Evolv Technologies Holdings [EVLV]
Every figure below is traced to a primary filing. Where a figure is derived, the derivation is shown. Nothing is estimated without being labelled an estimate.
| Document | Accession | Filed | Period |
|---|---|---|---|
| 10-K FY2025 | 0001805385-26-000012 | 2026-03-10 | FY ended 2025-12-31 |
| 10-Q Q1 2026 | 0001805385-26-000028 | 2026-05-12 | Q ended 2026-03-31 |
| 8-K + Ex-99.1 (Q1'26 release) | 0001805385-26-000027 | 2026-05-12 | — |
| 10-K FY2024 (the restatement filing) | 0001628280-25-020355 | 2025-04-28 | FY2024 + restated FY2022/FY2023 |
| 10-Q Q3 2024 (filed with the 10-K) | 0001628280-25-020353 | 2025-04-28 | Q ended 2024-09-30 |
| 10-K FY2023 (as originally filed, superseded) | 0001628280-24-008053 | 2024-02-29 | FY2023 |
| 10-K FY2022 (as originally filed, superseded) | 0001628280-23-009178 | 2023-03-24 | FY2022 |
| NT 10-K | — | 2025-03-31 | late-filing notification |
| NT 10-Q | — | 2025-05-15 | late-filing notification |
XBRL: data.sec.gov/api/xbrl/companyfacts/CIK0001805385.json, retrieved 2026-07-29. Latest tagged period
2026-03-31 — recency asserted, not stale.
| FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|
| Revenue | 52,719 | 79,565 | 103,865 | 145,905 |
| (as originally filed) | 55,195 | 80,418 | — | — |
| Gross profit | 1,400 | 31,907 | 59,462 | 75,302 |
| Gross margin | 2.7% | 40.1% | 57.2% | 51.6% |
| R&D | — | — | 23,446 | 20,619 |
| S&M | — | — | 60,637 | 45,626 |
| G&A | — | — | 56,602 | 54,858 |
| Restructuring | — | — | 860 | 2,662 |
| Impairment | — | — | 224 | — |
| Total opex | — | — | 141,769 | 123,765 |
| Operating loss | — | — | (82,307) | (48,463) |
| Interest expense | — | — | — | (1,732) |
| Interest income | — | — | 2,942 | 1,536 |
| Δ FV contingent earn-out | — | — | 16,310 | 12,435 |
| Δ FV contingently issuable stock | — | — | 2,529 | 2,614 |
| Δ FV public warrants | — | — | 6,592 | 435 |
| Total other income, net | — | — | 28,290 | 15,387 |
| Tax | — | — | — | 62 |
| Net loss | (86,795) | (108,048) | (54,017) | (33,138) |
| Basic EPS | (0.60) | (0.72) | (0.34) | (0.20) |
Modelling note — the mark-to-market problem. $15.4m of FY2025's $15.4m "other income" is fair-value remeasurement of earn-out, contingently issuable stock and public warrants. Other income equals the mark-to-market almost exactly. Net loss narrowed from $54.0m to $33.1m largely because these liabilities shrank as the share price fell. Model operating loss, not net loss. The contingent earn-out liability was $374k at 12/31/2025 and zero at 3/31/2026, so this tailwind is now exhausted.
| Q ending | Revenue | Notes |
|---|---|---|
| 2024-03-31 | 22,181 | restated (orig. 21,668) |
| 2024-06-30 | 25,224 | restated (orig. 25,540) |
| 2024-09-30 | 27,360 | |
| 2024-12-31 | 29,100 | derived: FY2024 103,865 − 74,765 |
| 2025-03-31 | 32,007 | |
| 2025-06-30 | 32,544 | |
| 2025-09-30 | 42,850 | |
| 2025-12-31 | 38,504 | derived: FY2025 145,905 − (32,007+32,544+42,850). 10-Ks do not tag Q4 as a discrete period. |
| 2026-03-31 | 46,328 |
Modelling note — the Q4 trap. A TTM built by summing tagged quarterly XBRL periods silently omits Q4 for every calendar-year filer. Q4 2025 must be derived from the annual. The framework's TTM defect (a TTM that skipped Q4 entirely) is live on this name.
