






$






13






 






$






47






 






 






$






59






 






$






60






 






$






63






 






$






82








Cost of service revenue






 






6






 






 






7






 






 






10






 






 






38






 






 






 






44






 






 






47






 






 






51






 






 






68








Total amortization of capitalized stock-based compensation






$






14






 






$






15






 






$






23






 






$






85






 






 






$






103






 






$






107






 






$






114






 






$






150








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Non-recurring employee restructuring and other separation costs:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Cost of service revenue






$






—






 






$






—






 






$






—






 






$






—






 






 






$






—






 






$






6






 






$






—






 






$






—








Research and development






 






—






 






 






—






 






 






—






 






 






—






 






 






 






—






 






 






31






 






 






—






 






 






—








Sales and marketing






 






—






 






 






140






 






 






—






 






 






63






 






 






 






—






 






 






613






 







6






 







—








General and administrative






 






—






 






 






—






 






 






—






 






 






1,997






 






 






 






—






 






 






183






 






 






—






 






 






—








Restructuring costs






 






—






 






 






860






 






 






—






 






 






—






 






 






 






2,137






 






 






—






 






 






—






 






 






—








Total non-recurring employee restructuring and other separation costs






$






—






 






$






1,000






 






$






—






 






$






2,060






 






 






$






2,137






 






$






833






 






$






6






 






$






—







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260310341542/en/
Investor Relations:

Brian Norris

Senior Vice President of Finance and Investor Relations

bnorris@evolvtechnology.com


Original: Evolv Technology Reports Fourth Quarter Financial Results