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Evolv Technologies (EVLV) Financials

Evolv Technologies logo
$5.01 -0.03 (-0.60%)
Closing price 09/18/2026 04:00 PM Eastern
Extended Trading
$5.01 +0.00 (+0.10%)
As of 09/18/2026 07:59 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Evolv Technologies

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

Quarterly Income Statements for Evolv Technologies

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 -17 -11 3.38 -30 -16 -1.69 -41 -1.80 11 -5.01 -9.30
Consolidated Net Income / (Loss)		 -17 -11 3.42 -30 -16 -1.69 -41 -1.80 11 -5.01 -9.30
Net Income / (Loss) Continuing Operations		 -17 -11 3.42 -30 -16 -1.69 -41 -1.80 11 -5.01 -9.30
Total Pre-Tax Income 		-17 -11 3.42 -30 -16 -1.63 -41 -1.80 11 -5.05 -9.30
Total Operating Income		 -22 -22 -22 -19 -19 -14 -17 -8.60 -7.99 -8.47 -11
Total Gross Profit		 10 12 15 16 17 19 16 21 19 24 22
Total Revenue		 22 22 25 27 29 32 33 43 39 46 44
Operating Revenue		 22 22 25 27 29 32 33 43 39 46 44
Total Cost of Revenue		 12 10 10 12 12 13 16 22 20 23 22
Total Operating Expenses		 32 34 37 35 36 34 34 30 27 32 33
Selling, General & Admin Expense		 11 12 14 14 17 15 17 13 10 14 14
Marketing Expense		 15 16 16 15 13 11 12 12 11 13 13
Research & Development Expense		 6.26 6.40 5.85 5.81 5.39 4.86 4.74 5.61 5.41 5.89 5.78
Restructuring Charge		 - 0.00 0.86 0.00 - 2.66 0.00 0.00 - 0.00 0.00
Total Other Income / (Expense), net		 5.07 11 26 -11 3.16 13 -23 6.80 19 3.43 1.25
Interest Expense		 - 0.00 0.00 0.00 - 0.00 0.00 0.71 1.02 0.96 0.97
Interest & Investment Income		 1.63 1.09 0.68 0.63 0.55 0.39 0.22 0.44 0.49 0.52 0.49
Other Income / (Expense), net		 3.44 9.55 25 -12 2.61 12 -23 7.08 19 3.87 1.73
Income Tax Expense		 - 0.00 0.00 0.00 - 0.06 -0.00 0.00 - -0.04 0.00
Basic Earnings per Share		 ($0.10) ($0.07) $0.02 ($0.19) ($0.10) ($0.01) ($0.25) ($0.01) $0.07 ($0.03) ($0.05)
Weighted Average Basic Shares Outstanding		 149.17M 153.08M 156.47M 157.71M 156.57M 160.81M 165.25M 172.79M 168.42M 177.06M 180.10M
Diluted Earnings per Share		 ($0.09) ($0.07) $0.02 ($0.19) ($0.10) ($0.01) ($0.25) ($0.01) $0.07 ($0.03) ($0.05)
Weighted Average Diluted Shares Outstanding		 149.17M 153.08M 171.56M 157.71M 156.57M 160.81M 165.25M 172.79M 168.42M 177.06M 180.10M
Weighted Average Basic & Diluted Shares Outstanding		 152.18M 156.09M 157.55M - 0.00 164.00M 171.89M 174.62M 179.35M 179.87M 181.13M

