AI Earnings Predictions for Evolv Technologies Holdings Inc. (EVLV)

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Exhibit 99.1

Evolv Technology Reports Second Quarter Financial Results

— Company Adds 70 New Customers —

— Company Raises Growth Estimates for 2026 —

•Q2'26 Revenue of $43.8 million, up 34% year-over-year

•Q2'26 Ending ARR1 of $132.7 million, up 20% year-over-year

•Q2'26 Net Loss of $(9.3) million, with Net Profit Margin of (21.3)%

•Q2'26 Adjusted EBITDA2 of $4.4 million, with Adjusted EBITDA Margin2 of 10.1%

•Q2'26 Ending Cash, Cash Equivalents, Marketable Securities, and Restricted Cash of $63.4 million, up $2.3 million sequentially

•Q2'26 Remaining Performance Obligation of $312.6 million, up $13.6 million sequentially

Waltham, Massachusetts – August 11, 2026 – Evolv Technologies Holdings, Inc. (NASDAQ: EVLV), a leading security technology company pioneering AI-powered screening solutions designed to help create safer experiences, today announced financial results for the quarter ended June 30, 2026.

"Our strong second quarter results were highlighted by the addition of 70 new customers, accelerating adoption of Evolv eXpedite, and further strengthening of our renewal trends," said John Kedzierski, President and Chief Executive Officer of Evolv Technology. "Demand for our AI-powered weapons screening solutions continues to grow as organizations increasingly prioritize public safety while seeking security solutions that reduce friction and improve the visitor experience. We believe we remain in the early stages of a significant growth opportunity and are encouraged by the range of customers, markets and geographies adopting our technology."

Results for the Second Quarter of 2026

Total revenue for the second quarter of 2026 was $43.8 million, an increase of 34% compared to $32.5 million for the second quarter of 2025. Annual Recurring Revenue (“ARR”)1 was $132.7 million at the end of second quarter of 2026, an increase of 20% compared to $110.5 million at the end of the second quarter of 2025. Net loss for the second quarter of 2026 was $(9.3) million, or $(0.05) per basic and diluted share, compared to net loss of $(40.5) million, or $(0.25) per basic and diluted share, in the second quarter of 2025. Adjusted loss2 for the second quarter of 2026 was $(3.1) million, or $(0.02) per diluted share, compared to adjusted loss2 of $(4.7) million, or $(0.03) per diluted share, for the second quarter of 2025. Adjusted EBITDA2 for the second quarter of 2026 was $4.4 million compared to $2.1 million in the second quarter of 2025. As of June 30, 2026, the Company had cash, cash equivalents, marketable securities, and restricted cash of $63.4 million.

Results for the First Six Months of 2026

Total revenue for the six months ended June 30, 2026 was $90.1 million, an increase of 40% compared to $64.6 million for the six months ended June 30, 2025. Net loss for the six months ended June 30, 2026 was $(14.3) million, or $(0.08) per basic and diluted share, compared to $(42.2) million, or $(0.26) per basic and diluted share, in the six months ended

June 30, 2025. Adjusted earnings (loss)2 for the six months ended June 30, 2026 was $(6.4) million, or $(0.04) per diluted share, compared to adjusted earnings (loss)2 of $(8.0) million, or $(0.05) per diluted share, for the six months ended June 30, 2025. Adjusted EBITDA2 for the six months ended June 30, 2026 was $8.4 million compared to $4.2 million in the six months ended June 30, 2025.

Company Raises Outlook for 2026

The Company today commented on its business outlook for 2026. The Company's outlook is based on the current indications for its business, which may change at any time. The Company expects total revenues in 2026 to be between $180 to $185 million, reflecting growth of approximately 23% to 27% year-over-year. The Company expects ending ARR at December 31, 2026 to increase to approximately $148 to $150 million, reflecting growth of approximately 23% to 25% year-over-year. The Company expects Adjusted EBITDA2 in 2026 to be between $15 to $16 million with Adjusted EBITDA2 margins in the high single digits. The Company now expects approximately 60% of new unit deployments in 2026 to be delivered under its purchase subscription model (compared to its prior expectation of approximately 55%), with the remaining 40% deployed through its pure subscription model. As expected under the purchase subscription model, a higher purchase subscription mix increases revenue recognition in the early years of a typical four year customer contract and creates a modest near-term headwind to reported gross margin percentage as associated hardware costs are recognized upfront.

Estimate

Issued May 12, 2026

Issued August 11, 2026

Total Revenue (Millions)

$175-$180

$180-$185

Ending ARR1 at 12/31/26 (Millions)

$145-$150

$148-$150

Adjusted EBITDA2 (Millions)

n/a

$15-$16

Adjusted EBITDA Margin2

High Single Digits

High Single Digits

"Our second quarter performance and upwardly revised outlook for 2026 r

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Exhibit 99.1

Evolv Technology Reports First Quarter Financial Results

— Company Raises Outlook for 2026 —

•Q1'26 Revenue of $46.3 million, up 45% year-over-year

•Q1'26 Ending ARR1 of $127.3 million, up 20% year-over-year

•Q1'26 Net Loss of $(5.0) million, with Net Profit Margin of (10.8)%

•Q1'26 Adjusted EBITDA2 of $3.9 million, with Adjusted EBITDA Margin2 of 8.5%

Waltham, Massachusetts – May 12, 2026 – Evolv Technologies Holdings, Inc (NASDAQ: EVLV), a leading security technology company pioneering AI-based solutions designed to help create safer experiences, today announced financial results for the quarter ended March 31, 2026.

“Our first quarter results reflect our progress in building a disciplined and predictable business,” said John Kedzierski, President and Chief Executive Officer of Evolv Technology. “Revenue growth during the quarter was driven by new customer acquisition, expanding deployments within our installed base, and growing adoption of our newest product — Evolv eXpedite. Looking ahead, we remain focused on scaling the business and delivering weapon screening in complex, real-world environments across the growing customer base we are serving—helping make the world a better place to live, learn, work, and play.”

Results for the First Quarter of 2026

Total revenue for the first quarter of 2026 was $46.3 million, an increase of 45% compared to $32.0 million for the first quarter of 2025. Revenue for the first quarter of 2026 was primarily driven by strong new customer additions and continued expansion of deployments across the existing customer base. Annual Recurring Revenue (“ARR”)1 was $127.3 million at the end of first quarter of 2026, an increase of 20% compared to $106.0 million at the end of the first quarter of 2025. Net loss for the first quarter of 2026 was $(5.0) million, or $(0.03) per basic and diluted share, compared to net loss of $(1.7) million, or $(0.01) per basic and diluted share, in the first quarter of 2025. Adjusted loss2 for the first quarter of 2026 was $(3.3) million, or $(0.02) per diluted share, compared to adjusted loss2 of $(3.4) million, or $(0.02) per diluted share, for the first quarter of 2025. Adjusted EBITDA2 for the first quarter of 2026 was $3.9 million compared to $2.1 million in the first quarter of 2025. As of March 31, 2026, the Company had cash, cash equivalents and marketable securities of $61.1 million.

The following table summarizes the breakdown of recurring and non-recurring revenue3 for each period presented:

Three Months Ended March 31,

2026

2025

% Change

Recurring revenue

$

31,176

$

25,753

21

%

Non-recurring revenue

15,152

6,254

142

%

Total revenue

$

46,328

$

32,007

45

%

The following table summarizes operating cash flows for each period presented:

Three Months Ended March 31,

2026

2025

Net loss

$

(5,009)

$

(1,689)

Adjustments to reconcile net loss to net cash used in operating activities

9,604

(1,082)

Changes in operating assets and liabilities

(7,774)

232

Net cash used in operating activities

$

(3,179)

$

(2,539)

Company Comments on Outlook for 2026

The Company today commented on its business outlook for 2026. The Company's outlook is based on the current indications for its business, which may change at any time. The Company expects total revenues in 2026 to be between $175 to $180 million, reflecting growth of approximately 20% to 23% year-over-year. The Company expects ending ARR at December 31, 2026 to increase to approximately $145 to $150 million, reflecting growth of approximately 20% to 25% year-over-year. The Company currently expects approximately 45% of the Company’s new unit deployments in 2026 to be delivered under the Company’s pure subscription model, with the remaining 55% deployed through the Company’s purchase‑subscription model. The Company expects to deliver positive full year Adjusted EBITDA1 in 2026 with Adjusted EBITDA1 margins in the high single digits.

Estimate

Issued March 10, 2026

Issued May 12, 2026

Total Revenue (Millions)

$172-$178

$175-$180

Ending ARR at 12/31/26 (Millions)

$145-$150

No Change

Adjusted EBITDA Margin2

High Single Digits

No Change

Company to Host Live Conference Call and Webcast

The Company’s management team plans to host a live conference call and webcast at 4:30 p.m. Eastern Time today to discuss the financial results as well as management’s outlook for the business. The conference call will be webcast live at http://ir.evolvtechnology.com.

About Evolv Technology

Evolv Technologies Holdings, Inc (NASDAQ: EVLV) is designed to transform human security to make a safer, faster, and better experience for the world’s most iconic venues and companies as well as schools, hospitals, and public spaces, using industry leading artificial intelligence (AI)-powered screening and analytics. Its mission is to transform security to create a safer world to live, work, learn, and play

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Exhibit 99.1

Evolv Technology Reports Fourth Quarter Financial Results

— Company Raises Outlook for 2026 —

•Q4'25 Revenue of $38.5 million, up 32% year-over-year

•Q4'25 Ending ARR1 of $120.5 million, up 21% year-over-year

•Q4'25 Net Income of $10.9 million, with Net Profit Margin of 28%

•Q4'25 Adjusted EBITDA2 of $1.8 million, with Adjusted EBITDA Margin2 of 5%

•Q4'25 Ending Cash, Cash Equivalents and Marketable Securities of $69.0 million, up $12.8 million sequentially

Waltham, Massachusetts – March 10, 2026 – Evolv Technologies Holdings, Inc (NASDAQ: EVLV), a leading security technology company pioneering AI-based solutions designed to help create safer experiences, today announced financial results for the year ended December 31, 2025.

“We are pleased to be reporting solid fourth quarter results, which capped a year of significant improvement across the Company,” said John Kedzierski, President and Chief Executive Officer of Evolv Technology. ”We continue to deliver advanced weapons screening capabilities at scale for more than 1,200 customers worldwide through a tightly integrated platform that combines proprietary hardware, real‑world visitor data sets, and AI‑driven software, delivered via long‑term subscriptions that foster durable customer relationships and high‑quality recurring revenue. Looking ahead, we believe AI‑based weapons screening will continue to become increasingly prevalent, and we look forward to capitalizing on this still‑nascent market opportunity to help make the world a safer place to live, work, learn, and play."

Results for the Fourth Quarter of 2025

Total revenue for the fourth quarter of 2025 was $38.5 million, an increase of 32% compared to $29.1 million for the fourth quarter of 2024. Revenue for the fourth quarter of 2025 was primarily driven by strong new customer additions and continued expansion of deployments across the existing customer base. Annual Recurring Revenue (“ARR”)1 was $120.5 million at the end of fourth quarter of 2025, an increase of 21% compared to $99.4 million at the end of the fourth quarter of 2024. Net income for the fourth quarter of 2025 was $10.9 million, or $0.06 per basic share and $0.06 per diluted share, compared to net loss of $(15.7) million, or $(0.10) per basic and diluted share, in the fourth quarter of 2024. Adjusted earnings (loss)2 for the fourth quarter of 2025 was $(5.3) million, or $(0.03) per diluted share, compared to adjusted earnings (loss)2 of $(4.4) million, or $(0.03) per diluted share, for the fourth quarter of 2024. Adjusted EBITDA2 for the fourth quarter of 2025 was $1.8 million compared to $0.4 million in the fourth quarter of 2024. As of December 31, 2025, the Company had cash, cash equivalents and marketable securities of $69.0 million.

