Evolv Technologies Holdings Inc. Class A Common Stock Earnings Recaps
Q1 2026
May 15, 2026
Evolv Technology’s shares fell 17.7% after the company’s Q1 report disappointed investors with a cautious outlook and decelerating subscription growth that undercut confidence in its path to sustained profitability.
Key takeaways
- Revenue grew 45% year-over-year to $46.3 million, boosted by new customers, unit deployments, and a one-time increase from direct subscription fulfillment.
- Annual recurring revenue (ARR) rose 20% to $127.3 million, reflecting slower subscription scaling relative to total revenue growth.
- Adjusted EBITDA margin improved modestly to 8.5%, up from 6.4% in the prior year, but margin expansion remains limited amid ongoing investments.
- Remaining performance obligation increased 18% to $299 million, yet this failed to reassure investors amid cautious management commentary on future growth.
- The company highlighted geopolitical security challenges as a backdrop but offered only restrained guidance ahead of its June Investor Day, leaving investors uncertain on near-term momentum.
Q3 2025
Nov 15, 2025
Evolv Technology reported strong Q3 results, with revenue reaching $42.9 million—up 57% year-over-year—driven by new customer acquisitions and strategic shifts in its distribution model.
Key takeaways
- Annual recurring revenue (ARR) grew to $117.2 million, reflecting a 25% year-over-year increase, with expectations for accelerated ARR growth in 2026.
- Q3 marked the strongest booked-to-deployed unit ratio in company history, showcasing improved operational visibility.
- Over 60 new customers were welcomed in Q3, with the year-end estimate for active subscriptions raised to between 8,000 and 8,100.
- Positive adjusted EBITDA was reported for the fourth consecutive quarter, with margins at 12%.