Evolv Technologies Holdings, Inc. (EVLV)
NASDAQ:EVLV
Want to see EVLV full AI Analyst Report?
Top Page
Evolv Technologies Holdings
(NASDAQ:EVLV)
Select Model
Select Model
Rating:51Neutral
Price Target:
$6.00
▼(-7.41% Downside)
Action:Reiterated
Date:05/14/26
EVLV scores in the low-50s mainly due to continued operating losses and negative free cash flow despite strong revenue growth and improved operating cash flow. Weak technical trends add pressure. Offsetting these is a relatively positive earnings-call outlook with raised revenue guidance and expectations for improved adjusted profitability and cash-flow positivity in 2026.
Positive Factors
Revenue growth and improved gross margin
Sustained high revenue growth with materially improved gross margins indicates stronger unit economics and pricing power. This durable top-line momentum and margin improvement supports scaled operating leverage, helping the company move toward structural profitability as deployments expand.
Negative Factors
Persistent operating losses
Despite revenue scale and improved gross margins, sizable operating and net losses persist, indicating core profitability is not yet achieved. Continued negative margins can erode capital and require sustained execution on cost controls, margin expansion, or higher recurring mix to become durable.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue growth and improved gross margin
Sustained high revenue growth with materially improved gross margins indicates stronger unit economics and pricing power. This durable top-line momentum and margin improvement supports scaled operating leverage, helping the company move toward structural profitability as deployments expand.
Read all positive factors
Evolv Technologies Holdings (EVLV) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.08B
Dividend YieldN/A
Average Volume (3M)3.01M
Price to Earnings (P/E)―
Beta (1Y)2.01
Revenue Growth40.54%
EPS Growth20.94%
CountryUS
Employees287
SectorIndustrials
Sector Strength72
IndustrySecurity & Protection Services
Share Statistics
EPS (TTM)-0.23
Shares Outstanding179,871,410
10 Day Avg. Volume4,495,640
30 Day Avg. Volume3,006,247
Financial Highlights & Ratios
PEG Ratio0.88
Price to Book (P/B)10.10
Price to Sales (P/S)8.26
P/FCF Ratio-94.97
Enterprise Value/Market Cap1.03
Enterprise Value/Revenue6.92
Enterprise Value/Gross Profit13.86
Enterprise Value/Ebitda-35.68
Forecast
1Y Price Target
$10.13Price Target Upside56.25% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)-0.11
Revenue Forecast (FY)$174.81M
Evolv Technologies Holdings Business Overview & Revenue Model
Company Description
Evolv Technologies Holdings, Inc. provides artificial intelligence (AI)-based touchless security screening systems. Its products include Evolv Express, a touchless security screening system designed to detect firearms, improvised explosive devices...
How the Company Makes Money
Evolv primarily generates revenue by providing its weapon-detection screening solution to customers under commercial arrangements that include the screening hardware, associated software, and ongoing support. Key revenue streams include: (1) sale ...
Evolv Technologies Holdings Earnings Call Summary
Earnings Call Date:May 12, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Positive
The call communicated robust top-line growth, meaningful expansion of recurring revenue and contract visibility (ARR and RPO), expanding product adoption (notably Expedite), improved adjusted EBITDA margin and raised full-year revenue guidance. These positives are tempered by a near-term gross margin headwind from the strategic shift to direct fulfillment, higher operating expenses to support scaling, a planned Q2 sequential revenue timing dip, and ongoing but managed supply-chain risks. Management emphasized that margin and cash benefits are expected over the long term, and they reiterated confidence in execution and an improved long-term margin profile.Positive Updates
Strong Top-Line Growth
Q1 revenue of $46.3M, up 45% year-over-year, driven by new customer wins, strong unit deployments, and a step-up in product revenue from transitioning to direct fulfillment (one-time benefit).
Negative Updates
Adjusted Gross Margin Headwind in Q1
Q1 adjusted gross margin declined to 52% from 61% year-over-year due to the intentional shift to direct fulfillment for purchase subscriptions, which creates an initial margin headwind while aiming for superior long-term returns.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Top-Line Growth
Q1 revenue of $46.3M, up 45% year-over-year, driven by new customer wins, strong unit deployments, and a step-up in product revenue from transitioning to direct fulfillment (one-time benefit).
