Evolv Technologies (EVLV) Financials

$5.71 +0.09 (+1.60%)

Closing price 05/19/2026 04:00 PM Eastern

Extended Trading

$5.68 -0.03 (-0.44%)

As of 05/19/2026 07:53 PM Eastern

Annual Income Statements for Evolv Technologies

This table shows Evolv Technologies' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-27	-11	-87	-108	-54	-33
Consolidated Net Income / (Loss)	-27	-11	-87	-108	-54	-33
Net Income / (Loss) Continuing Operations	-27	-11	-87	-108	-54	-33
Total Pre-Tax Income	-27	-11	-87	-108	-54	-33
Total Operating Income	-27	-55	-103	-90	-82	-48
Total Gross Profit	1.29	4.03	1.40	32	59	75
Total Revenue	4.79	23	53	80	104	146
Operating Revenue	4.79	23	53	80	104	146
Total Cost of Revenue	3.50	19	51	48	44	71
Total Operating Expenses	28	59	104	122	142	124
Selling, General & Admin Expense	5.11	20	38	42	57	55
Marketing Expense	7.37	26	47	55	61	46
Research & Development Expense	16	11	19	24	23	21
Impairment Charge	0.00	1.87	1.16	0.32	0.22	0.00
Restructuring Charge	-	-	-	-	0.86	2.66
Total Other Income / (Expense), net	-0.50	44	16	-18	28	15
Interest Expense	0.50	19	0.71	1.28	0.00	1.73
Interest & Investment Income	-	0.00	3.17	6.23	2.94	1.54
Other Income / (Expense), net	0.00	63	14	-23	25	16
Income Tax Expense	-	-	0.00	0.05	0.00	0.06
Basic Earnings per Share	($3.07)	($0.15)	($0.60)	($0.72)	($0.34)	($0.20)
Weighted Average Basic Shares Outstanding	8.93M	71.66M	143.86M	149.17M	156.57M	168.42M
Diluted Earnings per Share	($3.07)	($0.15)	($0.60)	($0.72)	($0.34)	($0.20)
Weighted Average Diluted Shares Outstanding	8.93M	71.66M	143.86M	149.17M	156.57M	168.42M
Weighted Average Basic & Diluted Shares Outstanding	-	143.30M	147.96M	152.18M	-	179.35M

This table shows Evolv Technologies' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	4.98	-17	-11	3.38	-30	-16	-1.69	-41	-1.80	11	-5.01
Consolidated Net Income / (Loss)	5.05	-17	-11	3.42	-30	-16	-1.69	-41	-1.80	11	-5.01
Net Income / (Loss) Continuing Operations	5.05	-17	-11	3.42	-30	-16	-1.69	-41	-1.80	11	-5.01
Total Pre-Tax Income	5.05	-17	-11	3.42	-30	-16	-1.63	-41	-1.80	11	-5.05
Total Operating Income	-21	-22	-22	-22	-19	-19	-14	-17	-8.60	-7.99	-8.47
Total Gross Profit	11	10	12	15	16	17	19	16	21	19	24
Total Revenue	20	22	22	25	27	29	32	33	43	39	46
Operating Revenue	20	22	22	25	27	29	32	33	43	39	46
Total Cost of Revenue	9.07	12	10	10	12	12	13	16	22	20	23
Total Operating Expenses	32	32	34	37	35	36	34	34	30	27	32
Selling, General & Admin Expense	11	11	12	14	14	17	15	17	13	10	14
Marketing Expense	14	15	16	16	15	13	11	12	12	11	13
Research & Development Expense	6.39	6.26	6.40	5.85	5.81	5.39	4.86	4.74	5.61	5.41	5.89
Restructuring Charge	-	-	0.00	0.86	0.00	-	2.66	0.00	0.00	-	0.00
Total Other Income / (Expense), net	26	5.07	11	26	-11	3.16	13	-23	6.80	19	3.43
Interest Expense	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.71	1.02	0.96
Interest & Investment Income	1.79	1.63	1.09	0.68	0.63	0.55	0.39	0.22	0.44	0.49	0.52
Other Income / (Expense), net	24	3.44	9.55	25	-12	2.61	12	-23	7.08	19	3.87
Income Tax Expense	-	-	0.00	0.00	0.00	-	0.06	-0.00	0.00	-	-0.04
Basic Earnings per Share	$0.03	($0.10)	($0.07)	$0.02	($0.19)	($0.10)	($0.01)	($0.25)	($0.01)	$0.07	($0.03)
Weighted Average Basic Shares Outstanding	150.21M	149.17M	153.08M	156.47M	157.71M	156.57M	160.81M	165.25M	172.79M	168.42M	177.06M
Diluted Earnings per Share	$0.03	($0.09)	($0.07)	$0.02	($0.19)	($0.10)	($0.01)	($0.25)	($0.01)	$0.07	($0.03)
Weighted Average Diluted Shares Outstanding	173.98M	149.17M	153.08M	171.56M	157.71M	156.57M	160.81M	165.25M	172.79M	168.42M	177.06M
Weighted Average Basic & Diluted Shares Outstanding	151.13M	152.18M	156.09M	157.55M	-	0.00	164.00M	171.89M	174.62M	179.35M	179.87M

