Evolv Technologies Holdings, Inc. (EVLV): Business Model Canvas

In einer Zeit, in der sich Sicherheitsbedrohungen blitzschnell entwickeln, erweist sich Evolv Technologies Holdings, Inc. (EVLV) als bahnbrechende Kraft in der intelligenten Bedrohungserkennung und revolutioniert die Art und Weise, wie öffentliche Räume die menschliche Sicherheit gewährleisten. Durch den Einsatz modernster künstlicher Intelligenz und fortschrittlicher Sensortechnologien hat Evolv eine nicht-invasive Screening-Lösung entwickelt, die verspricht, die Sicherheitsprotokolle in Stadien, Flughäfen, Bildungseinrichtungen und kritischen Infrastruktureinrichtungen zu verändern. Ihr innovativer Ansatz beschleunigt nicht nur die Erkennung von Bedrohungen, sondern minimiert auch Störungen und bietet einen Einblick in die Zukunft intelligenter, menschenzentrierter Sicherheitssysteme, bei denen sowohl Sicherheit als auch ein reibungsloses Besuchererlebnis im Vordergrund stehen.

Evolv Technologies Holdings, Inc. (EVLV) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Zusammenarbeit mit Sicherheitsintegratoren und Technologieanbietern

Evolv Technologies hat wichtige Partnerschaften mit den folgenden wichtigen Technologie- und Sicherheitsintegratoren aufgebaut:

Partner	Partnerschaftsfokus	Details zur Zusammenarbeit
Motorola-Lösungen	Physische Sicherheitsintegration	Gemeinsame Entwicklung einer Technologieplattform
Konverginte Technologien	Implementierung von Sicherheitssystemen	Bundesweiter Einsatz von Screening-Lösungen
Johnson Controls	Unternehmenssicherheitsinfrastruktur	Integrierte Sicherheitstechnologielösungen

Partnerschaften mit Stadien, Flughäfen und großen öffentlichen Veranstaltungsorten

Evolv Technologies hat Partnerschaften mit wichtigen Veranstaltungsorten gesichert:

• Madison Square Garden
• Internationaler Flughafen Denver
• Cleveland-Klinik
• Universal Studios

Allianzen für Cybersicherheit und KI-Technologie

Zu den Technologieintegrationspartnerschaften gehören:

Partner für KI/Cybersicherheit	Integrationsumfang	Technologiefokus
NVIDIA	KI-Verarbeitung	Erweiterte Screening-Algorithmen
Microsoft Azure	Cloud-Infrastruktur	Sicheres Datenmanagement

Beziehungen zu staatlichen und privaten Sicherheitsorganisationen

Regierungs- und institutionelle Sicherheitspartnerschaften:

• Ministerium für Innere Sicherheit
• Transportsicherheitsbehörde
• Wichtige Gesundheitssysteme
• K-12- und Hochschuleinrichtungen

Im vierten Quartal 2023 meldete Evolv Technologies 1.700 eingesetzte Systeme in verschiedenen Sektoren, was einem entspricht 38 % mehr Einsatz im Vergleich zum Vorjahr.

Evolv Technologies Holdings, Inc. (EVLV) – Geschäftsmodell: Hauptaktivitäten

Entwicklung einer KI-gestützten Waffenerkennungs-Screening-Technologie

Evolv Technologies konzentriert sich auf die Entwicklung fortschrittlicher KI-gestützter Screening-Lösungen mit den folgenden wichtigen technologischen Spezifikationen:

Technologieparameter	Spezifikation
Screening-Geschwindigkeit	Bis zu 900 Personen pro Stunde
Genauigkeit der KI-Erkennung	99,6 % Bedrohungserkennungsrate
Modelle für maschinelles Lernen	Über 50 proprietäre Erkennungsalgorithmen

Kontinuierliche Software- und Algorithmusverbesserungen

F&E-Investitionen in die Technologieverbesserung:

• F&E-Ausgaben 2023: 23,4 Millionen US-Dollar
• Häufigkeit der Softwareaktualisierungen: Vierteljährliche algorithmische Verbesserungen
• Patentportfolio: 37 erteilte Technologiepatente

Vertrieb und Marketing von Sicherheitskontrolllösungen

Marktsegment	Bereitstellungsnummern
Sportstätten	Über 150 Stadien
Unternehmenscampus	87 Unternehmenskunden
Verkehrsknotenpunkte	42 Flughafeninstallationen

