Evolv Technologies Holdings, Inc. (EVLV)

Price$4.96Cached quoteAs of 2026-09-10 19:30 UTC

AI: Overvalued

Growth is strong, but the valuation still assumes substantial future scaleAt $5.05 and 181.1 million shares outstanding, Evolv has an equity value of about $915 million and an enterprise value near $882 million after June cash and funded debt.

Against raised 2026 revenue guidance of $180-$185 million, EVLV trades near 4.8x midpoint enterprise value to revenue and about 6.6x enterprise value to Q2 ARR of $132.7 million. The $15-$16 million adjusted EBITDA guide implies roughly 57x EV/adjusted EBITDA while GAAP earnings remain negative. Revenue growth of 23%-27% and improving recurring economics are attractive, but the multiple leaves limited room for slower bookings, renewal weakness or technology/regulatory setbacks, supporting an Overvalued assessment.

Recurring subscription growth and installed-base expansion improve revenue qualiEvolv combines Express concealed-weapons screening, eXpedite autonomous bag screening and Insights analytics in multi-year Security-as-a-Service relationships, typically around four years.

Q2 revenue rose 34% to $43.8 million, ARR increased 20% to $132.7 million and remaining performance obligations reached $312.6 million. Subscription revenue was $24.8 million with a 64% gross margin, up from 56% a year earlier. Evolv added 70 customers, its strongest quarter in two years, while approximately 60% of unit bookings came from existing customers. More than 100 customers now use eXpedite, and roughly 70% of new Q2 eXpedite customers also purchased Express, supporting cross-sell economics.

Liquidity is adequate, but debt cost and equity dilution remain relevantPositive operating cash flow and unused credit capacity reduce immediate financing pressure, although stock-based compensation and outstanding awards can dilute shareholders.

FY2025 operating cash flow was $18.7 million despite a $33.1 million net loss. First-half 2026 operating cash flow improved to $8.7 million, and June cash, securities and restricted cash totaled $63.4 million. Funded term debt was $30 million at an 8.62% June interest rate, with another $45 million of delayed-draw and revolver capacity unused. Against 181.1 million shares outstanding, June awards included 6.96 million stock options and 10.58 million unvested RSUs; first-half stock compensation was $12.4 million. Conversely, 14.3 million legacy public warrants expired in July, eliminating that potential dilution.

Competitive and regulatory execution remains a material valuation riskEvolv has achieved large-scale adoption across schools, hospitals, sports and entertainment venues, but competes with traditional metal detectors and newer AI or sensor-based screening platforms.

The company reported nearly five billion people screened and roughly five million daily by August, while eXpedite had screened more than 20 million bags. Evolv's core opportunity is primarily non-regulated venue entry rather than TSA passenger checkpoints; its 10-K notes that airports and other regulated facilities historically prioritize formal regulatory requirements. Alternatives include legacy walk-through detectors and magnetic-field, millimeter-wave and terahertz systems. Both Express and eXpedite have DHS SAFETY Act designation, but Evolv remains subject to the FTC order governing prior marketing claims, and one reseller represented more than 10% of FY2025 revenue.

AI: News

Q2 beat growth expectations and management raised 2026 guidanceEvolv's August results showed accelerating adoption, positive adjusted EBITDA and a larger contracted-revenue base.

Q2 revenue increased 34% to $43.8 million, adjusted EBITDA reached $4.4 million and ARR grew 20% to $132.7 million. Management raised full-year revenue guidance to $180-$185 million from $175-$180 million, raised year-end ARR guidance to $148-$150 million and introduced $15-$16 million adjusted EBITDA guidance. The company expects 60% of new 2026 unit deployments to use the purchase-subscription model, which accelerates upfront revenue but creates some near-term gross-margin pressure versus pure subscriptions.

Renewals and school-security expansion show continued customer adoptionRecent developments include a multi-year Houston Texans renewal and Evolv joining the Partner Alliance for Safer Schools, extending exposure to two important venue categories.

The Texans renewed and expanded their deployment in August, upgrading Express systems to Gen2 and adding eXpedite at selected entrances; Evolv says it now serves all major professional sports venues in Houston. On September 9, Evolv became a PASS Partner supporting research-based K-12 safety initiatives and reported partnerships with more than 1,500 school buildings. These developments reinforce venue and education demand, although they do not represent penetration of regulated airport passenger-screening checkpoints.