This table details how cash moves in and out of Evolv Technologies' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-13	303	-78	-163	-30	12
Net Cash From Operating Activities	-23	-57	-75	-9.80	-31	19
Net Cash From Continuing Operating Activities	-23	-57	-75	-9.80	-31	19
Net Income / (Loss) Continuing Operations	-27	-11	-87	-108	-54	-33
Consolidated Net Income / (Loss)	-27	-11	-87	-108	-54	-33
Depreciation Expense	1.07	2.90	5.44	9.70	17	24
Amortization Expense	-	-	0.00	-0.58	0.45	-0.13
Non-Cash Adjustments To Reconcile Net Income	0.79	-38	13	51	5.59	15
Changes in Operating Assets and Liabilities, net	2.29	-11	-6.41	38	-0.25	13
Net Cash From Investing Activities	-6.61	-18	-24	-123	-1.40	-42
Net Cash From Continuing Investing Activities	-6.61	-18	-24	-123	-1.40	-42
Purchase of Property, Plant & Equipment	-6.61	-18	-24	-73	-37	-37
Purchase of Investments	-	-	0.00	-90	-29	-39
Sale and/or Maturity of Investments	-	-	0.00	39	65	35
Net Cash From Financing Activities	17	378	21	-30	1.81	35
Net Cash From Continuing Financing Activities	17	378	21	-30	1.81	35
Issuance of Debt	22	32	30	1.88	0.00	26
Other Financing Activities, net	0.44	86	0.83	0.67	1.81	9.09
Effect of Exchange Rate Changes	-	0.00	-0.01	-0.04	0.02	-0.11
Cash Interest Paid	0.41	0.85	0.58	0.71	0.00	1.25

This table details how cash moves in and out of Evolv Technologies' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-26	-33	-23	-8.90	10	-9.29	-12	12	-5.44	18	6.93
Net Cash From Operating Activities	2.10	-3.14	-16	-22	3.91	3.20	-2.54	2.11	3.52	16	-3.18
Net Cash From Continuing Operating Activities	2.10	-3.14	-16	-22	3.91	3.20	-2.54	2.11	3.52	16	-3.18
Net Income / (Loss) Continuing Operations	6.00	-17	-11	3.46	-30	-16	-1.69	-41	-1.80	11	-5.01
Consolidated Net Income / (Loss)	6.00	-17	-11	3.46	-30	-16	-1.69	-41	-1.80	11	-5.01
Depreciation Expense	2.69	3.15	3.46	3.97	4.49	5.44	5.53	5.79	6.54	6.48	6.80
Amortization Expense	-0.24	-0.09	0.20	-0.02	0.08	0.19	0.07	0.06	-0.12	-0.14	0.45
Non-Cash Adjustments To Reconcile Net Income	-18	4.92	-1.72	-15	20	1.15	-7.00	33	0.97	-12	2.04
Changes in Operating Assets and Liabilities, net	11	5.77	-6.82	-14	9.11	12	0.55	4.12	-2.08	10	-7.46
Net Cash From Investing Activities	-29	-30	-6.72	13	6.00	-13	-9.36	5.75	-40	1.40	9.76
Net Cash From Continuing Investing Activities	-29	-30	-6.72	13	6.00	-13	-9.36	5.75	-40	1.40	9.76
Purchase of Property, Plant & Equipment	-19	-19	-21	-3.04	-4.72	-8.10	-14	-4.13	-15	-3.57	-4.97
Purchase of Investments	-29	-31	-15	-	-	-15	-9.88	-	-25	-4.91	0.00
Sale and/or Maturity of Investments	20	20	29	16	11	9.65	15	9.88	-	9.88	15
Net Cash From Financing Activities	0.27	0.05	0.30	0.33	0.52	0.66	0.02	4.08	31	0.68	0.32
Net Cash From Continuing Financing Activities	0.27	0.05	0.30	0.33	0.52	0.66	0.02	4.08	31	0.68	0.32
Other Financing Activities, net	0.27	0.05	0.30	0.33	0.52	0.66	0.02	4.08	4.31	0.68	0.32
Effect of Exchange Rate Changes	0.03	-0.04	0.00	0.01	-0.09	0.10	-0.05	-0.09	0.03	-0.00	0.03
Cash Interest Paid	-	-	-	-	-	-	0.00	-	-	0.73	0.45