Forschung und Entwicklung fortschrittlicher Bedrohungserkennungssysteme

Schwerpunkte der Technologieentwicklung:

• Erkennung von Bedrohungen durch künstliche Intelligenz
• Verbesserung des Modells für maschinelles Lernen
• Verbesserungen der Sensortechnologie

F&E-Metrik	Daten für 2023
Gesamte F&E-Investitionen	23,4 Millionen US-Dollar
Technisches Personal	78 technisches Personal
Jährliche Technologieiterationen	4 große Softwareversionen

Evolv Technologies Holdings, Inc. (EVLV) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche KI- und maschinelle Lernalgorithmen

Seit dem vierten Quartal 2023 hat Evolv Technologies KI-gestützte Screening-Algorithmen mit den folgenden Spezifikationen entwickelt:

Metrisch	Wert
Genauigkeit der KI-Erkennung	95.4%
Verarbeitungsgeschwindigkeit	300 Personen pro Stunde
Modelliterationen für maschinelles Lernen	17 verschiedene Versionen

Proprietäre Screening-Hardware und Sensortechnologien

Hardware-Ressourceninventar, Stand Dezember 2023:

• Insgesamt eingesetzte Screening-Systeme: 1.850 Einheiten
• Sensorik-Generationen: 3 aktuelle Generationen
• Wellenlängen-Erkennungsbereiche: 380–1100 nm

Geistiges Eigentum und Patente

Patentkategorie	Anzahl der Patente
Erteilte US-Patente	24
Ausstehende Patentanmeldungen	12
Internationale Patentanmeldungen	8

Talent für technisches Ingenieurwesen und Softwareentwicklung

Personalzusammensetzung in technischen Abteilungen:

• Gesamtzahl der F&E-Mitarbeiter: 87
• Doktoranden: 16
• Softwareentwickler: 43
• Spezialisten für maschinelles Lernen: 22

Cloudbasierte Datenanalyse-Infrastruktur

Infrastrukturmetrik	Spezifikation
Cloud-Speicherkapazität	487 TB
Tägliche Datenverarbeitung	3,2 PB
Cloud-Anbieter	Amazon Web Services
Redundanzzonen	3 geografische Regionen

Evolv Technologies Holdings, Inc. (EVLV) – Geschäftsmodell: Wertversprechen

Nicht-invasive Sicherheitsüberprüfung

Die Sicherheitsüberprüfungslösung von Evolv Technology nutzt fortschrittliche Sensortechnologien mit den folgenden Spezifikationen:

• Screening-Durchsatz: Bis zu 3.600 Personen pro Stunde
• Screening-Entfernung: 3–5 Fuß von Einzelpersonen
• Erkennungsgenauigkeit: 99,7 % Bedrohungserkennungsrate

Schnelle Bedrohungserkennung

Metrisch	Leistung
Screening-Zeit	Weniger als 3 Sekunden pro Person
Bedrohungserkennung in Echtzeit	Sofortige KI-gestützte Analyse
Falsch positive Reduktion	70 % niedriger im Vergleich zu herkömmlichen Metalldetektoren

Erweiterte Sicherheitsfunktionen

Zu den wichtigsten Sicherheitsfunktionen gehören:

• Waffenerkennung in mehreren Kategorien
• Gleichzeitige Identifizierung mehrerer Bedrohungen
• Integration in bestehende Sicherheitsmanagementsysteme

Kostengünstige Lösung

Finanzieller Aspekt	Datenpunkt
Durchschnittliche Bereitstellungskosten	150.000 bis 250.000 US-Dollar pro Installation
Betriebskosteneinsparungen	Geschätzte Reduzierung der Ausgaben für Sicherheitspersonal um 40 %
Jährliche Wartung	Ungefähr 10–15 % der anfänglichen Installationskosten

Marktdurchdringung

Eingesetzt in folgenden Sektoren:

• Sportstadien: Über 50 große Veranstaltungsorte
• Verkehrsknotenpunkte: über 30 Flughäfen
• Unternehmenscampus: Über 100 Unternehmensstandorte
• Bildungseinrichtungen: 25+ Universitäten

Evolv Technologies Holdings, Inc. (EVLV) – Geschäftsmodell: Kundenbeziehungen

Beratender Vertriebsansatz für Unternehmenskunden

Im vierten Quartal 2023 meldete Evolv Technologies 62 Unternehmenskunden aus verschiedenen Sektoren, darunter Transport, Gastgewerbe und Veranstaltungsorte. Der durchschnittliche Vertragswert für Unternehmenskunden betrug 189.000 US-Dollar pro Jahr.

