EVLVWHIGH SIGNALFINANCIAL10-K

Evolv Technologies completed a financial restatement process and showed substantial improvement in operating performance with meaningfully higher revenue and reduced losses.

The removal of restatement language and explanatory notes indicates the company has resolved its revenue recognition issues that triggered an investigation in 2024, suggesting improved operational and financial controls. The substantial revenue growth combined with significantly reduced operating losses demonstrates improving business fundamentals, though the company remains unprofitable and faces elevated current liabilities.

Comparing 2026-03-10 vs 2025-04-28View on EDGAR →
FINANCIAL ANALYSIS

The company delivered strong top-line growth with revenue substantially higher year-over-year, while gross profit grew more modestly, indicating some margin pressure. Operating losses were meaningfully reduced despite the revenue expansion, suggesting improved operational efficiency. The balance sheet shows mixed signals with higher cash reserves but increased current liabilities, while inventory declined substantially and capital expenditures were reduced, possibly reflecting better working capital management or constrained investment.

FINANCIAL STATEMENT CHANGES
Inventory
Balance Sheet
-45.1%
$17.0M→$9.3M

Inventory drawn down 45.1% — strong sell-through or deliberate destocking; watch for supply constraints.

Capital Expenditure
Cash Flow
-43.9%
$6.6M→$3.7M

Capex reduced 43.9% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Operating Income
P&L
+41.1%
-$82.3M→-$48.5M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Revenue
P&L
+40.5%
$103.9M→$145.9M

Strong top-line growth of 40.5% — accelerating demand or successful expansion into new markets.

Net Income
P&L
+38.7%
-$54.0M→-$33.1M

Net income grew 38.7% — bottom-line growth signals improving overall business health.

Cash & Equivalents
Balance Sheet
+32.8%
$37.0M→$49.1M

Cash position surged 32.8% — strong cash generation or capital raise providing significant financial cushion.

Current Liabilities
Balance Sheet
+27.2%
$96.7M→$123.0M

Current liabilities rose 27.2% — increased short-term obligations, watch current ratio.

Gross Profit
P&L
+27%
$59.3M→$75.3M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Current Assets
Balance Sheet
+24.6%
$121.4M→$151.3M

Current assets grew 24.6% — improving short-term liquidity or inventory/receivables build.

Total Liabilities
Balance Sheet
+23%
$150.4M→$185.0M

Liabilities increased 23% — monitor debt-to-equity ratio and interest coverage.

LANGUAGE CHANGES
NEW — 2026-03-10
PRIOR — 2025-04-28
ADDED
As of March 3, 2026, the registrant had 179,350,739 shares of Class A common stock, par value $0.0001 per share, outstanding.
BUSINESS Company Overview Evolv Technologies Holdings, Inc., a Delaware corporation formed in 2021 ( we, us, our, the Company and Evolv ) is a leading security technology company pioneering Artificial Intelligence ( AI )-powered screening solutions designed to help create safer environments while maintaining efficient visitor flow and a positive visitor experience.
We serve customers across a range of end markets, including education, healthcare, sports, live entertainment, tourist attractions, houses of worship, and industrial workplaces.
Our goal is to help facility operators address escalating gun violence, mass shootings and terrorist attacks while maintaining a positive visitor experience.
Our solutions are delivered through a Security-as-a-Service model that integrates our proprietary sensor platform and AI-powered software, cloud connectivity, and ongoing services.
We deliver our solutions through two sales models: a pure subscription model and a purchase subscription model, each of which requires both hardware and an active, connected software subscription, as further described in Sales Models .
We believe this integrated approach reflects the full scope of our offering and aligns our long-term interests with those of our customers.
Our hardware platforms are uniquely designed and purpose engineered for real world, high throughput security environments and are the foundational component of our solutions.
Evolv Express and Evolv eXpedite operate exclusively with Evolv s proprietary software and cloud services.
When deployed together, the two products are designed to support improved operational efficiency through better threat identification and alarm performance.
REMOVED
As of April 21, 2025, the registrant had 163,470,325 shares of Class A common stock, par value $0.0001 per share, outstanding.
EXPLANATORY NOTE Introduction As previously announced in the Current Report on Form 8-K filed with the U.S.
Securities and Exchange Commission (the SEC ) on October 25, 2024, the Board of Directors (the Board ) of Evolv Technologies Holdings, Inc.
As a result of these misstatements, the Company is restating certain financial information for the Non-Reliance Periods.
All restated financial information is included in this Annual Report on Form 10-K for the year ended December 31, 2024 (the Form 10-K ), and we have not filed, and do not intend to file, amendments to any of our filings that we have previously filed with the SEC.
Restatement Background In September 2024, an ad hoc committee of independent directors (the Committee ) of the Board, under the direction of the Board, commenced an investigation (the Investigation ) of the Company s sales practices, including whether certain sales of products and subscriptions to channel partners and end users were subject to extra-contractual terms and conditions that impacted revenue recognition and other metrics, and if so, when senior Company personnel became aware of these issues.
As a result of the Investigation, the Committee determined that certain sales, including sales to one of its largest channel partners, were subject to extra-contractual terms and conditions, some of which were not shared with the Company s accounting personnel, and that certain Company personnel engaged in misconduct in connection with those transactions.
Furthermore, these extra-contractual terms and conditions were withheld from the Company s Audit Committee of the Board (the Audit Committee ) and the Company s independent registered public accounting firm, PricewaterhouseCoopers LLP ( PwC ).
The Committee also determined that certain accounting personnel were aware of indications of these extra-contractual terms and conditions during affected periods, and that related allegations were raised internally in July 2024 and known to senior finance and accounting personnel, but that those allegations were not escalated to the Audit Committee or communicated to PwC prior to the filing of the Company s second quarter 2024 financial statements.
As a result of the Investigation, the Board determined that new leadership was critical to moving the Company forward.
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