The company's capital structure is under pressure as total debt increased from $1.4 million in 2023Q4 to $42.0 million in 2026Q1, while the current ratio compressed to 1.21.
| Total Current Assets | 151.98M | 151.3M | 121.45M | 175.84M | 292.58M | 331.12M | 10.31M | 20.31M |
| Cash & Short-Term Investments | 61.07M | 69.03M | 51.94M | 118.82M | 230.12M | 307.7M | 4.7M | 17.34M |
| Cash Only | 56.08M | 49.15M | 37.02M | 67.16M | 229.78M | 307.49M | 4.7M | 17.34M |
| Short-Term Investments | 4.99M | 19.89M | 14.93M | 51.66M | 337K | 206K | 0 | 0 |
| Accounts Receivable | 43.92M | 47.06M | 29.19M | 26.32M | 34.77M | 7.94M | 1.4M | 984K |
| Days Sales Outstanding | 104.63 | 117.73 | 102.58 | 119.45 | 240.74 | 123.83 | 106.87 | 61.44 |
| Inventory | 8.26M | 9.32M | 16.96M | 9.51M | 10.26M | 2.89M | 2.74M | 1.36M |
| Days Inventory Outstanding | 43.75 | 48.17 | 138.89 | 74.48 | 72.95 | 54.47 | 286.28 | 93.56 |
| Other Current Assets | 38.73M | 25.89M | 7.51M | 5.95M | 4.5M | 2.29M | 628K | 100K |
| Total Non-Current Assets | 152.66M | 153.11M | 146.61M | 122.88M | 55.53M | 31.74M | 11.05M | 4.09M |
| Property, Plant & Equipment | 139.71M | 139.82M | 137.65M | 114.12M | 46.38M | 23.78M | 9.32M | 3.69M |
| Fixed Asset Turnover | 1.15x | 1.04x | 0.75x | 0.70x | 1.14x | 0.98x | 0.51x | 1.59x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 7M | 0 | 0 | 0 | 0 |
| Long-Term Investments | 1.23M | 0 | 376K | 84K | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 12.95M | 13.28M | 8.58M | 1.68M | 9.15M | 7.95M | 1.73M | 407K |
| Total Assets | 304.64M | 304.41M | 268.06M | 298.72M | 348.12M | 362.86M | 21.36M | 24.4M |
| Asset Turnover | 0.54x | 0.48x | 0.39x | 0.27x | 0.15x | 0.06x | 0.22x | 0.24x |
| Asset Growth % | 46.28% | 13.56% | -10.26% | -14.19% | -4.06% | 1599.17% | -12.48% | - |
| Total Current Liabilities | 125.86M | 122.98M | 96.71M | 82.05M | 59.13M | 24.33M | 12.12M | 9.33M |
| Accounts Payable | 17.09M | 9.77M | 10.49M | 17.4M | 18.19M | 6.04M | 4.44M | 2.52M |
| Days Payables Outstanding | 49.32 | 50.51 | 85.91 | 136.32 | 129.4 | 113.94 | 463.25 | 173.88 |
| Short-Term Debt | 3.12M | 2.99M | 11.11M | 0 | 10M | 2M | 227K | 3.42M |
| Deferred Revenue (Current) | 300.31M | 74.92M | 64.51M | 47.68M | 18.27M | 6.6M | 3.72M | 1.55M |
| Other Current Liabilities | 30.34M | 35.29M | 2.72M | 14M | 9.14M | 7.07M | 1.39M | 711K |
| Current Ratio | 1.21x | 1.23x | 1.26x | 2.14x | 4.95x | 13.61x | 0.85x | 2.18x |
| Quick Ratio | 1.14x | 1.15x | 1.08x | 2.03x | 4.78x | 13.49x | 0.62x | 2.03x |
| Cash Conversion Cycle | 99.06 | 115.38 | 155.57 | 57.61 | 184.29 | 64.36 | -70.1 | -18.89 |
| Total Non-Current Liabilities | 58.1M | 62.01M | 53.7M | 70.35M | 62M | 48.25M | 18.05M | 73.58M |
| Long-Term Debt | 38.85M | 39.25M | 0 | 0 | 19.68M | 7.95M | 16.43M | 0 |
| Capital Lease Obligations | 33.31M | 0 | 12.33M | 0 | 892K | 0 | 132K | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 19.25M | 6.04M | 21.11M | 46.54M | 23.73M | 37.83M | 1M | 73.27M |
| Total Liabilities | 183.97M | 184.99M | 150.41M | 152.4M | 121.13M | 72.58M | 30.16M | 82.91M |
| Total Debt | 41.97M | 42.24M | 25.64M | 1.39M | 31.69M | 9.95M | 16.79M | 3.65M |
| Net Debt | -14.11M | -6.91M | -11.37M | -65.77M | -198.09M | -297.55M | 12.09M | -13.7M |
| Debt / Equity | 0.35x | 0.35x | 0.22x | 0.01x | 0.14x | 0.03x | - | - |
| Debt / EBITDA | -3.17x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 1.07x | - | - | - | - | - | - | - |
| Interest Coverage | -21.05x | -25.87x | - | -161.39x | -120.90x | -0.79x | -62.70x | -24.49x |
| Total Equity | 120.67M | 119.42M | 117.65M | 146.32M | 226.99M | 290.27M | -8.81M | -58.51M |
| Equity Growth % | -59.03% | 1.51% | -19.6% | -35.54% | -21.8% | 3395.2% | 84.94% | - |
| Book Value per Share | 0.68 | 0.71 | 0.75 | 0.98 | 1.58 | 1.90 | -0.06 | -0.41 |
