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Evolv Technologies Holdings
(NASDAQ:EVLV)
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Rating:57Neutral
Price Target:
$5.50
▲(4.96% Upside)
Action:Reiterated
Date:08/19/26
EVLV scores as a moderate-risk turnaround: fundamentals are improving with strong revenue growth, sharply narrowing losses, and positive operating cash flow, but free cash flow remains negative and profitability is not yet durable. The earnings call adds meaningful support via raised guidance, expanding adjusted EBITDA margins, and strong contracted revenue visibility (RPO/ARR), while technicals remain weak with the stock trading below key moving averages and muted momentum. Valuation is constrained by continued losses (negative P/E), and corporate events modestly reduce legal overhang but underscore prior governance issues.
Positive Factors
Strong Revenue Growth and Raised Guidance
Sustained high growth indicates increasing adoption of Evolv’s screening platform and expanding market reach. The raised outlook provides evidence that customer demand and execution are supporting continued revenue expansion over the next several quarters.
Negative Factors
Profitability Remains Unproven
Although losses have narrowed and EBITDA turned positive, negative EBIT and net income show that Evolv has not yet achieved durable profitability. Continued execution is required to convert revenue growth and operating leverage into consistent shareholder returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Revenue Growth and Raised Guidance
Sustained high growth indicates increasing adoption of Evolv’s screening platform and expanding market reach. The raised outlook provides evidence that customer demand and execution are supporting continued revenue expansion over the next several quarters.
Read all positive factors
Evolv Technologies Holdings (EVLV) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$967.21M
Dividend YieldN/A
Average Volume (3M)2.08M
Price to Earnings (P/E)―
Beta (1Y)2.14
Revenue Growth41.67%
EPS Growth94.89%
CountryUS
Employees286
SectorIndustrials
Sector Strength72
IndustrySecurity & Protection Services
Share Statistics
EPS (TTM)-0.03
Shares Outstanding181,126,140
10 Day Avg. Volume1,514,045
30 Day Avg. Volume2,081,070
Financial Highlights & Ratios
PEG Ratio0.87
Price to Book (P/B)10.10
Price to Sales (P/S)8.26
P/FCF Ratio-94.97
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$10.31Price Target Upside96.80% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)-0.09
Revenue Forecast (FY)$177.17M
Evolv Technologies Holdings Business Overview & Revenue Model
Company Description
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 explo...
How the Company Makes Money
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Evolv Technologies Holdings Earnings Call Summary
Earnings Call Date:Aug 11, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call communicated broad, multi-dimensional progress: strong top-line growth (+34% Q2 revenue), expanding adjusted EBITDA margins (10.1% vs 6.5% YoY), raised full-year guidance, growing ARR and RPO with high visibility, meaningful customer and product adoption (Expedite traction, large venue and enterprise wins), and completion of a strategic manufacturing transition. Management also acknowledged near-term margin pressures from purchase-subscription mix, Gen2 upgrade costs, and supply-chain component cost headwinds, as well as normalization of a prior fulfillment-related revenue tailwind. Taken together, the positive financial momentum, upgraded guidance, and durable contracted revenue base substantially outweigh the described transitory operational and margin challenges.Positive Updates
Strong Revenue and Guidance Raise
Q2 revenue was $43.8M, up 34% year-over-year. Company raised full-year 2026 revenue guidance to $180M–$185M, representing 23%–27% YoY growth (previous guidance: 20%–23%).
Negative Updates
Near-term Gross Margin Headwinds
Management cites three near-term gross margin pressures: higher mix of purchase subscriptions (now forecast ~60% of new deployed units vs. prior 55%), Gen2 upgrade-related Gen1 refurbishment/freight/depreciation (~~1 percentage-point headwind), and modestly higher component/supply chain costs (~0.5 percentage-point headwind).
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Revenue and Guidance Raise
Q2 revenue was $43.8M, up 34% year-over-year. Company raised full-year 2026 revenue guidance to $180M–$185M, representing 23%–27% YoY growth (previous guidance: 20%–23%).