This table presents Evolv Technologies' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	22	363	344	297	268	304
Total Current Assets	9.79	331	289	173	121	151
Cash & Equivalents	4.70	307	230	67	37	49
Short-Term Investments	-	-	0.00	51	15	20
Accounts Receivable	1.40	6.48	26	22	28	31
Inventories, net	1.59	2.89	12	10	17	9.32
Prepaid Expenses	1.54	11	15	17	18	35
Other Current Assets	0.56	3.10	5.56	5.78	6.23	6.94
Plant, Property, & Equipment, net	10	24	45	113	124	128
Total Noncurrent Assets	1.73	7.95	11	11	23	26
Other Noncurrent Operating Assets	1.73	7.95	11	11	23	26
Total Liabilities & Shareholders' Equity	22	363	344	297	268	304
Total Liabilities	31	73	118	153	150	185
Total Current Liabilities	13	24	59	81	97	123
Accounts Payable	4.44	6.05	18	17	10	9.77
Accrued Expenses	4.21	9.55	12	16	20	35
Current Deferred Revenue	3.77	6.73	18	47	65	75
Other Current Liabilities	0.00	0.00	1.11	1.39	2.20	2.99
Total Noncurrent Liabilities	17	48	39	72	54	62
Long-Term Debt	16	7.95	-	-	0.00	29
Noncurrent Deferred Revenue	0.48	2.81	14	25	20	17
Other Noncurrent Operating Liabilities	0.00	38	25	47	33	17
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-8.93	290	227	144	118	119
Total Preferred & Common Equity	-85	290	227	144	118	119
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-8.93	290	227	144	118	119
Common Stock	86	396	419	445	472	507
Retained Earnings	-95	-106	-193	-301	-355	-388
Accumulated Other Comprehensive Income / (Loss)	0.00	0.00	-0.01	-0.05	-0.03	-0.14

This table presents Evolv Technologies' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	326	306	308	306	282	269	278	256	280	304	305
Total Current Assets	275	235	216	202	142	138	134	104	133	152	152
Cash & Equivalents	218	181	126	100	45	36	46	25	37	32	56
Short-Term Investments	-	-	30	39	36	21	9.96	9.93	0.00	25	4.99
Accounts Receivable	21	23	32	30	22	36	35	34	42	49	43
Inventories, net	6.73	8.82	5.03	7.83	11	19	16	10	12	8.77	8.26
Prepaid Expenses	20	14	14	17	21	20	21	18	36	31	33
Other Current Assets	7.70	6.56	8.38	7.58	7.05	6.50	5.95	6.26	6.44	7.17	6.84
Plant, Property, & Equipment, net	41	60	81	94	129	120	121	130	125	127	128
Total Noncurrent Assets	10	11	11	11	10	11	23	23	22	26	25
Other Noncurrent Operating Assets	10	11	11	11	10	11	23	23	22	26	25
Total Liabilities & Shareholders' Equity	326	306	308	306	282	269	278	256	280	304	305
Total Liabilities	77	102	164	150	141	115	149	135	188	202	184
Total Current Liabilities	41	51	68	81	80	79	89	94	143	119	126
Accounts Payable	11	19	17	14	16	5.57	8.62	7.12	12	4.72	17
Accrued Expenses	8.88	6.48	11	12	14	16	17	19	38	34	30
Current Deferred Revenue	16	24	39	53	49	56	62	65	72	78	75
Other Current Liabilities	1.11	1.12	1.13	1.66	1.71	1.75	2.19	2.42	21	2.77	3.12
Total Noncurrent Liabilities	36	51	96	70	61	36	60	41	45	83	58
Long-Term Debt	4.96	0.00	0.00	0.00	-	-	-	-	-	29	29
Noncurrent Deferred Revenue	9.23	21	21	19	23	24	24	20	19	18	17
Other Noncurrent Operating Liabilities	22	30	75	50	38	12	36	21	26	36	12
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	248	204	144	156	142	153	129	121	93	102	121
Total Preferred & Common Equity	248	204	144	156	142	153	129	121	93	102	121
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	248	204	144	156	142	153	129	121	93	102	121
Common Stock	412	425	432	438	452	460	468	477	490	501	514
Retained Earnings	-164	-221	-288	-282	-310	-307	-339	-356	-397	-399	-393
Accumulated Other Comprehensive Income / (Loss)	0.04	-0.03	-0.04	-0.01	-0.05	-0.04	-0.13	-0.08	-0.16	-0.14	-0.11