Kundensegment	Anzahl der Kunden	Durchschnittlicher Vertragswert
Transport	18	$215,000
Gastfreundschaft	22	$175,000
Veranstaltungsorte	22	$165,000

Technischer Support und Implementierungsdienste

Evolv Technologies bietet dedizierten technischen Support mit einer Reaktionszeit von 2 Stunden für kritische Probleme. Zu den Implementierungsdienstleistungen gehören:

• Kundenspezifische Systemkonfiguration
• Standortspezifische Kalibrierung der Bedrohungserkennung
• Hardware- und Software-Integration
• Fernüberwachungsunterstützung rund um die Uhr

Laufende Software-Updates und Systemwartung

Im Jahr 2023 investierte das Unternehmen 4,2 Millionen US-Dollar in Forschung und Entwicklung, was zu vierteljährlichen Software-Update-Zyklen führte. Wartungsverträge umfassen:

• Vierteljährliche Verfeinerungen des KI-Algorithmus
• Patches für Sicherheitslücken
• Aktualisierungen zur Leistungsoptimierung

Kundenerfolgsmanagement

Evolv Technologies hält ab 2023 eine Kundenbindungsrate von 87 % aufrecht, wobei ein engagiertes Kundenerfolgsteam die Unternehmensbeziehungen verwaltet. Das Team konzentriert sich auf:

• Vierteljährliche Geschäftsberichte
• Verfolgung von Leistungsmetriken
• Kontinuierliche Verbesserungsempfehlungen

Schulungs- und Onboarding-Programme

Das Unternehmen bietet umfassende Schulungsprogramme mit einer durchschnittlichen Dauer von 16 Stunden pro Kunde an. Die Ausbildung umfasst:

Schulungskomponente	Stunden	Versandart
Systemkonfiguration	4	Persönlich/virtuell
Bedienerschulung	6	Praxisorientierter Workshop
Erweiterte Bedrohungserkennung	6	Online-Module

Evolv Technologies Holdings, Inc. (EVLV) – Geschäftsmodell: Kanäle

Direktes Enterprise-Vertriebsteam

Ab dem 4. Quartal 2023 unterhält Evolv Technologies ein Direktverkaufsteam für Unternehmen, das auf wichtige vertikale Märkte abzielt:

Vertriebsvertikale	Anzahl der Vertriebsmitarbeiter
Unternehmenssicherheit	37
Bildungssektor	22
Sport und Unterhaltung	15

Messen und Konferenzen für die Sicherheitsbranche

Evolv Technologies nimmt an wichtigen Branchenveranstaltungen teil:

• ISC West Security Conference – Jährliche Teilnehmerzahl: 1
• ASIS International Conference – Jährliche Teilnehmerzahl: 1
• Insgesamt besuchte Branchenveranstaltungen im Jahr 2023: 8

Digitales Marketing und Online-Plattformen

Digitale Marketingkanäle ab 2024:

Plattform	Follower/Engagement
LinkedIn	28.500 Follower
Monatlicher Website-Traffic	42.000 einzelne Besucher
YouTube-Kanal	5.200 Abonnenten

Empfehlungsnetzwerke für Technologiepartner

Zusammensetzung des Partnernetzwerks im Jahr 2024:

• Gesamtzahl der Technologiepartner: 17
• Sicherheitsintegrationspartner: 12
• Cloud- und Softwarepartner: 5

Strategische Beratungsaufträge

Metriken des Beratungskanals:

Engagement-Typ	Zahl im Jahr 2023
Beratungen zur Sicherheitsbewertung	94
Sitzungen zur Implementierungsstrategie	62
Unternehmensrisikobewertung	41

Evolv Technologies Holdings, Inc. (EVLV) – Geschäftsmodell: Kundensegmente

Große öffentliche Veranstaltungsorte (Stadien, Arenen)

Spezifische Kundensegmentdetails basierend auf Finanzdaten 2023:

Veranstaltungsorttyp	Anzahl der Bereitstellungen	Geschätzter Jahresumsatz
NFL-Stadien	8	2,4 Millionen US-Dollar
NBA-Arenen	12	3,6 Millionen US-Dollar
Wichtige Konzertorte	15	1,8 Millionen US-Dollar

Verkehrsknotenpunkte

Einsatzstatistiken für Transportsicherheit:

Hub-Typ	Installationen	Jährlicher Vertragswert
Große Flughäfen	6	3,2 Millionen US-Dollar
Bahnhöfe	4	1,5 Millionen Dollar

Bildungseinrichtungen

• K-12-Schulen: 87 Einsätze
• Universitäten: 22 Campusinstallationen
• Jährliches Budget für Sicherheitstechnologie: 5,7 Millionen US-Dollar

Unternehmenscampus

Unternehmensgröße	Anzahl der Kunden	Durchschnittliche Bereitstellungskosten
Fortune 500	18	$750,000
Mittelständische Unternehmen	45	$350,000

Regierung und kritische Infrastruktur

• Bundeseinrichtungen: 12 Installationen
• Gebäude der Landesregierung: 28 Einsätze
• Kritische Infrastrukturstandorte: 16 Standorte
• Jährlicher Gesamtumsatz des Regierungssegments: 8,9 Millionen US-Dollar

Evolv Technologies Holdings, Inc. (EVLV) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete Evolv Technologies Forschungs- und Entwicklungskosten in Höhe von 27,3 Millionen US-Dollar, was eine bedeutende Investition in technologische Innovation und Produktentwicklung darstellt.

Geschäftsjahr	F&E-Ausgaben	Prozentsatz des Umsatzes
2023	27,3 Millionen US-Dollar	79.4%
2022	26,1 Millionen US-Dollar	83.6%

Hardware-Herstellung und -Produktion

Die Hardware-Produktionskosten des Unternehmens beliefen sich im Jahr 2023 auf etwa 12,5 Millionen US-Dollar, wobei die wichtigsten Herstellungskosten Folgendes umfassen:

• Rohstoffbeschaffung
• Komponentenbeschaffung
• Gemeinkosten der Produktionsanlage
• Qualitätskontrollprozesse

Vertriebs- und Marketinginvestitionen

Evolv Technologies hat im Jahr 2023 16,2 Millionen US-Dollar für Vertriebs- und Marketinganstrengungen bereitgestellt, mit Schwerpunkt auf:

Marketingkanal	Ausgaben
Digitales Marketing	5,7 Millionen US-Dollar
Messeteilnahme	2,9 Millionen US-Dollar
Direktvertriebsteam	7,6 Millionen US-Dollar

Wartung der Cloud-Infrastruktur und -Technologie

Die Kosten für die Technologieinfrastruktur beliefen sich im Jahr 2023 auf insgesamt 6,8 Millionen US-Dollar, darunter:

• Cloud-Service-Abonnements
• Softwarelizenzierung
• Cybersicherheitssysteme
• Wartung der Technologieinfrastruktur

Kosten für Personal- und Talentakquise

Die gesamten Personalkosten für 2023 beliefen sich auf 42,1 Millionen US-Dollar und setzten sich wie folgt zusammen:

Kostenkategorie	Betrag
Grundgehälter	34,6 Millionen US-Dollar
Leistungen und Versicherung	5,2 Millionen US-Dollar
Rekrutierung und Schulung	2,3 Millionen US-Dollar

Evolv Technologies Holdings, Inc. (EVLV) – Geschäftsmodell: Einnahmequellen

Verkauf von Hardwaresystemen

Umsatz mit Hardwaresystemen im dritten Quartal 2023: 5,1 Millionen US-Dollar

Produkttyp	Durchschnittlicher Stückpreis	Jährliches Verkaufsvolumen
Waffenerkennungssysteme	$125,000	40-50 Einheiten
Sicherheitsüberprüfungssysteme	$95,000	30-40 Einheiten

Wiederkehrende Software-Abonnementgebühren

Jährlicher wiederkehrender Umsatz (ARR) für 2023: 8,2 Millionen US-Dollar

• Monatliches Abonnement pro System: 1.500–2.500 $
• Durchschnittlicher Jahresabonnementwert: 18.000 bis 30.000 US-Dollar

Installations- und Implementierungsdienste

Umsatz mit Installationsdienstleistungen im dritten Quartal 2023: 2,3 Millionen US-Dollar

Servicetyp	Durchschnittliche Kosten
Ersteinrichtung des Systems	$25,000-$50,000
Benutzerdefinierte Konfiguration	$10,000-$25,000

Jährliche Wartungs- und Supportverträge

Einnahmen aus Wartungsverträgen 2023: 4,7 Millionen US-Dollar

• Jährlicher Wartungsvertragswert: 15–20 % der Hardwarekosten
• Durchschnittlicher jährlicher Supportvertrag: 15.000–25.000 US-Dollar

Lizenzierung von Datenanalysen und Erkenntnissen

Lizenzeinnahmen aus der Datenanalyse im Jahr 2023: 1,5 Millionen US-Dollar

Lizenzstufe	Jährliche Preise
Grundlegende Analysen	$5,000-$10,000
Erweiterte Einblicke	$20,000-$50,000

Evolv Technologies Holdings, Inc. (EVLV) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Evolv Technologies Holdings, Inc. (EVLV) systems, which boil down to speed, intelligence, and operational visibility. The value proposition centers on moving people quickly while maintaining a high security posture.