Results for 2025

Total revenue for the twelve months ended December 31, 2025 was $145.9 million, an increase of 40% compared to $103.9 million for the twelve months ended December 31, 2024. Net loss for the twelve months ended December 31, 2025 was $(33.1) million, or $(0.20) per basic and diluted share, compared to $(54.0) million, or $(0.34) per basic and diluted share, in the twelve months ended December 31, 2024. Adjusted earnings (loss)2 for the twelve months ended

December 31, 2025 was $(16.8) million, or $(0.10) per diluted share, compared to adjusted earnings (loss)2 of $(35.3) million, or $(0.23) per diluted share, for the twelve months ended December 31, 2024. Adjusted EBITDA2 for the twelve months ended December 31, 2025 was $11.1 million compared to $(21.0) million in the twelve months ended December 31, 2024.

The following table summarizes the breakdown of recurring and non-recurring revenue3 for each period presented:

Three Months Ended December 31,

Twelve Months Ended December 31,

2025

2024

% Change

2025

2024

% Change

Recurring revenue

$

29,547

$

23,678

25

%

$

112,098

$

87,419

28

%

Non-recurring revenue

8,957

5,422

65

%

33,807

16,446

106

%

Total revenue

$

38,504

$

29,100

32

%

$

145,905

$

103,865

40

%

The following table summarizes operating cash flows for each period presented:

Twelve Months Ended December 31,

2025

2024

Net loss

$

(33,138)

$

(54,017)

Adjustments to reconcile net loss to net cash provided by operating activities

38,542

22,504

Changes in operating assets and liabilities

13,265

660

Net cash provided by (used in) operating activities

$

18,669

$

(30,853)

Company Comments on Outlook for 2026

The Company today commented on its business outlook for 2026. The Company's outlook is based on the current indications for its business, which may change at any time. The Company expects total revenues in 2026 to be between $172 to $178 million, reflecting growth of approximately 18% to 22% year-over-year. The Company expects ending ARR at December 31, 2026 to increase to approximately $145 to $150 million, reflecting growth of approximately

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Exhibit 99.1

Evolv Technology Reports Third Quarter Financial Results

— Company Raises Revenue Outlook for 2025 to $142-$145 Million, up 37%-40% Year-Over-Year —

•Q3'25 Revenue of $42.9 million, up 57% year-over-year

•Q3'25 Ending ARR1 of $117.2 million, up 25% year-over-year

•Q3'25 Net Loss of $(1.8) million, with Net Profit Margin of (4)%

•Q3'25 Adjusted EBITDA2 of $5.1 million, with Adjusted EBITDA Margin2 of 12%

Waltham, Massachusetts – November 13, 2025 – Evolv Technologies Holdings, Inc (NASDAQ: EVLV), a leading security technology company pioneering AI-based solutions designed to help create safer experiences, today announced financial results for the quarter ended September 30, 2025.

“We made meaningful progress across many key measures of the business in the third quarter—including subscribers, revenue, and annual recurring revenue, as well as important indicators of profitability and liquidity,” said John Kedzierski, President and Chief Executive Officer of Evolv Technology. “Through strong new customer acquisition and expanding deployments with existing customers, we continue to deliver real-world impact at scale—screening millions of visitors every day across over 1,000 customers. Looking ahead, we’re encouraged by the growing demand for our solutions and are confident in our ability to close the year with momentum as we advance on our goal of building a high-growth, profitable, and cash-generative business.”

Results for the Third Quarter of 2025

Total revenue for the third quarter of 2025 was $42.9 million, an increase of 57% compared to $27.4 million for the third quarter of 2024. Revenue for the third quarter of 2025 was primarily driven by strong new customer additions and continued expansion of deployments across the existing customer base. Revenue for the period also reflected certain notable items that contributed approximately $7.5 million from the following: (i) approximately $3.0 million of revenue (primarily product revenue) associated with the largest customer order in the Company’s history; (ii) approximately $3.0 million attributable to IP license fees and other revenue associated with the Company’s distribution fulfillment model which is being phased out; and (iii) approximately $1.5 million from short-term rental agreements that concluded in the period. Annual Recurring Revenue (“ARR”)1 was $117.2 million at the end of third quarter of 2025, an increase of 25% compared to $93.7 million at the end of the third quarter of 2024. Net loss for the third quarter of 2025 was $(1.8) million, or $(0.01) per basic and diluted share, compared to $(30.4) million, or $(0.19) per basic and diluted share, in the third quarter of 2024. Adjusted earnings (loss)2 for the third quarter of 2025 was $(3.4) million, or $(0.02) per diluted share, compared to adjusted earnings (loss)2 of $(6.9) million, or $(0.04) per diluted share (as restated), for the third quarter of 2024. Adjusted EBITDA2 for the third quarter of 2025 was $5.1 million compared to $(3.0) million in the third quarter of 2024. As of September 30, 2025, the Company had cash, cash equivalents and marketable securities of $56.2 million.

Results for the First Nine Months of 2025

Total revenue for the nine months ended September 30, 2025 was $107.4 million, an increase of 44% compared to $74.8 million for the nine months ended September 30, 2024. Net loss for the nine months ended September 30, 2025 was $(44.0) million, or $(0.26) per basic and diluted share, compared to $(38.3) million, or $(0.25) per basic and diluted share, in the nine months ended September 30, 2024. Adjusted earnings (loss)2 for the nine months ended September 30, 2025 was $(11.5) million, or $(0.07) per diluted share, compared to adjusted earnings (loss)2 of $(30.8) million, or $(0.20) per diluted share, for the nine months ended September 30, 2024. Adjusted EBITDA2 for the nine months ended September 30, 2025 was $9.3 million compared to $(21.3) million in the nine months ended September 30, 2024.

The following table summarizes the breakdown of recurring and non-recurring revenue3 for each period presented:

Three Months Ended September 30,Nine Months Ended September 30,

20252024% Change20252024% Change

Recurring revenue$30,120 $23,764 27 %$82,551 $63,741 30 %

Non-recurring revenue12,730 3,596 254 %24,850 11,024 125 %

Total revenue$42,850 $27,360 57 %$107,401 $74,765 44 %

The following table summarizes operating cash flows for each period presented:

Nine Months Ended September 30,

20252024

Net loss$(44,020)$(38,297)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities44,660 15,634

Changes in operating assets and liabilities2,458 (11,394)

Net cash provided by (used in) operating activities$3,098 $(34,057)

Company Comments on Outlook for 2025

The Company today commented on its business outlook for 2025. The Company's outlook is based on the current indic

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Exhibit 99.1

Evolv Technology Reports Second Quarter Financial Results

— Company Raises Revenue Growth Outlook for 2025 to 27%-30% —

•Q2'25 Revenue of $32.5 million, up 29% year-over-year

•Q2'25 Ending ARR1 of $110.5 million, up 27% year-over-year

•Q2'25 Net Loss of $(40.5) million, with Net Profit Margin of (125)%

•Q2'25 Adjusted EBITDA2 of $2.0 million, with Adjusted EBITDA Margin2 of 6%

•Q2'25 Cash Flow from Operations of $2.1 million vs. $(21.6) million in Q2'24

Waltham, Massachusetts – August 14, 2025 – Evolv Technologies Holdings, Inc (NASDAQ: EVLV), a leading security technology company pioneering AI-based solutions designed to help create safer experiences, today announced financial results for the quarter ended June 30, 2025.

“Our second quarter results were marked by strong revenue growth, continued customer acquisition and expansion, and improved visibility that positions us well as we evolve into a more predictable and scalable business," said John Kedzierski, President and Chief Executive Officer of Evolv Technology. "We believe that surpassing 1,000 customers served—and having screened over 3 billion visitors to date—reflects the market’s growing trust in our solutions. Looking ahead, we’re encouraged by the opportunity in the AI-based security screening market and remain focused on delivering consistent, high-quality performance.”

Results for the Second Quarter of 2025

Total revenue for the second quarter of 2025 was $32.5 million, an increase of 29% compared to $25.2 million (as restated) for the second quarter of 2024. Annual Recurring Revenue (“ARR”)1 was $110.5 million at the end of second quarter of 2025, an increase of 27% compared to $87.0 million (as restated) at the end of the second quarter of 2024. Net loss for the second quarter of 2025 was $(40.5) million, or $(0.25) per basic and diluted share, compared to net income of $3.4 million (as restated), or $0.02 per basic and diluted share, in the second quarter of 2024. Adjusted earnings (loss)2 for the second quarter of 2025 was $(3.4) million, or $(0.02) per diluted share, compared to adjusted earnings (loss)2 of $(11.2) million (as restated), or $(0.07) per diluted share (as restated), for the second quarter of 2024. Adjusted EBITDA2 for the second quarter of 2025 was $2.0 million compared to $(8.0) million (as restated) in the second quarter of 2024. As of June 30, 2025, the Company had cash, cash equivalents and marketable securities of $36.9 million and no debt.

Results for the First Six Months of 2025

Total revenue for the six months ended June 30, 2025 was $64.6 million, an increase of 36% compared to $47.4 million (as restated) for the six months ended June 30, 2024. Net loss for the six months ended June 30, 2025 was $(42.2) million, or $(0.26) per basic and diluted share, compared to $(7.9) million (as restated), or $(0.05) per basic and diluted share, in the six months ended June 30, 2024. Adjusted earnings (loss)2 for the six months ended June 30, 2025 was $(6.8) million, or $(0.04) per diluted share, compared to adjusted earnings (loss)2 of $(23.9) million (as restated), or $(0.15) per diluted share (as restated), for the six months ended June 30, 2024. Adjusted EBITDA2 for the six months ended June 30, 2025 was $3.8 million compared to $(18.3) million (as restated) in the six months ended June 30, 2024.

The following table summarizes the breakdown of recurring and non-recurring revenue3 for each period presented:

Three Months Ended June 30,Six Months Ended June 30,

20252024% Change20252024% Change

(Restated) (Restated)

Recurring revenue$26,678 $21,016 27 %$52,431 $39,977 31 %

Non-recurring revenue5,866 4,208 39 %12,120 7,428 63 %

Total revenue$32,544 $25,224 29 %$64,551 $47,405 36 %

The following table summarizes operating cash flows for each period presented:

Six Months Ended June 30,

20252024

(Restated)

Net loss$(42,224)$(7,854)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities37,361 (10,672)

Changes in operating assets and liabilities4,437 (19,206)

Net cash used in operating activities$(426)$(37,732)

Company Comments on Outlook for 2025

The Company today commented on its business outlook for 2025. The Company's outlook is based on the current indications for its business, which may change at any time. The Company expects total revenues in 2025 to be between $132 to $135 million, reflecting growth of 27% to 30% compared to 2024. The Company believes that this revenue growth, coupled with a focus on operational efficiency, will drive improved profitability and cash flow. The Company expects to deliver positive full year Adjusted EBITDA1 in 2025 with Adjusted EBITDA1 margins in the mid-single digits. The Company expects to be cash flow positive in the fourth quarter of 2025.