Annual Cash Flow Statements for Evolv Technologies

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

Quarterly Cash Flow Statements for Evolv Technologies

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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
Net Change in Cash & Equivalents		 -33 -23 -8.90 10 -9.29 -12 12 -5.44 18 6.93 -2.65
Net Cash From Operating Activities		 -3.14 -16 -22 3.91 3.20 -2.54 2.11 3.52 16 -3.18 12
Net Cash From Continuing Operating Activities		 -3.14 -16 -22 3.91 3.20 -2.54 2.11 3.52 16 -3.18 12
Net Income / (Loss) Continuing Operations		 -17 -11 3.46 -30 -16 -1.69 -41 -1.80 11 -5.01 -9.30
Consolidated Net Income / (Loss)		 -17 -11 3.46 -30 -16 -1.69 -41 -1.80 11 -5.01 -9.30
Depreciation Expense		 3.15 3.46 3.97 4.49 5.44 5.53 5.79 6.54 6.48 6.80 7.14
Amortization Expense		 -0.09 0.20 -0.02 0.08 0.19 0.07 0.06 -0.12 -0.14 0.45 0.33
Non-Cash Adjustments To Reconcile Net Income		 4.92 -1.72 -15 20 1.15 -7.00 33 0.97 -12 2.04 4.54
Changes in Operating Assets and Liabilities, net		 5.77 -6.82 -14 9.11 12 0.55 4.12 -2.08 10 -7.46 9.19
Net Cash From Investing Activities		 -30 -6.72 13 6.00 -13 -9.36 5.75 -40 1.40 9.76 -15
Net Cash From Continuing Investing Activities		 -30 -6.72 13 6.00 -13 -9.36 5.75 -40 1.40 9.76 -15
Purchase of Property, Plant & Equipment		 -19 -21 -3.04 -4.72 -8.10 -14 -4.13 -15 -3.57 -4.97 -9.81
Purchase of Investments		 -31 -15 - - -15 -9.88 - -25 -4.91 0.00 -9.89
Sale and/or Maturity of Investments		 20 29 16 11 9.65 15 9.88 - 9.88 15 4.91
Net Cash From Financing Activities		 0.05 0.30 0.33 0.52 0.66 0.02 4.08 31 0.68 0.32 0.25
Net Cash From Continuing Financing Activities		 0.05 0.30 0.33 0.52 0.66 0.02 4.08 31 0.68 0.32 0.25
Other Financing Activities, net		 0.05 0.30 0.33 0.52 0.66 0.02 4.08 4.31 0.68 0.32 0.25
Cash Interest Paid		 - - - - - 0.00 - - 0.73 0.45 0.91

Annual Balance Sheets for Evolv Technologies

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
Restricted Cash		 0.00 0.40 0.00 0.28 - 0.00
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

Quarterly Balance Sheets for Evolv Technologies

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 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
Total Assets		 306 308 306 282 269 278 256 280 304 305 302
Total Current Assets		 235 216 202 142 138 134 104 133 152 152 149
Cash & Equivalents		 181 126 100 45 36 46 25 37 32 56 53
Restricted Cash		 1.00 1.00 1.00 0.00 0.00 0.28 - - - - 0.73
Short-Term Investments		 - 30 39 36 21 9.96 9.93 0.00 25 4.99 9.94
Accounts Receivable		 23 32 30 22 36 35 34 42 49 43 40
Inventories, net		 8.82 5.03 7.83 11 19 16 10 12 8.77 8.26 8.66
Prepaid Expenses		 14 14 17 21 20 21 18 36 31 33 30
Other Current Assets		 6.56 8.38 7.58 7.05 6.50 5.95 6.26 6.44 7.17 6.84 8.12
Plant, Property, & Equipment, net		 60 81 94 129 120 121 130 125 127 128 129
Total Noncurrent Assets		 11 11 11 10 11 23 23 22 26 25 24
Other Noncurrent Operating Assets		 11 11 11 10 11 23 23 22 26 25 24
Total Liabilities & Shareholders' Equity		 306 308 306 282 269 278 256 280 304 305 302
Total Liabilities		 102 164 150 141 115 149 135 188 202 184 183
Total Current Liabilities		 51 68 81 80 79 89 94 143 119 126 127
Accounts Payable		 19 17 14 16 5.57 8.62 7.12 12 4.72 17 12
Accrued Expenses		 6.48 11 12 14 16 17 19 38 34 30 37
Current Deferred Revenue		 24 39 53 49 56 62 65 72 78 75 74
Other Current Liabilities		 1.12 1.13 1.66 1.71 1.75 2.19 2.42 21 2.77 3.12 3.12
Total Noncurrent Liabilities		 51 96 70 61 36 60 41 45 83 58 56
Long-Term Debt		 0.00 0.00 0.00 - - - - - 29 29 29
Noncurrent Deferred Revenue		 21 21 19 23 24 24 20 19 18 17 18
Other Noncurrent Operating Liabilities		 30 75 50 38 12 36 21 26 36 12 9.80
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		 204 144 156 142 153 129 121 93 102 121 119
Total Preferred & Common Equity		 204 144 156 142 153 129 121 93 102 121 119
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		 204 144 156 142 153 129 121 93 102 121 119
Common Stock		 425 432 438 452 460 468 477 490 501 514 521
Retained Earnings		 -221 -288 -282 -310 -307 -339 -356 -397 -399 -393 -402
Accumulated Other Comprehensive Income / (Loss)		 -0.03 -0.04 -0.01 -0.05 -0.04 -0.13 -0.08 -0.16 -0.14 -0.11 -0.11

