Evolv Technologies Holdings, Inc.

Evolv Technologies Holdings, Inc. builds AI-powered security screening systems for venues and facilities that need to detect weapons while keeping visitor flow moving. Its core offering combines proprietary sensor hardware, cloud-connected software, analytics, and ongoing services sold through subscription-based security-as-a-service contracts.

−16,5 %

51,6 %

−22,7 %

+40,5 %

1.23

1.15

— Evolv Technologies Holdings, Inc.
%
AI screening hardware45% Purpose-built sensor platforms used at venue entry points to detect threats with high throughput.
Subscription software and cloud services35% Connected software, cloud connectivity, and recurring service access tied to deployed systems.
Purchase-subscription systems15% Systems sold upfront under a model that still requires an active software subscription.
Analytics and support services5% Evolv Insights, customer support, training, and operational services around deployments.

Evolv sells to operators of high-traffic facilities where security screening must be fast, visible, and reliable...

  • Educationprimary

    Schools and campuses buy screening systems to improve entry security while preserving visitor flow.

  • Sports and live entertainmentprimary

    Stadiums, arenas, and venues use Evolv to screen large crowds quickly at peak entry times.

  • Healthcaresecondary

    Hospitals and healthcare facilities buy for safer access control and a less intrusive visitor experience.

  • Tourism, cultural, and worship venuessecondary

    Attractions, performing arts sites, and houses of worship buy to deter threats while keeping entrances open.

  • Industrial and corporate facilitiessecondary

    Workplaces, distribution sites, and offices buy to add layered security at physical thresholds.

  • Resellers and channel partnersemerging

    Partners buy or resell Evolv systems to expand reach and provide local installation and support.

Evolv’s business has been primarily U.S.-based to date, with most adoption and revenue generation centered in the...

  • •United States is the core market and the main source of current adoption
  • •International expansion is an explicit growth opportunity, but still early
  • •Foreign markets add regulatory and compliance complexity, especially around data privacy
  • •Reseller partners help extend reach into new regions and verticals
  • •Evolv UK indicates a foothold in Europe and support for overseas growth

Evolv is focused on scaling its security-as-a-service model by combining proprietary hardware with recurring software...

01
Scale recurring subscription revenueshort-term

Recurring contracts improve revenue visibility and align the company with customer outcomes.

02
Commercialize Evolv eXpeditemedium-term

The new bag-screening product broadens the addressable market and supports cross-sell into existing venues.

03
Expand channel and international reachmedium-term

Partner-led distribution and overseas expansion can accelerate adoption beyond the U.S. core market.

04
Lower manufacturing cost and improve scalabilityshort-term

Better unit economics are important as the company transitions to newer systems and higher volume.

Evolv’s business depends on product performance, customer trust, and the ability to renew multi-year contracts in a...

critical

Product performance failure

If systems fail to detect threats or are perceived to fail, customers may stop renewing and the brand could be impaired.

Scope
AI-based weapons detection and security screening
Materiality
high
high

Contract renewal and recurring revenue churn

A large share of revenue is ratable over multi-year terms, so non-renewals or lower renewal pricing would pressure future revenue.

Scope
Four-year customer agreements and subscription model
Materiality
high
high

Supply chain and manufacturing disruption

The company depends on third-party components and manufacturing partners, so shortages or delays can affect deliveries and costs.

Scope
Hardware production and deployment
Materiality
high
high

Legal and government investigation risk

The company disclosed an investigation into sales practices and other legal proceedings, which could lead to penalties or remediation.

Scope
Sales practices and compliance
Materiality
high
medium

International expansion and regulatory risk

Entering new markets exposes the company to different security standards, privacy laws, and customer buying behavior.

Scope
Europe and other foreign markets
Materiality
medium
Revenue recognition across mixed contract models
Affects deferred revenue, ARR visibility, and quarterly comparability
Inventory reserves and obsolescence
Can move product gross margin materially
Stock-based compensation valuation
Affects operating expenses and equity compensation cost
Legal contingencies and investigation-related accruals
Could affect expenses, liabilities, and disclosures

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: 28/04/2026