Estimate Issued May 20, 2025

Issued August 14, 2025

Total Revenue (Millions) $125-$130$132-$135

Total Revenue Growth

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Exhibit 99.1

Evolv Technology Reports First Quarter Financial Results

— Company Surpasses 6,600 Total Subscriptions —

— Company Expects Revenue Growth of 20%-25% with Positive Full Year Adjusted EBITDA in 2025 —

•Q1'25 Revenue of $32.0 million, up 44% year-over-year

•Q1'25 Ending ARR1 of $106.0 million, up 34% year-over-year

•Q1'25 Net Loss of $(1.7) million, compared to $(11.3) million in Q1'24

•Q1'25 Net Profit Margin of (5)%, compared to (51)% in Q1'24

•Q1'25 Adjusted EBITDA1 of $1.7 million, with Adjusted EBITDA Margin1 of 5%

Waltham, Massachusetts – May 20, 2025 – Evolv Technologies Holdings, Inc (NASDAQ: EVLV), a leading security technology company pioneering AI-based solutions designed to help create safer experiences, today announced financial results for the quarter ended March 31, 2025.

“I am pleased with our solid first quarter results and the foundation we’re building for continued growth and operational excellence,” said John Kedzierski, President and Chief Executive Officer of Evolv Technology. “This performance represents a meaningful step in rebuilding a consistent track record of execution.”

Results for the First Quarter of 2025

Total revenue for the first quarter of 2025 was $32.0 million, an increase of 44% compared to $22.2 million (as restated) for the first quarter of 2024. Annual Recurring Revenue (“ARR”)2 was $106.0 million at the end of first quarter of 2025, an increase of 34% compared to $79.2 million (as restated) at the end of the first quarter of 2024. Net loss for the first quarter of 2025 was $(1.7) million, or $(0.01) per basic and diluted share, compared to net loss of $(11.3) million (as restated), or $(0.07) per basic and diluted share (as restated), in the first quarter of 2024. Adjusted earnings (loss)1 for the first quarter of 2025 was $(3.4) million, or $(0.02) per diluted share, compared to adjusted earnings (loss)1 of $(12.7) million (as restated), or $(0.08) per diluted share (as restated), for the first quarter of 2024. Adjusted EBITDA1 for the first quarter of 2025 was $1.7 million compared to $(10.4) million (as restated) in the first quarter of 2024. As of March 31, 2025, the Company had cash, cash equivalents and marketable securities of $35.0 million and no debt.

The following table summarizes the breakdown of recurring and non-recurring revenue3 for each period presented:

Three Months Ended March 31,

20252024% Change

(Restated)

Recurring revenue$25,753 $18,961 36 %

Non-recurring revenue6,254 3,220 94 %

Total revenue$32,007 $22,181 44 %

The following table summarizes operating cash flows for each period presented:

Three Months Ended March 31,

20252024

(Restated)

Net loss$(1,689)$(11,272)

Non-cash expense(1,082)1,656

Changes in operating assets and liabilities232 (6,535)

Net cash used in operating activities$(2,539)$(16,151)

Company Comments on Outlook for 2025

The Company today commented on its business outlook for 2025. The Company's outlook is based on the current indications for its business, which may change at any time. The Company expects total revenues in 2025 to be between $125 to $130 million, reflecting growth of 20% to 25% compared to 2024. The Company believes that this revenue growth, coupled with a focus on operational efficiency, will drive improved profitability and cash flow. To further strengthen its operations, the Company plans to make near-term investments of approximately $2 million in 2025 in systems and processes to enhance internal controls and drive efficiencies. Inclusive of these investments, the Company expects to deliver positive full year Adjusted EBITDA1 in 2025 with Adjusted EBITDA1 margins in the low to mid-single digits. The Company expects to deliver positive free cash flow in the fourth quarter of 2025.

Company to Host Live Conference Call and Webcast

The Company’s management team plans to host a live conference call and webcast at 4:30 p.m. Eastern Time today to discuss the financial results as well as management’s outlook for the business. The conference call will be webcast live at http://ir.evolvtechnology.com.

About Evolv Technology

Evolv Technologies Holdings, Inc (NASDAQ: EVLV) is designed to transform human security to make a safer, faster, and better experience for the world’s most iconic venues and companies as well as schools, hospitals, and public spaces, using industry leading artificial intelligence (AI)-powered screening and analytics. Its mission is to transform security to create a safer world to live, work, learn, and play. Evolv has digitally transformed the gateways in many places where people gather by enabling seamless integration combined with powerful analytics and insights. Evolv’s advanced systems have scanned more than two billion people since 2019. Evolv has been awarded the U.S. Department of Homeland Security (DHS) SAFETY Act Designation as a Qualified Anti-Terrorism Technology (QATT) as well as the S

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Exhibit 99.1

Evolv Technology Completes Restatement of Previously Issued Financial Statements

and Reports Third Quarter, Fourth Quarter and Full Year 2024 Financial Results

— Company Regains Compliance with SEC Reporting and NASDAQ Listing Requirements —

— Company Achieves Positive Adjusted EBITDA1 in Q4'24 —

•Q4'24 Revenue of $29.1 million, up 41% year-over-year

•Q4'24 Ending ARR2 of $99.4 million, up 39% year-over-year

•Q4'24 Adjusted EBITDA of $0.4 million

•Q4'24 Ending RPO3 of $266.7 million

Waltham, Massachusetts – April 28, 2025 – Evolv Technologies Holdings, Inc (NASDAQ: EVLV), a leading security technology company pioneering AI-based solutions designed to help create safer experiences, today announced financial results for the quarter and year ended December 31, 2024 and the filing of its 2024 Annual Report on Form 10-K with the U.S. Securities and Exchange Commission ("SEC"). The Company concurrently filed with the SEC its Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, and restated financial results for the periods from the second quarter of 2022 through the second quarter of 2024. The restatements correct inaccurate accounting for certain sales transactions that led to premature or incorrectly recognized revenue. The errors resulted in premature or incorrect recognition of approximately $3.1 million of revenue on a net basis from the second quarter of 2022 through the second quarter of 2024 (considering revenue prematurely recognized but offset by amounts appropriately recognized in subsequent periods).

“Completing this restatement—which brings the Company back into full compliance with SEC reporting and Nasdaq listing requirements—marks an important milestone in our ongoing work to rebuild stakeholder confidence,” said John Kedzierski, President and Chief Executive Officer of Evolv Technology, Inc. “Looking ahead, we are focused on prioritizing disciplined execution, transparent communication, and an unwavering commitment to best-in-class compliance. With both the restatement and the FTC resolution now firmly behind us and having achieved our long-standing profitability goals six months ahead of schedule, we believe we are well-positioned as we enter our next phase of growth. We are poised to lead the transformation of the security technology landscape—making the world a safer place where people can live, work, learn, and play.”

Results for the Third Quarter of 2024

Total revenue for the third quarter of 2024 was $27.4 million, an increase of 37% compared to $20.0 million (as restated) for the third quarter of 2023. Annual Recurring Revenue (“ARR”)2 was $93.7 million at the end of third quarter of 2024, an increase of 46% compared to $64.4 million (as restated) at the end of the third quarter of 2023. Net loss for the third quarter of 2024 was $(30.4) million, or $(0.19) per basic and diluted share, compared to net income of $5.0 million (as restated), or $0.03 (as restated) per basic and diluted share, in the third quarter of 2023. Adjusted earnings (loss)1 for the third quarter of 2024 was $(6.9) million, or $(0.04) per diluted share, compared to adjusted earnings (loss)1 of $(12.4) million (as restated), or $(0.08) per diluted share, for the third quarter of 2023. Adjusted EBITDA1 for the third quarter of 2024 was $(3.0) million compared to $(11.6) million (as restated) in the third quarter of 2023. As of September 30, 2024, the Company had cash, cash equivalents, marketable securities, and restricted cash of $56.3 million and no debt.

Total revenue for the nine months ended September 30, 2024 was $74.8 million, an increase of 27% compared to $59.0 million (as restated) for the nine months ended September 30, 2023. Net loss for the nine months ended September 30, 2024 was $(38.3) million, or $(0.25) per basic and diluted share, compared to $(90.9) million (as restated), or $(0.61) (as restated) per basic and diluted share, in the nine months ended September 30, 2023. Adjusted earnings (loss)1 for the nine months ended September 30, 2024 was $(30.8) million, or $(0.20) per diluted share, compared to adjusted earnings (loss)1 of $(44.2) million (as restated), or $(0.30) (as restated) per diluted share, for the nine months ended September 30, 2023. Adjusted EBITDA1 for the nine months ended September 30, 2024 was $(21.3) million compared to $(41.6) million (as restated) in the nine months ended September 30, 2023.

Results for the Fourth Quarter of 2024

Total revenue for the fourth quarter of 2024 was $29.1 million, an increase of 41% compared to $20.6 million (as restated) for the fourth quarter of 2023. Annual Recurring Revenue (“ARR”)2 was $99.4 million at the end of fourth quarter of 2024, an increase of 39% compared to $71.3 million (as restated) at the end of the fourth quarter of 2023. Net loss for the fourth quarter of 2024 was $(15.7) million, or $(0.10) per basic and diluted share, compared to

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Exhibit 99.1

Investor Relations:

Brian Norris

Senior Vice President of Finance and Investor Relations

bnorris@evolvtechnology.com

Media Relations:

Alex Ozerkis

Vice President of Corporate Communications

aozerkis@evolvtechnology.com

Evolv Technology Provides Business Update

– Company Reaffirms Outlook for Positive Adjusted EBITDA1 by Q2 2025 –

– Company Provides Update on Restatement Effort and Regulatory Inquiry –

Waltham, Massachusetts – January 23, 2025 – Evolv Technologies Holdings, Inc. (NASDAQ: EVLV) (the “Company” or “Evolv Technology”), a leading security technology company pioneering AI-based solutions designed to create safer experiences, today provided an update on select strategic metrics for the three-month period ended December 31, 20242. The Company also provided an update on its pending restatement effort and other regulatory matters.

According to preliminary estimates which are subject to change, for the three-month period ended December 31, 2024, the Company:

•Surpassed 6,000 Evolv Express units deployed globally with the activation of approximately 470 new multi-year subscriptions;

•Added approximately 60 new customers across multiple industries including education, healthcare, professional sports and live entertainment, tourist attractions and industrial workplaces;

•Added nearly 100 additional school buildings and now serves over 1,200 school buildings;

•Added over 30 additional hospital buildings and now serves over 450 hospital buildings;

•Booked its first orders of Evolv eXpedite™, the Company’s new AI-based weapons detection solution for bags; and

•Ended the quarter with cash, cash equivalents, marketable securities and restricted cash of approximately $52 million on December 31, 2024 and no debt.

“We’re pleased with our solid finish to 2024. During the fourth quarter, we saw strong new customer adoption across a broad range of industries, significant expansion by our existing customers, exciting market traction of Evolv eXpedite and the resolution of certain regulatory matters,” said John Kedzierski, President and Chief Executive Officer of Evolv Technology. “Looking ahead to 2025, we remain focused on achieving positive Adjusted EBITDA in the second quarter with positive free cash flow in the fourth quarter. We thank our customers, partners, employees, and shareholders for their continued support of our mission to make the world a safer and more enjoyable place for people to live, work, learn, and play.”

