Evolv Technologies (EVLV) financial statements
Evolv Technologies reported revenue of $146M in fiscal 2025, up 93.5% a year over 5 years.
Net income was -$33M and the operating margin -33.2%, against -19.1% in 2020.
Free cash flow was -$18M.
The diluted share count rose 1785% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Evolv Technologies's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | $5M | $23M | $53M | $80M | $104M | $146M |
| Cost of revenue | $4M | $19M | $51M | $48M | $44M | $71M |
| Gross profit | $1M | $4M | $1M | $32M | $59M | $75M |
| Research and development | $16M | $11M | $19M | $24M | $23M | $21M |
| Selling, general and admin | $9M | $46M | $85M | $97M | $117M | $100M |
| Operating income | -$1M | -$55M | -$103M | -$90M | -$82M | -$48M |
| Interest expense | $316,000 | $6M | $712,000 | $654,000 | $0 | $2M |
| Pre-tax income | -$12M | -$11M | -$87M | -$108M | -$54M | -$33M |
| Income tax | $0 | $0 | $0 | $51,000 | $0 | $62,000 |
| Net income | -$12M | -$11M | -$87M | -$108M | -$54M | -$33M |
| EPS (diluted) | -$3.18 | -$0.15 | -$0.60 | -$0.72 | -$0.34 | -$0.20 |
| Diluted shares | 9M | 72M | 144M | 149M | 157M | 168M |
| Gross margin | 24.6% | 17.2% | 2.7% | 40.1% | 57.2% | 51.6% |
| Operating margin | -19.1% | -236.3% | -195.3% | -113.2% | -79.2% | -33.2% |
| Net margin | -221.4% | -46.5% | -164.6% | -135.8% | -52.0% | -22.7% |
Balance sheet
Fiscal years, from Evolv Technologies's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Cash and short-term investments | $5M | $307M | $230M | $118M | $52M | $69M |
| Receivables | $1M | $6M | $26M | $22M | $28M | $31M |
| Inventory | $2M | $3M | $12M | $10M | $17M | $9M |
| Total current assets | $10M | $331M | $289M | $173M | $121M | $151M |
| Property, plant and equipment | $10M | $24M | $45M | $113M | $124M | $128M |
| Total assets | $22M | $363M | $344M | $297M | $268M | $304M |
| Total current liabilities | $13M | $24M | $59M | $81M | $97M | $123M |
| Long-term debt | $16M | $8M | $20M | $0 | $0 | $29M |
| Total liabilities | $31M | $73M | $118M | $153M | $150M | $185M |
| Shareholders' equity | -$85M | $290M | $227M | $144M | $118M | $119M |
| Net debt | $12M | -$298M | -$200M | -$67M | -$37M | -$21M |
Cash flow
Fiscal years, from Evolv Technologies's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Operating cash flow | -$454,000 | -$57M | -$75M | -$10M | -$31M | $19M |
| Capital spending | $6M | $18M | $24M | $73M | $37M | $37M |
| Free cash flow | -$7M | -$74M | -$99M | -$82M | -$68M | -$18M |
| Stock-based compensation | $2M | $10M | $23M | $24M | $25M | $21M |
| Net borrowing | $14M | $26M | $20M | -$30M | $0 | $26M |
| Free cash flow margin | -124.8% | -317.9% | -187.6% | -103.7% | -65.6% | -12.6% |
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Open EVLV in InvestinglyQuestions
What was Evolv Technologies's revenue in 2025?
$146M in fiscal 2025, from its 10-K filing.
How much free cash flow does Evolv Technologies generate?
-$18M in fiscal 2025 (operating cash flow minus capital spending).
From Evolv Technologies's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.