Evolv Technologies is like Amazon Go for physical threat detection, using AI to allow people to walk through without stopping while scanning for dangers.

It's akin to Clear, but focused on detecting weapons and explosives rather than just verifying identity, streamlining security at high-traffic venues.

Think of Evolv as the Tesla of security screening, an AI-powered, touchless evolution of traditional metal detectors and X-ray machines.

• Evolv Express: A touchless security screening system designed to detect firearms, improvised explosive devices, and tactical knives as visitors walk through.
• Evolv Insights: A platform providing self-serve access to insights regarding visitor flow, system detection performance, and alarm statistics.
• Evolv Edge: A security screening system that detects various threats, including non-metallic explosive devices, without requiring visitors to divest items from their pockets.

Evolv Technologies (EVLV) sells its artificial intelligence (AI)-based touchless security screening systems primarily to other companies and organizations (B2B) that require high-throughput security screening for visitors. These customers span various sectors, including sports and entertainment, theme parks, education, and corporate/public venues.

Here are some of Evolv Technologies' major customers:

• Six Flags Entertainment Corporation (NYSE: SIX) - A prominent operator of regional theme parks across North America, utilizing Evolv systems at many of its properties.
• Cedar Fair, L.P. (NYSE: FUN) - Another major owner and operator of amusement parks, water parks, and entertainment resorts, with Evolv Express deployed at several locations.
• Wynn Resorts, Limited (NASDAQ: WYNN) - Their luxury resort and casino properties, such as Encore Boston Harbor, utilize Evolv's security systems.
• The Atlanta Braves - The Major League Baseball team (a subsidiary of Liberty Media Corporation, NASDAQ: FWONA, FWONK) uses Evolv Express at Truist Park.
• The Kraft Group - A private conglomerate that owns the New England Patriots and Gillette Stadium, which was an early and significant adopter of Evolv technology.
• Numerous other professional sports teams and their venues, including those in the NFL, NBA, MLB, and NHL (e.g., Milwaukee Bucks at Fiserv Forum, Philadelphia Eagles at Lincoln Financial Field, Los Angeles Rams & Chargers at SoFi Stadium). While many of these teams and stadium operating entities are private, they represent major organizational customers.
• Many K-12 school districts and universities across the United States.
• Various healthcare facilities, corporate campuses, and places of worship.

John Kedzierski, Chief Executive Officer, President, and Director

John Kedzierski has been President and CEO of Evolv Technology since December 2024. He brings extensive experience leading high-growth security and technology businesses, having spent over 23 years at Motorola Solutions, Inc. At Motorola Solutions, he most recently served as Senior Vice President of Global Enterprise Sales and was responsible for leading global sales efforts for all enterprise verticals. Prior to that, he led product management, research and development, sales, and marketing for Motorola Solution's Video Security and Access Control business, where he helped the company become a global leader in physical security.

Chris Kutsor, Chief Financial Officer

Chris Kutsor has been Evolv Technologies' Chief Financial Officer since April 2025. From 2019 through May 2024, he served as Chief Financial Officer and was also appointed Chief Operating Officer in 2022 at Kin + Carta. While at Kin + Carta, Kutsor helped lead the transformation of twelve independent consultancies into an integrated, global technology consulting enterprise and led the sale of the publicly listed company to a private equity firm in 2024. Before joining Kin + Carta, Kutsor spent nearly 25 years at Motorola Solutions in various senior finance roles, including leading investor relations, financial management of a $2 billion global business unit, and managing venture capital investments.

Anil Chitkara, Founder and Chief Growth Officer

Anil Chitkara co-founded Evolv with Michael Ellenbogen in July 2013 and has since served as the Company's Head of Corporate Development, currently holding the title of Chief Growth Officer. Prior to co-founding Evolv, Mr. Chitkara was the Senior Vice President of Market Development for Oco, Inc., a business analytics software provider that was subsequently acquired by Deloitte. He also served as a Vice President of Parametric Technology Corporation.