| FY2025 | FY2024 | Δ% | GM FY25 | GM FY24 | |
|---|---|---|---|---|---|
| Product | 21,637 | 6,464 | +235% | −12% | −66% |
| Subscription | 83,839 | 65,046 | +29% | 56% | 57% |
| Service | 29,375 | 23,467 | +25% | 71% | 78% |
| License fee and other | 11,054 | 8,888 | +24% | 89% | 93% |
| Total | 145,905 | 103,865 | +40% | 51.6% | 57.2% |
| Q1, $000 | Q1 2026 | Q1 2025 | Δ% |
|---|---|---|---|
| Product | 13,421 | 2,322 | +478% |
| Subscription | 23,148 | 19,237 | +20% |
| Service | 8,589 | 6,730 | +28% |
| License fee and other | 1,170 | 3,718 | −69% |
| Total | 46,328 | 32,007 | +45% |
| Product gross margin | +11.7% | −37.1% | |
| Ex-product revenue | 32,907 | 29,685 | +10.9% |
TTM Q1'26 = FY2025 145,905 − Q1'25 32,007 + Q1'26 46,328 = **160,226**
TTM operating loss = −48,463 + 14,389 − 8,472 = **−42,546** → −26.6% margin.
| Assets | Liabilities & equity | ||
|---|---|---|---|
| Cash and equivalents | 56,081 | Accounts payable | 17,089 |
| Marketable securities | 4,992 | Accrued expenses & other | 30,345 |
| Accounts receivable, net | 42,713 | Deferred revenue, current | 75,314 |
| Inventory | 8,256 | Operating lease liab., current | 3,116 |
| Contract assets, current | 1,199 | Total current liabilities | 125,864 |
| Commission asset, current | 5,644 | Deferred revenue, non-current | 17,036 |
| Prepaid & other current | 33,094 | Long-term debt | 28,665 |
| Total current assets | 151,979 | Operating lease liab., non-current | 10,190 |
| Commission asset, non-current | 7,728 | Contingent earn-out | — |
| PP&E, net (leased units) | 127,839 | Contingently issuable stock | 392 |
| Operating lease ROU | 11,871 | Public warrant liability | 1,818 |
| Other | 5,222 | Total liabilities | 183,965 |
| Total assets | 304,639 | Equity (accum. deficit 392,811) | 120,674 |
Net cash = 56,081 + 4,992 − 28,665 = $32,408k.
Modelling note — three balance-sheet items a screen will get wrong. 1. Long-term debt of $28,665k did not exist before Q3 2025. A net-cash routine calibrated on an older filing returns $61.1m instead of $32.4m — a $28.7m, 3% EV error. Verified here; the screen got it right. 2. PP&E of $127.8m is the leased fleet, not corporate assets. Depreciation on it sits in cost of subscription revenue. Any EBITDA-based multiple is therefore very different from an EBIT-based one on this name, and the two are not interchangeable. 3. $92.4m of deferred revenue is cash already collected. It is why operating cash burn (−$3.2m in Q1'26) is far smaller than the operating loss (−$8.5m).
| Metric | 12/31/2024 | 12/31/2025 | 3/31/2026 | FY2026 guide |
|---|---|---|---|---|
| ARR | $99.4m | $120.5m (+21%) | $127.3m (+20%) | $145–150m (+20–25%) |
| RPO | $266.7m | $293.6m (+13%) | $299.0m | — |
| Revenue | $103.9m | $145.9m (+40%) | — | $175–180m (+20–23%) |
| Adjusted EBITDA | — | — | +$3.9m (Q1) | positive, high-single-digit margin |
| New end-users added | — | 243 | — | — |
| New-unit mix | — | — | — | ~45% pure subscription / ~55% purchase subscription |
This is the central modelling point of the memo. None of ARR, RPO, the recurring/non-recurring split, or the deployment mix is an XBRL-tagged fact. They exist only in narrative MD&A and press-release text. A screen reading
us-gaap:Revenuessees +40% and cannot see +20%. EVLV first disclosed ARR in a periodic filing on 2025-11-13 (Q3 2025 10-Q); before that no ARR series existed at all.
Drive the model off ARR and units, not off revenue:
Do not build a forward DCF as the primary output. Terminal value is ~100% of EV. The reverse DCF in
EVLV_Valuation.md is the primary instrument; a forward DCF here would be an opinion about the terminal
multiple dressed as a valuation.
| Check | Result |
|---|---|
| TTM from four quarters, not last FY | Done. $160.2m, not $145.9m. Using FY2025 would overstate EV/Sales by 10%. |
| Q4 present in the TTM | Done. Q4 2025 derived ($38,504k); not tagged as a discrete period. |
| Filing recency | Pass. Latest XBRL period 2026-03-31; 10-Q filed 2026-05-12. |
| Restated vs original figures | Both captured. FY2022 and FY2023 differ; the restated basis is used throughout and the originals are shown. |
| Net income ÷ shares ≈ filed EPS | Pass. FY2025 $(33,138)k ÷ $(0.20) = 165.7m weighted, between 159.6m opening and 175.4m closing shares. |
| Dual class | N/A. Single class of common; no preferred outstanding. |
| Missing tag → INDETERMINATE, not FAIL | Applied. GrossProfit and all needed tags are present; no criterion was scored off a nan. |