Restatement Update

The Company today also provided an update on its restatement efforts as previously disclosed in the Company’s press release dated October 25, 2024. The Company submitted to The Nasdaq Market LLC (“Nasdaq”) on January 17, 2025, a plan of compliance to address how it intends to regain compliance with the Nasdaq Listing Rule 5250(c)(1) as a result of the delayed filing of the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2024 (the “Quarterly Report”). If accepted, Nasdaq can grant an exception of up to 180 calendar days from the filing's due date as extended by Rule 12b-25, or until May 19, 2025, to regain compliance. In partnership with AlixPartners LLP, a leading global business advisory firm, the Company is working expeditiously to complete the restatement effort and file the Quarterly Report and the restated financial statements. The Company will host a publicly accessible conference call to review the financial results once they have been filed.

FTC Inquiry Update

On November 26, 2024, the Company announced that it had resolved the United States Federal Trade Commission’s (FTC) inquiry into certain aspects of the Company’s prior marketing claims. As part of that resolution, the Company agreed to offer a limited number of its K-12 education customers the option to cancel the remainder of their current contracts with the Company during a 60-day cancellation period. In total, this group of customers3 represented approximately 237 Evolv Express units, approximately $3.9 million of the Company’s Annual Recurring Revenue4 and approximately $10.5 million of the Company’s Remaining Performance Obligation5. Per the terms of the resolution, a notice was sent to this limited group of customers about their contract cancellation option. As of January 23, 2025, no customers had exercised their contract cancellation rights provided by the resolution. The vast majority of the cancellation rights available to this group of customers are scheduled to expire by March 14, 2025.

1 Non-GAAP Financial Measures. In this press release, adjusted EBITDA and free cash flow are not presented in accordance with generally accepted accounting principles (GAAP) and are not intended to be used in lieu of GAAP presentations of results of operations. Adjusted EBITDA is defined as net income (loss) plus depreciation and amortization, share-based compensation, interest expense (income), loss

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Exhibit 99.1

Investor Relations:

Brian Norris

Senior Vice President of Finance and Investor Relations

bnorris@evolvtechnology.com

Evolv Technology Reports Second Quarter Financial Results

•Q2 Revenue of $25.5 million, up 29% year-over-year

•Q2 Ending ARR1 of $88.9 million, up 64% year-over-year

•Q2 Ending RPO2 of $262.9 million, up 33% year-over-year

•Q2 Ending Evolv Express® subscriptions of 5,323, up 57% year-over-year

Waltham, Massachusetts – August 8, 2024 – Evolv Technology (NASDAQ: EVLV), a leading security technology company pioneering AI-based screening designed to help create safer experiences, today announced financial results for the quarter ended June 30, 2024.

Results for the Second Quarter of 2024

Total revenue for the second quarter of 2024 was $25.5 million, an increase of 29% compared to $19.8 million for the second quarter of 2023. Annual Recurring Revenue (“ARR”)1 was $88.9 million at the end of second quarter of 2024, an increase of 64% compared to $54.3 million at the end of the second quarter of 2023. Net income for the second quarter of 2024 was $3.5 million, or $0.02 per basic and diluted share, compared to net loss of $(66.8) million, or $(0.45) per basic and diluted share, in the second quarter of 2023. Adjusted earnings (loss)3 for the second quarter of 2024 was $(11.1) million, or $(0.06) per diluted share, compared to adjusted earnings (loss)3 of $(14.3) million, or $(0.10) per diluted share, for the second quarter of 2023. Adjusted EBITDA3 for the second quarter of 2024 was $(7.9) million compared to $(13.8) million in the second quarter of 2023. As of June 30, 2024, the Company had cash, cash equivalents, marketable securities, and restricted cash of $56.7 million and no debt.

Results for the First Six Months of 2024

Total revenue for the six months ended June 30, 2024 was $47.2 million, an increase of 23% compared to $38.4 million for the six months ended June 30, 2023. Net loss for the six months ended June 30, 2024 was $(8.2) million, or $(0.05) per basic and diluted share, compared to $(95.4) million, or $(0.65) per basic and diluted share, in the six months ended June 30, 2023. Adjusted earnings (loss)3 for the six months ended June 30, 2024 was $(24.2) million, or $(0.16) per diluted share, compared to adjusted earnings (loss)3 of $(31.2) million, or $(0.21) per diluted share, for the six months ended June 30, 2023. Adjusted EBITDA3 for the six months ended June 30, 2024 was $(18.6) million compared to $(29.3) million in the six months ended June 30, 2023.

The following table summarizes the breakdown of recurring and non-recurring revenue4 for each period presented:

Three Months Ended June 30,Six Months Ended June 30,

20242023% Change20242023% Change

Recurring revenue$21,249 $11,689 82 %$40,630 $20,764 96 %

Non-recurring revenue4,291 8,136 (47)%6,578 17,642 (63)%

Total revenue$25,540 $19,825 29 %$47,208 $38,406 23 %

The following table summarizes operating cash flows for each period presented:

Three Months Ended June 30,Six Months Ended June 30,

2024202320242023

Net loss$3,462 $(66,754)$(8,182)$(95,363)

Non-cash expense(12,264)54,225 (10,611)68,230

Changes in operating assets and liabilities(13,077)7,208 (19,169)18,378

Net cash used in operating activities$(21,879)$(5,321)$(37,962)$(8,755)

Company Comments on Outlook for 2024

The Company today commented on its business outlook for 2024. The Company's outlook is based on the current indications for its business, which may change at any time.

Estimate ($ in millions) Issued May 9, 2024

Issued August 8, 2024

Total Revenue~$100Reaffirmed

ARR1 (ARR) at 12/31/24 ~$100Reaffirmed

Adjusted Gross Margin3 ~60%Reaffirmed

Adjusted EBITDA3 Improve by 40%+Reaffirmed

Company to Host Live Conference Call and Webcast

The Company’s management team plans to host a live conference call and webcast at 4:30 p.m. Eastern Time today to discuss the financial results as well as management’s outlook for the business and other matters. The conference call may be accessed in the United States by dialing +1.877.692.8955 and using access code 825879. The conference call may be accessed outside of the United States by dialing +1.234.720.6979 and using the same access code. The conference call will be simultaneously webcast on the Company’s investor relations website, which can be accessed at http://ir.evolvtechnology.com. The press release with the financial results will be available on the Company’s website prior to the conference call. A replay of the conference call will be available for a period of 30 days by dialing +1.866.207.1041 or +1.402.970.0847 and using access code 8674340 or by accessing the webcast replay on the Company’s investor relations website at http://ir.evolvtechnology.com.

About Evolv Technology

Evolv Technology (NASDAQ: EVLV) uses advanced sensors, artificial intelligence powered software, and cloud services to reliably detect firearms,

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Exhibit 99.1

Investor Relations:

Brian Norris

Senior Vice President of Finance and Investor Relations

bnorris@evolvtechnology.com

Evolv Technology Reports First Quarter Financial Results

•Q1 Revenue of $21.7 million, up 17% year-over-year

•Q1 Ending ARR1 of $82.5 million, up 96% year-over-year

•Q1 Ending RPO2 of $254.1 million, up 57% year-over-year

•Q1 Ending Evolv Express® subscriptions of 4,882, up 75% year-over-year

Waltham, Massachusetts – May 9, 2024 – Evolv Technology (NASDAQ: EVLV), the leading security technology company pioneering AI-based screening to create safer experiences, today announced financial results for the quarter ended March 31, 2024.

Results for the First Quarter of 2024

Total revenue for the first quarter of 2024 was $21.7 million, an increase of 17% compared to $18.6 million for the first quarter of 2023. Annual Recurring Revenue (“ARR”)1 was $82.5 million at the end of first quarter of 2024, an increase of 96% compared to $42.0 million at the end of the first quarter of 2023. Net loss for the first quarter of 2024 was $(11.6) million, or $(0.08) per basic and diluted share, compared to $(28.6) million, or $(0.20) per basic and diluted share, in the first quarter of 2023. Adjusted earnings (loss)3 for the first quarter of 2024 was $(13.1) million, or $(0.09) per diluted share, compared to adjusted earnings (loss)3 of $(16.9) million, or $(0.12) per diluted share, for the first quarter of 2023. Adjusted EBITDA3 for the first quarter of 2024 was $(10.7) million compared to $(15.4) million in the first quarter of 2023. As of March 31, 2024, the Company had cash, cash equivalents, marketable securities, and restricted cash of $81.3 million and no debt.

The following table summarizes the breakdown of recurring and non-recurring revenue4 for each period presented:

Three Months Ended March 31,

20242023% Change

Recurring revenue$19,381 $9,075 114 %

Non-recurring revenue2,287 9,506 (76)%

Total revenue$21,668 $18,581 17 %

The following table summarizes operating cash flows for each period presented:

Three Months Ended March 31,

20242023

Net loss$(11,644)$(28,609)

Non-cash expense1,653 14,005

Changes in operating assets and liabilities(6,092)11,170

Net cash used in operating activities$(16,083)$(3,434)

Company Comments on Outlook for 2024

The Company today commented on its business outlook for 2024. The Company's outlook is based on the current indications for its business, which may change at any time.

Estimate ($ in millions) Issued February 29, 2024

Issued May 9, 2024

Total Revenue~$115~$100

ARR1 (ARR) at 12/31/24 $108-$112~$100

Adjusted Gross Margin3 ~60%Reaffirmed

Adjusted EBITDA3 Improve by 40%+Reaffirmed

Company to Host Live Conference Call and Webcast

The Company’s management team plans to host a live conference call and webcast at 4:30 p.m. Eastern Time today to discuss the financial results as well as management’s outlook for the business and other matters. The conference call may be accessed in the United States by dialing +1.877.692.8955 and using access code 825879. The conference call may be accessed outside of the United States by dialing +1.234.720.6979 and using the same access code. The conference call will be simultaneously webcast on the Company’s investor relations website, which can be accessed at http://ir.evolvtechnology.com. The press release with the financial results will be available on the Company’s website prior to the conference call. A replay of the conference call will be available for a period of 30 days by dialing +1.866.207.1041 or +1.402.970.0847 and using access code 2732005 or by accessing the webcast replay on the Company’s investor relations website at http://ir.evolvtechnology.com.

About Evolv Technology

Evolv Technology (NASDAQ: EVLV) is transforming human security to make a safer, faster, and better experience for the world’s most iconic venues and companies as well as schools, hospitals, and public spaces, using industry leading artificial intelligence (AI)-powered weapons detection and analytics. Its mission is to transform security to create a safer world to work, learn, and play. Evolv has digitally transformed the gateways in places where people gather by enabling seamless integration combined with powerful analytics and insights. Evolv’s advanced systems have scanned more than 1 billion people, second only to the Department of Homeland Security’s Transportation Security Administration (TSA) in the United States. Evolv has been awarded the U.S. Department of Homeland Security (DHS) SAFETY Act Designation as a Qualified Anti-Terrorism Technology (QATT) as well as the Security Industry Association (SIA) New Products and Solutions (NPS) Award in the Law Enforcement/Public Safety/Guarding Systems category. Evolv Technology®, Evolv Express®, Evolv Insights®, Evolv Cortex AI®, and Evolv Extend™ are registered trademarks of Evolv Technologies, Inc. in the Uni

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Exhibit 99.1

Investor Relations:

Brian Norris

Senior Vice President of Finance and Investor Relations

bnorris@evolvtechnology.com

Evolv Technology Reports Record Fourth Quarter and Full Year Financial Results

•Q4 Revenue of $21.8 million, up 4% year-over-year

•Q4 Ending ARR1 of $75.0 million, up 120% year-over-year

•Q4 Ending RPO2 of $240.5 million, up 66% year-over-year

•Q4 Ending Evolv Express® subscriptions of 4,505, up 99% year-over-year

Waltham, Massachusetts – February 29, 2024 – Evolv Technology (NASDAQ: EVLV), the leading security technology company pioneering AI-based weapons detection to create safer experiences, today announced financial results for the quarter and year ended December 31, 20233 and issued its outlook for 2024.