This table displays calculated financial ratios and metrics derived from Evolv Technologies' official financial filings.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	-	-	-	-	-	174,617,589.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	174,617,589.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-0.19
Growth Metrics	-	-	-	-	-	-
Profitability Metrics	-	-	-	-	-	-
Net Operating Profit after Tax (NOPAT)	-19	-39	-72	-62	-58	-34
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-48.97%	-22.92%
Earnings before Interest and Taxes (EBIT)	-27	7.87	-89	-111	-57	-33
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-26	11	-83	-102	-39	-8.67
Valuation Ratios	-	-	-	-	-	-
Leverage & Solvency	-	-	-	-	-	-
Liquidity Ratios	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-27	-106	-62	-98	-47
Efficiency Ratios	-	-	-	-	-	-
Capital & Investment Metrics	-	-	-	-	-	-
Invested Capital	3.99	-7.67	27	28	66	79
Increase / (Decrease) in Invested Capital	0.00	-12	35	0.71	40	13
Book Value per Share	($0.52)	$2.04	$1.57	$0.97	$0.75	$0.68
Tangible Book Value per Share	($0.52)	$2.04	$1.57	$0.97	$0.75	$0.68
Total Capital	7.50	300	257	146	118	148
Total Debt	16	9.95	30	0.00	0.00	29
Total Long-Term Debt	16	7.95	20	0.00	0.00	29
Net Debt	12	-298	-200	-119	-52	-40
Capital Expenditures (CapEx)	6.61	18	24	72	37	37
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-7.56	0.90	14	-25	-27	-41
Debt-free Net Working Capital (DFNWC)	-2.85	309	243	94	25	28
Net Working Capital (NWC)	-2.85	307	233	94	25	28
Net Nonoperating Expense (NNE)	8.56	-28	15	44	-3.60	-0.79
Net Nonoperating Obligations (NNO)	13	-298	-200	-119	-52	-40
Total Depreciation and Amortization (D&A)	1.07	2.90	5.47	9.36	18	24
Earnings Adjustments	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	($0.15)	$0.00	($0.71)	($0.34)	($0.20)
Adjusted Weighted Average Basic Shares Outstanding	0.00	71.66M	0.00	149.17M	156.57M	168.42M
Adjusted Diluted Earnings per Share	$0.00	($0.15)	$0.00	($0.71)	($0.34)	($0.20)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	71.66M	0.00	149.17M	156.57M	168.42M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	143.30M	0.00	152.18M	0.00	179.35M
Normalized Net Operating Profit after Tax (NOPAT)	-19	-37	-71	-62	-57	-32
Debt Service Ratios	-	-	-	-	-	-
Payout Ratios	-	-	-	-	-	-

