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Evolv Technology (NASDAQ: EVLV) lifts 2026 guidance after strong Q2

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Evolv Technologies Holdings reported strong second-quarter 2026 results, with revenue of $43.8 million, up 34% year-over-year, and Annual Recurring Revenue of $132.7 million, up 20%. The company added 70 new customers and ended the quarter with Remaining Performance Obligation of $312.6 million.

Net loss narrowed to $(9.3) million, or $(0.05) per share, from $(40.5) million a year earlier, while Adjusted EBITDA improved to $4.4 million from $2.1 million, yielding a 10.1% Adjusted EBITDA margin. For the first six months of 2026, revenue was $90.1 million, up 40% year-over-year, with Adjusted EBITDA of $8.4 million.

The company ended June 30, 2026 with $63.4 million in cash, cash equivalents, marketable securities, and restricted cash, up $2.3 million sequentially, and generated $8.7 million of operating cash flow in the first half. Management raised 2026 guidance, now expecting total revenue of $180–$185 million and ending ARR of $148–$150 million, and targets Adjusted EBITDA of $15–$16 million with margins in the high single digits.

Positive

  • Q2 2026 revenue grew 34% year-over-year to $43.8 million, with first-half revenue up 40% to $90.1 million, indicating strong top-line momentum.
  • Annual Recurring Revenue reached $132.7 million, up 20% year-over-year, supporting the durability and visibility of the subscription-based business model.
  • Net loss improved to $(9.3) million from $(40.5) million in Q2 year-over-year, while Adjusted EBITDA rose to $4.4 million and turned meaningfully positive.
  • Operating cash flow improved to $8.7 million in the first six months of 2026, compared with $(0.4) million in the prior-year period, enhancing cash self-funding.
  • 2026 revenue outlook was raised to $180–$185 million, implying approximately 23%–27% growth, and the company introduced Adjusted EBITDA guidance of $15–$16 million.

Negative

  • The company remains unprofitable on a GAAP basis, with Q2 2026 net loss of $(9.3) million and a (21.3)% net profit margin despite improvements.
  • GAAP gross margin for the first half declined to 50.6% from 54.8%, reflecting mix shifts and upfront hardware cost recognition under the purchase subscription model.

Filing Explained

The revised purchase-subscription mix changes when revenue and hardware costs appear, with near-term pressure expected on reported gross margin.

The Form 8-K reports completed second-quarter results for the period ended June 30, 2026 and furnishes the company’s results release, consistent with the form’s purpose of reporting specified material events. The main forward-looking structural change is a higher expected mix of purchase-subscription deployments: 60% in 2026, versus 55% previously expected.

Under that model, the company says more revenue is recognized in the early years of a typical four-year customer contract, while associated hardware costs are recognized upfront. The company therefore expects a near-term headwind to reported gross-margin percentage; the remaining 40% of deployments is expected through its pure-subscription model.

The balance sheet reports 180,839,400 common shares issued and outstanding at June 30, 2026, versus 175,399,488 at December 31, 2025; the filing does not state that this change was a new financing or quantify its effect on any particular holder.