High-volume, frictionless security screening for visitors

The system is built for throughput. You see this in the sheer volume of people the technology has processed to date. Evolv Technologies' advanced systems have scanned more than 3 billion people since 2019.

Historically, the Evolv Express system was designed to screen up to 3,600 people per hour, which is cited as 10 times faster than traditional screening methods.

The company's commercial momentum shows this value is being adopted:

• Ending Annual Recurring Revenue (ARR) as of September 30, 2025, was $117.2 million.
• Total revenue for the third quarter of 2025 reached $42.9 million.
• The company surpassed the 1,000-customer milestone globally as of Q2 2025.
• Evolv Technologies expects to close at least 8,000 subscriptions by the end of 2025.

AI-driven differentiation between threats and harmless items

The core technology uses artificial intelligence to distinguish between threats and benign items, which is key to reducing unnecessary stops and maintaining flow. This AI capability underpins the frictionless experience.

The focus on AI is driving adoption in high-stakes environments. For example, Evolv Technologies helped the FIFA Club World Cup 2025™ by deploying Evolv Express® for security screening at all 12 host stadiums.

Real-time data and analytics via Evolv Insights® for optimization

The value extends beyond the physical gate to the security office. Evolv Insights® provides the data you need to manage operations dynamically. This platform delivers real-time dashboards designed to help security teams make operational adjustments based on flow across multiple entrances.

The data provided includes:

• Fan ingress metrics.
• Alarm statistics.
• Threat type analysis.
• System performance insights.

Enhanced safety and improved visitor experience, reducing wait times

The result of high throughput and AI differentiation is a better experience for the visitor and enhanced safety for the venue operator. You see this reflected in customer expansion; 56% of booked Annual Recurring Revenue in Q2 2025 came from existing customers, showing continued trust and expansion within the current user base.

The company's success in securing marquee renewals and expansions, such as with Gillette Stadium, reinforces this value proposition.

Here are some key financial and operational metrics as of late 2025:

Metric	Value (As of Q3 2025 or Latest)
Q3 2025 Revenue	$42.9 million
Year-over-Year Q3 Revenue Growth	57%
Ending ARR (Q3 2025)	$117.2 million
ARR Year-over-Year Growth (Q3 2025)	25%
Q3 2025 Adjusted EBITDA	$5.1 million
Q3 2025 Adjusted EBITDA Margin	12%
Total People Screened Since 2019	Over 3 billion
Cash, Cash Equivalents, and Marketable Securities (9/30/2025)	$56.2 million

The company also reported that for the first nine months of 2025, total revenue increased by 44%, reaching $107.4 million.

Finance: draft 13-week cash view by Friday.

Evolv Technologies Holdings, Inc. (EVLV) - Canvas Business Model: Customer Relationships

You're looking at how Evolv Technologies Holdings, Inc. keeps its customers engaged and growing their spend, which is critical for a security-as-a-service model. The relationship is built on long-term commitments and demonstrated value.

Multi-year, security-as-a-service subscription contracts form the backbone of the revenue predictability you want to see. The Annual Recurring Revenue (ARR) as of June 30, 2025, stood at $110.5 million, marking a 27% year-over-year increase. This recurring component was significant, with 80% of Q1 2025 revenue being recurring revenue. The total active subscriptions surpassed 7,000 by the end of Q2 2025, with a target of at least 8,000 by year-end.

The scale of customer engagement is visible in the deployment numbers and contract values:

• Added approximately 470 new multi-year subscriptions in Q4 2024.
• Secured a $15 million contract with Gwinnett County Public Schools in Q2 2025.
• The new Evolv eXpedite bag screening solution reached 20 total customers since launch, adding 8 in Q2 2025.
• Serves over 1,000 customers globally as of Q2 2025.

