-- Company Adds 70 New Customers --
-- Company Raises Growth Estimates for 2026 --
-- Q2'26 Revenue of $43.8 million, up 34% year-over-year
-- Q2'26 Ending ARR1 of $132.7 million, up 20% year-over-year
-- Q2'26 Net Loss of $(9.3) million, with Net Profit Margin of (21.3)%
-- Q2'26 Adjusted EBITDA2 of $4.4 million, with Adjusted EBITDA Margin2 of
10.1%
-- Q2'26 Ending Cash, Cash Equivalents, Marketable Securities, and
Restricted Cash of $63.4 million, up $2.3 million sequentially
-- Q2'26 Remaining Performance Obligation of $312.6 million, up $13.6
million sequentially
WALTHAM, Mass.--(BUSINESS WIRE)--August 11, 2026--
Evolv Technologies Holdings, Inc. (NASDAQ: EVLV), a leading security technology company pioneering AI-powered screening solutions designed to help create safer experiences, today announced financial results for the quarter ended June 30, 2026.
"Our strong second quarter results were highlighted by the addition of 70 new customers, accelerating adoption of Evolv eXpedite, and further strengthening of our renewal trends," said John Kedzierski, President and Chief Executive Officer of Evolv Technology. "Demand for our AI-powered weapons screening solutions continues to grow as organizations increasingly prioritize public safety while seeking security solutions that reduce friction and improve the visitor experience. We believe we remain in the early stages of a significant growth opportunity and are encouraged by the range of customers, markets and geographies adopting our technology."
Results for the Second Quarter of 2026
Total revenue for the second quarter of 2026 was $43.8 million, an increase of 34% compared to $32.5 million for the second quarter of 2025. Annual Recurring Revenue ("ARR")(1) was $132.7 million at the end of second quarter of 2026, an increase of 20% compared to $110.5 million at the end of the second quarter of 2025. Net loss for the second quarter of 2026 was $(9.3) million, or $(0.05) per basic and diluted share, compared to net loss of $(40.5) million, or $(0.25) per basic and diluted share, in the second quarter of 2025. Adjusted loss(2) for the second quarter of 2026 was $(3.1) million, or $(0.02) per diluted share, compared to adjusted loss(2) of $(4.7) million, or $(0.03) per diluted share, for the second quarter of 2025. Adjusted EBITDA(2) for the second quarter of 2026 was $4.4 million compared to $2.1 million in the second quarter of 2025. As of June 30, 2026, the Company had cash, cash equivalents, marketable securities, and restricted cash of $63.4 million.
Results for the First Six Months of 2026
Total revenue for the six months ended June 30, 2026 was $90.1 million, an increase of 40% compared to $64.6 million for the six months ended June 30, 2025. Net loss for the six months ended June 30, 2026 was $(14.3) million, or $(0.08) per basic and diluted share, compared to $(42.2) million, or $(0.26) per basic and diluted share, in the six months ended June 30, 2025. Adjusted earnings (loss)(2) for the six months ended June 30, 2026 was $(6.4) million, or $(0.04) per diluted share, compared to adjusted earnings (loss)(2) of $(8.0) million, or $(0.05) per diluted share, for the six months ended June 30, 2025. Adjusted EBITDA(2) for the six months ended June 30, 2026 was $8.4 million compared to $4.2 million in the six months ended June 30, 2025.
Company Raises Outlook for 2026
The Company today commented on its business outlook for 2026. The Company's outlook is based on the current indications for its business, which may change at any time. The Company expects total revenues in 2026 to be between $180 to $185 million, reflecting growth of approximately 23% to 27% year-over-year. The Company expects ending ARR at December 31, 2026 to increase to approximately $148 to $150 million, reflecting growth of approximately 23% to 25% year-over-year. The Company expects Adjusted EBITDA(2) in 2026 to be between $15 to $16 million with Adjusted EBITDA(2) margins in the high single digits. The Company now expects approximately 60% of new unit deployments in 2026 to be delivered under its purchase subscription model (compared to its prior expectation of approximately 55%), with the remaining 40% deployed through its pure subscription model. As expected under the purchase subscription model, a higher purchase subscription mix increases revenue recognition in the early years of a typical four year customer contract and creates a modest near-term headwind to reported gross margin percentage as associated hardware costs are recognized upfront.