Annual Metrics And Ratios for Evolv Technologies

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		 - - - - - -

Quarterly Metrics And Ratios for Evolv Technologies

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
DEI Shares Outstanding		 - - - - 157,550,036.00 - - - 174,617,589.00 179,350,739.00 179,871,410.00
DEI Adjusted Shares Outstanding		 - - - - 157,550,036.00 - - - 174,617,589.00 179,350,739.00 179,871,410.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - -0.10 - - - 0.06 -0.03 -0.05
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 4.48% 16.61% 28.83% 37.07% - 44.30% 29.02% 56.62% - 44.74% 34.44%
EBITDA Growth		 44.87% 65.79% 110.11% -581.99% - 141.23% -627.51% 118.57% - -26.07% 96.13%
EBIT Growth		 37.68% 54.99% 104.05% -1,054.56% - 83.70% -1,589.22% 95.11% - -128.35% 78.36%
NOPAT Growth		 18.30% 0.95% -35.00% 36.74% - 34.31% 45.26% 55.12% - 41.12% 39.68%
Net Income Growth		 40.33% 59.30% 105.19% -703.31% - 85.02% -1,285.93% 94.10% - -196.57% 77.06%
EPS Growth		 52.63% 60.00% 104.44% -733.33% - 85.71% -1,350.00% 94.74% - -200.00% 80.00%
Operating Cash Flow Growth		 40.78% -368.35% -311.18% 86.22% - 84.28% 109.79% -4.11% - -25.21% 463.28%
Free Cash Flow Firm Growth		 69.91% -148.19% -673.20% -5,763.36% - 31.15% 121.82% 88.82% - 77.68% -225.27%
Invested Capital Growth		 2.65% 172.72% 880.50% 354.17% - 44.42% -42.34% 2.50% - 2.59% 51.20%
Revenue Q/Q Growth		 8.07% -0.70% 17.87% 7.13% - 0.00% 1.68% 31.67% - 20.32% -5.56%
EBITDA Q/Q Growth		 -331.33% 41.24% 174.32% -493.76% - 0.00% -1,073.40% 114.05% - -85.07% -151.02%
EBIT Q/Q Growth		 -538.90% 31.08% 121.85% -1,217.26% - 0.00% -1,923.83% 96.27% - -140.30% -91.80%
NOPAT Q/Q Growth		 24.23% -1.70% -43.17% 39.95% - 0.00% -21.57% 50.86% - 25.73% -24.54%
Net Income Q/Q Growth		 -381.55% 31.06% 129.73% -979.35% - 0.00% -2,299.94% 95.57% - -146.03% -85.63%
EPS Q/Q Growth		 -400.00% 11.11% 125.00% -1,050.00% - 0.00% -2,400.00% 96.00% - -142.86% -66.67%
Operating Cash Flow Q/Q Growth		 -249.88% -411.71% -36.04% 117.85% - 0.00% 183.22% 66.78% - -120.42% 474.39%
Free Cash Flow Firm Q/Q Growth		 -832.37% -232.34% -146.26% 46.61% - 0.00% 178.46% -127.34% - 61.64% -340.29%
Invested Capital Q/Q Growth		 72.36% 115.89% 62.17% -24.74% - 0.00% -35.25% 33.80% - 11.75% -4.57%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 47.02% 54.33% 56.66% 57.78% - 59.83% 49.83% 49.72% - 50.94% 50.17%
EBITDA Margin		 -70.62% -41.79% 26.35% -96.86% - 11.21% -107.29% 11.45% - 5.72% -3.09%
Operating Margin		 -100.39% -102.82% -87.42% -70.00% - -44.96% -53.75% -20.06% - -18.29% -24.11%
EBIT Margin		 -84.64% -58.75% 10.89% -113.56% - -6.29% -125.25% -3.54% - -9.93% -20.16%
Profit (Net Income) Margin		 -77.40% -53.74% 13.56% -111.27% - -5.28% -124.55% -4.19% - -10.81% -21.25%
