Free cash flow remains consistently negative, highlighted by a peak quarterly outflow of $37.5 million in 2024Q1, reflecting the high capital intensity of hardware deployments.
| Cash from Operations | 18.03M | 18.67M | -30.85M | -9.8M | -74.74M | -56.78M | -23.25M | -15.18M |
| Operating CF Margin % | - | 12.8% | -29.7% | -12.19% | -141.77% | -242.73% | -485.98% | -259.63% |
| Operating CF Growth % | 466.46% | 160.51% | -214.79% | 86.89% | -31.63% | -144.18% | -53.21% | - |
| Net Income | -36.46M | -33.14M | -54.02M | -108.05M | -86.8M | -10.89M | -27.39M | -19.86M |
| Depreciation & Amortization | 25.28M | 24.21M | 17.38M | 9.7M | 5.44M | 2.9M | 1.06M | 535K |
| Stock-Based Compensation | 16.22M | 21.1M | 24.76M | 24.13M | 22.52M | 9.6M | 662K | 264K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 750K |
| Other Non-Cash Items | 7.73M | -6.77M | -19.63M | 25.37M | -10.63M | -41.3M | 138K | 498K |
| Working Capital Changes | 5.26M | 13.27M | 660K | 39.05M | -5.28M | -17.08M | 2.27M | 2.63M |
| Change in Receivables | -7.98M | -2.31M | -6.09M | 5.89M | -18.98M | -9.94M | -464K | -706K |
| Change in Inventory | 3.6M | 9.12M | -7.85M | 960K | -10.63M | -3.44M | -1.47M | 229K |
| Change in Payables | 8.61M | 3.77M | 192K | -5.96M | 7.66M | 765K | 1.92M | -144K |
| Cash from Investing | -22.7M | -41.83M | -1.4M | -123.11M | -23.87M | -17.59M | -6.61M | -731K |
| Capital Expenditures | -24.8M | -31.37M | -31.19M | -69.13M | -21.46M | -16.56M | -6.61M | -731K |
| CapEx % of Revenue | 15.48% | 21.5% | 30.03% | 85.97% | 40.71% | 70.78% | 138.12% | 12.5% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -2.87M | -5.63M | -6.13M | -3.27M | -2.41M | -1.03M | 0 | 0 |
| Cash from Financing | 35.7M | 35.4M | 1.81M | -29.66M | 20.51M | 377.83M | 17.23M | 27.79M |
| Debt Issued (Net) | 26.32M | 26.32M | 0 | -30M | 19.68M | 26.1M | 14.03M | 4.79M |
| Equity Issued (Net) | 5.31M | 9.09M | 0 | 0 | 0 | 300M | 2.99M | 22.37M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 4.08M | 0 | 1.81M | 336K | 827K | 51.73M | 198K | 631K |
| Net Change in Cash | 30.99M | 12.13M | -30.42M | -162.62M | -78.11M | 303.46M | -12.64M | 11.88M |
| Free Cash Flow | -10.57M | -12.7M | -68.17M | -82.47M | -98.92M | -74.37M | -29.86M | -15.91M |
| FCF Margin % | -6.6% | -8.7% | -65.63% | -102.55% | -187.64% | -317.9% | -624.1% | -272.13% |
| FCF Growth % | 77.71% | 81.37% | 17.34% | 16.63% | -33.02% | -149.02% | -87.71% | - |
| FCF per Share | -0.06 | -0.08 | -0.44 | -0.55 | -0.69 | -0.49 | -0.21 | -0.11 |
| FCF Conversion (FCF/Net Income) | 0.29x | -0.56x | 0.57x | 0.09x | 0.86x | 5.22x | 0.85x | 0.76x |
| Interest Paid | 0 | 0 | 0 | 710K | 581K | 850K | 405K | 281K |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2K |
Regulatory and litigation exposure
As reported in quarterly financial statements, Evolv's operating cash flow to net income ratio has fluctuated wildly, ranging from -6.23 in 2024Q2 to 1.50 in 2025Q1, suggesting that GAAP net income is currently a poor proxy for the company's underlying cash-generating capacity or operational health.
The significant divergence between net income and operating cash flow indicates that non-cash expenses and working capital swings are masking the true cash burn of the business. Investors should monitor whether the company can achieve a consistent positive conversion ratio as it scales its subscription-based revenue model.
Based on the provided cash flow data, Evolv's free cash flow trajectory remains consistently negative, with a peak quarterly outflow of $37.5 million in 2024Q1, highlighting the substantial capital intensity required to support its current hardware-heavy market penetration strategy and ongoing research and development initiatives.
The persistent negative free cash flow margins suggest that the company is still in a capital-intensive growth phase where cash outflows for operations and infrastructure significantly outpace revenue inflows. This trend warrants further investigation into the timeline for achieving sustainable, self-funded operations without further external financing.
According to recent SEC filings, Evolv's capital expenditure as a percentage of revenue has been highly erratic, spiking as high as 89.4% in 2024Q1, which reflects the heavy upfront investment required to manufacture and deploy its proprietary sensor systems across new customer venues.
The high variability in capital intensity suggests that the company's asset replacement and growth cycles are not yet optimized for efficiency. This level of spending may indicate that the company is prioritizing rapid market share capture over the preservation of cash reserves.
As evidenced by the quarterly cash flow data, Evolv has experienced significant volatility in working capital changes, including a notable $10.8 million inflow in 2025Q4 followed by a $7.8 million outflow in 2026Q1, indicating inconsistent efficiency in managing receivables and inventory levels.
These fluctuations suggest that the timing of large-scale deployments and subsequent collections is creating lumpy cash flow patterns that complicate liquidity management. Investors should monitor whether these working capital swings stabilize as the company matures its subscription-based revenue recognition processes.
Quick answers to the most common questions about buying EVLV stock.
Evolv Technologies Holdings, Inc. (EVLV) generated $18.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Evolv Technologies Holdings, Inc. (EVLV) reported negative free cash flow of $12.7M in 2025, indicating capital requirements exceeded cash from operations.
Evolv Technologies Holdings, Inc. (EVLV) spent $31.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.