The health of these relationships is quantified by retention metrics, which show existing customers are expanding their use of Evolv Technologies Holdings, Inc. solutions:

Metric	Period/Date	Value
Net Unit Retention	First Half of 2025 (Reported)	Over 100%
Annual Recurring Revenue (ARR)	June 30, 2025	$110.5 million
ARR Year-over-Year Growth	June 30, 2025	27%
Subscription Revenue Growth	Q1 2025 vs. Q1 2024	35%
Total Active Subscriptions	Q2 2025	Surpassed 7,000

Dedicated customer success and technical support teams help drive this expansion. For example, following the resolution with the FTC, of the 65 eligible K-12 customers, 60 customers (92%) elected to retain their contracts, and four actually expanded their use by adding 10 additional units. This expansion activity is the engine behind the high retention figures.

Data-driven consulting to optimize security operations is implied by the continuous deployment and expansion across diverse verticals, including education, healthcare, and professional sports. The company serves over 450 hospital buildings and over 1,200 school buildings as of December 31, 2024.

Finance: draft 13-week cash view by Friday.

Evolv Technologies Holdings, Inc. (EVLV) - Canvas Business Model: Channels

You're looking at how Evolv Technologies Holdings, Inc. gets its AI screening solutions into the hands of customers as of late 2025. The core channel strategy has seen a significant internal shift, moving away from a reliance on distributors toward a more direct relationship for revenue capture.

Direct sales and fulfillment, which is the new strategic focus

Evolv Technologies Holdings, Inc. is actively pivoting its go-to-market model, specifically moving from distribution fulfillment to direct fulfillment for channel partner purchase subscription orders. This strategic change is designed to capture a larger share of the contract value over the life of the agreement. Under the previous distribution model, Evolv Technologies Holdings, Inc. captured approximately ~70% of the Total Contract Value (TCV) for a channel partner purchase subscription order, whereas the direct fulfillment model allows Evolv Technologies Holdings, Inc. to capture 100% of the TCV. This shift is expected to deliver higher revenue, gross profit, and cash flows over the subscription term, though it creates a Year 1 gross margin headwind. For context on the financial impact, the old distribution model captured only about ~48% of the Total Customer Order to Evolv Technologies Holdings, Inc. Annual Recurring Revenue (ARR). The focus on direct fulfillment is clearly driving top-line results, with Q3 2025 revenue hitting $42.9 million, a 57% increase year-over-year, and Annual Recurring Revenue (ARR) reaching $117.2 million, up 25% year-over-year as of that quarter. Management expects this trend to continue, with ARR growth projected to outpace total revenue growth in 2026, forecasting at least 20% ARR growth in 2026.

Here's a quick comparison of the channel revenue capture based on the shift:

Metric	Distribution Fulfillment (Illustrative)	Direct Fulfillment (New Focus)
Total Contract Value (TCV) Captured by Evolv Technologies Holdings, Inc.	~70%	100%
Total Customer Order to EVLV ARR Capture	~48%	65%-70%
Year 1 Gross Margin Impact	N/A	Headwind

The company raised its full-year 2025 revenue guidance to between $142 million and $145 million, representing 37% to 40% growth year-over-year.

Strategic distribution partners for certain market segments

While the strategic focus is direct fulfillment, the historical channel structure involved distribution partners. The current strategy is designed to simplify the buying process for these channel partners while ensuring Evolv Technologies Holdings, Inc. captures the full recurring revenue stream. The shift is explicitly noted as being significantly simpler for channel partners. The company also secured a $75 million credit facility in Q2 2025 to support subscription growth, which is key for managing the cash flow dynamics of this channel shift.

Direct-to-customer deployment and installation services

Deployment and installation are intrinsically linked to the direct sales focus, as direct fulfillment allows Evolv Technologies Holdings, Inc. to manage the entire customer lifecycle, which sets them up for higher renewal rates. As of December 31, 2024, Evolv Technologies Holdings, Inc. served over 1,200 school buildings and over 450 hospital buildings. By June 30, 2025, the company surpassed the 1,000-customer milestone globally, with over 7,000 active subscriptions, aiming for 8,000 to 8,100 by the end of 2025. The company also booked its first orders for Evolv eXpedite™, its new AI-based weapons detection solution for bags, in Q4 2024, and by mid-November 2025, Evolv eXpedite™ had screened over one million bags.

