Evolv Technologies Holdings, Inc.
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Range $10 – $11.25
Price Chart
About the company
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.
- CEO
- John Kedzierski
- IPO
- 2020
- Employees
- 286
- HQ
- Waltham, MA, US
AI snapshot
Six angles, distilled from the data.
EVLV is still in a recovery phase after a long drawdown, but the stock remains below its 200-day average of 6.16 and well under the 52-week high of 8.81. The setup is constructive only if it can keep rebuilding above the mid-5s and extend the post-earnings rebound.
Street sentiment stays positive, with a Buy consensus and a median target around 10.63 versus the latest close in the mid-5s. Recent revisions have leaned supportive too, including Craig-Hallum lifting its target to 11.25 and Northland raising to 10, while the lone Hold keeps the bar from looking euphoric.
The next print comes with a mixed but improving beat pattern: EVLV has beaten 5 of the last 8 quarters, including a 16.7% EPS beat in the most recent report. Full-year estimates still point to losses, with 2026 EPS at -0.0925 and 2027 at -0.0675, so shareholders should watch margin progress and whether revenue growth can keep offsetting red ink.
Insider activity is mixed but not one-sided. Two directors bought shares in August, while Michael Ellenbogen paired large sales with matching exempt transactions tied to the same share count, which looks more mechanical than directional. The net read is neutral, with the discretionary buys offset by the sales.
Profitability is still negative, but the operating profile is improving enough to matter. Gross margin is 49.9%, revenue grew 34.4% year over year, and free cash flow was $50.0 million for fiscal 2025, supported by $69.0 million of cash and equivalents against $42.2 million of debt.
EVLV competes as a niche security-screening platform with AI-driven detection and analytics, which gives it a differentiated product story in education, venues, government, and corporate sites. The valuation still looks growth-oriented rather than cheap, with the stock trading far below the roughly 10.63 consensus target.
Similar companies
Peers in the same neighborhood.
- Market Cap
- $977.85M
- P/E
- -209.09
- PEG
- -0.93
- P/S
- 5.70
- P/B
- 8.24
- EV/EBITDA
- 38.12
- Div Yield
- 0.00%
- Gross Margin
- 49.98%
- Op Margin
- -18.61%
- Net Margin
- -3.05%
- ROE
- -4.53%
- ROIC
- -17.76%
Latest fiscal year · YoY change
- Revenue
- $145.91M+40.5%
- Gross Profit
- $75.30M+27.0%
- Op Income
- $-44,801,000
- Net Income
- $-33,138,000+38.7%
- EPS
- $-0.20+41.2%
- OCF Growth
- +160.5%
- FCF Growth
- +81.4%
- 52W High
- $8.81
- 52W Low
- $4.87
- 50D MA
- $5.77
- 200D MA
- $6.15
- Beta
- 1.81
- RSI (14)
- 43
- Avg Volume
- 2.26M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Evolve Technology delivered 34% Q2 revenue growth, expanded adjusted EBITDA margin to 10.1%, and raised full-year 2026 guidance on strong demand, renewals, and unit growth.· August 11, 2026
- Q2 revenue rose 34% year over year to $43.8 million, while adjusted EBITDA increased to $4.4 million and margin expanded to 10.1% from 6.5%.
- ARR reached $132.7 million, up 20% year over year, with net revenue retention above 100% and RPO rising to $312.6 million.
- The company added 70 new customers in the quarter, its strongest new-customer quarter in two years, and said about 80% of unit bookings came from existing customers.
- Management raised 2026 revenue guidance to $180 million-$185 million and expects year-end ARR of about $148 million-$150 million.
- The business continues to lean into Gen2 upgrades and Expedite adoption, while also scaling through new manufacturing partner Plexus and managing supply-chain constraints.
Q2 revenue was $43.8 million, up 34% year over year. Adjusted gross margin was 51%, consistent with Q1. Adjusted EBITDA was $4.4 million versus $2.1 million a year ago, and adjusted EBITDA margin expanded to 10.1% from 6.5%. ARR at June 30, 2026 was $132.7 million, up 20% year over year, and RPO was $312.6 million, up 4.5% sequentially. For 2026, management raised revenue guidance to $180 million-$185 million, up 23% to 27% year over year, and expects year-end ARR of about $148 million-$150 million, up 23% to 25%. Full-year adjusted EBITDA is expected to be $15 million-$16 million with margins in the high single digits, and management said gross margins in the second half should stay consistent with first-half levels.
John Kedzierski framed the quarter as another step toward the company’s Investor Day goals of more than $500 million in revenue by 2031 and at least 25% adjusted EBITDA margins. He emphasized the long runway in a market he described as large and underpenetrated, with growth coming from education, healthcare, sports, entertainment, and workplace security. His tone was confident and expansionary, highlighting stronger renewals, more Gen2 upgrades, rising Expedite adoption, and the company’s growing recurring revenue base.
Chris Kutsor focused on the mechanics behind the quarter and the updated outlook. He said Q2 revenue growth reflected strong demand and the completed transition to direct fulfillment, noted ARR of $132.7 million, adjusted gross margin of 51%, adjusted EBITDA of $4.4 million, and cash, cash equivalents, marketable securities, and restricted cash of $63 million, up about $2 million sequentially. He also said the company expects to remain cash flow positive through year-end, though it may invest an additional $2 million to $4 million in inventory safety stock. On guidance, he cited a higher mix of purchase subscriptions, stronger Gen2 upgrade activity, and modestly higher component costs as near-term gross margin headwinds, offset partly by manufacturing efficiencies and price increases.
Analysts focused on the gap between unit growth and ARR growth, and management explained that the divergence is expected because Gen2 upgrades and Expedite carry lower ARPU than the legacy mix, although price increases should narrow that gap over time. Questions also centered on legislative tailwinds in school safety, where management said California and Georgia are proof points that the technology can become standardized and that the company intends to be more assertive in policy discussions. Other Q&A covered Plexus manufacturing, where management said the transition is on schedule and the majority of orders are now being fulfilled there, plus supply-chain and inventory timing, which management said may lead to a selective $2 million-$4 million safety-stock investment.
The call showed broad-based demand across education, healthcare, sports, and workplace security, plus strong customer wins and a high share of bookings from existing customers. Management also pointed to rising RPO, above-100% NRR, strong Gen2 upgrade activity, growing Expedite adoption, and the possibility of more international and short-term event opportunities.
Near-term margins face pressure from a higher mix of purchase subscriptions, Gen2 upgrade-related freight/refurbishment/depreciation costs, and somewhat higher component and supply-chain costs. Management also said ARR growth may lag unit growth because Gen1 redeployments and Expedite are lower-ARPU than newer Express deployments, and they are still navigating semiconductor constraints and inventory decisions.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 94.8%
- Shares Outstanding
- 179.87M
- Float Shares
- 170.57M
of shares held by institutions
275 13F filers
Buy/sell ratio 1.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Vanguard Group Inc | 13.78M | ▲ 1.80M |
| Key Colony Management, LLC | 3.28M | ▲ 170.09K |
| Two Sigma Advisers, LP | 2.74M | ▲ 689.80K |
| Cubist Systematic Strategies, LLC | 406.02K | ▼ 183.20K |
| Militia Capital Partners, LP | 340.00K | ▲ 45.48K |
| Synovus Financial Corp | 275.30K | ▲ 275.30K |
| California State Teachers Retirement System | 118.82K | ▼ 951 |
| Janus Henderson Group PLC | 76.23K | ▲ 33.02K |
| Quest Partners LLC | 75.65K | ▲ 8.85K |
| Corton Capital Inc. | 27.06K | ▲ 27.06K |
| Cibc Private Wealth Group, LLC | 22.37K | ▲ 140 |
| Evelyn Partners Investment Management Llp | 19.00K | ▲ 19.00K |
Held by 173 ETFs
Biggest fund positions in EVLV by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Aug 17, 26 | Ellenbogen Michael | other | 80,752 |
| Aug 17, 26 | Ellenbogen Michael | sell | 80,752 |
| Aug 17, 26 | Ellenbogen Michael | other | 80,752 |
| Aug 14, 26 | Glat Neil | buy | 8,500 |
| Aug 14, 26 | Kuhl Henrik | buy | 15,000 |
| Jul 15, 26 | Ellenbogen Michael | other | 80,745 |
| Jul 15, 26 | Ellenbogen Michael | sell | 80,745 |
| Jul 15, 26 | Ellenbogen Michael | other | 80,745 |
| Jun 17, 26 | Mounts Gonzales David | other | 27,050 |
| Jun 17, 26 | Mounts Gonzales David | other | 27,050 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our EVLV coverage
Recent articles, reports, and earnings notes.