Read all positive updates
Company Guidance
Evolv raised 2026 revenue guidance to $175–$180 million (from $172–$178M), implying ~20–23% YoY growth, and now expects to end 2026 with comfortably over 10,000 units deployed and ARR of roughly $145–$150 million (≈20–25% YoY growth); Q1 headwinds/puts-to-proof included revenue of $46.3M (+45% YoY), ARR of $127.3M (+20%), RPO of $299M (+18%), adjusted EBITDA of $3.9M (8.5% margin) and adjusted gross margin of 52% (targeting mid‑50s for the full year), Q1 adjusted operating expenses of $26.9M (+16% YoY), and cash + marketable securities of ~$61M (down ~$8M sequentially); the company expects H2 deployments to exceed H1 (H2 unit deployments >25% YoY), full‑year adjusted EBITDA margins in the high single digits (vs. 7.6% in 2025), to be cash‑flow positive in 2026, and to benefit from a higher purchase/subscription mix (guidance assumes roughly 55% purchase / 45% subscription) and direct fulfillment (roughly 20% less upfront product revenue but ~20% more ARR per purchase unit), with Plexus manufacturing onboarding to complete by quarter‑end.Evolv Technologies Holdings Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
62
Positive
Cash Flow
48
Neutral
| Breakdown | TTM | Dec 2025 | Mar 2025 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 160.23M | 145.91M | 103.86M | 80.42M | 52.72M | 23.39M |
| Gross Profit | 79.95M | 75.30M | 59.29M | 33.83M | 1.40M | 4.03M |
| EBITDA | -31.07M | -20.46M | -36.64M | -95.62M | -80.64M | -1.93M |
| Net Income | -36.46M | -33.14M | -54.02M | -106.25M | -86.80M | -10.89M |
Balance Sheet | ||||||
| Total Assets | 304.64M | 304.41M | 268.06M | 298.72M | 348.12M | 362.86M |
| Cash, Cash Equivalents and Short-Term Investments | 61.07M | 69.03M | 51.94M | 118.82M | 230.12M | 307.70M |
| Total Debt | 41.97M | 42.24M | 25.64M | 1.39M | 31.69M | 9.95M |
| Total Liabilities | 183.97M | 184.99M | 150.41M | 152.40M | 121.13M | 72.58M |
| Stockholders Equity | 120.67M | 119.42M | 117.65M | 146.32M | 226.99M | 290.27M |
Cash Flow | ||||||
| Free Cash Flow | -10.57M | -12.70M | -68.17M | -82.47M | -98.92M | -74.37M |
| Operating Cash Flow | 18.03M | 18.67M | -30.85M | -9.80M | -74.74M | -56.78M |
| Investing Cash Flow | -22.70M | -41.83M | -1.40M | -123.11M | -23.87M | -17.59M |
| Financing Cash Flow | 35.70M | 35.40M | 1.81M | -29.66M | 20.51M | 377.83M |
Evolv Technologies Holdings Technical Analysis
Neutral
6.48
Price Trends
6.23
Positive
6.10
Positive
6.78
Negative
Market Momentum
-0.14
Positive
47.92
Neutral
38.22
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For EVLV, the sentiment is Neutral. The current price of 6.48 is below the 20-day moving average (MA) of 6.57, above the 50-day MA of 6.23, and below the 200-day MA of 6.78, indicating a neutral trend. The MACD of -0.14 indicates Positive momentum. The RSI at 47.92 is Neutral, neither overbought nor oversold. The STOCH value of 38.22 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for EVLV.
Evolv Technologies Holdings Risk Analysis
Evolv Technologies Holdings disclosed 43 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | $1.38B | 24.56 | 22.92% | ― | 10.85% | ― | |
71 Outperform | $1.31B | -861.44 | 20.86% | 1.29% | 8.83% | -16.34% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
55 Neutral | $62.91M | 35.03 | 7.70% | ― | ― | ― | |
55 Neutral | $547.25M | 48.92 | 9.83% | ― | 3.48% | 48.10% | |
51 Neutral | $1.08B | -53.46 | -33.53% | ― | 40.54% | 20.94% | |
45 Neutral | $46.89M | -1.40 | -143.53% | ― | 25.86% | 68.12% |
* Industrials Sector Average
EVLV
Evolv Technologies Holdings
6.24
0.39
6.67%
SNT
Senstar Technologies
2.79
-0.96
-25.60%
MG
Mistras Group
17.28
9.89
133.83%
NSSC
Napco Security Technologies
37.41
9.73
35.15%
ARLO
Arlo Technologies
13.16
-0.14
-1.05%
KSCP
Knightscope Inc Class A
3.00
-3.16
-51.30%
Evolv Technologies Holdings Corporate Events
Business Operations and StrategyFinancial Disclosures
Evolv Clarifies Q1 Results and Raises 2026 Guidance
Positive
May 13, 2026
Evolv Technologies Holdings, Inc. reported that certain market data websites misrepresented its first-quarter 2026 financial results and full-year revenue guidance, prompting the company to issue a clarification on May 12, 2026. For the quarter en...
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.