This table displays calculated financial ratios and metrics derived from Evolv Technologies' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	157,550,036.00	-	-	-	174,617,589.00	179,350,739.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	157,550,036.00	-	-	-	174,617,589.00	179,350,739.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-0.10	-	-	-	0.06	-0.03
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	22.15%	4.48%	16.61%	28.83%	37.07%	-	44.30%	29.02%	56.62%	-	44.74%
EBITDA Growth	136.91%	44.87%	65.79%	110.11%	-581.99%	-	141.23%	-627.51%	118.57%	-	-26.07%
EBIT Growth	121.60%	37.68%	54.99%	104.05%	-1,054.56%	-	83.70%	-1,589.22%	95.11%	-	-128.35%
NOPAT Growth	-8.69%	18.30%	0.95%	-35.00%	36.74%	-	34.31%	45.26%	55.12%	-	41.12%
Net Income Growth	132.23%	40.33%	59.30%	105.19%	-703.31%	-	85.02%	-1,285.93%	94.10%	-	-196.57%
EPS Growth	123.08%	52.63%	60.00%	104.44%	-733.33%	-	85.71%	-1,350.00%	94.74%	-	-200.00%
Operating Cash Flow Growth	112.39%	40.78%	-368.35%	-311.18%	86.22%	-	84.28%	109.79%	-4.11%	-	-25.21%
Free Cash Flow Firm Growth	102.39%	69.91%	-148.19%	-673.20%	-5,763.36%	-	31.15%	121.82%	88.82%	-	77.68%
Invested Capital Growth	-58.35%	2.65%	172.72%	880.50%	354.17%	-	44.42%	-42.34%	2.50%	-	2.59%
Revenue Q/Q Growth	1.85%	8.07%	-0.70%	17.87%	7.13%	-	0.00%	1.68%	31.67%	-	20.32%
EBITDA Q/Q Growth	110.01%	-331.33%	41.24%	174.32%	-493.76%	-	0.00%	-1,073.40%	114.05%	-	-85.07%
EBIT Q/Q Growth	106.13%	-538.90%	31.08%	121.85%	-1,217.26%	-	0.00%	-1,923.83%	96.27%	-	-140.30%
NOPAT Q/Q Growth	-22.38%	24.23%	-1.70%	-43.17%	39.95%	-	0.00%	-21.57%	50.86%	-	25.73%
Net Income Q/Q Growth	108.99%	-381.55%	31.06%	129.73%	-979.35%	-	0.00%	-2,299.94%	95.57%	-	-146.03%
EPS Q/Q Growth	106.67%	-400.00%	11.11%	125.00%	-1,050.00%	-	0.00%	-2,400.00%	96.00%	-	-142.86%
Operating Cash Flow Q/Q Growth	139.41%	-249.88%	-411.71%	-36.04%	117.85%	-	0.00%	183.22%	66.78%	-	-120.42%
Free Cash Flow Firm Q/Q Growth	-90.44%	-832.37%	-232.34%	-146.26%	46.61%	-	0.00%	178.46%	-127.34%	-	61.64%
Invested Capital Q/Q Growth	229.34%	72.36%	115.89%	62.17%	-24.74%	-	0.00%	-35.25%	33.80%	-	11.75%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	56.41%	47.02%	54.33%	56.66%	57.78%	-	59.83%	49.83%	49.72%	-	50.94%
EBITDA Margin	32.99%	-70.62%	-41.79%	26.35%	-96.86%	-	11.21%	-107.29%	11.45%	-	5.72%
Operating Margin	-100.24%	-100.39%	-102.82%	-87.42%	-70.00%	-	-44.96%	-53.75%	-20.06%	-	-18.29%
EBIT Margin	20.84%	-84.64%	-58.75%	10.89%	-113.56%	-	-6.29%	-125.25%	-3.54%	-	-9.93%
Profit (Net Income) Margin	29.71%	-77.40%	-53.74%	13.56%	-111.27%	-	-5.28%	-124.55%	-4.19%	-	-10.81%
Tax Burden Percent	100.00%	100.30%	100.00%	100.00%	100.00%	-	103.87%	100.00%	100.00%	-	99.27%
Interest Burden Percent	142.56%	91.17%	91.48%	124.49%	97.98%	-	80.73%	99.45%	118.24%	-	109.72%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%	0.00%	-	0.00%
Return on Invested Capital (ROIC)	-292.63%	-207.45%	-147.62%	-185.18%	-105.77%	-	-49.14%	-59.78%	-26.03%	-	-23.53%
ROIC Less NNEP Spread (ROIC-NNEP)	-307.62%	-206.48%	-150.61%	-209.39%	-88.42%	-	-63.46%	0.80%	-36.09%	-	-26.27%
Return on Net Nonoperating Assets (RNNOA)	266.21%	176.34%	115.11%	150.05%	60.90%	-	28.28%	-0.30%	13.11%	-	7.33%
Return on Equity (ROE)	-26.42%	-31.11%	-32.51%	-35.13%	-44.87%	-	-20.86%	-60.09%	-12.93%	-	-16.21%
Cash Return on Invested Capital (CROIC)	-157.16%	-229.42%	-244.07%	-175.66%	-264.31%	-	-108.25%	-10.54%	-58.90%	-	-36.73%
Operating Return on Assets (OROA)	5.24%	-21.05%	-16.69%	3.37%	-37.19%	-	-2.66%	-55.22%	-1.66%	-	-5.67%
Return on Assets (ROA)	7.47%	-19.25%	-15.27%	4.20%	-36.43%	-	-2.23%	-54.91%	-1.96%	-	-6.18%
Return on Common Equity (ROCE)	-26.42%	-31.11%	-32.51%	-35.13%	-44.87%	-	-20.86%	-60.09%	-12.93%	-	-16.21%
Return on Equity Simple (ROE_SIMPLE)	-75.37%	0.00%	-63.06%	-12.46%	-43.69%	-	-36.70%	0.00%	0.00%	-	0.00%