The relevant follow-up is the company’s full-year 2026 deployment mix and the reported gross-margin effect as those contracts are recognized.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 Revenue $43.8 million Total revenue for the quarter ended June 30, 2026; up 34% year-over-year from $32.5 million
Annual Recurring Revenue $132.7 million ARR at end of Q2 2026; up 20% year-over-year from $110.5 million
Q2 2026 Net Loss $(9.3) million Net loss for the quarter ended June 30, 2026; $(0.05) per basic and diluted share
Q2 2026 Adjusted EBITDA $4.4 million Adjusted EBITDA for Q2 2026 versus $2.1 million in Q2 2025; 10.1% margin
Cash and Investments $63.4 million Cash, cash equivalents, marketable securities and restricted cash as of June 30, 2026
Remaining Performance Obligation $312.6 million RPO at end of Q2 2026, up $13.6 million sequentially
2026 Revenue Guidance $180–$185 million Company’s expected total revenues for full-year 2026; approximately 23%–27% growth year-over-year
H1 2026 Operating Cash Flow $8.7 million Net cash provided by operating activities for six months ended June 30, 2026
Annual Recurring Revenue financial
"Annual Recurring Revenue (“ARR”)1 was $132.7 million at the end of second quarter of 2026"
Annual recurring revenue is the predictable amount of money a company expects to earn each year from ongoing customer subscriptions or contracts. It helps businesses understand how much steady income they can count on, much like a subscription service that charges customers every month or year. This figure is important because it shows the company's stability and growth potential.
Remaining Performance Obligation financial
"Q2'26 Remaining Performance Obligation of $312.6 million, up $13.6 million sequentially"
Remaining performance obligation is the amount of work or services a company still needs to deliver to a customer under a contract. It matters because it shows how much revenue the company can expect to earn in the future from that contract, helping investors understand the company's ongoing business and growth potential.
Adjusted EBITDA financial
"Q2'26 Adjusted EBITDA2 of $4.4 million, with Adjusted EBITDA Margin2 of 10.1%"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
purchase subscription model financial
"expects approximately 60% of new unit deployments in 2026 to be delivered under its purchase subscription model"
A purchase subscription model is a business approach where customers pay regularly—typically monthly or yearly—for ongoing access to a product or service instead of making a one-time purchase. It matters to investors because recurring payments create more predictable revenue, like steady rent from tenants, and make metrics such as customer acquisition cost, churn rate, and lifetime value key drivers of future cash flow and growth potential.
Qualified Anti-Terrorism Technology regulatory
"Evolv Express® and Evolv eXpedite™ have been awarded ... Designation as a Qualified Anti-Terrorism Technology"
A qualified anti-terrorism technology is a security product or service that has received formal government recognition showing it meets standards for preventing or responding to terrorist acts and that grants its seller certain legal protections. For investors, this designation can reduce a company’s liability risk, make its offerings easier to sell to public and private customers, and increase the chance of government contracts—similar to a safety certification that also limits legal exposure.
Rule of 50 performance financial
"positions us to achieve Rule of 50 performance over time"
Q2 2026 Revenue $43.8 million Up 34% year-over-year from $32.5 million in Q2 2025
H1 2026 Revenue $90.1 million Up 40% year-over-year from $64.6 million in H1 2025
Q2 2026 Net Loss $(9.3) million Improved from $(40.5) million in Q2 2025
Q2 2026 Adjusted EBITDA $4.4 million Up from $2.1 million in Q2 2025; margin 10.1% vs 6.5%
Annual Recurring Revenue $132.7 million Up 20% year-over-year from $110.5 million at end of Q2 2025
2026 Revenue Guidance $180–$185 million Raised from prior $175–$180 million range; implies ~23%–27% growth
Guidance

For 2026, the company expects total revenue of $180–$185 million, ending ARR of $148–$150 million, and Adjusted EBITDA of $15–$16 million with high single-digit Adjusted EBITDA margins.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

How did Evolv Technologies (EVLV) perform financially in Q2 2026?
Evolv reported Q2 2026 revenue of $43.8 million, up 34% year-over-year, and ARR of $132.7 million, up 20%. Net loss narrowed to $(9.3) million, while Adjusted EBITDA improved to $4.4 million, reflecting stronger scale and operating leverage.

What is Evolv Technologies’ (EVLV) 2026 revenue and ARR outlook?
For 2026, the company expects total revenue of $180–$185 million, implying about 23%–27% year-over-year growth. It also expects ending ARR of $148–$150 million, representing approximately 23%–25% ARR growth versus 2025 levels.

Is Evolv Technologies (EVLV) profitable, and what are its margins?
Evolv is not yet GAAP-profitable, with Q2 2026 net loss of $(9.3) million and a (21.3)% net margin. However, Q2 Adjusted EBITDA was $4.4 million, yielding a 10.1% Adjusted EBITDA margin, an improvement from 6.5% a year earlier.

What is Evolv Technologies’ (EVLV) cash position and cash flow?
As of June 30, 2026, Evolv held $63.4 million in cash, cash equivalents, marketable securities, and restricted cash. For the first six months of 2026, it generated $8.7 million of net cash from operating activities, indicating improving cash generation.

How fast is Evolv Technologies’ (EVLV) subscription business growing?
At quarter-end, Evolv’s Annual Recurring Revenue was $132.7 million, up 20% year-over-year. In Q2 2026, recurring revenue represented 73% of total revenue, underscoring the growing contribution and stability of its subscription-based model.

