Revenue accelerated 34.4% YoY to $43.8M in 2026Q2, yet gross margin compressed to 50.2% from 59.8% in 2025Q1, and operating margin improved to -24.1% from -53.8% a year earlier, reflecting a mix shift toward lower-margin hardware.
Evolv Technologies Holdings, Inc. (EVLV) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Sales/Revenue | 171.44M | 145.91M | 103.86M | 80.42M | 52.72M | 23.39M | 4.79M | 5.85M |
| Revenue Growth % | 41.67% | 40.48% | 29.16% | 52.54% | 125.36% | 388.88% | -18.15% | - |
| Cost of Goods Sold | 85.75M | 70.6M | 44.58M | 46.59M | 51.32M | 19.36M | 3.5M | 5.29M |
| COGS % of Revenue | - | 48.39% | 42.92% | 57.93% | 97.34% | 82.78% | 73.06% | 90.56% |
| Gross Profit | 85.69M | 75.3M | 59.29M | 33.83M | 1.4M | 4.03M | 1.29M | 552K |
| Gross Margin % | 49.98% | 51.61% | 57.08% | 42.07% | 2.66% | 17.22% | 26.94% | 9.44% |
| Gross Profit Growth % | - | 27.01% | 75.26% | 2316.36% | -65.25% | 212.57% | 133.51% | - |
| Operating Expenses | 117.58M | 120.1M | 141.59M | 122.09M | 104.35M | 57.43M | 28.18M | 18.95M |
| OpEx % of Revenue | - | 82.32% | 136.33% | 151.82% | 197.94% | 245.48% | 589.03% | 324.17% |
| Selling, General & Admin | 96.1M | 100.48M | 117.92M | 97.31M | 84.65M | 44.65M | 12.47M | 10.46M |
| SG&A % of Revenue | - | 68.87% | 113.54% | 121.01% | 160.57% | 190.88% | 260.71% | 178.84% |
| Research & Development | 22.69M | 20.62M | 23.45M | 24.45M | 18.54M | 11.46M | 15.71M | 8.5M |
| R&D % of Revenue | - | 14.13% | 22.57% | 30.41% | 35.16% | 48.98% | 328.32% | 145.33% |
| Other Operating Expenses | -1000K | -1M | 224K | 322K | 1.16M | 1.32M | 0 | 0 |
| Operating Income | -31.9M | -44.8M | -82.31M | -88.26M | -102.95M | -53.4M | -26.9M | -18.4M |
| Operating Margin % | -18.61% | -30.71% | -79.24% | -109.75% | -195.28% | -228.26% | -562.09% | -314.73% |
| Operating Income Growth % | - | 45.57% | 6.75% | 14.27% | -92.8% | -98.53% | -46.18% | - |
| EBITDA | -4.94M | -20.46M | -64.93M | -78.33M | -97.51M | -50.5M | -25.83M | -17.86M |
| EBITDA Margin % | -2.88% | -14.02% | -62.52% | -97.4% | -184.96% | -215.89% | -539.83% | -305.58% |
| EBITDA Growth % | 89.84% | 68.49% | 17.1% | 19.67% | -93.08% | -95.51% | -44.6% | - |
| D&A (Non-Cash Add-back) | 26.96M | 24.34M | 17.38M | 9.93M | 5.44M | 2.9M | 1.06M | 535K |
| EBIT | -1.6M | -31.34M | -54.02M | -105.55M | -86.08M | -4.82M | -26.96M | -19.08M |
| Net Interest Income | -1.73M | -196K | 2.94M | 5.57M | 2.45M | -6.07M | -430K | -779K |
| Interest Income | 1.93M | 1.54M | 2.94M | 6.23M | 3.17M | 0 | 0 | 0 |
| Interest Expense | 3.66M | 1.73M | 0 | 654K | 712K | 6.07M | 430K | 779K |
| Other Income/Expense | 26.64M | 11.72M | 28.29M | -17.94M | 16.16M | 42.51M | -496K | -1.46M |
| Pretax Income | -5.26M | -33.08M | -54.02M | -106.2M | -86.8M | -10.89M | -27.39M | -19.86M |
| Pretax Margin % | -3.07% | -22.67% | -52.01% | -132.06% | -164.64% | -46.54% | -572.46% | -339.67% |
| Income Tax | -37K | 62K | 0 | 51K | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0.7% | -0.19% | 0% | -0.05% | 0% | 0% | 0% | 0% |
| Net Income | -5.22M | -33.14M | -54.02M | -106.25M | -86.8M | -10.89M | -27.39M | -19.86M |
