Evolv Technologies (EVLV) Q4 2025 Earnings
How Did EVLV Stock React to Q4 2025 Earnings?
S&P 500 over the same 30 days: +1.44%.
Did EVLV Beat Earnings? Q4 2025 Results
No. Evolv Technologies reported Q4 2025 earnings of $-0.03 a share on Mar 10, 2026, missing the $-0.02 consensus estimate by 28.8%. Revenue was $38.5M against a $36.4M estimate.
Evolv Technologies delivered a mixed fourth quarter, falling short of Wall Street expectations on both the top and bottom lines as a revenue mix shift weighed on results. Revenue of $38.50 million grew 20.3% year-over-year but came in 11.90% below the $43.70 million consensus, while an adjusted loss of $0.03 per share missed the $0.02 estimate by 50.00%. The primary culprit was a surge in lower-margin product revenue, which jumped to $7.54 million from $1.68 million a year ago, compressing GAAP gross margin to 48.4% from 57.5% and skewing the revenue mix away from the company's higher-margin recurring streams. Notably, the company disclosed a material weakness in internal controls over financial reporting, adding an overhang beyond the headline numbers. Still, adjusted EBITDA turned positive at $1.82 million, and full-year operating cash flow swung to positive $18.67 million from negative $30.85 million. Management raised its 2026 revenue outlook to $172 million to $178 million, reflecting 18-22% growth, and introduced ARR guidance of $145 million to $150 million, signaling confidence in its ongoing shift toward a subscription-weighted model.
- Strong new customer additions (64 new customers in Q4 2025)
- Continued expansion of deployments across existing customer base of 1,200+ customers
- Non-recurring revenue surged 65% YoY driven by product revenue growth
- Recurring revenue grew 25% YoY in Q4, reaching $29.5 million
- Favorable non-cash fair value adjustments on contingent earn-out, contingently issuable common stock, and public warrant liabilities
- Annual recurring revenue of $120.5 million at quarter end, up 21% YoY
“We are pleased to be reporting solid fourth quarter results, which capped a year of significant improvement across the Company.”
Evolv Technologies CEO, on the earnings call
What Was Evolv Technologies's Outlook in Q4 2025?
Evolv raised its 2026 revenue outlook to $172–$178 million, reflecting 18–22% year-over-year growth, up from its prior guidance of $160–$165 million. The company introduced ending ARR guidance of $145–$150 million at December 31, 2026, reflecting 20–25% year-over-year growth. Management expects ARR growth to exceed total revenue growth as changes to the selling model and pricing shift the mix toward more recurring revenue. Approximately 50% of new unit deployments in 2026 are expected under the pure subscription model, with the remaining 50% through the purchase-subscription model. The company expects positive full-year adjusted EBITDA in 2026 with adjusted EBITDA margins in the high single digits.
EVLV YoY Financials
| Metric | Q4 2025 | Q4 2024 | Year over year |
|---|---|---|---|
| Revenue | $38.5M | $32.0M | +20.3% |
| Gross Profit | $18.6M | $19.2M | −2.7% |
| Operating Income | −$8.0M | −$5.5M | +44.5% |
| Net Income | $10.9M | $1.3M | +744.3% |
EVLV Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.