Evolv Technologies (EVLV) Q2 2026 earnings summary

Executive summary

• Revenue for Q2 2026 was $43.8 million, up 34% year-over-year, and $90.1 million for the first half, up 40%, driven by strong new customer wins and expansion in the customer base.

• Annual recurring revenue (ARR) reached $132.7 million at June 30, 2026, up 20% year-over-year, with nearly 250 new customers added in the past twelve months.

• Adjusted EBITDA for Q2 2026 was $4.4 million (10.1% margin), and $8.4 million for the first half, both doubling year-over-year due to revenue growth and expense management.

• Net loss narrowed to $(9.3) million in Q2 and $(14.3) million for the first half, reflecting improved operating leverage and cost discipline.

• Added 70 new customers in Q2, the strongest quarter for new additions in two years, with customers now spanning all 50 U.S. states and North America.

Financial highlights

• Q2 2026 revenue: $43.8 million (+34% YoY); six months: $90.1 million (+40% YoY).

• ARR at June 30, 2026: $132.7 million (+20% YoY); RPO: $312.6 million.

• Adjusted gross margin: 51% in Q2; 51.2% adjusted; six months: 51.6%.

• Adjusted EBITDA: $4.4 million in Q2 (10.1% margin); $8.4 million for six months (9.3% margin).

• Cash and equivalents at June 30, 2026: $63.4 million, up $2.3 million sequentially; positive cash flow achieved ahead of expectations.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $180–$185 million (23%–27% growth).

• Year-end ARR expected at $148–$150 million, representing 23%–25% growth.

• Adjusted EBITDA for 2026 projected at $15–$16 million, with margins in the high single digits.

• Deployed units expected to exceed 10,000 by year-end, reflecting ~30% growth.

• Gross margins expected to remain consistent in H2 2026, with some near-term headwinds from product mix and supply chain costs.