Evolv Technologies Holdings, Inc.
- Open
- 5.24
- Day high
- 5.24
- Day low
- 5.10
- Prev close
- 5.21
- Volume
- 186K
- Mkt cap
- $925M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 7.8
- P/S
- 5.4
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$1.3M over the last 3 months (2 open-market buys, 3 sales)
- ◆Cluster buying — multiple insiders bought within days
- 🏛Institutions reducing (13F)
Evolv Technologies Holdings, Inc. (EVLV) is a Industrials company listed on NASDAQ. The stock is down 36% over the past year. Over the trailing 3 months, insiders filed 2 open-market buys and 3 sales (SEC Form 4).
Evolv Technologies Holdings, Inc. (EVLV) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
EVLV earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 11, 2026 | $-0.03 | $-0.05 | -66.7% | $44M | +4.7% |
| May 12, 2026 | $-0.06 | $-0.03 | +50.0% | $46M | +4.8% |
| Mar 10, 2026 | $-0.04 | $0.06 | +260.0% | $39M | +0.1% |
| Nov 13, 2025 | $-0.07 | $-0.01 | +85.7% | $43M | +17.6% |
| Aug 14, 2025 | $-0.09 | $-0.25 | -177.8% | $33M | +0.5% |
| May 20, 2025 | $-0.09 | $-0.01 | +88.9% | $32M | +14.6% |
| Jan 2, 2025 | $-0.06 | $-0.11 | -83.3% | $27M | +3.6% |
| Aug 8, 2024 | $-0.13 | $0.02 | +115.4% | $26M | +7.1% |
| May 9, 2024 | $-0.14 | $-0.08 | +42.9% | $22M | -5.8% |
| Feb 29, 2024 | $-0.14 | $-0.11 | +21.4% | $22M | +12.9% |
| Nov 9, 2023 | $-0.15 | $-0.08 | +46.7% | $20M | +4.5% |
| Aug 10, 2023 | $-0.10 | $-0.10 | +0.0% | $20M | +38.8% |
EVLV insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 19, 2026 | Ellenbogen Michaeldirector | Sell | 80,752 | $5.59 |
| Aug 19, 2026 | Ellenbogen Michaeldirector | Option | 80,752 | $0.24 |
| Aug 18, 2026 | Glat Neildirector | Buy | 8,500 | $5.74 |
| Aug 18, 2026 | Kuhl Henrikdirector | Buy | 15,000 | $5.73 |
| Jul 17, 2026 | Ellenbogen Michaeldirector | Sell | 80,745 | $5.94 |
| Jul 17, 2026 | Ellenbogen Michaeldirector | Option | 80,745 | $0.24 |
| Jun 22, 2026 | Ellenbogen Michaeldirector | Grant | 28,318 | — |
| Jun 22, 2026 | Kuhl Henrikdirector | Option | 9,291 | — |
| Jun 22, 2026 | Glat Neildirector | Option | 27,050 | — |
| Jun 22, 2026 | Sullivan Mark J.director | Option | 27,050 | — |
| Jun 22, 2026 | Mounts Gonzales Daviddirector | Option | 27,050 | — |
| Jun 22, 2026 | Charlton Kevin M.director | Option | 27,050 | — |
| Jun 22, 2026 | Sheehy Kimberly H.director | Grant | 28,318 | — |
| Jun 22, 2026 | Glat Neildirector | Grant | 28,318 | — |
| Jun 22, 2026 | Kuhl Henrikdirector | Grant | 28,318 | — |
Source: EVLV SEC Form 4 filings, latest Aug 19, 2026. For informational purposes only — not investment advice.
See the full EVLV insider & 13F page →Evolv Technologies Holdings, Inc. company profile
Overview
Evolv Technologies Holdings, Inc. (NASDAQ:EVLV) is a security technology company founded in 2013 and headquartered in Waltham, Massachusetts. The company went public through a SPAC merger in September 2020. Evolv specializes in artificial intelligence-powered touchless security screening systems designed to detect weapons while allowing people to walk through at normal speeds without stopping to empty pockets or remove personal items. The company has grown from screening 350 million visitors in 2022 to over 720 million in 2023, serving more than 800 customers across various sectors including education, healthcare, and professional sports venues.
Business
Evolv Technologies operates in the physical security screening industry, developing and deploying AI-powered weapons detection systems that represent a significant departure from traditional metal detectors. The company's core technology uses artificial intelligence, advanced sensors, and machine learning algorithms to identify specific threats while filtering out everyday metallic objects like keys, phones, and medical devices. The company's primary product is Evolv Express, a walk-through security screening system that can detect firearms, improvised explosive devices, and tactical knives without requiring visitors to stop, divest personal items, or empty their pockets. Unlike traditional metal detectors that create bottlenecks and require manual screening of alarms, Evolv Express allows people to walk through at normal speeds while the AI system analyzes the sensor data in real-time to identify potential threats. Supporting the hardware platform, Evolv offers Evolv Insights, a software analytics platform that provides customers with data on visitor flow patterns, system performance metrics, detection statistics, and operational insights. The company also developed Evolv Edge, designed specifically for detecting non-metallic explosive devices alongside traditional metallic threats. The business operates across multiple vertical markets with education representing approximately 45% of revenue, healthcare serving over 400 hospital buildings, and professional sports covering more than 40 teams across five major leagues. The company has also begun expanding into industrial warehouses as an emerging vertical market. Evolv's systems are deployed through both direct sales and an expanding network of channel partners, with over 40% of recent bookings coming through distribution partners.