Tax Burden Percent		 100.30% 100.00% 100.00% 100.00% - 103.87% 100.00% 100.00% - 99.27% 100.00%
Interest Burden Percent		 91.17% 91.48% 124.49% 97.98% - 80.73% 99.45% 118.24% - 109.72% 105.41%
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)		 -207.45% -147.62% -185.18% -105.77% - -49.14% -59.78% -26.03% - -23.53% -41.36%
ROIC Less NNEP Spread (ROIC-NNEP)		 -206.48% -150.61% -209.39% -88.42% - -63.46% 0.80% -36.09% - -26.27% -36.02%
Return on Net Nonoperating Assets (RNNOA)		 176.34% 115.11% 150.05% 60.90% - 28.28% -0.30% 13.11% - 7.33% 12.19%
Return on Equity (ROE)		 -31.11% -32.51% -35.13% -44.87% - -20.86% -60.09% -12.93% - -16.21% -29.17%
Cash Return on Invested Capital (CROIC)		 -229.42% -244.07% -175.66% -264.31% - -108.25% -10.54% -58.90% - -36.73% -76.38%
Operating Return on Assets (OROA)		 -21.05% -16.69% 3.37% -37.19% - -2.66% -55.22% -1.66% - -5.67% -11.87%
Return on Assets (ROA)		 -19.25% -15.27% 4.20% -36.43% - -2.23% -54.91% -1.96% - -6.18% -12.51%
Return on Common Equity (ROCE)		 -31.11% -32.51% -35.13% -44.87% - -20.86% -60.09% -12.93% - -16.21% -29.17%
Return on Equity Simple (ROE_SIMPLE)		 0.00% -63.06% -12.46% -43.69% - -36.70% 0.00% 0.00% - 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -15 -16 -22 -13 -13 -10 -12 -6.02 -7.99 -5.93 -7.39
NOPAT Margin		 -70.27% -71.97% -87.42% -49.00% - -31.47% -37.63% -14.04% - -12.80% -16.88%
Net Nonoperating Expense Percent (NNEP)		 -0.98% 2.99% 24.22% -17.35% - 14.33% -60.58% 10.05% - 2.73% -5.34%
Return On Investment Capital (ROIC_SIMPLE)		 - - - -10.39% -11.23% -8.32% -13.22% -4.60% -5.39% -3.97% -5.00%
Cost of Revenue to Revenue		 52.98% 45.67% 43.34% 42.22% - 40.17% 50.17% 50.28% - 49.06% 49.83%
SG&A Expenses to Revenue		 50.49% 54.64% 55.54% 51.08% - 46.78% 52.97% 29.36% - 29.17% 32.06%
R&D to Revenue		 28.70% 28.64% 22.40% 21.24% - 15.19% 14.56% 13.09% - 12.70% 13.21%
Operating Expenses to Revenue		 147.41% 157.14% 144.08% 127.78% - 104.79% 103.59% 69.78% - 69.23% 74.29%
Earnings before Interest and Taxes (EBIT)		 -18 -13 2.78 -31 -16 -2.01 -41 -1.52 11 -4.60 -8.82
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -15 -9.06 6.73 -27 -11 3.59 -35 4.91 18 2.65 -1.35
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 4.88 4.78 2.60 4.95 - 4.06 11.05 12.69 - 8.99 8.78
Price to Tangible Book Value (P/TBV)		 4.88 4.78 2.60 4.95 - 4.06 11.05 12.69 - 8.99 8.78
Price to Revenue (P/Rev)		 8.87 8.11 4.46 6.66 - 4.32 8.46 9.51 - 6.77 6.09
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)		 21.55 10.01 3.54 8.00 - 5.31 17.71 17.04 - 11.93 11.97
Enterprise Value to Revenue (EV/Rev)		 7.39 7.14 3.83 6.08 - 4.02 8.15 9.30 - 6.57 5.88
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00 42.09
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 - 0.00 152.86 201.54 - 58.39 36.26
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 0.28 - 0.24 0.24
