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Evolv Technologies Holdings, Inc. develops, manufactures, markets, and sells security screening products and specific services in the United States and internationally. It offers Evolv Express, that is designed to detect firearms, improvised explosive devices, and large tactical knives in unstructured people flows; Evolv eXpedite, an autonomous AI-based weapon detection system for bags being brought to venues by visitors in high clutter environments; and Evolv Insights Analytics Application which provides self-serve access, insights regarding visitor flow and arrival curves, location specific performance, system detection performance and alarm statistics, and comparisons across multiple business dimensions. The company serves various industries comprising education, healthcare, professional sports, notable performing arts and entertainment venues, major tourist destinations and cultural attractions, government and corporate offices, hospitality facilities, distribution facilities, large industrial workplaces, and houses of worship. Evolv Technologies Holdings, Inc. was founded in 2013 and is headquartered in Waltham, Massachusetts.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $146M | $-7M | $-33M | $-18M | -27.7% | 40.5% | - |
| 2024 | $104M | $-37M | $-54M | $-68M | -45.9% | 30.5% | - |
| 2023 | $80M | $-98M | $-108M | $-82M | -75.0% | 50.9% | - |
| 2022 | $53M | $-81M | $-87M | $-99M | -38.2% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 52.72 | 79.56 | 103.86 | 145.91 |
| Cost Of Revenue | 51.32 | 47.66 | 44.40 | 70.60 |
| Gross Profit | 1.40 | 31.91 | 59.46 | 75.30 |
| Operating Expense | 103.19 | 121.64 | 140.69 | 121.10 |
| Operating Income | -101.79 | -89.73 | -81.22 | -45.80 |
| EBITDA | -80.64 | -97.64 | -36.64 | -7 |
| EBIT | -86.08 | -107.34 | -54.02 | -31.34 |
| Pretax Income | -86.80 | -108 | -54.02 | -33.08 |
| Tax Provision | 0 | 0.05 | 0 | 0.06 |
| Net Income | -86.80 | -108.05 | -54.02 | -33.14 |
| Net Income Common Stockholders | -86.80 | -108.05 | -54.02 | -33.14 |
| Total Expenses | 154.51 | 169.30 | 185.09 | 191.71 |
| Interest Expense | 0.71 | 0.65 | 0 | 1.73 |
| Interest Income | 3.17 | 6.23 | 2.94 | 1.54 |
| Research And Development | 18.54 | 24.47 | 23.45 | 20.62 |
| Selling General And Administration | 84.65 | 97.17 | 117.24 | 100.48 |
| Normalized EBITDA | -93.25 | -73.89 | -60.99 | -19.83 |
| Normalized Income | -99.40 | -84.30 | -78.36 | -45.96 |
| Basic EPS | -0.60 | -0.72 | -0.25 | 0 |
| Diluted EPS | -0.60 | -0.72 | -0.25 | 0 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0 | 0 | 0 | 0 |
| Total Unusual Items | 12.61 | -23.75 | 24.35 | 12.82 |
| Total Unusual Items Excluding Goodwill | 12.61 | -23.75 | 24.35 | 12.82 |
| Net Income From Continuing Operation Net Minority Interest | -86.80 | -108.05 | -54.02 | -33.14 |
| Reconciled Depreciation | 5.44 | 9.70 | 17.38 | 24.34 |
| Reconciled Cost Of Revenue | 51.32 | 47.66 | 44.40 | 70.60 |
| Net Interest Income | 2.45 | 5.57 | 2.94 | -0.20 |
| Net Income From Continuing And Discontinued Operation | -86.80 | -108.05 | -54.02 | -33.14 |
| Total Operating Income As Reported | -102.95 | -90.06 | -82.31 | -48.46 |
| Diluted Average Shares | 143.86 | 149.17 | 155.76 | 0 |
| Basic Average Shares | 143.86 | 149.17 | 155.76 | 0 |
| Diluted NI Availto Com Stockholders | -86.80 | -108.05 | -54.02 | -33.14 |
| Net Income Including Noncontrolling Interests | -86.80 | -108.05 | -54.02 | -33.14 |
| Net Income Continuous Operations | -86.80 | -108.05 | -54.02 | -33.14 |
| Other Income Expense | 12.54 | -23.84 | 24.26 | 12.92 |
| Other Non Operating Income Expenses | -0.06 | -0.08 | -0.08 | 0.10 |
| Special Income Charges | 7.70 | -18.99 | 17.75 | 12.39 |
| Gain On Sale Of Ppe | 0 | 0 | 0 | 0 |
| Other Special Charges | 0 | 0.63 | 0 | 0 |
| Impairment Of Capital Assets | 1.16 | 0.32 | 0.22 | 0 |
| Restructuring And Mergern Acquisition | -8.86 | 18.04 | -17.98 | -12.39 |
| Gain On Sale Of Security | 4.91 | -4.76 | 6.59 | 0.43 |
| Net Non Operating Interest Income Expense | 2.45 | 5.57 | 2.94 | -0.20 |
| Interest Expense Non Operating | 0.71 | 0.65 | 0 | 1.73 |
| Interest Income Non Operating | 3.17 | 6.23 | 2.94 | 1.54 |
| Other Taxes | 0.54 | 0 | 0 | 0 |
| Selling And Marketing Expense | 46.68 | 54.99 | 60.64 | 45.63 |
| General And Administrative Expense | 37.97 | 42.18 | 56.60 | 54.86 |
| Other Gand A | 37.97 | 42.18 | 56.60 | 54.86 |
| Insurance And Claims | 4.51 | 3.42 | 0 | 0 |
| Salaries And Wages | 48.96 | 63.74 | 0 | 0 |
| Operating Revenue | 52.72 | 79.56 | 103.86 | 145.91 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Evolv Technologies Holdings, Inc.this co. | EVLV | $1.3B | - | 10.32 | -27.7% | -140.63 |
| TETRA Technologies, Inc. | TTI | $1.3B | 323.33 | 4.58 | 1.1% | 15.08 |
| Eastman Kodak Company | KODK | $1.3B | - | 2.13 | -18.0% | 6.74 |
| PROG Holdings, Inc. | PRG | $1.3B | 8.58 | 1.69 | 19.7% | 0.85 |
| Global Industrial Company | GIC |
| $1.2B |
| 17.62 |
| 3.97 |
| 23.0% |
| 12.16 |
| Distribution Solutions Group, Inc. | DSGR | $1.2B | 149.72 | 1.92 | 1.3% | 12.46 |
| ICF International, Inc. | ICFI | $1.2B | 13.85 | 1.22 | 8.9% | 8.94 |
| Marten Transport, Ltd. | MRTN | $1.2B | 69.22 | 1.57 | 2.3% | 10.02 |
| Lindsay Corporation | LNN | $1.2B | 15.37 | 2.14 | 13.9% | 8.73 |
| Peer Median | - | 17.62 | 2.02 | 5.6% | 9.48 | |