| Net Margin % | -3.05% | -22.71% | -52.01% | -132.13% | -164.64% | -46.54% | -572.46% | -339.67% |
| Net Income Growth % | 94.09% | 38.65% | 49.16% | -22.42% | -697.16% | 60.25% | -37.95% | - |
| Net Income (Continuing) | -5.22M | -33.14M | -54.02M | -106.25M | -86.8M | -10.89M | -27.39M | -19.86M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.03 | -0.20 | -0.34 | -0.71 | -0.60 | -0.15 | -0.20 | -0.15 |
| EPS Growth % | 94.39% | 41.18% | 52.11% | -18.33% | -300% | 25% | -33.33% | - |
| EPS (Basic) | - | -0.20 | -0.34 | -0.71 | -0.60 | -0.15 | -0.20 | -0.15 |
| Diluted Shares Outstanding | 180.1M | 168.42M | 156.57M | 149.17M | 143.86M | 152.39M | 142.26M | 142.26M |
| Basic Shares Outstanding | 180.1M | 168.42M | 156.57M | 149.17M | 143.86M | 142.64M | 142.26M | 142.26M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying EVLV stock.
For fiscal year 2025, Evolv Technologies Holdings, Inc. (EVLV) reported total revenue of $145.9M. This represents a 2395.8% increase compared to $5.8M in 2019.
Evolv Technologies Holdings, Inc. (EVLV) reported a net loss of $33.1M for the fiscal year ending 2025.
Evolv Technologies Holdings, Inc. (EVLV) reported an operating income of $-44.8M, resulting in an operating profit margin of -30.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Evolv Technologies Holdings, Inc. (EVLV) generated $75.3M in gross profit for the year, representing a gross profit margin of 51.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Cash runway and efficacy concerns
Metrics are mathematically derived from official filings.
Revenue Momentum Accelerates on eXpedite
Evolv's revenue grew 34.4% year-over-year in 2026Q2, reaching $43.8M, with management raising full-year guidance to $180-185M, suggesting accelerating adoption of the eXpedite offering.
The 34.4% growth in 2026Q2, while slightly below the prior quarter's 44.7%, still represents a robust acceleration from the 19.4% growth seen in 2024Q1. The sequential increase from $38.5M in 2025Q4 to $43.8M in 2026Q2 indicates strong commercial momentum, likely driven by the 70 new customer additions and the success of eXpedite. However, the lumpy nature of large venue deployments could cause quarterly volatility, and investors should monitor whether this growth rate is sustainable as the installed base matures.
Gross Margin Volatility Reflects Mix Shift
Gross margin dipped to 50.2% in 2026Q2 from 59.8% in 2025Q1, indicating a mix shift toward lower-margin hardware or increased service costs, which may pressure near-term profitability.
The gross margin has fluctuated between 48.4% and 59.8% over the past ten quarters, with a clear downward trend from the 57-59% range in early 2025 to the 48-51% range in recent quarters. This suggests that the revenue mix is becoming more hardware-heavy or that subscription-related service costs are scaling with revenue. If this trend persists, it could cap the long-term margin expansion potential that the TaaS model is supposed to deliver. Investors should watch for stabilization or improvement in gross margin as a key indicator of the business model's scalability.