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.28 - 0.24 0.24
Financial Leverage		 -0.85 -0.76 -0.72 -0.69 - -0.45 -0.38 -0.36 - -0.28 -0.34
Leverage Ratio		 1.73 1.70 1.94 2.05 - 2.05 2.23 2.52 - 2.32 2.75
Compound Leverage Factor		 1.58 1.56 2.41 2.01 - 1.65 2.22 2.98 - 2.54 2.90
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 21.82% - 19.19% 19.47%
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% 21.82% - 19.19% 19.47%
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% 78.18% - 80.81% 80.53%
Debt to EBITDA		 0.00 0.00 0.00 0.00 - 0.00 0.00 -0.77 - -2.99 1.20
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.75 - 3.38 -1.45
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 - 0.00 0.00 -0.77 - -2.99 1.20
Debt to NOPAT		 0.00 0.00 0.00 0.00 - 0.00 0.00 -0.69 - -0.96 -1.15
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.67 - 1.09 1.39
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 - 0.00 0.00 -0.69 - -0.96 -1.15
Altman Z-Score		 1.85 1.76 1.10 1.03 - 0.70 1.20 2.58 - 2.31 2.11
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		 2.14 1.77 1.74 1.50 - 1.10 0.93 1.27 - 1.21 1.18
Quick Ratio		 1.72 1.29 1.17 1.02 - 0.74 0.55 0.88 - 0.82 0.81
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -16 -53 -131 -70 -54 -37 29 -7.84 -21 -8.16 -36
Operating Cash Flow to CapEx		 -16.89% -74.94% -720.18% 82.80% - -17.77% 51.22% 23.48% - -64.03% 121.30%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 - -36,534.30 0.00 -10.99 - -8.48 -37.21
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 - -2,539.00 0.00 4.94 - -3.30 12.33
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 - -16,825.00 0.00 -16.11 - -8.47 2.17
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.25 0.28 0.31 0.33 - 0.42 0.44 0.47 - 0.57 0.59
Accounts Receivable Turnover		 2.95 3.70 2.59 2.96 - 4.02 3.09 3.26 - 4.15 4.21
Inventory Turnover		 4.71 4.31 3.50 3.72 - 4.50 3.47 5.05 - 8.79 8.26
Fixed Asset Turnover		 1.02 0.88 0.89 0.89 - 0.88 0.99 1.10 - 1.24 1.35
Accounts Payable Turnover		 2.62 2.45 3.68 3.99 - 4.18 6.13 9.48 - 6.65 7.15
Days Sales Outstanding (DSO)		 123.75 98.75 140.77 123.19 - 90.70 117.98 111.96 - 87.92 86.63
Days Inventory Outstanding (DIO)		 77.42 84.79 104.38 98.02 - 81.08 105.34 72.26 - 41.53 44.17
Days Payable Outstanding (DPO)		 139.43 148.74 99.30 91.53 - 87.38 59.54 38.49 - 54.89 51.08
Cash Conversion Cycle (CCC)		 61.74 34.80 145.85 129.68 - 84.41 163.78 145.72 - 74.56 79.72
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 28 60 97 73 66 86 56 75 79 88 84
Invested Capital Turnover		 2.95 2.05 2.12 2.16 - 1.56 1.59 1.85 - 1.84 2.45
Increase / (Decrease) in Invested Capital		 0.71 38 109 57 40 26 -41 1.82 13 2.23 29
Enterprise Value (EV)		 595 596 342 582 - 457 986 1,270 - 1,053 1,009
