Evolv Technologies Holdings, Inc. EVLV

Information TechnologyCommunications & NetworkingUnited States of America

Last close 4.61 USD on Nov 2, 2026, −35.6% year to date

Quant rating

Quant rating D Rank 303 of 389 in Information Technology

Growth A 24 of 389
Valuation C 203 of 389
Quality D 281 of 389
Revisions D 351 of 389
Momentum D 325 of 389

Wall Street consensus Buy (1.80)Average target 9.85 USD +113.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 835M
Enterprise value: 801M
52-week range: 4.02 – 7.75
3-year range: 2.15 – 8.76
Dividend yield: –
Beta (5 years): 1.82
Shares outstanding: 181M
Next earnings: Nov 10, 2026

About the company

Evolv Technologies Holdings, Inc. is a security technology company. The Company is an artificial intelligence (AI)-powered screening solution designed to help create safer environments while maintaining visitor flow and a visitor experience. Its solutions are delivered through a Security-as-a-Service model that integrates its proprietary sensor platform and AI-powered software, cloud connectivity, and ongoing services. It delivers solutions through two sales models: a pure subscription model and a purchase subscription mode. Its products, Evolv Express and Evolv eXpedite, operate with proprietary software and cloud services. Evolv Express is designed to quickly detect firearms, improvised explosive devices, and large tactical knives in unstructured people flows. Evolv eXpedite, an autonomous AI-based weapons detection system for bags being brought to venues by visitors in cluttered environments. It serves customers across education, healthcare, sports, live entertainment, and others.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	146	104	79.6	52.7	23.4	–
Revenue growth	40.5%	30.5%	50.9%	125.4%	388.9%	98.1%
EPS (basic, normalized)	−0.10	−0.23	−0.36	−0.50	0.03	–
EPS growth	–	–	–	–	–	–
Gross margin	51.6%	57.2%	40.1%	2.7%	17.2%	33.8%
Net margin	−22.7%	−52.0%	−135.8%	−164.6%	−46.5%	−84.3%
ROE	−28.0%	−41.3%	−58.2%	−33.6%	−7.7%	−33.7%

Balance sheet, last quarter
Cash & short-term investments (mil)	62.6
Current ratio	1.18x
Long-term debt (mil)	28.7
Net debt (mil)	−33.9
Total equity (mil)	119
Net debt / equity	−0.29x
Net debt / EBITDA	−3.05x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	146	+40.5%	5.5x	11.1	+135.2%	72.1x	−0.10	+56.5%	−46.1x
2026	182	+25.0%	4.4x	15.5	+39.5%	51.7x	−0.08	+23.3%	−60.1x
2027	219	+20.0%	3.7x	26.0	+67.4%	30.9x	−0.04	+52.2%	−125.7x
2028	274	+25.0%	2.9x	53.4	+105.8%	15.0x	–	–	–

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	182	0.0%	+2.9%	+4.8%	−0.08	0.0%	−21.1%	−15.0%
2027	219	0.0%	+4.6%	+5.3%	−0.04	0.0%	−22.2%	−37.5%
2028	274	0.0%	–	–	–	–	–	–

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	21.7	25.5	27.4	29.1	32.0	32.5	42.9	38.5	46.3	43.8
Sales mean (mil)	23.0	23.8	26.3	28.2	28.0	30.9	33.7	36.4	43.7	41.8
Surprise	−5.8%	+7.1%	+3.9%	+3.2%	+14.4%	+5.2%	+27.2%	+5.7%	+6.0%	+4.7%
EPS reported	−0.09	−0.06	−0.04	−0.03	−0.02	−0.02	−0.02	−0.03	−0.02	−0.02
EPS mean	−0.07	−0.07	−0.06	−0.06	−0.04	−0.04	−0.03	−0.02	−0.02	−0.02
Surprise	−35.0%	+18.2%	+33.3%	+47.1%	+55.6%	+42.9%	+40.0%	−28.6%	0.0%	0.0%

Peer comparison Communications & Networking

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
EVLV Evolv Technologies Holdings, Inc.	835M	−3.05x	−22.7%	7.01x	−60.1x	−125.7x	51.7x	30.9x
NSSC NAPCO Security Technologies, Inc.	1.1B	−2.06x	21.3%	6.01x	19.8x	18.1x	15.5x	13.7x
AEVA Aeva Technologies, Inc.	599M	0.84x	−804.4%	21.46x	−5.6x	−5.3x	−4.5x	−4.3x
GSI Gatekeeper Systems Inc	125M	–	−9.7%	4.30x	314.3x	38.8x	47.8x	18.8x
RSKIA George Risk Industries Inc	103M	–	45.8%	1.57x	–	–	–	–
WRAP Wrap Technologies Inc	72M	0.28x	−240.5%	4.90x	–	–	–	–
Mean		−1.00x	−168.4%	7.54x	67.1x	−18.5x	27.6x	14.8x
Median		−0.89x	−16.2%	5.45x	7.1x	6.4x	31.6x	16.2x

