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Evolv Technologies (EVLV) investor relations material
Evolv Technologies Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Q3 2025 revenue reached $42.9 million, up 57% year-over-year, driven by new customer wins, expanded deployments, and the largest contract in company history.
Annual recurring revenue (ARR) at quarter-end was $117.2 million, up 25% year-over-year.
Net loss for the nine months ended September 30, 2025, was $44.0 million, compared to $38.3 million in the prior year, reflecting higher operating and legal costs, partially offset by increased gross profit.
The company completed a transition to a direct distribution model, capturing 100% of ARPU and increasing recurring revenue.
Over 60 new customers were added in Q3, with strong adoption of the Gen2 Express platform and the Expedite bag screening solution.
Financial highlights
Nine-month 2025 revenue was $107.4 million, up 44% from $74.8 million in the prior year period.
Adjusted EBITDA was positive for the fourth consecutive quarter, reaching $5.1 million in Q3 2025, and $9.3 million for the nine months, with a 12% Q3 margin.
Q3 2025 gross margin was 49.7%, down from 57.8% in Q3 2024; adjusted gross margin was 52.8%.
Cash, cash equivalents, and marketable securities totaled $56.2 million as of September 30, 2025, up $19 million sequentially, aided by a new credit facility and improved collections.
Operating cash flow for the first nine months of 2025 was $3.1 million, compared to a use of $34.1 million in 2024.
Outlook and guidance
2025 revenue guidance raised to $142–$145 million (37–40% growth), including one-time items; normalized growth estimated at 30%.
2025 adjusted gross margin expected at 52–54%, with full-year adjusted EBITDA margins in the high single digits.
2026 revenue projected at $160–$165 million, with ARR growth of at least 20%, outpacing total revenue growth.
Expectation to add more units in 2026 than 2025, with stable ARPU and a higher mix of full subscription units.
Company expects to be cash flow positive in Q4 2025.
What drives the significant non-recurring revenue growth?
What factors drove the positive operating cash flow?
How does customer base growth impact future ARR?
Quantify 2026 revenue deferral from direct model
Plexus partnership: expected COGS reduction timeline?
eXpedite's role in Express deployments and margins?
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Next Evolv Technologies earnings date
Q4 20253 Mar, 2026
Next Evolv Technologies earnings date
Q4 20253 Mar, 2026
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Frequently asked questions
Evolv Technologies Holdings Inc. is a technology company specializing in advanced security screening solutions. The company develops AI-driven sensor systems designed to detect concealed weapons and threats in high-traffic areas. Evolv’s products are used in various venues such as airports, stadiums, schools, and other public spaces to enhance security while improving the flow of people. By leveraging machine learning and data analytics, the company aims to provide non-invasive, real-time threat detection solutions. The company is headquartered in Waltham, Massachusetts, and its shares are listed on the NASDAQ.
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