Evolv Technologies (EVLV): AI Security Growth Meets Valuation Risk
Evolv Technologies is gaining traction with recurring revenue, expanding deployments, and improving margins, but the stock still faces profitability and credibility risks. Our view is a Hold as the valuation already reflects much of the growth story.

Evolv Technologies Holdings, Inc. (EVLV) gains on deep earnings analys
Evolv Technologies Holdings, Inc. (EVLV) gained after a mixed Q2, with revenue in line but adjusted EPS missing estimates. This deep-dive looks beyond the headline at margin expansion, customer growth, recurring revenue mix, and the company’s long-term profitability framework.

Evolv Technologies Holdings, Inc. (EVLV) gains on earnings miss
Evolv Technologies Holdings, Inc. (EVLV) gains 2.4% after reporting an earnings miss, as investors weigh the results against the stock's recent momentum.
Want a deeper read on EVLV?
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Evolv Technology Expands Market Reach and Deepens Customer Adoption as Demand for AI-Powered Security Remains Strong
gurufocus.com · Aug 14
Evolv Technology Expands Market Reach and Deepens Customer Adoption as Demand for AI-Powered Security Remains Strong
businesswire.com · Aug 14
Head to Head Review: Evolv Technologies (NASDAQ:EVLV) versus Giga-tronics (OTCMKTS:GIGA)
defenseworld.net · Aug 13
Evolv Technologies Holdings, Inc. (EVLV) Q2 2026 Earnings Call Transcript
seekingalpha.com · Aug 11
Evolv Technologies Holdings, Inc. (EVLV) Reports Q2 Loss, Tops Revenue Estimates
zacks.com · Aug 11
Evolv Technologies Q2 Earnings Call Highlights
marketbeat.com · Aug 11
Evolv Technology Reports Second Quarter Financial Results
businesswire.com · Aug 11
New Ryan Field Selects Evolv Express® as Official Fan Screening Provider to Help Create “Best Place to Watch Football in America”
businesswire.com · Aug 5
Headlines from third-party outlets — TickerSpark isn't affiliated with these sources.
AI analysis · Last refreshed August 19, 2026 · Live quote · Not investment advice