Evolv Technologies Hldngs Inc Financials
Evolv Technologies Hldngs Inc (EVLV) reported $145.9M in revenue for fiscal year 2025, up 40.5% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
A gross-margin reset is finally absorbing fixed overhead, reducing the business's dependence on outside balance-sheet support.
By FY2025, operating cash flow turned positive at$18.7M even though net income was still-$33.1M . Because the prior year still consumed cash in operations, that crossover suggests the loss now reflects more non-cash expense and less day-to-day cash drain, which is a meaningful change in earnings quality rather than just a smaller accounting loss.
The remaining drag is overhead absorption: gross profit of
The liquidity cushion is much thinner, with cash at
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Evolv Technologies Hldngs Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Evolv Technologies Hldngs Inc scores 1.43, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($971.3M) relative to total liabilities ($185.0M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Evolv Technologies Hldngs Inc passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
Evolv Technologies Hldngs Inc reported a net loss of $33.1M while generating $18.7M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Evolv Technologies Hldngs Inc reported an operating loss of $48.5M against $1.7M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Evolv Technologies Hldngs Inc generated $145.9M in revenue in fiscal year 2025. This represents an increase of 40.5% from the prior year.
Evolv Technologies Hldngs Inc's EBITDA was -$24.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 62.8% from the prior year.
Evolv Technologies Hldngs Inc reported -$33.1M in net income in fiscal year 2025. This represents an increase of 38.7% from the prior year.
Evolv Technologies Hldngs Inc earned -$0.20 per diluted share (EPS) in fiscal year 2025. This represents an increase of 41.2% from the prior year.
Cash & Balance Sheet
Evolv Technologies Hldngs Inc held $49.1M in cash against $28.6M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Evolv Technologies Hldngs Inc's gross margin was 51.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 5.6 percentage points from the prior year.
Evolv Technologies Hldngs Inc's operating margin was -33.2% in fiscal year 2025, reflecting core business profitability. This is up 46.0 percentage points from the prior year.
Evolv Technologies Hldngs Inc's net profit margin was -22.7% in fiscal year 2025, showing the share of revenue converted to profit. This is up 29.3 percentage points from the prior year.
Evolv Technologies Hldngs Inc's ROE was -27.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 18.2 percentage points from the prior year.
Capital Allocation
Evolv Technologies Hldngs Inc invested $20.6M in research and development in fiscal year 2025. This represents a decrease of 12.1% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
EVLV Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|---|
| Revenue | $171.4M | $145.9M+40.5% | $103.9M+30.5% | $79.6M+50.9% | $52.7M+125.4% | $23.4M+334.7% | $5.4M |
| Cost of Revenue | $86.0M | $70.6M+59.0% | $44.4M-6.8% | $47.7M-7.1% | $51.3M+165.0% | $19.4M+377.1% | $4.1M |
| Gross Profit | $85.5M | $75.3M+26.6% | $59.5M+86.4% | $31.9M+2179.1% | $1.4M-65.3% | $4.0M+204.8% | $1.3M |
| R&D Expenses | $22.7M | $20.6M-12.1% | $23.4M-4.2% | $24.5M+32.0% | $18.5M+61.8% | $11.5M-26.3% | $15.6M |
| SG&A Expenses | $50.2M | $54.9M-3.1% | $56.6M+34.2% | $42.2M+11.1% | $38.0M+91.1% | $19.9M+259.3% | $5.5M |
| Operating Income | -$35.6M | -$48.5M+41.1% | -$82.3M+8.6% | -$90.1M+12.5% | -$103.0M-86.3% | -$55.3M-97.1% | -$28.0M |
| Interest Expense | $3.7M | $1.7M | $0-100.0% | $654K-8.1% | $712K-88.3% | $6.1M+1820.3% | $316K |
| Income Tax | -$37K | $62K | $0-100.0% | $51K | $0 | $0 | $0 |
| Net Income | -$5.2M | -$33.1M+38.7% | -$54.0M+50.0% | -$108.0M-24.5% | -$86.8M-697.2% | -$10.9M+61.7% | -$28.4M |
| EPS (Diluted) | — | -$0.20+41.2% | -$0.34+52.8% | -$0.72-20.0% | -$0.60 | -$0.15 | -$3.18 |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
EVLV Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Total Assets | $304.4M+13.6% | $268.1M-9.8% | $297.1M-13.7% | $344.2M-5.1% | $362.9M+1567.2% | $21.8M |
| Current Assets | $151.3M+24.6% | $121.4M-29.9% | $173.4M-40.0% | $288.7M-12.8% | $331.1M+3280.8% | $9.8M |
| Cash & Equivalents | $49.1M+32.8% | $37.0M-44.9% | $67.2M-70.8% | $229.8M-25.3% | $307.5M+6436.8% | $4.7M |
| Inventory | $9.3M-45.1% | $17.0M+64.0% | $10.3M-16.5% | $12.4M+328.9% | $2.9M+82.2% | $1.6M |
| Accounts Receivable | $30.8M+8.6% | $28.4M+31.8% | $21.5M-18.5% | $26.4M+308.2% | $6.5M+362.3% | $1.4M |
| Total Liabilities | $185.0M+23.0% | $150.4M-1.7% | $153.0M+30.1% | $117.6M+62.1% | $72.6M-31.9% | $106.6M |
| Current Liabilities | $123.0M+27.2% | $96.7M+19.0% | $81.3M+38.1% | $58.9M+142.0% | $24.3M+92.4% | $12.6M |
| Long-Term Debt | $28.6M | $0 | $0-100.0% | $19.7M+147.7% | $7.9M-51.6% | $16.4M |
| Total Equity | $119.4M+1.5% | $117.7M-18.4% | $144.1M-36.4% | $226.6M-21.9% | $290.3M+442.3% | -$84.8M |
| Retained Earnings | -$387.8M-9.3% | -$354.7M-18.0% | -$300.6M-56.1% | -$192.6M-82.0% | -$105.8M-11.5% | -$94.9M |
Not reported in any period shown, so not listed: Goodwill.