What adjustments does Evolv Technologies (EVLV) use for non-GAAP metrics?
Non-GAAP metrics such as Adjusted EBITDA and adjusted earnings exclude items including stock-based compensation, amortization of capitalized stock-based compensation, certain fair value changes, non-recurring restructuring costs, and other non-recurring legal and regulatory costs, to highlight underlying operating performance.
0001805385False00018053852026-08-112026-08-110001805385us-gaap:CommonClassAMember2026-08-112026-08-110001805385evlv:WarrantsToPurchaseOneShareOfClassCommonStockMember2026-08-112026-08-11

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): August 11, 2026
Evolv Technologies Holdings, Inc.
(Exact name of registrant as specified in its charter)
Delaware
001-39417
84-4473840
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
500 Totten Pond Road, 4th Floor
Waltham, Massachusetts
02451
(Address of principal executive offices)
(Zip Code)
(781) 374-8100
Registrant’s telephone number, including area code
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which
registered
Class A common stock, par value $0.0001 per share
EVLV
The Nasdaq Stock Market
Warrants to purchase one share of Class A common stock
EVLVW
The Nasdaq Stock Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02    Results of Operations and Financial Condition.
On August 11, 2026, Evolv Technologies Holdings, Inc. (the “Company”) announced financial results for the fiscal quarter ended June 30, 2026. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information in this Item 2.02 of this Current Report on Form 8-K (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01    Financial Statements and Exhibits.
(d) Exhibits
Exhibit No.
Description
99.1
Press Release, dated August 11, 2026.
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Evolv Technologies Holdings, Inc.
Date: August 11, 2026
By:
/s/ John Kedzierski
Name:
John Kedzierski
Title:
Chief Executive Officer


Exhibit 99.1
image_0a.jpg
Evolv Technology Reports Second Quarter Financial Results

— Company Adds 70 New Customers —
— Company Raises Growth Estimates for 2026 —

•Q2'26 Revenue of $43.8 million, up 34% year-over-year
•Q2'26 Ending ARR1 of $132.7 million, up 20% year-over-year
•Q2'26 Net Loss of $(9.3) million, with Net Profit Margin of (21.3)%
•Q2'26 Adjusted EBITDA2 of $4.4 million, with Adjusted EBITDA Margin2 of 10.1%
•Q2'26 Ending Cash, Cash Equivalents, Marketable Securities, and Restricted Cash of $63.4 million, up $2.3 million sequentially
•Q2'26 Remaining Performance Obligation of $312.6 million, up $13.6 million sequentially
Waltham, Massachusetts – August 11, 2026 – Evolv Technologies Holdings, Inc. (NASDAQ: EVLV), a leading security technology company pioneering AI-powered screening solutions designed to help create safer experiences, today announced financial results for the quarter ended June 30, 2026.
"Our strong second quarter results were highlighted by the addition of 70 new customers, accelerating adoption of Evolv eXpedite, and further strengthening of our renewal trends," said John Kedzierski, President and Chief Executive Officer of Evolv Technology. "Demand for our AI-powered weapons screening solutions continues to grow as organizations increasingly prioritize public safety while seeking security solutions that reduce friction and improve the visitor experience. We believe we remain in the early stages of a significant growth opportunity and are encouraged by the range of customers, markets and geographies adopting our technology."

Results for the Second Quarter of 2026
Total revenue for the second quarter of 2026 was $43.8 million, an increase of 34% compared to $32.5 million for the second quarter of 2025. Annual Recurring Revenue (“ARR”)1 was $132.7 million at the end of second quarter of 2026, an increase of 20% compared to $110.5 million at the end of the second quarter of 2025. Net loss for the second quarter of 2026 was $(9.3) million, or $(0.05) per basic and diluted share, compared to net loss of $(40.5) million, or $(0.25) per basic and diluted share, in the second quarter of 2025. Adjusted loss2 for the second quarter of 2026 was $(3.1) million, or $(0.02) per diluted share, compared to adjusted loss2 of $(4.7) million, or $(0.03) per diluted share, for the second quarter of 2025. Adjusted EBITDA2 for the second quarter of 2026 was $4.4 million compared to $2.1 million in the second quarter of 2025. As of June 30, 2026, the Company had cash, cash equivalents, marketable securities, and restricted cash of $63.4 million.
Results for the First Six Months of 2026
Total revenue for the six months ended June 30, 2026 was $90.1 million, an increase of 40% compared to $64.6 million for the six months ended June 30, 2025. Net loss for the six months ended June 30, 2026 was $(14.3) million, or $(0.08) per basic and diluted share, compared to $(42.2) million, or $(0.26) per basic and diluted share, in the six months ended