Michael Ellenbogen, Founder, Chief Innovation Officer

Michael Ellenbogen co-founded Evolv with Anil Chitkara in July 2013 and served as the company's Chief Executive Officer from August 2013 to January 2020. He continues to serve as Chief Innovation Officer and a member of the Board. Before co-founding Evolv, Mr. Ellenbogen was the Founder, President, and Chief Executive Officer of Reveal Imaging Technologies, an X-ray imaging systems company focused on automated explosives detection, which was acquired. He also held the position of Vice President of Research & Development and Business Development at PerkinElmer Detection Systems.

Rachel Roy, General Counsel, Chief Compliance Officer

Rachel Roy serves as General Counsel and Chief Compliance Officer at Evolv Technologies. She has extensive experience building and leading global legal teams in various multinational companies, including VMware, Inc., Sensata Technologies, Publicis Groupe, and Sapient Corporation. Her expertise spans advising on employment, diversity, equity, and inclusion (DEI), and cultural matters.

The key risks for Evolv Technologies (EVLV) are:

1. Regulatory Scrutiny and Product Performance Concerns: Evolv Technologies faces significant risks stemming from regulatory actions and public concerns regarding the performance claims of its AI-powered security screening systems. The Federal Trade Commission (FTC) has taken action against Evolv for allegedly making deceptive claims about its systems' ability to detect all weapons and differentiate them from harmless personal items. Instances have been reported where Evolv Express scanners failed to detect weapons while simultaneously flagging innocent items, leading to high false alarm rates. This has resulted in a proposed FTC settlement order that includes banning unsubstantiated claims and requiring the company to offer certain K-12 school customers the option to cancel their contracts. Furthermore, the U.S. Securities and Exchange Commission (SEC) initiated a non-public, fact-finding inquiry into the company. Such regulatory probes and performance issues can lead to reputational damage, potential litigation, customer churn, and impact the company's growth trajectory.

2. Lack of Sustained Profitability and Persistent Cash Burn: Evolv Technologies has a history of operating losses and an accumulated deficit, reporting net losses of $33.1 million in 2025 and $54.0 million in 2024. Despite a subscription-based revenue model and strong revenue growth, the company faces persistent cash burn with no clear path to achieving sustainable profitability before 2027–2030. This ongoing lack of profitability poses a material risk to the company's financial stability and attractiveness to investors.

3. Material Weaknesses in Internal Controls and Financial Reporting: The company has identified and reported material weaknesses in its internal control over financial reporting, which previously led to restatements of financial statements for multiple prior periods (2022, 2023, and early 2024). Although remediation efforts are ongoing, there is no guarantee of success, and the risk of further issues remains. These control weaknesses create continued financial reporting, regulatory, and reputational risks, and could impact investor confidence and exposure to potential regulatory actions or litigation.

Evolv Technologies (NASDAQ: EVLV) operates within addressable markets driven by the increasing global demand for advanced security screening systems, particularly those leveraging artificial intelligence (AI) and touchless technologies for threat detection.

The company's core products, such as Evolv Express and Evolv Edge, target the detection of firearms, improvised explosive devices (IEDs), and tactical knives. The addressable markets for these solutions, and for Evolv Technologies generally, include:

• Evolv Technologies estimates a large addressable market of approximately 400,000 sites and 700,000 screening thresholds globally.
• The total addressable market for AI weapons/gun/concealed weapon detection, where Evolv is a leader, is forecasted to be between $2 billion and $3 billion by 2030, globally.
• The global concealed weapon detection systems market was valued at USD 0.8 billion in 2024 and is projected to reach USD 2.1 billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 13.28% globally. The U.S. market for these systems was valued at USD 0.25 billion in 2024 and is projected to reach USD 0.67 billion by 2032.
• The global gun detection system market is estimated at USD 1.076 billion in 2026 and is expected to rise to USD 2.395 billion by 2035, experiencing a CAGR of 9.30% globally. North America holds a 45% share of this global market.
• For explosive detection, relevant to products like Evolv Edge, the global explosive detector market size was valued at USD 8.95 billion in 2023 and is anticipated to grow at a CAGR of over 12% between 2024 and 2032. The North American explosive detectors market accounted for over 30% of the revenue share in 2023. Another report indicates the global explosive detector market size was USD 5.97 billion in 2019 and is expected to reach USD 11.10 billion by 2027, growing at a CAGR of 8.2% globally.
• More broadly, the global security screening market, which encompasses Evolv's offerings, is projected to grow from USD 10.0 billion in 2025 to USD 18.4 billion by 2034, expanding at a CAGR of 7.1% globally. North America is expected to lead this market, accounting for approximately 35.0% of the total market revenue in 2025. Another estimate puts the global security screening market at USD 10.9 billion in 2026, projected to reach USD 22.4 billion by 2036 with a CAGR of 7.5%. The U.S. security screening market is forecast to grow at a 7.8% CAGR.

