Schedule 13G/A: Gates Frontier and Bill Gates Report 1.4% Stake in EVLVW

Rhea-AI Filing Summary

Gates Frontier, LLC and William H. Gates III reported beneficial ownership of 2,365,664 shares of Evolv Technologies Holdings, Inc. Class A common stock, representing 1.4% of the outstanding shares. The percent is calculated using 171,891,467 shares outstanding as of August 11, 2025, per the issuer's report. Gates Frontier is organized in Washington and WHG is a U.S. citizen. The filing states the shares were not acquired to influence control of the issuer and includes execution by an authorized attorney-in-fact dated September 22, 2025.

Positive

• Clear disclosure of beneficial ownership including exact share count and percentage
• Certification that the shares are not held to change or influence control, aligning with Rule 13G reporting
• Signature and authorization documented via attorney-in-fact, supporting the filing's validity

Negative

• Stake size is small at 1.4% and does not confer control or a blocking position

Insights

Corporate Governance Expert

TL;DR: Institutional filing discloses a small passive stake; no control intent stated.

The Schedule 13G/A shows a disclosed passive holding of 1.4% of Class A shares by Gates Frontier and William H. Gates III. The filing cites Rule 13d-1(b)/(c) style reporting and includes the certification that the stake is not intended to change or influence control. At 1.4% of a 171.9 million share base, this position is immaterial from a control or blockholder standpoint but relevant for public ownership transparency and beneficial ownership records.

Securities Analyst

TL;DR: Disclosure provides clear ownership metrics but no operational or financial impact on the issuer.

The filing quantifies beneficial ownership precisely: 2,365,664 shares and 1.4% of the Class A float. It references the outstanding share count used for the percentage and includes proper signatures by an attorney-in-fact. There are no indications of additional arrangements, shared voting or dispositive power, or acquisitions tied to control, so this should not materially affect valuation or governance expectations.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Evolv Technologies Holdings, Inc.

(Name of Issuer)

Class A common stock, par value $0.0001 per share

(Title of Class of Securities)

30049H102

(CUSIP Number)

09/18/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 30049H102

1

Names of Reporting Persons

Gates Frontier, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

WASHINGTON

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,365,664.00
6	Shared Voting Power
7	Sole Dispositive Power 2,365,664.00
8	Shared Dispositive Power

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,365,664.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.4 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: For purposes of Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), all shares of the Class A common stock, par value $0.0001 per share (the "Common Stock"), of Evolv Technologies Holdings, Inc. (the "Issuer") held by Gates Frontier, LLC ("Frontier") may be deemed to be beneficially owned by William H. Gates III as the sole member of Frontier. Item 11 is based on 171,891,467 shares of Common Stock outstanding as of August 11, 2025, as reported on the Issuer's Form 10-Q filed on August 14, 2025.

SCHEDULE 13G

CUSIP No. 30049H102

1

Names of Reporting Persons

William H. Gates III

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,365,664.00
6	Shared Voting Power
7	Sole Dispositive Power 2,365,664.00
8	Shared Dispositive Power

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,365,664.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.4 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: For purposes of Rule 13d-3 under the Exchange Act, all shares of the Common Stock of the Issuer held by Frontier may be deemed to be beneficially owned by William H. Gates III as the sole member of Frontier. Item 11 is based on 171,891,467 shares of Common Stock outstanding as of August 11, 2025, as reported on the Issuer's Form 10-Q filed on August 14, 2025.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Evolv Technologies Holdings, Inc.
(b)	Address of issuer's principal executive offices: 500 Totten Pond Road, 4th Floor Waltham, MA, 02451
Item 2.
(a)	Name of person filing: Gates Frontier, LLC ("Frontier") and William H. Gates III ("WHG")
(b)	Address or principal business office or, if none, residence: Frontier - 2365 Carillon Point, Kirkland, Washington 98033 WHG - 500 Fifth Avenue North, Seattle, Washington 98109
(c)	Citizenship: Frontier is a limited liability company organized under the laws of the State of Washington. WHG is a citizen of the United States of America.
(d)	Title of class of securities: Class A common stock, par value $0.0001 per share
(e)	CUSIP No.: 30049H102
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See the responses to Item 9 on the attached cover pages.
(b)	Percent of class: See the responses to Item 11 on the attached cover pages.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See the responses to Item 5 on the attached cover pages.
	(ii) Shared power to vote or to direct the vote: See the responses to Item 6 on the attached cover pages.
	(iii) Sole power to dispose or to direct the disposition of: See the responses to Item 7 on the attached cover pages.
	(iv) Shared power to dispose or to direct the disposition of: See the responses to Item 8 on the attached cover pages.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Gates Frontier, LLC

Signature:	/s/ Alan Heuberger
Name/Title:	Attorney-in-fact for Michael Larson, Manager
Date:	09/22/2025

William H. Gates III

Signature:	/s/ Alan Heuberger
Name/Title:	Attorney-in-fact
Date:	09/22/2025

Comments accompanying signature: Duly authorized under Special Limited Power of Attorney appointing Alan Heuberger attorney-in-fact, dated October 11, 2013, by and on behalf of Michael Larson, filed as Exhibit 99.2 to Gates Frontier, LLC's Schedule 13G with respect to KiOR, Inc. on October 31, 2013, SEC File No. 005-86313, and incorporated by reference herein. Duly authorized under Special Limited Power of Attorney appointing Alan Heuberger attorney-in-fact, dated August 12, 2008, by and on behalf of William H. Gates III, filed as Exhibit 99.3 to Gates Frontier, LLC's Schedule 13G with respect to KiOR, Inc. on October 31, 2013, SEC File No. 005-86313, and incorporated by reference herein.

FAQ

How many Evolv Technologies (EVLVW) shares do Gates Frontier and William H. Gates III own?

They report beneficial ownership of 2,365,664 shares of Class A common stock.

What percentage of EVLVW does the reported holding represent?

The filing states the holding represents 1.4% of the Class A shares based on 171,891,467 shares outstanding.

Was the stake reported as intended to influence control of Evolv Technologies?

No. The filing includes a certification that the securities were not acquired and are not held to change or influence control of the issuer.

Does the filing show any shared voting or dispositive power for these shares?

No. The filing reports sole voting power and sole dispositive power for the 2,365,664 shares and lists no shared powers.

When was the filing signed and by whom?

The filing was executed on September 22, 2025 by Alan Heuberger as attorney-in-fact for both Gates Frontier, LLC and William H. Gates III.