June 30, 2025. Adjusted earnings (loss)2 for the six months ended June 30, 2026 was $(6.4) million, or $(0.04) per diluted share, compared to adjusted earnings (loss)2 of $(8.0) million, or $(0.05) per diluted share, for the six months ended June 30, 2025. Adjusted EBITDA2 for the six months ended June 30, 2026 was $8.4 million compared to $4.2 million in the six months ended June 30, 2025.
Company Raises 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 $180 to $185 million, reflecting growth of approximately 23% to 27% year-over-year. The Company expects ending ARR at December 31, 2026 to increase to approximately $148 to $150 million, reflecting growth of approximately 23% to 25% year-over-year. The Company expects Adjusted EBITDA2 in 2026 to be between $15 to $16 million with Adjusted EBITDA2 margins in the high single digits. The Company now expects approximately 60% of new unit deployments in 2026 to be delivered under its purchase subscription model (compared to its prior expectation of approximately 55%), with the remaining 40% deployed through its pure subscription model. As expected under the purchase subscription model, a higher purchase subscription mix increases revenue recognition in the early years of a typical four year customer contract and creates a modest near-term headwind to reported gross margin percentage as associated hardware costs are recognized upfront.

Estimate
Issued May 12, 2026
Issued August 11, 2026
Total Revenue (Millions)
$175-$180
$180-$185
Ending ARR1 at 12/31/26 (Millions)
$145-$150
$148-$150
Adjusted EBITDA2 (Millions)
n/a
$15-$16
Adjusted EBITDA Margin2
High Single Digits
High Single Digits
"Our second quarter performance and upwardly revised outlook for 2026 reflect continued progress against the long-term framework we outlined at our recent Investor Day," said Chris Kutsor, Chief Financial Officer of Evolv Technology. "We remain focused on building a durable growth business capable of delivering revenue CAGR of approximately 25% through 2031 while expanding Adjusted EBITDA margins annually. We believe consistent execution against these objectives positions us to achieve Rule of 50 performance over time."
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 (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 4.5 billion people since 2019. Evolv Express® and Evolv eXpedite™ have been


awarded the U.S. Department of Homeland Security (DHS) SAFETY Act Designation as a Qualified Anti-Terrorism Technology (QATT). 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.
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, 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 other than statements of historical facts are forward-looking statements, 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 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 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 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 undertake no obligation to update or revise any forward-looking statements contained in this press release whether as a result of any new information, future events or otherwise.
Investor Relations:
Brian Norris
Senior Vice President of Finance and Investor Relations
bnorris@evolvtechnology.com


EVOLV TECHNOLOGY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
Revenue:
Product revenue
$
9,108 
$
2,528 
$
22,529 
$
4,850 
Subscription revenue
24,785 
20,200 
47,933 
39,437 
Service revenue
8,962 
6,686 
17,551 
13,416 
License fee and other revenue
898 
3,130 
2,068 
6,848 
Total revenue
43,753 
32,544 
90,081 
64,551 
Cost of revenue:
Cost of product revenue
10,097 
5,351 
21,953 
8,535 
Cost of subscription revenue
9,000 
8,894 
17,367 
16,790 
Cost of service revenue
2,526 
1,710 
4,718 
3,415 
Cost of license fee and other revenue
178 
371 
492 
443 
Total cost of revenue
21,801 
16,326 
44,530 
29,183 
Gross profit
21,952 
16,218 
45,551 
35,368 
Operating expenses:
Research and development
5,781 
4,737 
11,666 
9,599 
Sales and marketing
12,695 
11,736 
25,366 
22,779 
General and administrative
14,027 
17,238 
27,542 
32,210 
Restructuring costs
— 
— 
— 
2,662 
Total operating expenses
32,503 
33,711 
64,574 
67,250 
Loss from operations
(10,551)
(17,493)
(19,023)
(31,882)
Other income (expense), net
Interest expense
(965)
— 
(1,927)
(1)
Interest income
488 
224 
1,003 
613 
Other income (expense), net
(17)
136 
(54)
161 
Change in fair value of contingent earn-out liability
— 
(14,200)
374 
(5,224)
Change in fair value of contingently issuable/returnable common stock liability/asset
12 
(3,900)
1,504 
(2,247)
Change in fair value of public warrant liability
1,735 
(5,303)
3,779 
(3,582)
Total other income (expense), net
1,253 
(23,043)
4,679 
(10,280)
Loss before income taxes
(9,298)
(40,536)
(14,344)
(42,162)
Provision for (benefit from) income taxes
— 
(1)
$
(37)
$
62 
Net loss
$
(9,298)
$
(40,535)
$
(14,307)
$
(42,224)
Net loss attributable to common stockholders – basic and diluted
$
(9,298)
$
(40,535)
$
(14,307)
$
(42,224)
Weighted average common shares outstanding – basic and diluted
180,103,260 
165,252,554 
178,588,871 
163,042,749 
Net loss per share – basic and diluted
$
(0.05)
$
(0.25)
$
(0.08)
$
(0.26)
Net income (loss)
$
(9,298)
$
(40,535)
$
(14,307)
$
(42,224)
Other comprehensive income (loss)
Cumulative translation adjustment
— 
(85)
28 
(131)
Total other comprehensive income (loss)
— 
(85)
28 
(131)
Total comprehensive loss
$
(9,298)
$
(40,620)
$
(14,279)
$
(42,355)