Revenue model
Evolv Technologies generates revenue primarily through a subscription-based model centered around multi-year contracts for its security screening systems. The company has successfully transitioned from a mixed hardware sales and subscription model to a predominantly recurring revenue business, with recurring revenue representing 83% of total revenue in Q2 2024, up from 50% in Q1 2023. The core revenue streams include monthly or annual subscription fees for the Evolv Express systems, which include the hardware, software, ongoing support, and regular AI algorithm updates. Customers typically sign multi-year contracts ranging from three to five years. The company also generates revenue from its Evolv Insights analytics platform and various professional services including installation, training, and technical support. Evolv's customers are primarily institutions and organizations with high-traffic public spaces that require security screening, including school districts, hospital systems, professional sports venues, entertainment facilities, and increasingly, industrial warehouses. These customers pay for the subscription service based on the number of screening units deployed and the level of service required. Several factors influence Evolv's profit margins both positively and negatively. Margin expansion drivers include the shift to a higher-margin subscription model, economies of scale in manufacturing as volumes increase, and the development of next-generation hardware with approximately 40% lower bill of materials costs. However, margin pressures come from competitive pricing dynamics, particularly in the education sector, ongoing research and development investments required to maintain AI algorithm superiority, and the costs associated with expanding the sales force and channel partner network. The company's gross margins have improved significantly, targeting around 60% adjusted gross margins, though they face headwinds from increased competition and pricing pressure in key verticals.
Competitive moat
Evolv Technologies possesses a moderate competitive moat built primarily around its proprietary AI algorithms and first-mover advantage in touchless weapons detection technology. The company's core differentiation lies in its machine learning capabilities that can distinguish between threatening weapons and benign metallic objects, allowing for normal-speed walk-through screening without the operational disruptions of traditional metal detectors. The company's moat is strengthened by its growing dataset of over 720 million visitor screenings and nearly 400,000 weapon detections, which continuously improves its AI algorithms' accuracy and reduces false positives. This creates a data network effect where more deployments generate better detection capabilities. Additionally, Evolv benefits from switching costs as customers integrate the systems into their security protocols and staff training, making replacement decisions complex and costly. However, the moat faces several challenges. The core technology, while sophisticated, is not protected by insurmountable patents, and larger technology companies or established security firms could potentially develop competing solutions. Traditional security companies like Motorola Solutions (which has partnered with Evolv) possess greater resources and established customer relationships that could be leveraged to compete directly. The regulatory scrutiny from the FTC and questions about detection accuracy also create vulnerabilities that competitors could exploit. The company's moat is further limited by the relatively straightforward value proposition - if competitors can match the detection accuracy and throughput capabilities, customers may switch based on price or service quality. While Evolv has built strong relationships in education and healthcare, these markets are also price-sensitive, potentially limiting pricing power over time.
Risks & safety
Evolv Technologies presents moderate financial risk with several concerning metrics despite recent operational improvements. • **Liquidity Position**: Current cash and short-term investments of $37 million as of Q4 2024, down from $67 million in 2023, with negative free cash flow of $62 million for full year 2024 • **Debt Levels**: Relatively low debt-to-equity ratio of 0.12, indicating minimal leverage risk • **Profitability**: Company remains unprofitable with net loss of $54 million in 2024, though EBITDA losses have narrowed from $96 million in 2023 to $37 million in 2024 • **Valuation Metrics**: Trading at negative P/E ratio due to losses, EV/EBITDA of -16.3x, and price-to-book ratio of 5.3x indicating elevated valuation relative to tangible assets • **Cash Burn**: Significant cash consumption with management targeting EBITDA breakeven by Q2 2025, requiring continued execution on growth and margin improvement plans • **Other Considerations**: Ongoing FTC investigation creates regulatory overhang, while lengthened sales cycles and competitive pricing pressure in key markets pose execution risks The company's financial runway appears sufficient for 12-18 months based on current burn rates, but achieving profitability targets will be critical for long-term viability.
Recent development
Over the past few years, Evolv Technologies has undergone significant strategic evolution, transitioning from a mixed hardware-sales model to a subscription-focused business while expanding its market reach and product capabilities. The company successfully shifted its revenue mix from 50% recurring revenue in Q1 2023 to 83% by Q2 2024, demonstrating the effectiveness of its subscription-first strategy. Key product developments include the release of major software updates with the new MyEvolv portal and mobile application, enhanced API integrations for security system connectivity, and the introduction of Evolv Visual Gun Detection capabilities. The company has also developed next-generation hardware with approximately 40% lower manufacturing costs, expected to improve margins beginning in 2024. Strategically, Evolv has significantly expanded its channel partner network, with distribution partnerships now accounting for over 40% of bookings compared to minimal channel sales in prior years. The partnership with Motorola Solutions has been particularly important, leveraging Motorola's extensive customer relationships and channel network. The company has also pursued vertical market specialization, dedicating resources to specific sectors like education, healthcare, and professional sports while identifying industrial warehouses as an emerging high-potential market. Operationally, Evolv has scaled its deployment capabilities, growing from 2,267 installed subscriptions at the end of 2022 to over 4,500 by 2023, while maintaining high customer satisfaction and retention rates. The company has also navigated regulatory challenges, including ongoing FTC and SEC investigations, while maintaining strong win rates of approximately 79% in competitive situations.
EVLV company profile · for informational purposes only — not investment advice.
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