Results for the Fourth Quarter of 2023

Total revenue for the fourth quarter of 2023 was $21.8 million, an increase of 4% compared to $20.9 million for the fourth quarter of 2022. Annual Recurring Revenue (“ARR”)1 was $75.0 million at the end of fourth quarter of 2023, an increase of 120% compared to $34.1 million at the end of fourth quarter of 2022. Net loss for the fourth quarter of 2023 was $(16.9) million, or $(0.11) per basic and diluted share, compared to net loss of $(28.3) million or $(0.20) per basic and diluted share in the fourth quarter of 2022. Adjusted net loss3 for the fourth quarter of 2023 was $(11.0) million, or $(0.07) per diluted share, compared to adjusted loss3 of $(18.3) million, or $(0.13) per diluted share, for the fourth quarter of 2022. Adjusted EBITDA3 for the fourth quarter of 2023 was $(9.5) million compared to $(18.0) million in the fourth quarter of 2022. As of December 31, 2023, the Company had cash, cash equivalents, marketable securities, and restricted cash of $118.7 million and no debt.

Results for 2023

Total revenue in 2023 was $80.4 million, an increase of 46% compared to $55.2 million in 2022. Net loss in 2023 was $(106.3) million, or $(0.71) per basic and diluted share, compared to net loss of $(86.4) million, or $(0.60) per basic and diluted share, in 2022. Adjusted net loss3 in 2023 was $(54.2) million, or $(0.36) per diluted share, compared to $(72.7) million, or $(0.51) per diluted share, in 2022. Adjusted EBITDA3 in 2023 was $(49.8) million, compared to $(69.7) million in 2022.

The following table summarizes the breakdown of recurring and non-recurring revenue4 during each year:

Three Months Ended December 31,Twelve Months Ended December 31,

20232022% Change20232022% Change

Recurring revenue$17,350 $7,388 135 %$52,491 $21,372 146 %

Non-recurring revenue4,471 13,497 (67)%27,927 33,823 (17)%

Total revenue$21,821 $20,885 4 %$80,418 $55,195 46 %

The following table summarizes operating cash flows during each year:

Three Months Ended December 31,Twelve Months Ended December 31,

2023202220232022

Net loss$(16,890)$(28,304)$(106,254)$(86,406)

Non-cash expense7,970 12,928 59,754 17,331

Changes in operating assets and liabilities5,777 10,069 36,699 (5,653)

Net cash used in operating activities$(3,143)$(5,307)$(9,801)$(74,728)

Company Reaffirms Outlook for 2024

The Company today commented on its business outlook for 2024. The Company's outlook is based on the current indications for its business, which may change at any time.

2024 Business Outlook

Estimate (In millions)Issued November 9, 2023 Issued February 29, 2024

Total Revenue~$115Reaffirmed

ARR1 (ARR) at 12/31/24 $108-$112Reaffirmed

Adjusted Gross Margin3 ~60%Reaffirmed

Adjusted EBITDA3 Improve by 40%+Reaffirmed

Company to Host Live Conference Call and Webcast

The Company’s management team plans to host a live conference call and webcast at 4:30 p.m. Eastern Time today to discuss the financial results as well as management’s outlook for the business and other matters. The conference call may be accessed in the United States by dialing +1.877.692.8955 and using access code 825879. The conference call may be accessed outside of the United States by dialing +1.234.720.6979 and using the same access code. The conference call will be simultaneously webcast on the Company’s investor relations website, which can be accessed at http://ir.evolvtechnology.com. The press release with the financial results as well as the accompanying investor presentation materials will be accessible from the Company’s website prior to the conference call. A replay of the conference call will be available for a period of 30 days by dialing +1.866.207.1041 or +1.402.970.0847 and using access code 4005393 or by accessing the webcast replay on the Company’s investor relations website at http://ir.evolvtechnology.com

About Evolv Technology

Evolv Technology (NASDAQ: EVLV) is transforming human security to make a safer, faster, and better experience for the world’s most iconic venues and companies as well as schools, hospitals, and public spaces, using industry leading artificial intelligence (AI)-powered weapons detection a

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Exhibit 99.1

Investor Relations:

Brian Norris

Senior Vice President of Finance and Investor Relations

bnorris@evolvtechnology.com

Evolv Technology Reports Record Third Quarter Financial Results

– Company Reaffirms Previously Raised Outlook for 2023 and Issues Outlook for 2024 Above Street Consensus –

•Q3 Revenue of $20.2 million, up 22% year-over-year

•Q3 Ending ARR1 of $65.8 million, up 129% year-over-year

•Q3 Ending RPO2 of $221.1 million, up 102% year-over-year

•Q3 Ending Evolv Express® subscriptions of 4,014, up 137% year-over-year

Waltham, Massachusetts – November 10, 2023 – Evolv Technology (NASDAQ: EVLV), the leader in AI-based weapons detection security screening, today announced financial results for the quarter ended September 30, 2023, reaffirmed its previously raised business outlook for 2023 and issued its preliminary outlook for 2024..

Results for the Third Quarter of 2023

Total revenue for the third quarter of 2023 was $20.2 million, an increase of 22% compared to $16.5 million for the third quarter of 2022. Annual Recurring Revenue (“ARR”)1 was $65.8 million at the end of third quarter of 2023, an increase of 129% compared to $28.7 million at the end of the third quarter of 2022. Net income for the third quarter of 2023 was $6.0 million, or $0.04 per basic share and $0.03 per diluted share, compared to net loss of $(18.6) million, or $(0.13) per basic and diluted share, in the third quarter of 2022. Adjusted earnings (loss)3 for the third quarter of 2023 was $(12.0) million, or $(0.08) per diluted share, compared to adjusted earnings (loss)3 of $(18.6) million, or $(0.13) per diluted share, for the third quarter of 2022. Adjusted EBITDA3 for the third quarter of 2023 was $(11.1) million compared to $(18.0) million in the third quarter of 2022. As of September 30, 2023, the Company had cash, cash equivalents, marketable securities, and restricted cash of $140.4 million and no debt.

Results for the First Nine Months of 2023

Total revenue for the nine months ended September 30, 2023 was $58.6 million, an increase of 71% compared to $34.3 million for the nine months ended September 30, 2022. Net loss for the nine months ended September 30, 2023 was $(89.4) million, or $(0.60) per basic and diluted share, compared to net loss of $(58.1) million, or $(0.40) per basic and diluted share, in the nine months ended September 30, 2022. Adjusted earnings (loss)3 for the nine months ended September 30, 2023 was $(43.1) million, or $(0.29) per diluted share, compared to adjusted earnings (loss)3 of $(54.3) million, or $(0.38) per diluted share, for the nine months ended September 30, 2022. Adjusted EBITDA3 for the nine months ended September 30, 2023 was $(40.3) million compared to $(51.7) million in the nine months ended September 30, 2022.

The following table summarizes the breakdown of recurring and non-recurring revenue4 during each quarter:

Three Months Ended September 30,Nine Months Ended September 30,

20232022% Change20232022% Change

Recurring revenue$14,377 $6,221 131 %$35,141 $13,984 151 %

Non-recurring revenue5,814 10,309 (44)%23,456 20,326 15 %

Total revenue$20,191 $16,530 22 %$58,597 $34,310 71 %

The following table summarizes operating cash flows during each quarter:

Three Months Ended September 30,Nine Months Ended September 30,

2023202220232022

Net income (loss)$5,999 $(18,615)$(89,364)$(58,102)

Non-cash (income) expense(16,446)1,771 51,784 4,403

Changes in operating assets and liabilities12,544 (82)30,922 (15,722)

Net cash provided by (used in) operating activities$2,097 $(16,926)$(6,658)$(69,421)

Company Provides Preliminary Outlook for 2024

The Company today reaffirmed its business outlook for 2023 as previously raised on October 12, 2023 and provided a preliminary outlook for 2024. The Company's outlook is based on the current indications for its business, which may change at any time.

2023 Business Outlook2024 Business Outlook

Estimate ($ in millions) Raised October 12, 2023

Issued November 9, 2023

Issued November 9, 2023

Total Revenue$75-$77Reaffirmed~$115

ARR1 (ARR) at 12/31/23 $73-$75Reaffirmed$108-$112

Adjusted Gross Margin3 43%-45%Reaffirmed~60%

Adjusted EBITDA3 ($50-$53)ReaffirmedImprove by 40%+

Company to Host Live Conference Call and Webcast

The Company’s management team plans to host a live conference call and webcast at 4:30 p.m. Eastern Time today to discuss the financial results as well as management’s outlook for the business and other matters. The conference call may be accessed in the United States by dialing +1.877.692.8955 and using access code 825879. The conference call may be accessed outside of the United States by dialing +1.234.720.6979 and using the same access code. The conference call will be simultaneously webcast on the Company’s investor relations website, which can be accessed at http://ir.evolvtechnology.com. A replay of the conference call will be available f

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EXHIBIT 99.1

Exhibit 99.1

Investor Relations:

Brian Norris

Senior Vice President of Finance and Investor Relations

bnorris@evolvtechnology.com

Evolv Technology Announces Preliminary Results for Third Quarter 2023

– Company Raises Outlook for 2023 –

Waltham, Massachusetts – October 12, 2023 – Evolv Technology (NASDAQ: EVLV), the leader in AI-based weapons detection security screening, today announced preliminary financial results for the quarter ended September 30, 2023. The Company will report final financial results on November 9, 2023 after the market closes.

Preliminary Results for the Third Quarter of 2023

Based on preliminary third quarter estimates which are subject to change, the Company currently expects:

·Total revenues to range between $19.3 million to $19.8 million

·Q3 ending ARR1 to range between $65.5 million to $66.0 million

·Q3 net additions to range between 620 to 625

·Gross margin to range between 56% to 57%

·Adjusted2 gross margin to range between 57% to 58%

·Approximately 30% of net additions in the quarter to be via the new distribution model announced in Q2’23

·Approximately 70 new customers added across multiple end markets including education, healthcare, professional sports, tourist attractions and industrial workplaces.

Company Raises Outlook for 2023

The Company today raised its business outlook for 2023. The Company's outlook is based on the current indications for its business, which may change at any time.

2023 Business Outlook

Estimate (In millions) Issued August 10, 2023 Issued October 12, 2023

Total Revenue $70-$75 $75-$77

Annual Recurring Revenue1 (ARR) at 12/31/23 $70-$72 $73-$75

Adjusted Gross Margin2 38%-42% 43%-45%

Adjusted EBITDA2 ($52-$56) ($50-$53)

Company to Host Conference Call & Webcast On November 9, 2023 to Discuss Final Results for Third Quarter 2023

The Company will release final financial results for the third quarter of 2023 on Thursday, November 9, 2023, after the market closes. Members of the Company’s management team plan to host a live conference call and webcast at 4:30 p.m. Eastern Time on that day to discuss the final financial results for the third quarter of 2023 as well as management’s outlook for the business. The conference call may be accessed in the United States by dialing +1.877.692.8955 and using access code 825879. The conference call may be accessed outside of the United States by dialing +1.234.720.6979 and using the same access code. The conference call will be simultaneously webcast on the Company’s investor relations website, which can be accessed at http://ir.evolvtechnology.com. A replay of the conference call will be available for a period of 30 days by dialing +1.866.207.1041 or +1.402.970.0847 and using access code 4536095 or by accessing the webcast replay on the Company’s investor relations website at http://ir.evolvtechnology.com.

