Evolv Technologies Holdings, Inc. SEC 10-Q Report

Evolv Technologies Holdings, Inc., a leading provider of security screening solutions, has released its Form 10-Q report for the second quarter of 2025. The report highlights significant financial and operational achievements, driven by increased adoption of its innovative security products and strategic business initiatives.

Financial Highlights

Total Revenue: $32.5 million, marking a 29% increase compared to the prior year period. This growth was primarily driven by the increased adoption of the purchase subscription model and an expanding customer base.

Gross Profit: $16.2 million, representing a 10% increase from the prior year period. The gross profit margin stood at 50%, influenced by a higher revenue base and effective cost management.

Loss from Operations: $(17.5) million, an improvement of 22% from the prior year period, reflecting successful cost reduction measures and efficiency improvements.

Net (Loss) Income: $(40.5) million, a significant decrease from a net income of $3.4 million in the prior year period. This was primarily due to changes in the fair value of contingent liabilities.

Business Highlights

Revenue Segments: The company reported increased utilization of its purchase subscription model, with customers purchasing Evolv Express and Evolv eXpedite systems directly. This shift contributed to a rise in product revenue, although it also led to a decrease in product gross profit margin due to higher initial production costs for new product offerings.

Geographical Performance: While the company has primarily seen product adoption within the United States, there is an expectation of increased adoption in foreign markets as the company explores international expansion opportunities.

Sales Units: The company added 63 new customers in the three months ended June 30, 2025, and 117 new customers in the six months ended June 30, 2025. This growth is attributed to escalating demand for security screening solutions in key vertical markets.

New Product Launches: The company introduced Evolv eXpedite, a high-speed autonomous X-ray bag scanning solution, which works in conjunction with Evolv Express to provide a layered approach to security.

Future Outlook: The company anticipates continued growth in its customer base and expects its products to be adopted across various vertical industry markets and geographic regions. The company is also focused on expanding its international presence and enhancing its product offerings to meet evolving market demands.

SEC Filing: Evolv Technologies Holdings, Inc. [ EVLV ] - 10-Q - Aug. 14, 2025