EVLV Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $27.8M | $18.7M+160.5% | -$30.9M-214.8% | -$9.8M+86.9% | -$74.7M-31.6% | -$56.8M-140.6% | -$23.6M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | $16.6M+164.4% | $6.3M |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | -$73.3M-145.6% | -$29.9M |
| Investing Cash Flow | -$43.3M | -$41.8M-2889.7% | -$1.4M+98.9% | -$123.1M-415.8% | -$23.9M-35.7% | -$17.6M-180.9% | -$6.3M |
| Financing Cash Flow | $31.9M | $35.4M+1856.9% | $1.8M+106.1% | -$29.7M-244.6% | $20.5M-94.6% | $377.8M+2093.4% | $17.2M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
EVLV Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Gross Margin | 51.6%-5.6pp | 57.3%+17.1pp | 40.1%+37.4pp | 2.7%-14.6pp | 17.2%-7.4pp | 24.6% |
| Operating Margin | -33.2%+46.0pp | -79.2% | -113.2% | -195.3% | -236.2% | -521.2% |
| Net Margin | -22.7%+29.3pp | -52.0% | -135.8% | -164.6% | -46.5% | -528.3% |
| Return on Equity | -27.8%+18.2pp | -45.9%+29.0pp | -75.0%-36.7pp | -38.3%-34.6pp | -3.8% | N/A |
| Return on Assets | -10.9%+9.3pp | -20.2%+16.2pp | -36.4%-11.1pp | -25.2%-22.2pp | -3.0%+127.6pp | -130.6% |
| Current Ratio | 1.230.0x | 1.26-0.9x | 2.13-2.8x | 4.90-8.7x | 13.61+12.8x | 0.77 |
| Debt-to-Equity | 0.24+0.2x | 0.000.0x | 0.00-0.1x | 0.09+0.1x | 0.03 | N/A |
| FCF Margin | N/A | N/A | N/A | N/A | -313.5% | -555.0% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
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Where Evolv Technologies Hldngs Inc Ranks
Frequently Asked Questions
What is Evolv Technologies Hldngs Inc's annual revenue?
Evolv Technologies Hldngs Inc (EVLV) reported $145.9M in total revenue for fiscal year 2025. This represents a 40.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Evolv Technologies Hldngs Inc's revenue growing?
Evolv Technologies Hldngs Inc (EVLV) revenue grew by 40.5% year-over-year, from $103.9M to $145.9M in fiscal year 2025.
Is Evolv Technologies Hldngs Inc profitable?
No, Evolv Technologies Hldngs Inc (EVLV) reported a net income of -$33.1M in fiscal year 2025, with a net profit margin of -22.7%.
What is Evolv Technologies Hldngs Inc's EBITDA?
Evolv Technologies Hldngs Inc (EVLV) had EBITDA of -$24.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Evolv Technologies Hldngs Inc have?
As of fiscal year 2025, Evolv Technologies Hldngs Inc (EVLV) had $49.1M in cash and equivalents against $28.6M in long-term debt.
What is Evolv Technologies Hldngs Inc's gross margin?
Evolv Technologies Hldngs Inc (EVLV) had a gross margin of 51.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Evolv Technologies Hldngs Inc's operating margin?
Evolv Technologies Hldngs Inc (EVLV) had an operating margin of -33.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Evolv Technologies Hldngs Inc's net profit margin?
Evolv Technologies Hldngs Inc (EVLV) had a net profit margin of -22.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Evolv Technologies Hldngs Inc's return on equity (ROE)?
Evolv Technologies Hldngs Inc (EVLV) has a return on equity of -27.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Evolv Technologies Hldngs Inc's operating cash flow?
Evolv Technologies Hldngs Inc (EVLV) generated $18.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Evolv Technologies Hldngs Inc's total assets?
Evolv Technologies Hldngs Inc (EVLV) had $304.4M in total assets as of fiscal year 2025, including both current and long-term assets.
How much does Evolv Technologies Hldngs Inc spend on research and development?
Evolv Technologies Hldngs Inc (EVLV) invested $20.6M in research and development during fiscal year 2025.
What is Evolv Technologies Hldngs Inc's current ratio?
Evolv Technologies Hldngs Inc (EVLV) had a current ratio of 1.23 as of fiscal year 2025, which is considered adequate.
What is Evolv Technologies Hldngs Inc's debt-to-equity ratio?
Evolv Technologies Hldngs Inc (EVLV) had a debt-to-equity ratio of 0.24 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Evolv Technologies Hldngs Inc's return on assets (ROA)?
Evolv Technologies Hldngs Inc (EVLV) had a return on assets of -10.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Evolv Technologies Hldngs Inc's Altman Z-Score?
Evolv Technologies Hldngs Inc (EVLV) has an Altman Z-Score of 1.43, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Evolv Technologies Hldngs Inc's Piotroski F-Score?
Evolv Technologies Hldngs Inc (EVLV) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Evolv Technologies Hldngs Inc's earnings high quality?
Evolv Technologies Hldngs Inc (EVLV) reported a net loss of $33.1M while generating $18.7M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Evolv Technologies Hldngs Inc cover its interest payments?
Evolv Technologies Hldngs Inc (EVLV) reported an operating loss of $48.5M against $1.7M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Evolv Technologies Hldngs Inc?
Evolv Technologies Hldngs Inc (EVLV) scores 66 out of 100 on our Financial Health Score, indicating strong standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.