Evolv Technologies (NASDAQ:EVLV) Issues Quarterly Earnings Results

Evolv Technologies (NASDAQ:EVLV) announced its quarterly earnings data on Tuesday. The company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.02), Zacks reports. The company had revenue of $43.75 million for the quarter, compared to analysts’ expectations of $41.80 million. Evolv Technologies had a negative net margin of 22.75% and a negative return on equity of 33.53%.

Here are the key takeaways from Evolv Technologies’ conference call:

• Evolv reported Q2 revenue of $43.8 million, up 34% year over year, while adjusted EBITDA margin expanded to 10.1% from 6.5% and first-half adjusted EBITDA doubled year over year.
• Customer momentum remained strong, with 70 new customers added—the best quarter in two years—while roughly 60% of unit bookings came from existing customers, net revenue retention stayed above 100%, and RPO increased 4.5% sequentially to $312.6 million.
• Adoption of the broader platform is expanding, with more than 100 Evolv eXpedite customers, growing Gen2 upgrades, and new wins across education, healthcare, sports, entertainment, and Fortune 500 workplaces. The company also began shipping through new manufacturing partner Plexus, which it expects to improve capacity, resiliency, and costs over time.
• Evolv raised its 2026 outlook, forecasting revenue of $180 million-$185 million, ARR of $148 million-$150 million, more than 10,000 deployed units, and adjusted EBITDA of $15 million-$16 million.
• Management expects future year-over-year revenue comparisons to be less favorable as the temporary benefit from its 2025 fulfillment-model change rolls off. The 2026 gross-margin outlook also faces pressure from a higher mix of purchase subscriptions, Gen1 upgrade-related costs, and higher component and supply-chain expenses, while a potential $2 million-$4 million inventory investment remains possible.

Evolv Technologies Price Performance

Shares of Evolv Technologies stock traded down $0.47 during trading hours on Wednesday, reaching $5.56. The company’s stock had a trading volume of 2,800,197 shares, compared to its average volume of 2,737,462. The firm has a 50 day moving average price of $5.82 and a 200-day moving average price of $5.93. Evolv Technologies has a one year low of $4.86 and a one year high of $8.91. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.21 and a quick ratio of 1.14. The stock has a market cap of $1.00 billion, a P/E ratio of -24.17 and a beta of 1.80.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on EVLV shares. Craig Hallum reiterated a “buy” rating and issued a $11.25 price target on shares of Evolv Technologies in a research note on Wednesday. Weiss Ratings raised Evolv Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, July 2nd. TD Cowen reissued a “buy” rating and set a $10.00 price target on shares of Evolv Technologies in a research note on Tuesday, June 9th. Finally, Zacks Research cut Evolv Technologies from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 26th. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $10.06.

Key Stories Impacting Evolv Technologies

Here are the key news stories impacting Evolv Technologies this week:

• Positive Sentiment: Evolv reported second-quarter revenue of $43.75 million, exceeding the approximately $41.8 million analyst consensus. The company’s quarterly loss of $0.05 per share also improved substantially from a $0.25 loss a year earlier. Evolv Technologies Q2 earnings report
• Positive Sentiment: Management raised its fiscal 2026 revenue outlook to $180 million-$185 million, above the roughly $177.3 million consensus estimate. The improved outlook and management’s generally positive earnings-call commentary provide a potential growth catalyst. Evolv Technologies boosts outlook
• Neutral Sentiment: The earnings call highlighted the company’s second-quarter performance and updated outlook, but investors will likely continue monitoring whether revenue growth can translate into sustained profitability. Evolv Technologies Q2 2026 earnings call transcript
• Negative Sentiment: Evolv’s adjusted quarterly loss of $0.05 per share missed the approximately $0.03 analyst estimate cited by MarketBeat. The company also remains unprofitable, with a reported negative net margin and negative return on equity, which may have outweighed the revenue beat in the market’s initial reaction. Evolv Technologies earnings results

Institutional Investors Weigh In On Evolv Technologies

Large investors have recently added to or reduced their stakes in the stock. Stoic Point Capital Management LLC purchased a new position in shares of Evolv Technologies in the 4th quarter worth approximately $40,724,000. Millennium Management LLC increased its position in Evolv Technologies by 194.6% during the third quarter. Millennium Management LLC now owns 4,187,604 shares of the company’s stock valued at $31,616,000 after acquiring an additional 2,766,335 shares during the last quarter. Geode Capital Management LLC increased its position in Evolv Technologies by 17.9% during the fourth quarter. Geode Capital Management LLC now owns 3,680,421 shares of the company’s stock valued at $26,357,000 after acquiring an additional 557,703 shares during the last quarter. State Street Corp raised its stake in shares of Evolv Technologies by 19.3% in the fourth quarter. State Street Corp now owns 3,318,905 shares of the company’s stock valued at $23,763,000 after acquiring an additional 537,215 shares during the period. Finally, Two Sigma Investments LP lifted its holdings in shares of Evolv Technologies by 88.3% in the 3rd quarter. Two Sigma Investments LP now owns 2,788,704 shares of the company’s stock worth $21,055,000 after acquiring an additional 1,307,955 shares during the last quarter. 66.65% of the stock is owned by institutional investors.

About Evolv Technologies

Evolv Technologies, Inc is a publicly traded American security technology company that develops and markets AI-driven weapons detection and screening solutions. The company’s proprietary platform combines advanced sensors, computer vision software and machine learning algorithms to identify potential threats—such as firearms and knives—while minimizing false positives and preserving high throughput. Evolv’s systems are designed to replace or supplement traditional metal detectors and manual bag checks in high-traffic venues.

The company’s flagship product, Evolv Express, integrates seamlessly into existing security checkpoints, allowing guests to pass through without stopping or emptying their pockets.