Operating Leverage Elusive as Costs Outpace Revenue
Despite revenue growth, operating margin improved to -24.1% in 2026Q2 from -53.8% a year earlier, but SG&A and R&D expenses remain high, indicating limited operating leverage so far.
The operating loss narrowed from -$17.5M in 2025Q2 to -$10.6M in 2026Q2, a significant improvement, but the operating margin of -24.1% is still far from breakeven. SG&A expenses have remained relatively flat around $26M, while R&D has been stable near $5.5M, suggesting that the company is not yet scaling its cost base efficiently. The improvement in operating margin is primarily due to revenue growth rather than cost discipline, which implies that operating leverage will only materialize if revenue continues to grow at a faster pace than these fixed costs.
Net Income Distorted by Non-Operating Items
Net income swung from -$40.5M in 2025Q2 to -$9.3M in 2026Q2, but the 2025Q4 profit of $10.9M was driven by non-operating items, highlighting the volatility in reported earnings.
The net income figures are highly volatile, with a positive $10.9M in 2025Q4 despite an operating loss of -$8.0M, indicating that non-operating gains (likely from warrant revaluations or other one-time items) are significantly impacting the bottom line. Excluding these items, the underlying operating losses are consistent with the negative operating margins. Stock-based compensation of $6.9M in 2026Q2 adds to the gap between operating loss and cash flow, suggesting that reported net income may not fully reflect the company's cash-burning reality. Investors should focus on operating income and cash flow metrics for a clearer picture of profitability.
SG&A Dominates Cost Structure, R&D Stable
SG&A expenses of $26.7M in 2026Q2 represent over 60% of revenue, while R&D remains around $5.8M, indicating that sales and marketing costs are the primary drag on profitability.
The cost structure is heavily weighted toward SG&A, which has remained in the $21-31M range over the past ten quarters, even as revenue has grown from $22M to $46M. This suggests that the company is investing heavily in its direct sales force and marketing to drive adoption, but these costs are not yet scaling down as a percentage of revenue. R&D spending has been relatively stable, indicating a mature product that requires ongoing enhancement but not exponential investment. The lack of SG&A leverage is a key concern, as it implies that the company may need to achieve significantly higher revenue levels before achieving profitability.
2025Q2 Marks Turning Point in Cost Discipline
The 2025Q2 quarter saw a dramatic spike in operating loss to -$17.5M, but subsequent quarters show a clear improvement, suggesting a strategic shift toward cost control and operational efficiency.
The operating loss in 2025Q2 was -$17.5M, the worst in the series, but it improved to -$14.4M in 2025Q1 and then to -$6.3M in 2025Q3, indicating a deliberate effort to rein in expenses. This inflection is also visible in the SG&A line, which dropped from $26.0M in 2025Q1 to $20.9M in 2025Q2, and has since remained in the $21-27M range. The improvement in operating margin from -53.8% in 2025Q2 to -24.1% in 2026Q2 suggests that management is prioritizing a path to profitability, though the recent EPS miss indicates that the pace of improvement may be slower than expected.
What Could Invalidate the Base Case
Despite revenue growth, the 2026Q2 EPS miss and gross margin compression suggest that the path to profitability may be slower than expected, with cash runway limited to $49M.
The short thesis would focus on the persistent operating losses and the recent EPS miss, which indicates that revenue growth is not translating into bottom-line improvement at the expected rate. Gross margin has declined from 59.8% in 2025Q1 to 50.2% in 2026Q2, potentially reflecting a mix shift toward lower-margin hardware or rising service costs, which could cap long-term margin expansion. Additionally, with cash of only $49M, the company may need to raise capital or dilute shareholders if losses do not narrow significantly in the next 18-24 months. The potential for efficacy gaps reported by third-party testing agencies could also threaten contract renewals and new customer adoption, undermining the growth narrative.