Net Operating Profit after Tax (NOPAT)	-20	-15	-16	-22	-13	-13	-10	-12	-6.02	-7.99	-5.93
NOPAT Margin	-100.24%	-70.27%	-71.97%	-87.42%	-49.00%	-	-31.47%	-37.63%	-14.04%	-	-12.80%
Net Nonoperating Expense Percent (NNEP)	14.99%	-0.98%	2.99%	24.22%	-17.35%	-	14.33%	-60.58%	10.05%	-	2.73%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-10.39%	-11.23%	-8.32%	-13.22%	-4.60%	-5.39%	-3.97%
Cost of Revenue to Revenue	43.59%	52.98%	45.67%	43.34%	42.22%	-	40.17%	50.17%	50.28%	-	49.06%
SG&A Expenses to Revenue	55.83%	50.49%	54.64%	55.54%	51.08%	-	46.78%	52.97%	29.36%	-	29.17%
R&D to Revenue	31.74%	28.70%	28.64%	22.40%	21.24%	-	15.19%	14.56%	13.09%	-	12.70%
Operating Expenses to Revenue	156.65%	147.41%	157.14%	144.08%	127.78%	-	104.79%	103.59%	69.78%	-	69.23%
Earnings before Interest and Taxes (EBIT)	4.21	-18	-13	2.78	-31	-16	-2.01	-41	-1.52	11	-4.60
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	6.66	-15	-9.06	6.73	-27	-11	3.59	-35	4.91	18	2.65
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.67	4.88	4.78	2.60	4.95	-	4.06	11.05	12.69	-	8.99
Price to Tangible Book Value (P/TBV)	4.67	4.88	4.78	2.60	4.95	-	4.06	11.05	12.69	-	8.99
Price to Revenue (P/Rev)	9.17	8.87	8.11	4.46	6.66	-	4.32	8.46	9.51	-	6.77
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%	0.00%	-	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%	0.00%	-	0.00%
Enterprise Value to Invested Capital (EV/IC)	36.78	21.55	10.01	3.54	8.00	-	5.31	17.71	17.04	-	11.93
Enterprise Value to Revenue (EV/Rev)	7.41	7.39	7.14	3.83	6.08	-	4.02	8.15	9.30	-	6.57
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	-	0.00	152.86	201.54	-	58.39
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00	0.28	-	0.24
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00	0.28	-	0.24
Financial Leverage	-0.87	-0.85	-0.76	-0.72	-0.69	-	-0.45	-0.38	-0.36	-	-0.28
Leverage Ratio	1.56	1.73	1.70	1.94	2.05	-	2.05	2.23	2.52	-	2.32
Compound Leverage Factor	2.23	1.58	1.56	2.41	2.01	-	1.65	2.22	2.98	-	2.54
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%	21.82%	-	19.19%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%	0.00%	-	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%	21.82%	-	19.19%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%	0.00%	-	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%	0.00%	-	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	-	100.00%	100.00%	78.18%	-	80.81%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00	-0.77	-	-2.99
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00	0.75	-	3.38
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00	-0.77	-	-2.99
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00	-0.69	-	-0.96
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00	0.67	-	1.09
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00	-0.69	-	-0.96
Altman Z-Score	2.40	1.85	1.76	1.10	1.03	-	0.70	1.20	2.58	-	2.31
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%	0.00%	-	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.50	2.14	1.77	1.74	1.50	-	1.10	0.93	1.27	-	1.21
Quick Ratio	2.09	1.72	1.29	1.17	1.02	-	0.74	0.55	0.88	-	0.82
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	2.19	-16	-53	-131	-70	-54	-37	29	-7.84	-21	-8.16
Operating Cash Flow to CapEx	10.99%	-16.89%	-74.94%	-720.18%	82.80%	-	-17.77%	51.22%	23.48%	-	-64.03%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	-	-36,534.30	0.00	-10.99	-	-8.48
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	-	-2,539.00	0.00	4.94	-	-3.30
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	-	-16,825.00	0.00	-16.11	-	-8.47
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.25	0.25	0.28	0.31	0.33	-	0.42	0.44	0.47	-	0.57
Accounts Receivable Turnover	3.12	2.95	3.70	2.59	2.96	-	4.02	3.09	3.26	-	4.15
