Evolv Technologies Touts AI “Touchless” Weapons Screening, $20B Market Opportunity at TD Cowen Conf

Key Points

• Evolv showcased AI-driven, “touchless” weapons screening—notably Evolv Express for walk-through entry without stopping and Evolv eXpedite for automated high-speed bag screening—designed to detect concealed threats in real time while maintaining throughput.
• Management estimates a roughly $20 billion total addressable market and reports about 1,000 customers, ~7,500 units deployed, and screening ~3 million people per day, against an estimated ~700,000 entrances where the tech could be used.
• Evolv operates a “hardware-enabled SaaS” model with typically four-year non-cancelable contracts and recurring software/service fees, and is scaling production via a new manufacturing agreement with Plexus expected to be fully operational in the second half of 2026.

Evolv Technologies NASDAQ: EVLV used a presentation at the TD Cowen Aerospace and Defense Conference to outline its mission and growth strategy around AI-enabled, “touchless” security screening that aims to detect weapons while keeping entry lines moving.

Company origin and mission

Co-founder and Chief Growth Officer Anil Chitkara described the company’s founding in 2013 as a response to mass violence in public settings, recounting his personal experience around the 2013 Boston Marathon bombing and referencing other high-profile incidents. Chitkara said the company was created to bring more advanced screening capabilities beyond aviation and defense into everyday venues such as schools, hospitals, office buildings, and entertainment locations.

Chitkara said he interviewed roughly 400 security leaders across multiple sectors and geographies in 2013 and 2014, asking what threats concerned them, how they addressed those threats, and how they wanted to address them in the future. He said those conversations revealed a common tradeoff: either use traditional screening methods that slow lines and require people to empty pockets, or rely on less intrusive measures like cameras and guards that do not screen each individual for concealed weapons. He said Evolv’s goal was to “break” that paradox by enabling high-throughput screening that still identifies potential threats.

How Evolv’s screening systems work

Chitkara said Evolv focused innovation in three areas:

• Using sensors, software, and algorithms to distinguish weapons from everyday objects (for example, differentiating a phone from a firearm, including when concealed on a person or in a bag).
• Producing results quickly enough to support real-time screening rather than delayed alerts.
• Designing the system to augment security operators, noting that private security roles often have high turnover and varying experience levels.

He presented a video demonstration of two products. The first, Evolv Express (launched in 2019), is intended for walk-through screening without requiring individuals to stop or remove items from pockets. Chitkara said when a potential threat is detected, the system provides a red light for situational awareness, an audio alert, and a tablet display that shows an image of the person and the location of the suspected item to support rapid secondary screening. He added that operators can tag an incident (such as selecting “firearm”), which can trigger notifications and create data records for later review.

The second product, Evolv eXpedite, was introduced about a year ago in response to customer demand for faster, automated bag screening. Chitkara described it as a high-speed solution that screens bags without requiring staff to interpret X-ray images, stating it runs about two to three times faster than traditional X-ray approaches. In the demo, the system stopped a conveyor belt and flagged bags for secondary inspection when it detected potential threats, including a firearm and an explosive device example.

Chitkara also said Evolv’s systems are designed to connect into broader security operations. He highlighted connectivity that can send alerts and support functionality such as quietly requesting a supervisor via a “supervisor needed” option that can route messages to a security operations center or mobile devices.

Adoption drivers, contract model, and data use

In Q&A, Chitkara addressed “false positives,” describing them instead as “nuisance alarms” because he said alarms are triggered by objects that share characteristics with weapons and are then resolved through secondary screening. He said alarm rates vary based on customer settings and operating environment, ranging from low single digits up to mid-teens, and framed performance in terms of how many people can pass through without stopping.

Senior Vice President of Finance and Investor Relations Brian Norris said the company screens about 3 million people per day and that customers click the firearm verification button more than 500 times per day. He said some of those incidents may involve lawful carriage, while adding it is “likely” the company has helped avert tragedies.

Both speakers pointed to growing adoption driven by continued security incidents, increased awareness of alternatives to traditional walk-through metal detectors, and validation from high-profile organizations that conduct extensive testing. Chitkara said the walk-through metal detector remains a familiar baseline for many customers, describing it as longstanding technology that has not changed “fundamentally” enough for today’s needs.

Norris added that Evolv typically enters into four-year non-cancelable contracts and characterized the business as “hardware-enabled SaaS,” with value derived from both the physical devices and ongoing software capabilities. Chitkara said Evolv’s SaaS approach allows regular algorithm and software updates in response to evolving threats, citing ghost guns as an example of a threat category the company tested and then addressed through algorithm updates delivered to customers. He said customers pay an annual fee that covers software updates, service, and maintenance.

On data, Chitkara said the devices can perform detection on-site without needing cloud connectivity, but the systems can transmit operational data and alerts. He said some customers use throughput data to understand arrival patterns by entrance and adjust staffing and deployment. He also said the system’s incident records help organizations quantify detections and validate security operations.

Market opportunity, scaling plans, and international presence

Chitkara estimated Evolv’s total addressable market at about $20 billion, with opportunities in education, healthcare, sports and entertainment, industrial workplaces, and city environments. He said the company has roughly 1,000 customers to date, primarily in the U.S., and described sports and entertainment as an early vertical, with schools growing after COVID and hospitals adopting solutions due to workplace violence concerns.

Norris said Evolv believes there are about 700,000 entrances where its technology could be deployed and said the company currently has about 7,500 units deployed, which he described as low market penetration. He also argued that the installed base and scale of detections create a “network effect,” where learnings from one customer environment can be used to improve the broader platform for others.

On manufacturing scale, Chitkara said Evolv has used contract manufacturing since inception, historically with a New England-based partner. He said the company announced an additional manufacturing agreement with Plexus in November, which he described as providing global reach, supply chain scale, and redundancy. He said Evolv expects to be fully operational with Plexus in the second half of 2026.

When asked about international growth, Norris said international revenue is currently less than 10% of the business, with most focus on the U.S., but added the company is investing internationally and already supports some high-profile venues abroad. Both speakers said threat types can vary by region, but they believe the platform’s update model supports adaptation to different threat vectors over time.

About Evolv Technologies NASDAQ: EVLV

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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