EVLV Evolv Technologies Holdings, Inc.

Overview and Growth

In fiscal 2025, Evolv Technologies Holdings, Inc. recorded $145.91M of revenue, net loss of $33.14M, and an operating cash inflow of $18.67M. Revenue of $145.91M sets the scale for evaluating how effectively sales translated into profit and cash during the year. The top line expanded 40.5% from $103.86M in fiscal 2024, increasing the company’s operating scale. On a per-share basis, diluted EPS was -$0.20, which connects the reported earnings outcome with the company’s diluted share count. The company employed $304.41M of total assets, the balance-sheet base supporting its current operating and cash-flow results. Revenue equaled 0.48x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

The first profit layer was $75.30M of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. Gross profit represented 51.6% of revenue, showing how much of the top line remained after direct costs. The reported operating result was an operating loss of $48.46M, reflecting costs that exceeded gross profit. The operating loss equaled 33.2% of revenue, showing the scale of the operating deficit relative to sales. After all below-operating-line items, the company recorded a net loss of $33.14M for the fiscal year. Net margin was -22.7%, reflecting a loss equal to 22.7% of reported revenue. Before income taxes, the company recorded a loss of $33.08M, bridging the operating result to the final net loss. Measured against revenue, the pretax deficit represented 22.7%. The company recognized $62.00K of income tax for the period, completing the transition from pretax income to net income. The loss-to-equity relationship was 27.7%, placing the bottom-line deficit against shareholder capital. Relative to total assets, the net loss represented 10.9%. The net loss narrowed to $33.14M from $54.02M in fiscal 2024.

Liquidity and Capital Structure

Total assets were $304.41M, supported by $184.99M of liabilities and $119.42M of shareholder equity. Current assets were $151.30M against $122.98M of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. At 1.23x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. Reported cash and equivalents were $49.15M, separating immediately recognizable cash resources from the rest of the current-asset base. Cash and equivalents represented 40.0% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. Total debt was $28.60M, establishing the amount of borrowing carried within the company’s capital structure. The debt-to-equity relationship was 0.24x, showing how much debt the company carried for each unit of book equity. Debt represented 9.4% of total assets, placing borrowing in the context of the company’s full resource base. The equity-to-assets relationship was 39.2%, placing book capital against the total resource base. Relative to total assets, liabilities measured 60.8%, complementing the separate equity-based view of the company’s capital structure. Cash and equivalents equaled 16.1% of total assets, showing the liquid cash component within the company’s broader resource base. Total assets were 13.6% higher than fiscal 2024 assets of $268.06M, measuring the company’s own balance-sheet change. Book equity was 1.5% higher than fiscal 2024 equity of $117.65M, showing how shareholder capital changed year over year. The reported cash balance changed 32.8% from $37.02M in fiscal 2024, ending higher year over year.

Cash Flow and Earnings Quality

Cash flow from operations was $18.67M, a reported cash inflow that can be compared directly with net income and capital spending. Operating cash flow moved from a $30.85M outflow in fiscal 2024 to a $18.67M inflow.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.