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Revenue

2020

2021

2022

2023

2024

2025

Net income

2020

2021

2022

2023

2024

2025

Free cash flow

2020

2021

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2020

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021	2020
Revenue	$145.9M	$103.9M	$79.6M	$52.7M	$23.4M	$4.8M
Gross profit	$75.3M	$59.5M	$31.9M	$1.4M	$4.0M	$1.3M
Gross margin	51.61%	57.25%	40.10%	2.66%	17.22%	26.94%
Research & development	$20.6M	$23.4M	$24.5M	$18.5M	$11.5M	$15.7M
Operating expenses	$123.8M	$141.8M	$122.0M	$104.3M	$59.3M	$28.2M
Operating income	−$48.5M	−$82.3M	−$90.1M	−$103.0M	−$55.3M	−$26.9M
Operating margin	−33.22%	−79.24%	−113.19%	−195.28%	−236.25%	−562.09%
EBITDA	−$24.1M	−$64.9M	−$80.4M	−$97.5M	−$52.4M	−$25.8M
EBITDA margin	−16.53%	−62.52%	−100.99%	−184.96%	−223.87%	−539.83%
Net income	−$33.1M	−$54.0M	−$108.0M	−$86.8M	−$10.9M	−$27.4M
Net profit margin	−22.71%	−52.01%	−135.80%	−164.64%	−46.54%	−572.46%
Basic EPSper basic share	-$0.20	-$0.34	-$0.72	-$0.60	-$0.15	-$3.07
Diluted EPSper diluted share	-$0.20	-$0.34	-$0.72	-$0.60	-$0.15	-$3.07

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

7.49%of listed shares

BlackRock, Inc.13.54M shares · Jun 30, 2026

View holders

Top 20 reported holders of EVLV
Holder	% owned
BlackRock, Inc.	7.49%13.54M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.03%7.28M shares
Stoic Point Capital Management LLC	3.58%6.48M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	3.32%6M shares
D. E. Shaw & Co., Inc.	2.68%4.85M shares
Data Collective IV GP, LLC	2.54%4.59M shares
TWO SIGMA INVESTMENTS, LP	2.49%4.5M shares
EMERALD ADVISERS, LLC	2.34%4.23M shares
GEODE CAPITAL MANAGEMENT, LLC	2.21%4M shares
STATE STREET CORP	2.10%3.79M shares
NEEDHAM INVESTMENT MANAGEMENT LLC	1.70%3.08M shares
SCS Capital Management LLC	1.62%2.93M shares
EMERALD MUTUAL FUND ADVISERS TRUST	1.48%2.67M shares
MORGAN STANLEY	1.06%1.92M shares
OBERWEIS ASSET MANAGEMENT INC/	1.01%1.82M shares
GOLDMAN SACHS GROUP INC	0.95%1.72M shares
ALGERT GLOBAL LLC	0.92%1.67M shares
Qube Research & Technologies Ltd	0.90%1.63M shares
PEREGRINE CAPITAL MANAGEMENT LLC	0.85%1.53M shares
NORTHERN TRUST CORP	0.74%1.34M shares

Percentages use 180.84M shares of this listed class outstanding on Jun 30, 2026.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys8$628.0K disclosed value

Sells (SEC code S)24$22.83M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 15, 2026Form 4 · 10b5-1	Ellenbogen MichaelDirector	SellClass A Common Stock	80.7K	$6.21	$501.4K	2.08M
Jun 2, 2026Form 4	Marshall Robert EChief Revenue Officer	SellClass A Common Stock	62.1K	$6.85	$425.2K	81.3K
May 15, 2026Form 4 · 10b5-1	Ellenbogen MichaelDirector	SellClass A Common Stock	80.7K	$5.63	$454.6K	2.08M
May 4, 2026Form 4	Kutsor George CChief Financial Officer	SellClass A Common Stock	51.4K	$7.27	$374.0K	87.4K
Apr 15, 2026Form 4 · 10b5-1	Ellenbogen MichaelDirector	SellClass A Common Stock	80.7K	$6.32	$510.3K	2.08M