Inventory Turnover	7.67	4.71	4.31	3.50	3.72	-	4.50	3.47	5.05	-	8.79
Fixed Asset Turnover	1.18	1.02	0.88	0.89	0.89	-	0.88	0.99	1.10	-	1.24
Accounts Payable Turnover	4.46	2.62	2.45	3.68	3.99	-	4.18	6.13	9.48	-	6.65
Days Sales Outstanding (DSO)	117.07	123.75	98.75	140.77	123.19	-	90.70	117.98	111.96	-	87.92
Days Inventory Outstanding (DIO)	47.56	77.42	84.79	104.38	98.02	-	81.08	105.34	72.26	-	41.53
Days Payable Outstanding (DPO)	81.76	139.43	148.74	99.30	91.53	-	87.38	59.54	38.49	-	54.89
Cash Conversion Cycle (CCC)	82.87	61.74	34.80	145.85	129.68	-	84.41	163.78	145.72	-	74.56
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	16	28	60	97	73	66	86	56	75	79	88
Invested Capital Turnover	2.92	2.95	2.05	2.12	2.16	-	1.56	1.59	1.85	-	1.84
Increase / (Decrease) in Invested Capital	-22	0.71	38	109	57	40	26	-41	1.82	13	2.23
Enterprise Value (EV)	589	595	596	342	582	-	457	986	1,270	-	1,053
Market Capitalization	729	713	677	398	638	-	492	1,023	1,298	-	1,085
Book Value per Share	$1.04	$0.97	$0.93	$0.98	$0.82	$0.75	$0.77	$0.57	$0.59	$0.68	$0.67
Tangible Book Value per Share	$1.04	$0.97	$0.93	$0.98	$0.82	$0.75	$0.77	$0.57	$0.59	$0.68	$0.67
Total Capital	156	146	142	153	129	118	121	93	131	148	149
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	29	29	29
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	29	29	29
Net Debt	-140	-119	-81	-56	-56	-52	-35	-37	-28	-40	-32
Capital Expenditures (CapEx)	19	19	21	3.04	4.72	8.10	14	4.13	15	3.57	4.97
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-19	-25	-19	2.04	-11	-27	-26	-47	-24	-41	-35
Debt-free Net Working Capital (DFNWC)	121	94	62	58	45	25	9.37	-9.81	32	28	26
Net Working Capital (NWC)	121	94	62	58	45	25	9.37	-9.81	32	28	26
Net Nonoperating Expense (NNE)	-26	1.56	-3.95	-26	17	2.51	-8.38	28	-4.22	-19	-0.92
Net Nonoperating Obligations (NNO)	-140	-119	-82	-56	-56	-52	-35	-37	-28	-40	-32
Total Depreciation and Amortization (D&A)	2.45	3.06	3.67	3.95	4.57	5.63	5.60	5.84	6.42	6.35	7.25
Debt-free, Cash-free Net Working Capital to Revenue	-23.98%	-31.00%	-22.91%	2.28%	-11.84%	-	-22.56%	-38.63%	-17.53%	-	-21.82%
Debt-free Net Working Capital to Revenue	152.29%	116.64%	74.10%	65.56%	46.91%	-	8.24%	-8.10%	23.66%	-	16.30%
Net Working Capital to Revenue	152.29%	116.64%	74.10%	65.56%	46.91%	-	8.24%	-8.10%	23.66%	-	16.30%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.04	($0.10)	($0.08)	$0.02	($0.19)	($0.10)	($0.01)	($0.25)	($0.01)	$0.07	($0.03)
Adjusted Weighted Average Basic Shares Outstanding	150.21M	149.17M	153.08M	156.47M	157.71M	156.57M	160.81M	165.25M	172.79M	168.42M	177.06M
Adjusted Diluted Earnings per Share	$0.03	($0.09)	($0.08)	$0.02	($0.19)	($0.10)	($0.01)	($0.25)	($0.01)	$0.07	($0.03)
Adjusted Weighted Average Diluted Shares Outstanding	173.98M	149.17M	153.08M	171.56M	157.71M	156.57M	160.81M	165.25M	172.79M	168.42M	177.06M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	151.13M	152.18M	156.09M	157.55M	0.00	0.00	164.00M	171.89M	174.62M	179.35M	179.87M
Normalized Net Operating Profit after Tax (NOPAT)	-14	-15	-16	-16	-13	-13	-8.21	-12	-6.02	-5.59	-5.93
Normalized NOPAT Margin	-70.07%	-70.27%	-71.97%	-61.19%	-48.47%	-	-25.65%	-37.63%	-14.04%	-	-12.80%
Pre Tax Income Margin	29.71%	-77.17%	-53.74%	13.56%	-111.27%	-	-5.08%	-124.56%	-4.19%	-	-10.89%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	-	-2,014.00	0.00	-2.13	-	-4.78
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	-	-10,072.30	0.00	-8.44	-	-6.16
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	-	-16,300.00	0.00	-23.18	-	-9.94
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	-	-24,358.30	0.00	-29.49	-	-11.33
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%	0.00%	-	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%	0.00%	-	0.00%