Market Capitalization		 713 677 398 638 - 492 1,023 1,298 - 1,085 1,043
Book Value per Share		 $0.97 $0.93 $0.98 $0.82 $0.75 $0.77 $0.57 $0.59 $0.68 $0.67 $0.66
Tangible Book Value per Share		 $0.97 $0.93 $0.98 $0.82 $0.75 $0.77 $0.57 $0.59 $0.68 $0.67 $0.66
Total Capital		 146 142 153 129 118 121 93 131 148 149 148
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 29 29 29 29
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 29 29 29 29
Net Debt		 -119 -81 -56 -56 -52 -35 -37 -28 -40 -32 -35
Capital Expenditures (CapEx)		 19 21 3.04 4.72 8.10 14 4.13 15 3.57 4.97 9.81
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -25 -19 2.04 -11 -27 -26 -47 -24 -41 -35 -41
Debt-free Net Working Capital (DFNWC)		 94 62 58 45 25 9.37 -9.81 32 28 26 23
Net Working Capital (NWC)		 94 62 58 45 25 9.37 -9.81 32 28 26 23
Net Nonoperating Expense (NNE)		 1.56 -3.95 -26 17 2.51 -8.38 28 -4.22 -19 -0.92 1.91
Net Nonoperating Obligations (NNO)		 -119 -82 -56 -56 -52 -35 -37 -28 -40 -32 -35
Total Depreciation and Amortization (D&A)		 3.06 3.67 3.95 4.57 5.63 5.60 5.84 6.42 6.35 7.25 7.47
Debt-free, Cash-free Net Working Capital to Revenue		 -31.00% -22.91% 2.28% -11.84% - -22.56% -38.63% -17.53% - -21.82% -23.80%
Debt-free Net Working Capital to Revenue		 116.64% 74.10% 65.56% 46.91% - 8.24% -8.10% 23.66% - 16.30% 13.16%
Net Working Capital to Revenue		 116.64% 74.10% 65.56% 46.91% - 8.24% -8.10% 23.66% - 16.30% 13.16%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.10) ($0.08) $0.02 ($0.19) ($0.10) ($0.01) ($0.25) ($0.01) $0.07 ($0.03) ($0.05)
Adjusted Weighted Average Basic Shares Outstanding		 149.17M 153.08M 156.47M 157.71M 156.57M 160.81M 165.25M 172.79M 168.42M 177.06M 180.10M
Adjusted Diluted Earnings per Share		 ($0.09) ($0.08) $0.02 ($0.19) ($0.10) ($0.01) ($0.25) ($0.01) $0.07 ($0.03) ($0.05)
Adjusted Weighted Average Diluted Shares Outstanding		 149.17M 153.08M 171.56M 157.71M 156.57M 160.81M 165.25M 172.79M 168.42M 177.06M 180.10M
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		 152.18M 156.09M 157.55M 0.00 0.00 164.00M 171.89M 174.62M 179.35M 179.87M 181.13M
Normalized Net Operating Profit after Tax (NOPAT)		 -15 -16 -16 -13 -13 -8.21 -12 -6.02 -5.59 -5.93 -7.39
Normalized NOPAT Margin		 -70.27% -71.97% -61.19% -48.47% - -25.65% -37.63% -14.04% - -12.80% -16.88%
Pre Tax Income Margin		 -77.17% -53.74% 13.56% -111.27% - -5.08% -124.56% -4.19% - -10.89% -21.25%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 - -2,014.00 0.00 -2.13 - -4.78 -9.14
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 - -10,072.30 0.00 -8.44 - -6.16 -7.65
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 - -16,300.00 0.00 -23.18 - -9.94 -19.31
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 - -24,358.30 0.00 -29.49 - -11.33 -17.82
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