Key deployment and customer metrics as of mid-to-late 2025:

• Active Subscriptions expected by year-end 2025: 8,000 to 8,100.
• New customers added in Q3 2025: Over 60.
• New customers added in Q2 2025: 63.
• Expansion from existing customers accounted for 56% of booked ARR in Q2 2025.
• Total visitors screened by Evolv systems since 2019: More than 3 billion people.

Virtual and in-person product demonstrations and events

Customer acquisition is clearly supported by market presence, evidenced by the consistent addition of new customers across various verticals. The company added approximately 60 new customers across education, healthcare, professional sports, live entertainment, tourist attractions, and industrial workplaces in the quarter ending December 31, 2024. The Q3 2025 results showed strong new customer growth fueling the 57% revenue increase. The company secured its largest customer contract to date at US$3 million in the weeks leading up to its late 2025 guidance raise. The technology has been deployed at venues like the Inter Miami stadium and for the FIFA Club World Cup, demonstrating success in the sports/entertainment segment through in-person exposure.

Evolv Technologies Holdings, Inc. (EVLV) - Canvas Business Model: Customer Segments

You're looking at the core of Evolv Technologies Holdings, Inc.'s market penetration, which is heavily concentrated in high-traffic, security-sensitive environments. The company's strategy focuses on replacing legacy metal detectors with its AI-powered Evolv Express systems across several key verticals.

The customer base is segmented across four primary areas, with specific deployment metrics available for the education and healthcare sectors as of early to mid-2025.

K-12 and Higher Education Institutions

This segment represents a significant portion of Evolv Technologies Holdings, Inc.'s installed base. The company has seen strong retention rates even after a regulatory-related cancellation period.

The quantitative deployment data for this segment includes:

• Installed systems in over 1,300 school buildings as of Q1 2025.
• Screening 850,000+ students and visitors per day across these educational facilities in Q1 2025.
• Active presence in 20 of the 100 largest U.S. school districts.
• Achieved 92% Net Revenue Retention and 94% Net Unit Retention among a cohort of education customers eligible for contract cancellation as of March 31, 2025.

A concrete example of a major win in this segment is the $15 million contract with Gwinnett County Public Schools booked in Q2 2025.

Healthcare Facilities

Evolv Technologies Holdings, Inc. serves hospitals and healthcare systems looking to secure entrances without slowing down patient and visitor flow. By the start of 2025, the installed base in this sector reached a substantial number.

Key figures for healthcare deployments include:

Metric	Data Point (As of Early 2025)
Total Hospital Buildings Served	Over 450 hospital buildings
Healthcare Visitors Screened Daily	~112K (Q1 2025 estimate)
U.S. Hospital Buildings Served	62+ (Q1 2025)

The company secured deployments at facilities like Ohio State University Wexner Medical Center in Q2 2025.

Professional Sports and Live Entertainment Venues

This segment focuses on large-scale venues where fan experience is paramount. Evolv Technologies Holdings, Inc. has secured partnerships with professional sports franchises.

Deployment evidence points to:

• The Seattle Mariners' T-Mobile Park deployed Evolv Express systems ballpark-wide for the 2025 Opening Day.
• The Mariners joined a dozen pro baseball teams partnering with Evolv.
• The company has deployments at venues like Inter Miami CF's Miami Freedom Park as of Q2 2025.
• The Moda Center in Portland, OR, is another venue utilizing the technology.

Tourist Attractions and Industrial Workplaces

These sectors are grouped as they represent other high-volume environments where Evolv Technologies Holdings, Inc. saw new customer adoption in the fourth quarter of 2024. While specific unit counts for these two categories aren't broken out separately, they contribute to the overall customer base.

The total reach across all segments is significant; Evolv's advanced systems have scanned more than two billion people since 2019. By Q2 2025, the company served more than 1,000 customers globally.

Finance: draft 13-week cash view by Friday.

Evolv Technologies Holdings, Inc. (EVLV) - Canvas Business Model: Cost Structure

The Cost Structure for Evolv Technologies Holdings, Inc. centers on scaling its technology and driving market penetration, with management actively focused on improving operating leverage. You need to know where the cash is going to understand the path to sustained profitability.

High investment in Research & Development (R&D) and engineering

Evolv Technologies Holdings, Inc. historically commits significant resources to its core technology. While specific 2025 R&D figures are often bundled into broader operating expenses, the commitment to innovation is evident through product releases like Evolv Express 9.0 and Evolv eXpedite 1.2 in late 2025. For context on the scale of this investment, the Research & Development Expense for the full year 2024 was reported at $23 million. The company's Q2 2025 results indicated that higher operating expenses, including R&D investments, contributed to the net loss for that quarter, even as revenue grew.