EVOLV TECHNOLOGY
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
(Unaudited)
June 30, 2026
December 31, 2025
Assets
Current assets:
Cash and cash equivalents
$
52,696 
$
49,150 
Restricted cash
733 
— 
Marketable securities
9,936 
19,885 
Accounts receivable, net
39,575 
30,841 
Inventory
8,660 
9,317 
Current portion of contract assets
2,525 
878 
Current portion of commission asset
5,596 
6,062 
Prepaid expenses and other current assets
29,686 
35,169 
Total current assets
149,407 
151,302 
Contract assets, noncurrent
7 
15 
Commission asset, noncurrent
7,716 
7,867 
Property and equipment, net
128,962 
127,522 
Operating lease right-of-use assets
11,428 
12,303 
Other assets
4,503 
5,400 
Total assets
$
302,023 
$
304,409 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable
$
12,252 
$
9,770 
Accrued expenses and other current liabilities
37,017 
35,293 
Current portion of deferred revenue
74,464 
74,924 
Current portion of operating lease liabilities
3,116 
2,989 
Total current liabilities
126,849 
122,976 
Deferred revenue, noncurrent
17,781 
16,716 
Long-term debt
28,737 
28,596 
Operating lease liabilities, noncurrent
9,715 
10,654 
Contingent earn-out liability, noncurrent
— 
374 
Contingently issuable common stock liability, noncurrent
— 
1,809 
Public warrant liability, noncurrent
83 
3,862 
Total liabilities
183,165 
184,987 
Stockholders’ equity:
Preferred stock, $0.0001 par value; 100,000,000 authorized at June 30, 2026 and December 31, 2025; no shares issued and outstanding at June 30, 2026 and December 31, 2025
— 
— 
Common stock, $0.0001 par value; 1,100,000,000 shares authorized at June 30, 2026 and December 31, 2025; 180,839,400 and 175,399,488 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively
18 
18 
Additional paid-in capital
521,062 
507,347 
Accumulated other comprehensive loss
(113)
(141)
Accumulated deficit
(402,109)
(387,802)
Stockholders’ equity
118,858 
119,422 
Total liabilities and stockholders’ equity
$
302,023 
$
304,409 