| Total Shareholders' Equity | 120.67M | 119.42M | 117.65M | 146.32M | 226.99M | 290.27M | -8.81M | -58.51M |
| Common Stock | 410K | 18K | 16K | 15K | 15K | 14K | 1K | 23K |
| Retained Earnings | -392.81M | -387.8M | -354.66M | -298.46M | -192.21M | -105.8M | -93.88M | -66.49M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -113K | -141K | -32K | -53K | -10K | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and regulatory exposure
As reported in recent financial statements, Evolv's equity base has contracted from $146.3 million in 2023Q4 to $120.7 million in 2026Q1, reflecting a persistent erosion of shareholder value driven by the company's inability to reach operational break-even despite aggressive revenue expansion efforts across its target markets.
The consistent decline in retained earnings, which reached -$392.8 million in 2026Q1, suggests that the company is consuming capital at a rate that outpaces its ability to generate internal funding. Investors should monitor whether this trajectory necessitates further dilutive financing to sustain operations, as the current balance sheet trend indicates a weakening financial position.
Based on the provided figures, Evolv's total debt has increased significantly from $1.4 million in 2023Q4 to $42.0 million in 2026Q1, signaling a shift toward debt-financed growth that may increase the company's sensitivity to interest rate fluctuations and credit market conditions in the coming quarters.
While the debt-to-equity ratio of 0.35 remains relatively modest, the rapid accumulation of debt in a loss-making environment warrants caution regarding the company's long-term solvency. This reliance on debt appears to be a necessity-driven response to cash burn rather than a strategic capital allocation choice, potentially limiting future financial flexibility.
According to quarterly data, Evolv's current ratio has compressed from 2.14 in 2023Q4 to 1.21 in 2026Q1, indicating a narrowing buffer of liquid assets relative to short-term obligations as the company continues to navigate high cash burn and significant working capital requirements for its hardware deployments.
The fluctuation in cash reserves, which stood at $56.1 million in 2026Q1, suggests that the company's liquidity position is highly sensitive to the timing of large-scale contract deployments and collections. This limited liquidity cushion may leave the firm vulnerable to operational shocks or unexpected regulatory-related legal expenses.
As evidenced by the company's reported figures, deferred revenue has grown from $71.5 million in 2023Q4 to $75.3 million in 2026Q1, providing a degree of forward visibility into the recurring nature of the company's Technology-as-a-Service model despite the broader challenges facing the balance sheet.
This growth in deferred revenue suggests that the company is successfully securing multi-year commitments, which may serve as a stabilizing force for future cash flows. However, investors should interpret this metric with caution, as the conversion of these obligations into recognized revenue remains dependent on the company's ability to maintain system efficacy and customer retention.
Quick answers to the most common questions about buying EVLV stock.
As of 2025, Evolv Technologies Holdings, Inc. (EVLV) had total assets of $304.4M including $151.3M in current assets.
Evolv Technologies Holdings, Inc. (EVLV) carries total debt of $42.2M, offset by $69.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Evolv Technologies Holdings, Inc. (EVLV) has total shareholders' equity (book value) of $119.4M ($0.71 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Evolv Technologies Holdings, Inc. (EVLV) reported a current ratio of 1.23x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.