Financials Breakdown Chart

Key Financial Trends

Below are key takeaways from Evolv Technologies (EVLV) quarterly results over the last four years, focusing on trends in the income statements, cash flows, and balance sheets. The focus is on items that could matter for a retail investor evaluating the stock’s risk and potential.

Positive revenue momentum and margin: In Q4 2025, operating revenue was $38.50M with gross profit $18.63M, yielding a gross margin near 48%. This indicates the company is generating meaningful top-line activity and a solid gross margin for a technology-driven operator.
Cash flow from operations turning positive in late 2025: Net cash from continuing operating activities was $15.57M in Q4 2025, marking a shift from earlier quarters where CFO was negative. This suggests improving cash generation from core operations.
Solid near-term liquidity on the balance sheet (Q3 2025): Total current assets of $151.64M exceed total current liabilities of $119.35M, providing a cushion for day-to-day obligations and suggesting reasonable short-term liquidity.
Improved cash balance in 2025 relative to early 2025: Cash and equivalents stood at about $31.50M on the Q3 2025 balance sheet, higher than some earlier periods (e.g., Q1 2025 around $25.1M), supporting liquidity as operating cash flow improves.
One-off non-operating items dominate earnings in Q4 2025: Other income/expense net was about $18.90M and non-cash adjustments were negative $11.76M, which boosted net income in that quarter but do not reflect ongoing operating profitability.
Earnings per share show volatility from quarter to quarter: 2025 quarters exhibit swings in basic/diluted EPS (e.g., positive in Q4 2025 vs. negative in several earlier quarters), largely driven by non-operating items and discrete adjustments rather than a steady operating earnings trend.
Persistent operating losses despite revenue: Total operating income remained negative in Q4 2025 (-$7.99M) and Q3 2025 (-$8.60M), indicating ongoing operating losses even as revenue rises in some periods.
Frequent net losses, including a large quarterly swing: Net income attributable to common shareholders was -$40.54M in Q2 2025, and remained negative in Q1 2025 (-$1.69M) and Q3 2025 (-$1.80M), underscoring ongoing profitability risk despite occasional positives from non-operating items.
Substantial investing cash outflows continue apace: Quarterly purchases of property, plant & equipment and investments contributed meaningful outflows (e.g., Q3 2025 PPE of $15.01M; Q1 2025 PPE of about $14.10M; Q4 2025 PPE of $3.57M), which weigh on free cash flow even when CFO turns positive.
Balance sheet leverage remains notable: As of Q3 2025, Total Liabilities were about $202.05M versus Total Equity of about $102.24M, implying a liabilities-to-equity balance near 2:1 and a higher leverage base that could stress profitability if operating trends deteriorate.

05/20/26 02:00 AM ETAI Generated. May Contain Errors.

Evolv Technologies Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Evolv Technologies' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Evolv Technologies' net income appears to be on an upward trend, with a most recent value of -$33.14 million in 2025, rising from -$27.39 million in 2020. The previous period was -$54.02 million in 2024. See Evolv Technologies' forecast for analyst expectations on what's next for the company.

Evolv Technologies' total operating income in 2025 was -$48.46 million, based on the following breakdown:

Total Gross Profit: $75.30 million
Total Operating Expenses: $123.77 million

Over the last 5 years, Evolv Technologies' total revenue changed from $4.79 million in 2020 to $145.91 million in 2025, a change of 2,949.2%.

Evolv Technologies' total liabilities were at $184.99 million at the end of 2025, a 23.0% increase from 2024, and a 502.7% increase since 2020.

In the past 5 years, Evolv Technologies' cash and equivalents has ranged from $4.70 million in 2020 to $307.49 million in 2021, and is currently $49.15 million as of their latest financial filing in 2025.

Over the last 5 years, Evolv Technologies' book value per share changed from -0.52 in 2020 to 0.68 in 2025, a change of -232.1%.

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Financial statements for NASDAQ:EVLV last updated on 5/17/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Evolv Technologies (EVLV) Financials

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Evolv Technologies (EVLV) Financials

Annual Income Statements for Evolv Technologies

Quarterly Income Statements for Evolv Technologies

Annual Cash Flow Statements for Evolv Technologies

Quarterly Cash Flow Statements for Evolv Technologies

Annual Balance Sheets for Evolv Technologies

Quarterly Balance Sheets for Evolv Technologies

Annual Metrics And Ratios for Evolv Technologies

Quarterly Metrics And Ratios for Evolv Technologies

Financials Breakdown Chart

Key Financial Trends

Evolv Technologies Financials - Frequently Asked Questions

When does Evolv Technologies' fiscal year end?

How has Evolv Technologies' net income changed over the last 5 years?

What is Evolv Technologies' operating income?

How has Evolv Technologies' revenue changed over the last 5 years?

How much debt does Evolv Technologies have?

How much cash does Evolv Technologies have?

How has Evolv Technologies' book value per share changed over the last 5 years?

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