About Evolv Technology

Evolv Technology (NASDAQ: EVLV) is transforming human security to make a safer, faster, and better experience for the world’s most iconic venues and companies as well as schools, hospitals, and public spaces, using industry leading artificial intelligence (AI)-powered weapons detection and analytics. Its mission is to transform security to create a safer world to work, learn, and play. Evolv has digitally transformed the gateways in places where people gather by enabling seamless integration combined with powerful analytics and insights. Evolv’s advanced systems have scanned more than 750 million people, second only to the Department of Homeland Security’s Transportation Security Administration (TSA) in the United States. Evolv has been awarded the U.S. Department of Homeland Security (DHS) SAFETY Act Designation as a Qualified Anti-Terrorism Technology (QATT) as well as the Security Industry Association (SIA) New Products and Solutions (NPS) Award in the Law Enforcement/Public Safety/Guarding Systems category. Evolv Technology®, Evolv Express®, Evolv Insights®, and Evolv Cortex AI® are registered trademarks of Evolv Technologies, Inc. in the United States and other jurisdictions. For more information, visit https://evolvtechnology.com.

Financial Disclosure Advisory

The Company reports its financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). The expected financial results discussed in this press release are preliminary and represent the most current information available to the Company’s management, as financial closing procedures for the third quarter ended September 30, 2023 are not yet complete. These estimates are not a comprehensive statement of the Company’s financial results for the third quarter ended September 30, 2023 and actual results may differ materially from these estimates as a result of the completion of normal quarter-end accounting procedures and adjustments, including the execution of the Company’s internal control over financial reporting, the completion of

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Document

Exhibit 99.1

Investor Relations:

Brian Norris

Senior Vice President of Finance and Investor Relations

bnorris@evolvtechnology.com

Evolv Technology Reports Record Second Quarter Financial Results

– Company Raises Outlook for 2023 –

•Q2 Revenue of $19.8 million, up 119% year-over-year

•Q2 Ending ARR1 of $54.3 million, up 160% year-over-year

•Q2 Ending RPO2 of $198.3 million, up 145% year-over-year

•Q2 Ending Evolv Express® subscriptions of 3,386, up 195% year-over-year

Waltham, Massachusetts – August 10, 2023 – Evolv Technology (NASDAQ: EVLV), the leader in AI-based weapons detection security screening, today announced financial results for the quarter ended June 30, 2023 and raised its business outlook for 2023.

Results for the Second Quarter of 2023

Total revenue for the second quarter of 2023 was $19.8 million, an increase of 119% compared to $9.1 million for the second quarter of 2022. Annual Recurring Revenue (“ARR”)1 was $54.3 million at the end of second quarter of 2023, an increase of 160% compared to $20.9 million at the end of the second quarter of 2022. Net loss for the second quarter of 2023 was $(66.8) million, or $(0.45) per basic and diluted share, compared to net loss of $(25.7) million, or $(0.18) per basic and diluted share, in the second quarter of 2022. Adjusted earnings (loss)3 for the second quarter of 2023 was $(14.3) million, or $(0.10) per diluted share, compared to adjusted earnings (loss)3 of $(17.3) million, or $(0.12) per diluted share, for the second quarter of 2022. Adjusted EBITDA3 for the second quarter of 2023 was $(13.8) million compared to $(16.4) million in the second quarter of 2022. As of June 30, 2023, the Company had cash, cash equivalents, and restricted cash of $156.8 million and no debt.

Results for the First Six Month of 2023

Total revenue for the six months ended June 30, 2023 was $38.4 million, an increase of 116% compared to $17.8 million for the six months ended June 30, 2022. Net loss for the six months ended June 30, 2023 was $(95.4) million, or $(0.65) per basic and diluted share, compared to net loss of $(39.5) million, or $(0.28) per basic and diluted share, in the six months ended June 30, 2022. Adjusted earnings (loss)3 for the six months ended June 30, 2023 was $(31.2) million, or $(0.21) per diluted share, compared to adjusted earnings (loss)3 of $(35.8) million, or $(0.25) per diluted share, for the six months ended June 30, 2022. Adjusted EBITDA3 for the six months ended June 30, 2023 was $(29.3) million compared to $(33.7) million in the six months ended June 30, 2022.

The following table summarizes the breakdown of recurring and non-recurring revenue4 during each quarter:

Three Months Ended June 30,Six Months Ended June 30,

20232022% Change20232022% Change

Recurring revenue$11,689 $4,604 154 %$20,764 $7,763 167 %

Non-recurring revenue8,136 4,466 82 %17,642 10,017 76 %

Total revenue$19,825 $9,070 119 %$38,406 $17,780 116 %

The following table summarizes operating cash flows during each quarter:

Three Months Ended June 30,Six Months Ended June 30,

2023202220232022

Net loss$(66,754)$(25,686)$(95,363)$(39,487)

Non-cash (income) expense54,467 7,758 68,472 2,632

Changes in operating assets and liabilities7,208 (5,137)18,378 (15,640)

Net cash used in operating activities$(5,079)$(23,065)$(8,513)$(52,495)

Company Raises Outlook for 2023

The Company today commented on its business outlook for 2023. The Company's outlook is based on the current indications for its business, which may change at any time.

2023 Business Outlook

Estimate (In millions) Issued May 10, 2023

Issued August 10, 2023

Total Revenue$60-$65$70-$75

Annual Recurring Revenue1 (ARR) at 12/31/23 $67-$71$70-$72

Adjusted Gross Margin3 35%-40%38%-42%

Adjusted EBITDA3 ($53-$58)($52-$56)

Company to Host Live Conference Call and Webcast

The Company’s management team plans to host a live conference call and webcast at 4:30 p.m. Eastern Time today to discuss the financial results as well as management’s outlook for the business and other matters. The conference call may be accessed in the United States by dialing +1.877.692.8955 and using access code 825879. The conference call may be accessed outside of the United States by dialing +1.234.720.6979 and using the same access code. The conference call will be simultaneously webcast on the Company’s investor relations website, which can be accessed at http://ir.evolvtechnology.com. A replay of the conference call will be available for a period of 30 days by dialing +1.866.207.1041 or +1.402.970.0847 and using access code 1955791 or by accessing the webcast replay on the Company’s investor relations website at http://ir.evolvtechnology.com.

About Evolv Technology

Evolv Technology (NASDAQ: EVLV) is transforming human security to make a safer, faster, and better experience for the world’s most iconic venues and companies as well as schools, hospitals, and publ

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Document

Exhibit 99.1

Investor Relations:

Brian Norris

Senior Vice President of Finance and Investor Relations

bnorris@evolvtechnology.com

Evolv Technology Reports Record First Quarter Financial Results

– Company Raises Outlook for 2023 –

•Q1 Revenue of $18.6 million, up 113% year-over-year

•Q1 Ending ARR1 of $42.0 million, up 153% year-over-year

•Q1 Ending RPO2 of $161.8 million, up 154% year-over-year

•Q1 Ending Evolv Express® subscriptions of 2,787, up 206% year-over-year

Waltham, Massachusetts – May 10, 2023 – Evolv Technology (NASDAQ: EVLV), the leader in AI-based weapons detection security screening, today announced financial results for the quarter ended March 31, 2023 and raised its business outlook for 2023.

Results for the First Quarter of 2023

Total revenue for the first quarter of 2023 was $18.6 million, an increase of 113% compared to $8.7 million for the first quarter of 2022. Annual Recurring Revenue (“ARR”)1 was $42.0 million at the end of first quarter of 2023, an increase of 153% compared to $16.6 million at the end of the first quarter of 2022. Net loss for the first quarter of 2023 was $(28.6) million, or $(0.20) per basic and diluted share, compared to net loss of $(13.8) million, or $(0.10) per basic and diluted share, in the first quarter of 2022. Adjusted earnings (loss)3 for the first quarter of 2023 was $(16.9) million, or $(0.12) per diluted share, compared to adjusted earnings (loss)3 of $(18.5) million, or $(0.13) per diluted share, for the first quarter of 2022. Adjusted EBITDA3 for the first quarter of 2023 was $(15.4) million compared to $(17.3) million in the first quarter of 2022. Cash and cash equivalents as of March 31, 2023 was $182 million which reflected the Company's decision to pay off its $30 million debt facility during the first quarter of 2023. The Company had no debt as of March 31, 2023.

The following table summarizes the breakdown of recurring and non-recurring revenue4 during each quarter:

Three Months Ended March 31,

20232022% Change

Recurring revenue$9,075 $3,159 187 %

Non-recurring revenue9,506 5,551 71 %

Total revenue$18,581 $8,710 113 %

The following table summarizes operating cash flows during each quarter:

Three Months Ended March 31,

20232022

Net loss$(28,609)$(13,801)

Non-cash (income) expense14,005 (5,126)

Changes in operating assets and liabilities11,170 (10,503)

Net cash used in operating activities$(3,434)$(29,430)

Company Raises Outlook for 2023

The Company today commented on its business outlook for 2023. The Company's outlook is based on the current indications for its business, which may change at any time.

2023 Business Outlook

Estimate (In millions) Issued March 1, 2023

Issued May 10, 2023

Total Revenue$55-$60$60-$65

Annual Recurring Revenue1 (ARR) at 12/31/23 $65-$70$67-$71

Adjusted Gross Margin3 30%-35%35%-40%

Adjusted EBITDA3 ($55-$60)($53-$58)

Company to Host Live Conference Call and Webcast

The Company’s management team plans to host a live conference call and webcast at 4:30 p.m. Eastern Time today to discuss the financial results as well as management’s outlook for the business and other matters. The conference call may be accessed in the United States by dialing +1.877.692.8955 and using access code 825879. The conference call may be accessed outside of the United States by dialing +1.234.720.6979 and using the same access code. The conference call will be simultaneously webcast on the Company’s investor relations website, which can be accessed at http://ir.evolvtechnology.com. A replay of the conference call will be available for a period of 30 days by dialing +1.866.207.1041 or +1.402.970.0847 and using access code 9795540 or by accessing the webcast replay on the Company’s investor relations website at http://ir.evolvtechnology.com.