Evolv Technologies’ latest results show strong top-line growth and improving cash generation, but the company remains unprofitable and continues to face dilution and balance-sheet risks. Revenue increased to $43.8 million in Q2 2026, up 34% from $32.5 million in Q2 2025 and nearly five times the $9.1 million reported in Q2 2022. However, Q2 2026 revenue declined sequentially from $46.3 million in Q1 2026.

  • Revenue growth remains substantial. Q2 revenue rose from $19.8 million in 2023 to $25.2 million in 2024, $32.5 million in 2025 and $43.8 million in 2026. This indicates continued expansion in the company’s business.
  • Gross margin has improved significantly over the longer term. The Q2 gross margin increased to approximately 50.2% in 2026, compared with 37.4% in 2023 and just 6.1% in 2022. Margin was broadly stable compared with 49.8% in Q2 2025.
  • Operating losses narrowed year over year. Q2 2026 operating loss was $10.6 million, an improvement from a $17.5 million loss in Q2 2025. Operating expenses also declined to $32.5 million from $33.7 million despite the higher revenue base.
  • Operating cash flow improved sharply. Evolv generated $11.9 million of operating cash flow in Q2 2026, compared with $2.1 million in Q2 2025 and a $3.2 million outflow in Q1 2026. This was the strongest quarterly operating cash flow in the supplied 2026 data.
  • Liquidity has recovered from 2025 levels. Cash, restricted cash and short-term investments totaled approximately $67.0 million at June 30, 2026, compared with $36.9 million at June 30, 2025. Total equity also increased to $118.9 million from $92.7 million over the same period.
  • Deferred revenue provides a measure of future revenue visibility. Current and noncurrent deferred revenue totaled approximately $92.2 million at the end of Q2 2026. While this can support future reported revenue as obligations are fulfilled, it also represents services or products that Evolv still needs to deliver.
  • Recent cash generation was partly supported by working-capital movements. Changes in operating assets and liabilities contributed $9.2 million to Q2 operating cash flow. Investors should monitor whether positive operating cash flow persists without similar working-capital benefits.
  • Evolv remains unprofitable. The company reported a $9.3 million net loss in Q2 2026, or $0.05 per diluted share. Net losses have continued in most recent quarters, and retained earnings stood at a deficit of $402.1 million.
  • Cash still declined during Q2. Despite positive operating cash flow, investing activities used $15.0 million, including $9.8 million of capital expenditures and net investment purchases. As a result, cash and equivalents decreased by $2.7 million during the quarter.
  • Shareholder dilution remains a concern. Weighted-average diluted shares rose to approximately 180.1 million in Q2 2026 from 165.3 million in Q2 2025. Continued share growth can reduce the benefit of future earnings growth for existing shareholders.

Overall, the financial statements suggest that Evolv is moving in the right direction operationally: revenue is growing, gross margins are much stronger than several years ago, and operating losses have narrowed. The main question for investors is whether the company can convert that growth into sustainable profitability and recurring free cash flow before its cash reserves are materially reduced.

09/19/26 08:36 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 8/11/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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