Read all positive updates
Company Guidance
Evolve raised 2026 guidance to revenue of $180–185M (up ~23–27% YoY vs prior $175–180M/20–23%), expects to finish 2026 with comfortably over 10,000 deployed units (≈30% net deployed unit growth YoY), and now forecasts year‑end ARR of ~$148–150M (up ~23–25% YoY; Q2 ARR was $132.7M, +20% YoY). Management expects RPO of $312.6M (+4.5% sequentially), which exceeds ~1.7× the full‑year revenue outlook and carries an estimated gross‑margin profile of roughly 60%; Q2 revenue was $43.8M (+34% YoY), adjusted gross margin was 51%, Q2 adjusted EBITDA was $4.4M with a 10.1% adjusted EBITDA margin (up 160 bps sequentially, 360 bps YoY), and full‑year adjusted EBITDA is targeted at $15–16M with high‑single‑digit margins (vs 7.6% in 2025). They expect H2 gross margins to be consistent with H1, forecast ~60% of new full‑year deployed units will be purchase subscriptions (vs 55% prior), see near‑term gross‑margin headwinds from Gen2 upgrades (~1 point) and component costs (~0.5 point), may opportunistically add $2–4M of inventory safety stock, reported cash and equivalents of ~$63M, and expect to remain cash‑flow positive through year‑end.Evolv Technologies Holdings Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
64
Positive
Cash Flow
49
Neutral
| Breakdown | TTM | Dec 2025 | Mar 2025 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 171.44M | 145.91M | 103.86M | 80.42M | 52.72M | 23.39M |
| Gross Profit | 85.69M | 75.30M | 59.29M | 33.83M | 1.40M | 4.03M |
| EBITDA | 25.36M | -7.00M | -36.64M | -95.62M | -80.64M | -1.93M |
| Net Income | -5.22M | -33.14M | -54.02M | -106.25M | -86.80M | -10.89M |
Balance Sheet | ||||||
| Total Assets | 302.02M | 304.41M | 268.06M | 298.72M | 348.12M | 362.86M |
| Cash, Cash Equivalents and Short-Term Investments | 62.63M | 69.03M | 51.94M | 118.82M | 230.12M | 307.70M |
| Total Debt | 41.57M | 42.24M | 25.64M | 1.39M | 31.69M | 9.95M |
| Total Liabilities | 183.16M | 184.99M | 150.41M | 152.40M | 121.13M | 72.58M |
| Stockholders Equity | 118.86M | 119.42M | 117.65M | 146.32M | 226.99M | 290.27M |
Cash Flow | ||||||
| Free Cash Flow | -7.48M | -12.70M | -68.17M | -82.47M | -98.92M | -74.37M |
| Operating Cash Flow | 27.82M | 18.67M | -30.85M | -9.80M | -74.74M | -56.78M |
| Investing Cash Flow | -43.25M | -41.83M | -1.40M | -123.11M | -23.87M | -17.59M |
| Financing Cash Flow | 31.87M | 35.40M | 1.81M | -29.66M | 20.51M | 377.83M |
Evolv Technologies Holdings Technical Analysis
Negative
5.24
Price Trends
5.75
Negative
6.08
Negative
6.12
Negative
Market Momentum
-0.08
Positive
40.78
Neutral
13.70
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For EVLV, the sentiment is Negative. The current price of 5.24 is below the 20-day moving average (MA) of 5.69, below the 50-day MA of 5.75, and below the 200-day MA of 6.12, indicating a bearish trend. The MACD of -0.08 indicates Positive momentum. The RSI at 40.78 is Neutral, neither overbought nor oversold. The STOCH value of 13.70 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for EVLV.
Evolv Technologies Holdings Risk Analysis
Evolv Technologies Holdings disclosed 42 risk factors in its most recent earnings report. Evolv Technologies Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Evolv Technologies Holdings Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $1.36B | 36.98 | 20.86% | 1.62% | 8.83% | -16.34% | |
78 Outperform | $1.41B | 45.45 | 21.25% | ― | 15.65% | ― | |
65 Neutral | $603.87M | 22.42 | 11.52% | ― | 5.23% | 130.36% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
57 Neutral | $967.21M | -205.38 | -4.53% | ― | 41.67% | 94.89% | |
55 Neutral | $40.83M | 29.91 | 3.21% | ― | ― | ― | |
46 Neutral | $33.54M | -0.41 | -152.20% | ― | 88.02% | 63.33% |
* Industrials Sector Average
EVLV
Evolv Technologies Holdings
5.25
-3.21
-37.94%
SNT
Senstar Technologies
1.80
-2.84
-61.21%
MG
Mistras Group
19.10
9.67
102.55%
NSSC
Napco Security Technologies
37.59
4.43
13.35%
ARLO
Arlo Technologies
13.09
-3.90
-22.95%
KSCP
Knightscope Inc Class A
1.37
-4.11
-75.00%
Evolv Technologies Holdings Corporate Events
Business Operations and StrategyLegal Proceedings
Evolv Wins Preliminary Approval for Derivative Case Settlement
Positive
Aug 10, 2026
On August 6, 2026, a federal court in Massachusetts granted preliminary approval to a settlement resolving multiple stockholder derivative actions and a litigation demand brought on behalf of Evolv Technologies Holdings, tied to earlier allegation...
Executive/Board ChangesShareholder Meetings
Evolv Shareholders Back Directors, Executive Pay and Auditor
Positive
Jun 22, 2026
On June 18, 2026, Evolv Technologies Holdings, Inc. held its annual meeting of stockholders, with 138,936,379 Class A shares present or represented by proxy, reflecting about 77.35% of shares outstanding as of the April 24, 2026 record date. Stock...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.