EVOLV TECHNOLOGY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Six Months Ended
June 30,
2026
2025
Cash flows from operating activities:
Net loss
$
(14,307)
$
(42,224)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization
13,938 
11,318 
Write-off of inventory and change in inventory reserve
147 
1,794 
Loss on disposal of property and equipment
310 
1,633 
Stock-based compensation
12,440 
10,426 
Amortization of debt issuance costs
570 
— 
Amortization of premium on marketable securities, net of change in accrued interest
211 
127 
Non-cash lease expense
875 
844 
Change in allowance for expected credit losses
100 
166 
Change in fair value of earn-out liability
(374)
5,224 
Change in fair value of contingently issuable/returnable common stock liability/asset
(1,504)
2,247 
Change in fair value of public warrant liability
(3,779)
3,582 
Changes in operating assets and liabilities
Accounts receivable
(8,834)
(13,325)
Inventory
2,278 
6,141 
Commission assets
617 
73 
Contract assets
(1,639)
(236)
Other assets
592 
197 
Prepaid expenses and other current assets
(596)
(18,849)
Accounts payable
6,385 
6,120 
Deferred revenue
605 
6,205 
Accrued expenses and other current liabilities
1,500 
18,374 
Operating lease liability
(812)
(263)
Net cash provided by (used in) operating activities
8,723 
(426)
Cash flows from investing activities:
Development of internal-use software
(2,640)
(3,112)
Purchases of property and equipment
(12,137)
(15,299)
Purchases of marketable securities
(9,894)
(9,875)
Proceeds from maturities of marketable securities
19,632 
24,675 
Net cash used in investing activities
(5,039)
(3,611)
Cash flows from financing activities:
Proceeds from exercise of stock options
567 
4,095 
Net cash provided by financing activities
567 
4,095 
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
28 
(131)
Net increase (decrease) in cash, cash equivalents, and restricted cash
4,279 
(73)
Cash, cash equivalents, and restricted cash
Cash and cash equivalents at beginning of period
49,150 
37,015 
Cash, cash equivalents, and restricted cash at end of period
$
53,429 
$
36,942 

The following table summarizes operating cash flows for each period presented:
Six Months Ended
June 30,
2026
2025
Net loss
$
(14,307)
$
(42,224)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
22,934 
37,361 
Changes in operating assets and liabilities
96 
4,437 
Net cash provided by (used in) operating activities
$
8,723 
$
(426)



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
June 30,
2026
New customers
54 
63 
62 
64 
48 
70 
Annual recurring revenue
$
105,990 
$
110,516 
$
117,200 
$
120,467 
$
127,300 
$
132,680 
Recurring revenue3*
$
25,753 
$
26,379 
$
28,684 
$
29,547 
$
31,176 
$
32,087 
% of total revenue
80 
%
81 
%
67 
%
77 
%
67 
%
73 
%
Non-recurring revenue3*
$
6,254 
$
6,165 
$
14,166 
$
8,957 
$
15,152 
$
11,666 
% of total revenue
20 
%
19 
%
33 
%
23 
%
33 
%
27 
%
*Certain prior quarter amounts have been reclassified to reflect an update to the definition of non-recurring revenue to include short term rental subscription revenue, applied consistently to all prior periods, which were previously classified as recurring revenue.


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
June 30,
2026
Operating expenses, GAAP
$
33,539 
$
33,711 
$
29,902 
$
26,613 
$
32,071 
$
32,503 
Stock-based compensation
(4,660)
(5,265)
(5,121)
(5,006)
(5,272)
(6,602)
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 
(903)
Adjusted operating expenses
$
23,181 
$
21,640 
$
24,811 
$
23,832 
$
26,898 
$
24,998 



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
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
Revenue
$
43,753 
$
32,544 
$
90,081 
$
64,551 
Cost of revenue
21,801 
16,326 
44,530 
29,183 
Gross profit, GAAP
21,952 
16,218 
45,551 
35,368 
Stock-based compensation
251 
282 
566 
501 
Amortization of capitalized stock-based compensation
194 
107 
355 
210 
Non-recurring employee restructuring and other separation costs
— 
6 
— 
6 
Adjusted gross profit*
$
22,397 
$
16,613 
$
46,472 
$
36,085 
Gross margin %
50.2 
%
49.8 
%
50.6 
%
54.8 
%
Impact of adjustments from Gross profit, GAAP to Adjusted gross profit
1.0 
%
1.2 
%
1.0 
%
1.1 
%
Adjusted gross margin %*
51.2 
%
51.0 
%
51.6 
%
55.9 
%
*As previously disclosed, management revised its definition of non-recurring expenses to exclude losses on disposals of leased equipment, and have adjusted prior year adjusted gross profit and adjusted gross margin accordingly.
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
Loss from operations, GAAP
$
(10,551)
$
(17,493)
$
(19,023)
$
(31,882)
Stock-based compensation
6,853 
5,547 
12,440 
10,426 
Amortization of capitalized stock-based compensation
194 
107 
355 
210 
Non-recurring employee restructuring and other separation costs
— 
833 
— 
2,970 
Other non-recurring legal and regulatory costs
903 
5,979 
804 
9,540 
Adjusted loss from operations*
$
(2,601)
$
(5,027)
$
(5,424)
$
(8,736)
*As previously disclosed, management revised its definition of non-recurring expenses to exclude losses on disposals of leased equipment, and have adjusted prior year adjusted loss from operations accordingly.


