EVLV · Evolv Technologies Holdings, Inc.

Evolv Technologies reported strong first-quarter results for 2026, with revenue of $46.3 million, a 45% increase year-over-year, driven by new customer acquisitions, expanding deployments within the existing base, and growing adoption of the new Evolv eXpedite product. Annual Recurring Revenue (ARR) reached $127.3 million, up 20% from the prior year, reflecting the company's shift toward subscription-based models. Despite a GAAP net loss of $(5.0) million, wider than the $(1.7) million loss in the prior year, Adjusted EBITDA improved to $3.9 million from $2.1 million, with an Adjusted EBITDA margin of 8.5%. The company ended the quarter with $61.1 million in cash and marketable securities. Management raised its full-year 2026 revenue guidance to $175-$180 million (from $172-$178 million) and reiterated expectations for positive full-year Adjusted EBITDA with margins in the high single digits. The company also expects ending ARR of $145-$150 million. The results indicate improving operational leverage and a successful transition to a recurring revenue model, though net losses remain elevated due to non-cash charges and investments in growth.