Evolv Technologies (EVLV) Q3 2026 earnings summary

Executive summary

• Q3 revenue was a record $47.3M, up 10% YoY; excluding the largest prior-year order and pricing effects, management estimated growth of 18%–19%.

• ARR reached $140.5M, up 20% YoY, with a record $7.8M of net additions; recurring revenue was a record $32.5M, or 69% of revenue.

• Adjusted EBITDA was $4.7M, with a 10% margin; free cash flow was $3.2M and RPO reached $325.8M.

Financial highlights

• GAAP net loss widened to $15.6M from $1.8M; diluted loss per share was $0.09 vs. $0.01. Adjusted loss narrowed to $2.9M from $3.4M.

• GAAP gross margin was 49.7%, flat YoY; adjusted gross margin was 50.8%, up 20 bps. Adjusted EBITDA was $4.7M vs. $5.1M.

• Operating loss widened to $14.4M from $8.6M; adjusted operating loss improved to $2.5M from $3.1M.

• 9M revenue grew 28% to $137.4M; net loss narrowed to $29.9M from $44.0M and adjusted EBITDA rose to $13.1M from $9.3M.

Outlook and guidance

• FY2026 revenue guidance increased to $182M–$185M from $180M–$185M, implying 25%–27% YoY growth; the range depends partly on deployment mix.

• FY2026 ending ARR guidance remained $148M–$150M, up 23%–25%; adjusted EBITDA guidance rose to $15.5M–$16.5M, with a high-single-digit margin.

• Initial 2027 revenue growth outlook is 20% or more, including a 3–4 percentage-point pricing headwind; ARR growth is expected to outpace revenue growth.

• Revenue is expected to compound at ~25% annually through 2031; 2027 growth is expected to build through the year as comparisons normalize and sales investments ramp.

• Cash and available facilities, alongside expected operating cash generation, are expected to fund operations and capital expenditures for at least 12 months.