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what it is
Evolv sells weapon-screening systems that let schools, hospitals, and stadiums check people faster with less physical searching.
how it gets paid
Last year Evolv Technologies made $146M in revenue.
why it's growing
Revenue grew 40.5% last year. Latest-quarter revenue rose 151% vs. prior year to $107M.
what just happened
The quarter said the same thing louder: revenue hit $107M, but EVLV is still fighting for consistent profit.
At a glance
B+ balance sheet — decent shape, but not bulletproof
-$0.34 fy2024 eps est
$104M fy2024 rev est
33.2% operating margin
1.55 beta
xvary composite: 58/100 — below average
What they do
Evolv sells weapon-screening systems that let schools, hospitals, and stadiums check people faster with less physical searching.
Evolv wins by making security less miserable. You keep people moving instead of creating airport-style lines, and that matters when venues screen thousands of people. The company says its systems have screened more than 4 billion people worldwide as of March 2026, which gives it real-world data and customer proof that smaller rivals do not have.
How they make money
$146M
annual revenue · their business grew +40.5% last year
total revenue
$146M
+40.5%
The products that matter
touchless security screening
Evolv Express®
4B screenings to date
it is the flagship system, and it has processed over 4 billion screenings. that scale is the sales pitch and the dataset.
flagship product
analytics and monitoring software
Evolv Insights®
$120.5M ARR
this software layer sits on top of the screening network, and annual recurring revenue reached $120.5M. that matters because recurring revenue is worth more than one-off hardware shipments if it sticks.
recurring revenue
Key numbers
33.2%
operating margin
Operating margin means profit after running the business. Plain English: EVLV loses money on the core operation. So what: revenue growth alone is not enough.
$40M
long-term debt
Long-term debt means money owed over many years. Plain English: debt is only 4% of capital. So what: the balance sheet is not the main problem here.
5/100
price stability
Price stability measures how calm the stock has been. Plain English: this stock has been anything but calm. So what: your drawdowns can get ugly fast.
52.8%
gross margin
Gross margin means what is left after direct product costs. Plain English: the product economics are decent. So what: the problem is overhead, not just the hardware.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 2 — safer than 80% of stocks
- price stability 5 / 100
- long-term debt $40M (4% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for EVLV right now.
source: institutional data · return history unavailable
What just happened
beat estimates
The quarter said the same thing louder: revenue hit $107M, but EVLV is still fighting for consistent profit.
Latest-quarter revenue rose 151% vs. prior year to $107M. Gross margin was 52.8%, but the company still reported EPS of -$0.26 in the supplied SEC-verified data.
$107M
revenue
$0.26
eps
52.8%
gross margin
the number that mattered
The 52.8% gross margin matters most because it says the product can work financially even while the company still loses money overall.
source: company earnings report, 2026
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What could go wrong
the top risk is FTC action tied to Evolv's marketing and screening claims.
med
FTC enforcement can hit both revenue and credibility
The FTC took action in November 2024, and the issue has not fully gone away. For a company selling trust and safety, credibility is part of the product.
The revenue exposure cited here is $22M–$36M annually. That is too large for a $104M revenue company to shrug off.
med
gross margin has less room for error than the story implies
Gross margin sits at 51.6%. That is healthy, but not software-beautiful. If the shift to subscription comes with higher service costs or pricing pressure, profitability stays elusive.
The company is still expected to lose $0.34 per share for the full year, so even modest margin slippage matters.
med
the growth target is ambitious from a small base
Management is guiding to $172M–$178M in 2026 revenue from a current base of $104M. That is the appeal. It is also the risk.
Miss the guide, and the stock stops looking like an emerging platform and starts looking like an expensive hardware story.
A bad FTC outcome would not just create headline risk — it would put $22M–$36M of annual revenue under pressure while the company is still trying to prove it can scale profitably.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
Q1 2026 earnings report
Expected on May 13, 2026. Consensus EPS estimate is -$0.06. After a profitable Q4, the market will want proof that was not a one-quarter cameo.
trend
subscription rollout progress
Management expects about 50% of new unit deployments under pure subscription in 2026. That is the business-model shift that can make the revenue base more durable.
metric
annual recurring revenue versus reported revenue
ARR is already listed at $120.5M against $104M in annual revenue. Watch whether future filings make that relationship cleaner, because right now the story is ahead of the reporting simplicity.
risk
FTC investigation update
Any settlement, fine, or operating restriction matters because the revenue exposure discussed here is $22M–$36M. For a company this size, that is not background noise.
Analyst rankings
risk rank
2
Safer than 80% of stocks on balance-sheet measures. In human-speak, the company is volatile, but it is not financially busted.
beta
1.55
Beta measures market sensitivity. When the market moves 10%, EVLV has historically moved about 15.5%. This is leverage to sentiment without actual leverage doing most of the work.
price stability
5 / 100
That is a blunt score, but it says something useful. The chart is still arguing with the thesis.
source: institutional data
Institutional activity
institutional ownership data for EVLV is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$6
current price
n/a
target midpoint · n/a from current
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