Technical analysis

1M+0.9%
3M−16.6%
1Y−40.4%
3Y+6.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Evolv Technologies Holdings, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	146	104	79.6	52.7	23.4	4.8
Cost of revenue	70.6	44.4	47.7	51.3	19.4	3.5
Gross profit	75.3	59.5	31.9	1.4	4.0	1.3
Selling, general & administrative expenses	83.9	95.8	97.2	84.7	46.0	12.5
Research & development	20.6	23.4	24.5	18.5	11.5	15.7
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	19.2	22.5	0.9	1.2	14.6	0.1
Other operating expenses	0	0	0	0	0	0
Operating income	−48.5	−82.3	−90.7	−103	−68.0	−27.0
Net interest income (expense)	−0.2	2.9	5.6	2.5	−7.8	−0.4
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	15.6	25.3	−22.9	13.7	64.9	0
Net income before taxes	−33.1	−54.0	−108	−86.8	−10.9	−27.4
Provision for taxes	0.1	0	0.1	0	–	–
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−33.1	−54.0	−108	−86.8	−10.9	−27.4
Extraordinary items	–	–	–	–	–	–
Net income	−33.1	−54.0	−108	−86.8	−10.9	−27.4
EBIT, normalized	−18.1	−59.8	−89.7	−102	−53.4	−26.9
EBITDA, normalized	6.2	−42.4	−80.0	−96.3	−50.5	−25.8
Basic EPS, normalized	−0.10	−0.23	−0.36	−0.50	0.03	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Evolv Technologies Holdings, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	69.0	51.9	118	230	307	4.7
Receivables	47.1	29.2	22.9	34.8	7.9	1.4
Total inventory	9.3	17.0	10.3	10.3	2.9	2.7
Prepaid expenses	19.8	17.9	17.0	14.4	10.8	0.9
Other current assets	6.1	5.4	4.7	3.4	2.0	0.6
Total current assets	151	121	173	293	331	10.3
Property, plant & equipment	140	138	114	46.4	23.8	9.3
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	–	–	–	–	–	–
Note receivable	0	0.7	1.0	1.4	3.4	–
Other long-term assets	13.3	8.3	8.5	7.8	4.5	1.7
Total assets	304	268	297	348	363	21.4
Liabilities
Accounts payable	9.8	10.5	17.4	18.2	6.0	4.4
Payable/accrued	–	–	–	–	–	–
Accrued expenses	32.6	14.3	12.5	12.7	9.6	3.7
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	10.0	2.0	0.2
Other current liabilities	80.6	71.9	51.4	18.3	6.7	3.7
Total current liabilities	123	96.7	81.3	59.1	24.3	12.1
Long-term debt	28.6	0	0	19.7	7.9	16.6
Minority interest	–	–	–	–	–	–
Other liabilities	33.4	53.7	71.7	42.3	40.3	1.5
Total liabilities	185	150	153	121	72.6	30.2
Shareholders' equity
Preferred stock	0	0	0	0	0	–
Common stock	0	0	0	0	0	0
Additional paid-in capital	507	472	445	419	396	9.2
Retained earnings (accumulated deficit)	−388	−355	−301	−192	−106	−93.9
Treasury stock	–	–	–	–	–	–
Other equity	−0.1	0	−0.1	0	0	75.9
Total equity	119	118	144	227	290	−8.8
Total liabilities & shareholders' equity	304	268	297	348	363	21.4

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Evolv Technologies Holdings, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−33.1	−54.0	−106	−86.4	−10.9	−27.4
Depreciation, depletion & amortization	24.3	17.4	9.9	5.5	2.9	1.1
Deferred taxes	–	–	–	–	–	–
Non-cash items	14.2	5.1	49.8	12.5	−31.6	0.8
Changes in working capital	13.3	0.7	36.7	−6.3	−30.1	2.3
Cash from operations	18.7	−30.9	−9.8	−74.7	−69.6	−23.3
Investing activities
Capital expenditures	−31.4	−31.2	−69.1	−21.5	−3.7	−6.6
Other investing cash flows	−10.5	29.8	−54.0	−2.4	−1.0	0
Cash from investing	−41.8	−1.4	−123	−23.9	−4.7	−6.6
Financing activities
Financing cash flow items	–	0	−0.3	0	50.8	–
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	35.4	1.8	−29.3	20.5	327	17.2
Cash from financing	35.4	1.8	−29.7	20.5	378	17.2
Foreign exchange effects	−0.1	0	0	0	–	–
Net change in cash	12.1	−30.4	−163	−78.1	303	−12.6
Free cash flow	−12.7	−62.0	−78.9	−96.2	−73.3	−29.9

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.