Estimate Issued May 12, 2026 Issued August 11, 2026 ---------------------------- ------------------- ---------------------- Total Revenue (Millions) $175-$180 $180-$185 Ending ARR(1) at 12/31/26 (Millions) $145-$150 $148-$150 Adjusted EBITDA(2) (Millions) n/a $15-$16 Adjusted EBITDA Margin(2) High Single Digits High Single Digits
"Our second quarter performance and upwardly revised outlook for 2026 reflect continued progress against the long-term framework we outlined at our recent Investor Day," said Chris Kutsor, Chief Financial Officer of Evolv Technology. "We remain focused on building a durable growth business capable of delivering revenue CAGR of approximately 25% through 2031 while expanding Adjusted EBITDA margins annually. We believe consistent execution against these objectives positions us to achieve Rule of 50 performance over time."
Company to Host Live Conference Call and Webcast
The Company's management team plans to host a live conference call and webcast at 4:30 p.m. Eastern Time today to discuss the financial results as well as management's outlook for the business. The conference call will be webcast live at http://ir.evolvtechnology.com.
About Evolv Technology
Evolv (NASDAQ: EVLV) is designed to transform human security by helping organizations detect potential threats, mitigate risk, and enhance safety using AI-powered security solutions with robust insights. Our technology has helped to create efficient and positive security screening experiences for the world's most iconic venues and companies as well as schools, hospitals, and public spaces. Evolv's mission is to create a safer world to live, work, learn, and play. Evolv's advanced systems have scanned more than 4.5 billion people since 2019. Evolv Express$(R)$ and Evolv eXpedite$(TM)$ have been awarded the U.S. Department of Homeland Security $(DHS)$ SAFETY Act Designation as a Qualified Anti-Terrorism Technology (QATT). Evolv and its products have been awarded numerous awards which can be viewed on our Certifications and Awards web page. Evolv(R), Evolv Express(R), Evolv Insights(R), Evolv Visual Gun Detection(TM), Evolv eXpedite(TM), and Evolv Eva(TM) are registered trademarks or trademarks of Evolv Technologies, Inc. in the United States and other jurisdictions. For more information, visit evolv.com.
(1) We define Annual Recurring Revenue, or ARR, as the sum of subscription revenue and the recurring service revenue related to purchase subscriptions for the final month of the quarter all multiplied by twelve. The amount of revenue that we recognize over any 12-month period is likely to differ from ARR at the beginning of that period, sometimes significantly due to differences in our recurring and non-recurring revenue streams. To the extent that we are negotiating a renewal or upgrade with a customer after the expiration of the subscription and we are continuing to provide service to that customer, we may continue to include that associated revenue in ARR. If a customer notifies us that it is not renewing its subscription, we will continue to include associated revenue in ARR through the natural expiration of the subscription term. ARR should be viewed independently of, and not as a substitute for or forecast of, revenue or deferred revenue. Our calculation of ARR may differ from similarly titled metrics presented by other companies.
(2) Non-GAAP Financial Measures In this press release, the Company's adjusted operating expenses, adjusted gross profit (loss), adjusted gross margin, adjusted operating income (loss), adjusted EBITDA, adjusted EBITDA margin, adjusted earnings (loss), and adjusted earnings (loss) per diluted share are not presented in accordance with generally accepted accounting principles (GAAP) and are not intended to be used in lieu of GAAP presentations of results of operations. Adjusted operating expenses is defined as operating expenses less stock-based compensation expense, non-recurring employee restructuring and other separation costs, and other non-recurring legal and regulatory costs, which management believes provides a more meaningful representation of on-going operating expense levels. Other non-recurring legal and regulatory costs include non-recurring legal, accounting and professional fees related to the internal investigation, subsequent restatement, certain non-recurring regulatory, litigation and legal matters, as well as fees related to the resolution of the Securities and Exchange Commission investigation, net of estimated insurance recoveries. Adjusted gross profit and adjusted gross margin exclude stock-based compensation expense and amortization of capitalized stock-based compensation, which management believes provides a more meaningful representation of contribution margin. Adjusted operating income (loss) is defined as loss from operations, excluding stock-based compensation expense, amortization of capitalized stock-based compensation, non-recurring employee restructuring and other separation costs, and other non-recurring legal and regulatory costs, which management believes provides a more meaningful representation of operating results. Adjusted EBITDA and Adjusted EBITDA margin is defined as net income (loss) plus depreciation and amortization, stock-based compensation, interest expense (income), (benefit) provision for income taxes,
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