Evolv Technologies (NASDAQ:EVLV) Posts Quarterly Earnings Results, Misses Expectations By $0.02 EPS

Key Points

• Evolv Technologies missed quarterly earnings expectations, reporting a loss of $0.05 per share versus the expected $0.03 loss, despite revenue of $43.75 million exceeding the $41.8 million consensus.
• Revenue rose 34% year over year to $43.8 million, supported by strong customer additions and platform adoption; adjusted EBITDA margin also expanded to 10.1%.
• Management raised its 2026 forecast to $180 million-$185 million in revenue and $15 million-$16 million in adjusted EBITDA, but warned of tougher comparisons, margin pressure, and continued unprofitability. Shares fell 7.5% following the results.

Evolv Technologies (NASDAQ:EVLV - Get Free Report) released its quarterly earnings data on Tuesday. The company reported ($0.05) earnings per share for the quarter, missing analysts' consensus estimates of ($0.03) by ($0.02), Zacks reports. Evolv Technologies had a negative return on equity of 33.53% and a negative net margin of 22.75%.The business had revenue of $43.75 million during the quarter, compared to analysts' expectations of $41.80 million.

Here are the key takeaways from Evolv Technologies' conference call:

• Evolv reported Q2 revenue of $43.8 million, up 34% year over year, while adjusted EBITDA margin expanded to 10.1% from 6.5% and first-half adjusted EBITDA doubled year over year.
• Customer momentum remained strong, with 70 new customers added—the best quarter in two years—while roughly 60% of unit bookings came from existing customers, net revenue retention stayed above 100%, and RPO increased 4.5% sequentially to $312.6 million.
• Adoption of the broader platform is expanding, with more than 100 Evolv eXpedite customers, growing Gen2 upgrades, and new wins across education, healthcare, sports, entertainment, and Fortune 500 workplaces. The company also began shipping through new manufacturing partner Plexus, which it expects to improve capacity, resiliency, and costs over time.
• Evolv raised its 2026 outlook, forecasting revenue of $180 million-$185 million, ARR of $148 million-$150 million, more than 10,000 deployed units, and adjusted EBITDA of $15 million-$16 million.
• Management expects future year-over-year revenue comparisons to be less favorable as the temporary benefit from its 2025 fulfillment-model change rolls off. The 2026 gross-margin outlook also faces pressure from a higher mix of purchase subscriptions, Gen1 upgrade-related costs, and higher component and supply-chain expenses, while a potential $2 million-$4 million inventory investment remains possible.

Evolv Technologies Stock Down 7.5%

Shares of Evolv Technologies stock traded down $0.45 on Wednesday, reaching $5.58. The stock had a trading volume of 2,290,032 shares, compared to its average volume of 2,736,716. The company has a quick ratio of 1.14, a current ratio of 1.21 and a debt-to-equity ratio of 0.24. The stock has a market capitalization of $1.00 billion, a P/E ratio of -24.26 and a beta of 1.80. The company has a 50 day moving average price of $5.82 and a 200 day moving average price of $5.93. Evolv Technologies has a 1 year low of $4.86 and a 1 year high of $8.91.

Key Stories Impacting Evolv Technologies

Here are the key news stories impacting Evolv Technologies this week:

• Positive Sentiment: Evolv reported second-quarter revenue of $43.75 million, exceeding the approximately $41.8 million analyst consensus. The company’s quarterly loss of $0.05 per share also improved substantially from a $0.25 loss a year earlier. Evolv Technologies Q2 earnings report
• Positive Sentiment: Management raised its fiscal 2026 revenue outlook to $180 million-$185 million, above the roughly $177.3 million consensus estimate. The improved outlook and management’s generally positive earnings-call commentary provide a potential growth catalyst. Evolv Technologies boosts outlook
• Neutral Sentiment: The earnings call highlighted the company’s second-quarter performance and updated outlook, but investors will likely continue monitoring whether revenue growth can translate into sustained profitability. Evolv Technologies Q2 2026 earnings call transcript
• Negative Sentiment: Evolv’s adjusted quarterly loss of $0.05 per share missed the approximately $0.03 analyst estimate cited by MarketBeat. The company also remains unprofitable, with a reported negative net margin and negative return on equity, which may have outweighed the revenue beat in the market’s initial reaction. Evolv Technologies earnings results

Institutional Investors Weigh In On Evolv Technologies

Several institutional investors have recently bought and sold shares of the company. Stoic Point Capital Management LLC purchased a new stake in Evolv Technologies in the fourth quarter valued at about $40,724,000. Millennium Management LLC grew its stake in shares of Evolv Technologies by 194.6% during the third quarter. Millennium Management LLC now owns 4,187,604 shares of the company's stock worth $31,616,000 after acquiring an additional 2,766,335 shares during the last quarter. Mittelman Wealth Management acquired a new position in shares of Evolv Technologies during the third quarter valued at about $11,415,000. Norges Bank acquired a new position in shares of Evolv Technologies during the fourth quarter valued at about $10,638,000. Finally, Two Sigma Investments LP increased its holdings in shares of Evolv Technologies by 88.3% during the third quarter. Two Sigma Investments LP now owns 2,788,704 shares of the company's stock valued at $21,055,000 after acquiring an additional 1,307,955 shares in the last quarter. 66.65% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have commented on EVLV. Weiss Ratings raised shares of Evolv Technologies from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Thursday, July 2nd. Craig Hallum reaffirmed a "buy" rating and issued a $11.25 price target on shares of Evolv Technologies in a research report on Wednesday. Zacks Research downgraded shares of Evolv Technologies from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 26th. Finally, TD Cowen reissued a "buy" rating and set a $10.00 price objective on shares of Evolv Technologies in a report on Tuesday, June 9th. Four analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $10.06.

Evolv Technologies Company Profile

Evolv Technologies, Inc is a publicly traded American security technology company that develops and markets AI-driven weapons detection and screening solutions. The company’s proprietary platform combines advanced sensors, computer vision software and machine learning algorithms to identify potential threats—such as firearms and knives—while minimizing false positives and preserving high throughput. Evolv’s systems are designed to replace or supplement traditional metal detectors and manual bag checks in high-traffic venues.

The company’s flagship product, Evolv Express, integrates seamlessly into existing security checkpoints, allowing guests to pass through without stopping or emptying their pockets.

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