Here are the expected drivers of future revenue growth for Evolv Technologies (EVLV) over the next 2-3 years:

1. Growth in Customer Adoption and Expansion: Evolv Technologies anticipates continued revenue growth through the acquisition of new customers and the expansion of deployments within its existing customer base. The company added over 60 new customers in Q4 2025, increasing its global customer count to over 1,200. This expansion also includes a significant increase in Evolv Express subscriptions.
2. Expansion into New Vertical Markets: The company is actively pursuing growth by penetrating new sectors. Recent examples of this expansion include securing 12 new school districts and 3 universities, as well as significant partnerships in healthcare (e.g., American Hospital Association) and sports venues (e.g., upgrades at TD Garden and Crypto.com Arena).
3. Accelerated Growth in Annual Recurring Revenue (ARR) through Subscription Models: Evolv Technologies is strategically shifting towards a subscription-based "security-as-a-service" model and a direct purchase fulfillment model. This transition is expected to drive a higher mix of recurring revenue and improve financial economics. The company reported ARR of $120.5 million at the end of Q4 2025, a 21% year-over-year increase, and projects ARR to reach $145 million to $150 million by the end of 2026.
4. Launch and Adoption of New Products and Services: The successful launch and increasing adoption of new products, such as the eXpedite AI-based bag screening solution, are expected to contribute to revenue growth. eXpedite has already been adopted by 65 customers, with 16 new customers added in Q4 2025. Management believes this product will lead to higher attach rates, further customer expansion, and increased subscription stickiness.
5. Leveraging a Growing Total Addressable Market and Market Leadership: Evolv Technologies is positioned within a rapidly expanding market for AI-powered security screening, with the total addressable market projected to reach between $2 billion and $3 billion by 2030. The company's AI-powered Express scanner has already screened over 4 billion people worldwide and screens more individuals daily than the TSA, demonstrating significant scale and market penetration that underpins future growth.

• Evolv Technologies Holdings, Inc. had a 3-Year Share Buyback Ratio of -3.80% as of September 2025, which indicates a potential for share issuance rather than repurchases over that period.

• Evolv Technologies went public in 2021 through a merger with a Special Purpose Acquisition Company (SPAC), NewHold Investment Corp., which involved significant share issuance.
• The SPAC merger transaction was anticipated to generate approximately $470 million in proceeds.
• At the close of the SPAC merger, existing Evolv shareholders were projected to own about 71.6% of the fully diluted shares, with PIPE (Private Investment in Public Equity) shareholders holding 17.2%.

• The SPAC merger with NewHold Investment Corp. in 2021 was a significant inbound investment event, expected to bring in around $470 million.
• The PIPE round associated with the SPAC merger included notable investors such as Motorola Solutions, Inc., Magnetar Capital, Eldridge, Senator Investment Group, and UBS O'Connor, as well as individuals like Bill Gates and Peyton Manning.
• Vanguard Group Inc. increased its holdings in Evolv Technologies by 17.1% in the third quarter of 2025, acquiring an additional 1,750,073 shares, bringing their total ownership to 11,981,998 shares valued at approximately $90.46 million.

• In the last 12 months (prior to March 2026), Evolv Technologies reported capital expenditures of approximately -$31.37 million.
• The company's focus on "heavy investment in R&D and market expansion" likely contributes to its capital expenditures.