About Evolv Technology

Evolv Technology (NASDAQ: EVLV) is transforming human security to make a safer, faster, and better experience for the world’s most iconic venues and companies as well as schools, hospitals, and public spaces, using industry leading artificial intelligence (AI)-powered weapons detection and analytics. Its mission is to transform security to create a safer world to work, learn, and play. Evolv has digitally transformed the gateways in places where people gather by enabling seamless integration combined with powerful analytics and insights. Evolv’s advanced systems have scanned more than 600 million people, second only to the Department of Homeland Security’s Transportation Security Administration (TSA) in the United States. Evolv has been awarded the U.S. Department of Homeland Security (DHS) SAFETY Act Designation as a Qualified Anti-Terrorism Technology (QATT) as well as the Security Industry Association (SIA) New Products and Solutions (NPS) Award in the Law Enforcement/Public Safety/Guarding Systems category. Evolv Technology®, Evolv Express®, Evolv Insights®, and Evolv Cortex AI® are regis

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Document

Exhibit 99.1

Investor Relations:

Brian Norris

Vice President of Finance and Investor Relations

bnorris@evolvtechnology.com

Evolv Technology Reports Record Fourth Quarter and Full Year Financial Results

•Q4 Revenue of $20.9 million, up 217% year-over-year

•Q4 Ending ARR1 of $34.1 million, up 164% year-over-year

•Q4 Ending RPO2 of $144.6 million, up 181% year-over-year

•Q4 Ending Evolv Express® subscriptions of 2,267, up 222% year-over-year

Waltham, Massachusetts – March 1, 2023 – Evolv Technology (NASDAQ: EVLV), the leader in AI-based weapons detection security screening, today announced financial results for its fourth quarter and year ended December 31, 20223 and issued its business outlook for 2023.

“We’re pleased to be reporting strong fourth quarter results which capped a historic year of accelerated growth for the Company,” said Peter George, President and Chief Executive Officer of Evolv Technology. “Our results were highlighted by the addition of over 100 new customers in the fourth quarter including the Buffalo School District, the Duval County Schools, the Stony Brook University Hospital, the Honolulu Museum of Art, the Ocean Casino Resort, the Seabreeze Amusement Park, the Philadelphia Phillies, the Houston Astros, and the Tampa Bay Lightning. Looking ahead, we believe we are well positioned to achieve our goal of doubling our Annual Recurring Revenue in 2023 and further extending our market leadership.”

Results for the Fourth Quarter of 2022

Total revenue for the three months ended December 31, 2022 was $20.9 million, an increase of 217% compared to $6.6 million for the three months ended December 31, 2021. Total Contract Value (“TCV”)4 of orders booked for the three months ended December 31, 2022 was $57.6 million, an increase of 222% compared to $17.9 million in the three months ended December 31, 2021. Annual Recurring Revenue (“ARR”)1 was $34.1 million as of December 31, 2022, an increase of 164% compared to $12.9 million as of December 31, 2021. Net loss for the three months ended December 31, 2022 was $(28.1) million, or $(0.19) per basic and diluted share, compared to net income of $4.8 million or $0.03 per basic and diluted share in the three months ended December 31, 2021. Adjusted earnings (loss)5 for the three months ended December 31, 2022 was $(18.1) million, or $(0.12) per diluted share, compared to adjusted earnings (loss)5 of $(16.3) million, or $(0.10) per diluted share, for three months ended December 31, 2021. Adjusted EBITDA5 for the three months ended December 31, 2022 was $(17.8) million compared to $(15.2) million in the three months ended December 31, 2021.

Results for 2022

Total revenue in 2022 was $55.2 million, an increase of 136% compared to $23.4 million in 2021. TCV4 of orders booked in 2022 was $144.1 million, an increase of 168% compared to $53.8 million in 2021. Net loss in 2022 was $(86.2) million, or $(0.60) per basic and diluted share, compared to net loss of $(10.9) million, or $(0.15) per basic and diluted share, in 2021. Adjusted earnings (loss)5 in 2022 was $(72.4) million, or $(0.50) per diluted share, compared to $(49.8) million, or $(0.69) per diluted share, in 2021. Adjusted EBITDA5 in 2022 was $(69.4) million, compared to $(40.2) million in 2021.

Company Issues Outlook for 2023

The Company today commented on its business outlook for 2023. The Company's outlook is based on the current indications for its business, which may change at any time.

2023 Business Outlook

Estimate (In millions) Issued March 1, 2023

Total Revenue$55-$60

Annual Recurring Revenue1 (ARR) at 12/31/23 $65-$70

Adjusted EBITDA5 ($55-$60)

Cash and Cash Equivalents$165-$175

Company to Host Live Conference Call and Webcast

The Company’s management team plans to host a live conference call and webcast at 4:30 p.m. Eastern Time today to discuss the financial results as well as management’s outlook for the business and other matters. The conference call may be accessed in the United States by dialing +1.877.692.8955 and using access code 3784749. The conference call may be accessed outside of the United States by dialing +1.234.720.6979 and using the same access code. The conference call will be simultaneously webcast on the Company’s investor relations website, which can be accessed at http://ir.evolvtechnology.com. The press release with the financial results as well as the accompanying investor presentation materials will be accessible from the Company’s website prior to the conference call. A replay of the conference call will be available for a period of 30 days by dialing +1.866.207.1041 or +1.402.970.0847 and using access code 9681780 or by accessing the webcast replay on the Company’s investor relations website at http://ir.evolvtechnology.com

About Evolv Technology

Evolv Technology (NASDAQ: EVLV) is transforming human security to make a safer, faster, and better experience for the world’s most ico

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EX-99.1

Document

Exhibit 99.1

Investor Relations:

Brian Norris

Vice President of Finance and Investor Relations

bnorris@evolvtechnology.com

Evolv Technology Reports Record Third Quarter Financial Results

– Company Raises Outlook for 2022 –

•Q3 Revenue of $16.5 million, up 96% year-over-year

•Q3 Ending ARR of $28.7 million, up 189% year-over-year

•Q3 Ending RPO of $109.4 million, up 220% year-over-year

•Q3 Ending Evolv Express® subscriptions of 1,692, up 198% year-over-year

Waltham, Massachusetts – November 9, 2022 – Evolv Technology (NASDAQ: EVLV), the leader in AI-based weapons detection security screening, today announced financial results for its third quarter ended September 30, 20221 and raised its business outlook for 2022.

“We’re pleased to be reporting record third quarter results which were highlighted by strong growth in revenues and continued market expansion,” said Peter George, President and Chief Executive Officer of Evolv Technology. “We experienced particularly robust market adoption with 92 new customers including five of the largest school districts in the United States, over a dozen new hospitals across the nation, as well as the home stadiums of five additional professional sports teams. Our results and momentum position us well to deliver full year growth above our previous outlook for 2022.”

Results for the Third Quarter of 2022

Total revenue for the third quarter of 2022 was $16.5 million, an increase of 96% compared to $8.4 million for the third quarter of 2021. Total Contract Value (“TCV”)2 of orders booked for the third quarter of 2022 was $45.4 million, an increase of 167% compared to $17.0 million in the third quarter of 2021. Annual Recurring Revenue (“ARR”)3 was $28.7 million at the end of third quarter of 2022, an increase of 189% compared to $9.9 million at the end of the third quarter of 2021. Net loss for the third quarter of 2022 was $(18.6) million, or $(0.13) per basic and diluted share, compared to net income attributable to common stockholders for basic and diluted shares of $20.8 million and $21.3 million, respectively, or $0.17 per basic share and $0.14 per diluted share, in the third quarter of 2021. Adjusted earnings (loss)4 for the third quarter of 2022 was $(18.6) million, or $(0.13) per diluted share, compared to adjusted earnings (loss)4 of $(12.9) million, or $(0.08) per diluted share, for the third quarter of 2021. Adjusted EBITDA4 for the third quarter of 2022 was $(18.0) million compared to $(11.5) million in the third quarter of 2021.

Results for the First Nine Months of 2022

Total revenue for the nine months ended September 30, 2022 was $34.3 million, an increase of 104% compared to $16.8 million for the nine months ended September 30, 2021. TCV2 of orders booked for the nine months ended September 30, 2022 was $86.6 million, an increase of 141% compared to $35.9 million for the nine months ended September 30, 2021. Net loss for the nine months ended September 30, 2022 was $(58.1) million, or $(0.40) per basic and diluted share, compared to net loss of $(15.7) million, or $(0.33) per basic and diluted share, for the nine months ended September 30, 2021. Adjusted earnings (loss)4 for the nine months ended September 30, 2022 was $(54.3) million, or $(0.38) per diluted

share, compared to $(33.5) million, or $(0.70) per diluted share, for the nine months ended September 30, 2021. Adjusted EBITDA4 for the nine months ended September 30, 2022 was $(51.7) million, compared to $(24.9) million for the nine months ended September 30, 2021.

Company Raises Outlook for 2022

The Company today commented on its business outlook for 2022. The Company's outlook is based on the current indications for its business, which may change at any time.

2022 Business Outlook

Estimate (In millions) Issued August 10, 2022

Issued November 9, 2022

Total Revenue$29-$31$46-$48

Annual Recurring Revenue3 (ARR) at 12/31 $27-$28$31-$32

Adjusted EBITDA4 ($65-$67)No change

Cash and Cash Equivalents$220-$230No change

“We believe we are well positioned to deliver strong top line growth above our previously issued guidance in 2022,” said Mark Donohue, Chief Financial Officer of Evolv Technology. “Our preliminary estimates for 2023 call for exiting ARR in the range of $65 million and $70 million – reflecting growth of more than 100% – and full year revenues in the range of $55 million to $60 million, reflecting our transition towards a subscription model. We also expect to significantly reduce our full year operating cash usage in 2023. We will provide formal detailed guidance for 2023 when we release results for the fourth quarter of 2022.”

Company to Host Live Conference Call and Webcast

The Company’s management team plans to host a live conference call and webcast at 4:30 p.m. Eastern Time today to discuss the financial results as well as management’s outlook for the business and other matters. The conference call may be accesse

EX-99.1

2 evlv-20220810exx991.htm

EX-99.1

Document

Exhibit 99.1

Investor Relations:

Brian Norris

Vice President of Finance and Investor Relations

bnorris@evolvtechnology.com

Evolv Technology Reports Strong Second Quarter Financial Results

– Company Reaffirms Outlook for 2022 –

•Q2 Revenue of $9.1 million, up 94% year-over-year

•Q2 Ending ARR of $20.9 million, up 181% year-over-year

•Q2 Ending RPO of $66.2 million, up 166% year-over-year

•Q2 Ending Evolv Express® subscriptions of 1,147, up 193% year-over-year

Waltham, Massachusetts – August 10, 2022 – Evolv Technology (NASDAQ: EVLV), a global leader in weapons detection security screening, today announced financial results for its second quarter ended June 30, 20221 and reaffirmed its business outlook for 2022.

“We are pleased to be reporting strong second quarter results highlighted by the addition of over 50 new customers, continued expansion in our key vertical and geographic markets and important traction with our key channel partners,” said Peter George, President and Chief Executive Officer of Evolv Technology. “We’re particularly pleased to have surpassed 1,100 Evolv Express systems deployed and $100 million in cumulative TCV bookings this quarter. Based on the strength of our first half results and our growing market momentum, we remain confident in our full year growth plans for 2022.”

Results for the Second Quarter of 2022

Total revenue for the second quarter of 2022 was $9.1 million, an increase of 94% compared to $4.7 million for the second quarter of 2021. Total Contract Value (“TCV”)2 of orders booked for the second quarter of 2022 was $22.1 million, an increase of 111% compared to $10.5 million in the second quarter of 2021. Annual Recurring Revenue (“ARR”)3 was $20.9 million at the end of second quarter of 2022, an increase of 181% compared to $7.4 million at the end of the second quarter of 2021. Net loss for the second quarter of 2022 was $(25.7) million, or $(0.18) per basic and diluted share, compared to net loss of $(23.0) million, or $(1.93) per basic and diluted share, in the second quarter of 2021. Adjusted earnings (loss)4 for the second quarter of 2022 was $(17.3) million, or $(0.12) per basic and diluted share, compared to $(9.1) million, or $(0.76) per basic and diluted share, for the second quarter of 2021. Adjusted EBITDA4 for the second quarter of 2022 was $(16.4) million compared to $(5.2) million in the second quarter of 2021. As of June 30, 2022, the Company had cash and cash equivalents of $242.7 million compared to $270.9 million as of March 31, 2022.

