Evolv Technologies (EVLV) investor relations material

Executive summary

• Achieved strong operational consistency and scalability in 2025, with a focus on hardware-enabled subscription growth and recurring revenue streams.

• Q4 2025 revenue reached $38.5 million, up 32% year-over-year, driven by new customer additions and expanded deployments.

• Deployed 8,000 systems by year-end, screening over 4 million people daily and serving over 1,200 customers globally.

• Continued investment in AI, product innovation, and customer expansion, positioning for durable long-term growth.

• Q4 2025 net income was $10.9 million, reversing a net loss of $15.7 million in Q4 2024.

Financial highlights

• Q4 2025 revenue was $38.5 million, up 32% year-over-year; full-year revenue reached $145.9 million, up 40%.

• Annual recurring revenue (ARR) at year-end was $120.5 million, up 21% year-over-year.

• Adjusted EBITDA was positive for the fifth consecutive quarter, with Q4 margin at 4.7% and full-year margin at 7.6%.

• Cash, cash equivalents, and marketable securities increased by $12.8 million sequentially to $69 million in Q4.

• Full-year 2025 gross profit was $75.3 million (51.6% GAAP gross margin); adjusted gross margin was 57.2%.

Outlook and guidance

• Raised 2026 revenue guidance to $172 million–$178 million, up from prior $160 million–$165 million.

• Projected ARR growth of 20%–25% for 2026, with ARR expected to reach $145 million–$150 million by year-end.

• Adjusted EBITDA margin expected to expand into the high single digits in 2026.

• Anticipates over 10,000 units deployed by end of 2026.

• Shift toward a higher mix of recurring revenue as subscription models expand.