Evolv Technologies (EVLV) Q4 2025 earnings summary

Executive summary

• Achieved strong operational consistency and scalability in 2025, focusing on hardware-enabled subscription growth and durable, predictable results.

• Ended 2025 with 8,000 systems deployed, screening over 4 million people daily, and more than 1,200 customers globally.

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

• Full-year 2025 revenue was $145.9 million, up 40% year-over-year; net loss narrowed to $33.1 million from $54.0 million in 2024.

• Continued product innovation, especially with the eXpedite AI-based bag screening solution, now adopted by 65 customers.

Financial highlights

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

• 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, reaching $1.8 million in Q4 and $11.1 million for the year, a $32 million improvement from 2024.

• Adjusted EBITDA margin was 4.7% in Q4 and 7.6% for the full year.

• Cash, cash equivalents, and marketable securities increased by $12.8 million sequentially to $69 million at year-end.

Outlook and guidance

• Raised 2026 revenue guidance to $172–$178 million, up from prior guidance of $160–$165 million, representing 18–22% year-over-year growth.

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

• Adjusted EBITDA margin for 2026 anticipated in the high single digits, with positive full-year Adjusted EBITDA.

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

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