Results for the First Six Months of 2022

Total revenue for the six months ended June 30, 2022 was $17.8 million, an increase of 112% compared to $8.4 million for the six months ended June 30, 2021. TCV2 of orders booked for the six months ended June 30, 2022 was $41.2 million, an increase of 118% compared to $18.9 million in the six months ended June 30, 2021. Net loss for the six months ended June 30, 2022 was $(39.5) million, or $(0.28) per basic and diluted share, compared to net loss of $(36.5) million, or $(3.26) per basic and diluted share, for the six months ended June 30, 2021. Adjusted earnings (loss)4 for the six months ended June 30, 2022 was $(35.8) million, or $(0.25) per basic and diluted share, compared to $(20.1) million, or $(1.80) per basic and

diluted share, for the six months ended June 30, 2021. Adjusted EBITDA4 for the six months ended June 30, 2022 was $(33.7) million, compared to $(13.4) million for the six months ended June 30, 2021.

Company Reaffirms Outlook for 2022

The Company today commented on its business outlook for 2022. The Company's outlook is based on the current indications for its business, which may change at any time.

2022 Business Outlook

Estimate (In millions) Issued May 11, 2022

Issued August 10, 2022

Total Revenue$29-$31No change

Annual Recurring Revenue3 (ARR) at 12/31 $27-$28No change

Adjusted EBITDA4 ($65-$67)No change

Cash and Cash Equivalents$220-$230No change

Company to Host Live Conference Call and Webcast

The Company’s management team plans to host a live conference call and webcast at 4:30 p.m. Eastern Time today to discuss the financial results as well as management’s outlook for the business and other matters. The conference call may be accessed in the United States by dialing +1.877.692.8955 and using access code 774298. The conference call may be accessed outside of the United States by dialing +1.234.720.6979 and using the same access code. The conference call will be simultaneously webcast on the Company’s investor relations website, which can be accessed at http://ir.evolvtechnology.com. A replay of the conference call will be available for a period of 30 days by dialing +1.866.207.1041 or +1.402.970.0847 and using access code 7860978 or by accessing the webcast replay on the Company’s investor relations website at http://ir.evolvtechnology.com.

About Evolv Technology

Evolv Technol

EX-99.1

2 tm2214985d1_ex99-1.htm

EXHIBIT 99.1

Exhibit 99.1

Investor Relations:

Brian Norris

Vice President of Investor Relations

bnorris@evolvtechnology.com

Evolv Technology Reports Strong First Quarter Financial Results

– Company Reaffirms Outlook for 2022 –

·Q1 Revenue of $8.7 million, up 118% year-over-year

·Q1 Ending ARR of $16.6 million, up 207% year-over-year

·Q1 Ending Evolv Express® subscriptions of 910, up 227% year-over-year

Waltham, Massachusetts – May 11, 2022 – Evolv Technology (NASDAQ: EVLV), a global leader in weapons detection security screening, today announced financial results for its first quarter ended March 31, 2022 and reaffirmed its business outlook for 2022.

“We’re pleased to report solid first quarter results which were highlighted by strong growth in revenues, new customers and Evolv Express subscribers,” said Peter George, President and Chief Executive Officer of Evolv Technology. “Our results continue to reflect our expanding leadership position in North America as more facility operators adopt our solutions to digitally transform their security operations. Looking ahead, we believe we remain well positioned to execute on our strategic growth plans.”

Results for the First Quarter of 2022

Total revenue for the first quarter of 2022 was $8.7 million, an increase of 118% compared to $4.0 million for the first quarter of 2021. Total Contract Value (“TCV”)1 of orders booked for the first quarter of 2022 was $19.2 million, an increase of 128% compared to $8.4 million in the first quarter of 2021. Annual Recurring Revenue (“ARR”)2 was $16.6 million at the end of first quarter of 2022, an increase of 207% compared to $5.4 million in the first quarter of 2021. Net loss for the first quarter of 2022 was ($14.6) million, or ($0.10) per basic and diluted share, compared to net loss of ($13.8) million, or ($1.32) per basic and diluted share, for the first quarter of 2021. Adjusted earnings (loss)3 for the first quarter of 2022 was ($19.1) million, or ($0.13) per basic and diluted share, compared to ($10.5) million, or ($1.01) per basic and diluted share, for the first quarter of 2021. Adjusted EBITDA3 for the first quarter of 2022 was ($18.2) million, compared to ($7.6) million for the first quarter of 2021. As of March 31, 2022, the Company had cash and cash equivalents of $270.9 million compared to $307.5 million as of December 31, 2021.

Company Reaffirms Outlook for 2022

The Company today commented on its business outlook for 2022. The Company's outlook is based on the current indications for its business, which may change at any time.

2022 Business Outlook

Estimate (In millions) Issued March 14, 2022 Issued May 11, 2022

Total Revenue $29-$31 No change

Annual Recurring Revenue2 (ARR) at 12/31 $27-$28 No change

Adjusted EBITDA3 ($65-$67) No change

Cash and Cash Equivalents $220-$230 No change

Company to Host Live Conference Call and Webcast

The Company’s management team plans to host a live conference call and webcast at 4:30 p.m. Eastern Time today to discuss the financial results as well as management’s outlook for the business and other matters. The conference call may be accessed in the United States by dialing +1.877.692.8955 and using access code 774298. The conference call may be accessed outside of the United States by dialing +1.234.720.6979 and using the same access code. The conference call will be simultaneously webcast on the Company’s investor relations website, which can be accessed at http://ir.evolvtechnology.com. A replay of the conference call will be available for a period of 30 days by dialing +1.866.207.1041 or +1.402.970.0847 and using access code 5434851 or by accessing the webcast replay on the Company’s investor relations website at http://ir.evolvtechnology.com.

About Evolv Technology

Evolv Technology (NASDAQ: EVLV) is a global leader in weapons detection security screening. Our mission is Evolv Technology (NASDAQ: EVLV) is a leader in weapons detection for security screening, securing the world’s most iconic venues and companies. Its mission is enabling a better experience and better security for venues, creating a safer world to work, learn, and play by transforming physical security to make everywhere safer. It gives sports fans, theme park visitors, concertgoers, shoppers, employees, students, and others peace of mind so that they can gather without fear of violence. Its security screening has scanned more than 250 million people, second only to the Department of Homeland Security’s Transportation Security Administration (TSA) in the United States, and its technology combines powerful, advanced sensors with proven artificial intelligence (AI), security ecosystem integrations, and comprehensive venue analytics to reliably detect threats 10 times faster than traditional metal detectors. Evolv Technology, Evolv Express®, Evolv Insights™, and Evolv Cortex AI™ are registered trademarks or trademarks of Evolv Technologies, Inc. in the Unit

EX-99.1

2 tm229128d1_ex99-1.htm

EXHIBIT 99.1

Exhibit 99.1

Investor Relations:

Brian Norris

Vice President of Investor Relations

bnorris@evolvtechnology.com

Public Relations:

Fitz Barth

Director of Communications

fbarth@evolvtechnology.com

Evolv Technology Reports Strong Fourth Quarter and Full Year Financial Results

– Company Issues Outlook for 2022 –

·Q4 Total Contract Value (“TCV”)1 of $17.9 million, up 201% year-over-year

·Q4 Revenue of $6.8 million, up 236% year-over-year

·Full Year TCV1 of $53.8 million, up 148% year-over-year

·Full Year Revenue of $23.7 million, up 395% year-over-year

Waltham, Massachusetts – March 14, 2022 – Evolv Technology (NASDAQ: EVLV), the global leader in AI-based weapons detection security screening, today announced financial results for its fourth quarter and year ended December 31, 20212 and issued its business outlook for 2022.

“We’re pleased to be reporting strong fourth quarter results highlighted by a record number of new customers across our key vertical markets, the launch of several demand-driven offerings, and continuing momentum with our channel-centric go to market strategy,” said Peter George, Chief Executive Officer of Evolv Technology. “Looking ahead to 2022, we plan to continue focusing on the opportunities we see to leverage our solutions to democratize security for facilities and venues in all of our target markets. We believe we enter the new year well-positioned and highly motivated to extend our leadership position in the rapidly growing market for AI-based weapons detection.”

Results for the Fourth Quarter of 2021

Total revenue for the fourth quarter of 2021 was $6.8 million, an increase of 236% compared to $2.0 million for the fourth quarter of 2020. Total Contract Value (“TCV”)1 of orders booked for the fourth quarter of 2021 was $17.9 million, an increase of 201% compared to $6.0 million in the fourth quarter of 2020. Annual Recurring Revenue (“ARR”)3 was $12.9 million at the end of fourth quarter of 2021, an increase of 220% compared to $4.0 million in the fourth quarter of 2020. Net income for the fourth quarter of 2021 was $2.5 million, or $0.02 per basic and diluted share, compared to net loss of $9.6 million, or $1.06 per basic and diluted share, for the fourth quarter of 2020. As of December 31, 2021, the Company had cash and cash equivalents of $307.5 million compared to $4.7 million as of December 31, 2020.

Results for 2021

Total revenue in 2021 was $23.7 million, an increase of 395% compared to $4.8 million in 2020. TCV of orders booked in 2021 was $53.8 million, an increase of 148% compared to $21.7 million in 2020. Net loss in 2021 was $10.9 million, or $0.15 per basic and diluted share, compared to net loss of $27.4 million, or $3.07 per basic and diluted share, in 2020.

Company Issues Outlook for 2022

The Company today issued its business outlook for 2022. The Company's outlook is based on the current indications for its business, which may change at any time.

Estimate

(In millions) 2021 Actual 2022 Business Outlook

Total Revenue $23.7 $29-$31

Annual Recurring Revenue3 at 12/31 $12.9 $27-$28

Operating Expenses $60.7 $94-$96

Operating Loss $(54.0) ($82-$84)

Adjusted EBITDA4 n/m ($65-$67)

Cash and Cash Equivalents $307.5 $220-$230

Company to Host Live Conference Call and Webcast

The Company’s management team plans to host a live conference call and webcast at 4:30 p.m. Eastern Time today to discuss the financial results as well as management’s outlook for the business and other matters. The conference call may be accessed in the United States by dialing +1.844.867.6169 and using access code 1400696. The conference call may be accessed outside of the United States by dialing +1.409.207.6975 and using access code 1400696. The conference call will be simultaneously webcast on the Company’s Investor Relations website, which can be accessed at http://ir.evolvtechnology.com. A replay of the conference call will be available for a period of 30 days by dialing +1.866.207.1041 or +1.402.970.0847 and using access code 1987557 or by accessing the webcast replay on the Company’s investor relations website at http://ir.evolvtechnology.com. The Company has used, and intends to continue to use, the investor relations portion of its website as a means of disclosing material non-public information and for complying with disclosure obligations under Regulation FD.

About Evolv Technology

Evolv Technology (NASDAQ: EVLV) is the global leader in weapons detection security screening. Our mission is enabling a better experience and better security for venues, creating a safer world to work, learn, and play by transforming physical security to make everywhere safer. This enhances the visitor experience and improves weapons detection. We give sports fans, theme park visitors, concert goers, shoppers, employees, students, and others peace of mind so that they can gather without fear of violence. Our security system, delivered as a Sa