10-Q · August 11, 2026
Evolv delivered Q2 revenue of $43.753 million, representing approximately 33% year-over-year growth and a $2.1 million consensus beat, but revenue declined approximately 5% sequentially and GAAP diluted EPS was $(0.05).…
EVLV earnings analysis
10-Q · Filed November 10, 2026 · Our reading of the company's report
The latest report
Evolv reported Q3 revenue of $47.345 million and diluted EPS of $(0.02), beating consensus estimates of $45.741 million and $(0.03). The filing nevertheless highlights significant financial-reporting weaknesses,…
Read full summary
Evolv reported Q3 revenue of $47.345 million and diluted EPS of $(0.02), beating consensus estimates of $45.741 million and $(0.03). The filing nevertheless highlights significant financial-reporting weaknesses, persistent losses of $29.9 million for the first nine months of 2026, and an accumulated deficit of $417.7 million. Liquidity includes $30.0 million of drawn term debt plus $45.0 million of undrawn credit capacity, but covenant requirements, SEC-related matters, litigation, and unresolved control deficiencies remain material risks.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.02
What stood out
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Revenue and EPS beat estimates
Q3 revenue was $47.345 million and diluted EPS was $(0.02), according to the reported earnings data, with both results ahead of consensus estimates of $45.741 million and $(0.03), respectively.
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Additional debt capacity remains available
The company had $30.0 million outstanding under its Initial Term Loan as of September 30, 2026, while the $30.0 million Delayed Draw Term Loan and $15.0 million Revolving Credit Facility remained undrawn and available.
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Control remediation investment continues
Management has hired additional accounting personnel, engaged a large national advisory firm in January 2025, and released new quoting functionality in Q3 2026 as part of its remediation program.
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Finance and revenue leadership strengthened
The company states that it hired a new Chief Accounting Officer in January 2025 and a new Chief Revenue Officer in February 2025 to strengthen accounting oversight and revenue-recognition processes.
What to watch
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Material weaknesses remain unresolved
Disclosure controls and procedures were not effective as of September 30, 2026 because of material weaknesses in internal control over financial reporting. The weaknesses contributed to restatements covering annual periods ended December 31, 2022 and 2023 and quarterly periods beginning with Q2 2022.
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Persistent losses and accumulated deficit
The company reported net losses of $29.9 million for the nine months ended September 30, 2026 and $44.0 million for the comparable 2025 period, and had an accumulated deficit of $417.7 million as of September 30, 2026.
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Regulatory and litigation exposure
The company is cooperating with SEC investigations and has reached a settlement in principle with SEC staff, subject to SEC approval; it also settled securities class action litigation in September 2026 and shareholder derivative lawsuits in October 2026.
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Complex transaction accounting risk
The company identifies material weaknesses involving controls over debt modifications, convertible notes, warrant instruments, complex revenue transactions, merger transactions, and earn-out liabilities, increasing the risk of future misstatements.
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Debt covenants constrain flexibility
The Senior Secured Credit Facilities require compliance with a minimum ARR covenant, a minimum liquidity covenant, and a minimum EBITDA covenant taking effect on June 30, 2027; failure could lead to an event of default and acceleration of the debt.
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Cybersecurity and IT-control exposure
The company states that it and its third-party vendors have experienced phishing scams and ransomware attempts, while deficiencies in IT general controls constitute a material weakness that could affect financial applications and accounting records.
Management's outlook
The provided 10-Q extract does not include quantitative revenue or EPS guidance. Management states that the remediation plan includes a new quoting system released in Q3 2026 and a new ERP implementation planned for 2027.
Earlier filings 4
10-Q · May 12, 2026
Evolv Technology reported strong Q1 2026 results, with revenue reaching $46.3 million, a 45% increase year-over-year, surpassing estimates by 5.8%. Despite an EPS loss of $0.02, the company raised its revenue guidance…
10-K · March 10, 2026
Evolv’s 2025 10-K emphasizes its hardware-enabled Security-as-a-Service strategy (proprietary AI, cloud analytics, and subscriptions) and highlights scale (over 4 billion visitors screened) and a large addressable…
10-Q · August 14, 2025
Evolv reported quarterly revenue of $32,544,000 (up $7,320,000 or 29.0% vs Q2 2024's $25,224,000) driven by subscription growth, but reported a GAAP net loss and EPS deterioration driven by large non‑cash fair‑value…
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