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
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
Net loss
$
(9,298)
$
(40,535)
$
(14,307)
$
(42,224)
Depreciation and amortization
7,137 
5,788 
13,938 
11,318 
Stock-based compensation
6,853 
5,547 
12,440 
10,426 
Interest expense (income)
477 
(224)
924 
(612)
(Benefit) provision for income taxes
— 
(1)
(37)
62 
Change in fair value of contingent earn-out liability
— 
14,200 
(374)
5,224 
Change in fair value of contingently issuable/returnable common stock liability/asset
(12)
3,900 
(1,504)
2,247 
Change in fair value of public warrant liability
(1,735)
5,303 
(3,779)
3,582 
Loss on disposal of leased equipment*
106 
1,312 
270 
1,633 
Non-recurring employee restructuring and other separation costs
— 
833 
— 
2,970 
Other non-recurring legal and regulatory costs
903 
5,979 
804 
9,540 
Adjusted EBITDA
$
4,431 
$
2,102 
$
8,375 
$
4,166 
Net profit margin %
(21.3)
%
(124.6)
%
(15.9)
%
(65.4)
%
Impact of adjustments from Net loss to Adjusted EBITDA
31.4 
%
131.1 
%
25.2 
%
71.9 
%
Adjusted EBITDA margin %
10.1 
%
6.5 
%
9.3 
%
6.5 
%
*Q2 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
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
Net loss
$
(9,298)
$
(40,535)
$
(14,307)
$
(42,224)
Stock-based compensation
6,853 
5,547 
12,440 
10,426 
Amortization of capitalized stock-based compensation
194 
107 
355 
210 
Change in fair value of contingent earn-out liability
— 
14,200 
(374)
5,224 
Change in fair value of contingently issuable/returnable common stock liability/asset
(12)
3,900 
(1,504)
2,247 
Change in fair value of public warrant liability
(1,735)
5,303 
(3,779)
3,582 
Non-recurring employee restructuring and other separation costs
— 
833 
— 
2,970 
Other non-recurring legal and regulatory costs
903 
5,979 
804 
9,540 
Adjusted loss
$
(3,095)
$
(4,666)
$
(6,365)
$
(8,025)
Weighted average common shares outstanding – diluted
180,103,260 
165,252,554 
178,588,871 
163,042,749 
Net loss per share – diluted
$
(0.05)
$
(0.25)
$
(0.08)
$
(0.26)
Impact of adjustments from Net loss to Adjusted loss
0.03 
0.22 
0.04 
0.21 
Adjusted loss per share – diluted
$
(0.02)
$
(0.03)
$
(0.04)
$
(0.05)
*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,
2025
June 30,
2025
September 30,
2025
December 31,
2025
March 31,
2026
June 30,
2026
Stock-based compensation:
Cost of product revenue
$
8 
$
17 
$
32 
$
39 
$
58 
$
34 
Cost of subscription revenue
137 
167 
146 
135 
138 
120 
Cost of service revenue
67 
74 
72 
80 
100 
94 
Cost of license fee and other revenue
7 
24 
19 
20 
19 
3 
Research and development
1,115 
1,154 
1,227 
1,252 
1,280 
1,343 
Sales and marketing
1,048 
1,710 
1,480 
1,330 
1,566 
1,975 
General and administrative
1,972 
2,401 
2,414 
2,424 
2,426 
3,284 
Restructuring costs
525 
— 
— 
— 
— 
— 
Total stock-based compensation
$
4,879 
$
5,547 
$
5,390 
$
5,280 
$
5,587 
$
6,853 
Amortization of capitalized stock-based compensation:
Cost of subscription revenue
$
59 
$
60 
$
63 
$
82 
$
86 
$
104 
Cost of service revenue
44 
47 
51 
68 
75 
90 
Total amortization of capitalized stock-based compensation
$
103 
$
107 
$
114 
$
150 
$
161 
$
194 
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 
$
— 
$
— 
$
— 

Source: View Original Filing on SEC EDGAR

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