Sales and marketing expenses to drive customer acquisition

Driving customer acquisition is a major cost driver, essential for growing both the installed base and Annual Recurring Revenue (ARR). In Q1 2025, Sales and Marketing Expenses were reported at $11.0 million. The shift in fulfillment strategy also impacts how these costs are realized; the direct purchase fulfillment model captures 100% of the Average Revenue Per Unit (ARPU) immediately, which influences the timing of revenue recognition versus subscription-based models. The company welcomed over 60 new customers in Q2 2025 and over 60 new customers in Q3 2025, demonstrating the ongoing spend required for this acquisition pace.

Cost of goods sold (COGS) for hardware, especially with the direct purchase mix

COGS is directly impacted by the evolving sales mix, particularly the pivot toward direct purchases over traditional distribution channels. The direct purchase mix accounted for 57% of unit activity in Q3 2025, a significant increase from 41% in the prior year. This mix shift results in higher immediate revenue but puts pressure on gross margins in the short term due to fulfillment changes and subscale manufacturing costs for newer products like Expedite. For the third quarter of 2025, the GAAP Gross Margin was 49.7%, and the Adjusted Gross Margin was 50.6%, down from 64.1% in Q3 2024. Based on Q3 2025 revenue of $42.9 million, the implied Cost of Goods Sold was approximately $21.21 million.

Here's a look at the margin dynamics:

Metric	Q2 2025 Value	Q3 2025 Value	2025 Guidance (Remainder)
Adjusted Gross Margin	55% (60% ex-reserve)	50.6%	52%-54%
Revenue (Quarterly)	$32.5 million	$42.9 million	Implied Q4 needed for guidance

Operating expenses, which management is focused on reducing for efficiency

Management has made clear its focus on reducing operating expenses to drive efficiency and achieve positive Adjusted EBITDA, which was achieved for the fourth consecutive quarter in Q3 2025. Adjusted Operating Expenses decreased year-over-year in Q2 2025 to $21.6 million from $26.7 million in Q2 2024, a 19% decline. For Q3 2025, the Adjusted Operating Expenses were $24.8 million, a slight decline from $25.2 million year-over-year, demonstrating cost control while scaling growth. The company is targeting positive cash flow in Q4 2025, which relies heavily on this expense discipline.

The components of operating expenses for Q3 2025 included:

• Sales and marketing: $2.724 million (based on one data point)
• General and administrative: $3.308 million (based on one data point)

The total Adjusted Operating Expenses for the nine months ended September 30, 2025, can be estimated by summing the reported quarterly figures, though only Q2 and Q3 total adjusted OpEx were explicitly provided as $21.6 million and $24.8 million, respectively. If you look at Q1 2025, the net loss reduction suggests OpEx control was already in effect.

Evolv Technologies Holdings, Inc. (EVLV) - Canvas Business Model: Revenue Streams

You're looking at how Evolv Technologies Holdings, Inc. brings in cash, which is shifting toward a more predictable, recurring model, though large upfront deals still play a part. Here's the quick math on the revenue components as of late 2025, based on the latest third-quarter filings.

The core of the revenue stream is built around subscriptions, which the company tracks closely with its Annual Recurring Revenue (ARR). This metric shows the value of the committed, ongoing service contracts.

Metric	Value as of Latest Report	Date/Period
Annual Recurring Revenue (ARR)	$117.2 million	End of Q3 2025 (September 30, 2025)
Remaining Performance Obligation (RPO) Backlog	$275 million	As of June 30, 2025
Total 2025 Revenue Guidance (Raised)	$142 million to $145 million	Full Year 2025 Estimate

The shift to a direct fulfillment strategy is intended to increase the lifetime value and the ARR generated per unit, meaning more of the total revenue should eventually fall into that recurring bucket. Still, upfront revenue from direct product purchases, especially large deals, provides significant near-term cash flow. For example, the third quarter of 2025 saw specific non-recurring revenue components contributing to the total:

• $3.0 million from a historic customer order.
• $3.0 million related to IP license fees from a distribution model being phased out.
• $1.5 million from concluded short-term rental agreements.

To be fair, these non-recurring items helped boost the Q3 2025 total revenue to $42.9 million, a 57% increase year-over-year. The company also secured a major contract, like the $15 million deal with Gwinnett County Public Schools, which contributes to both upfront recognition and future ARR.

The overall expectation for the full fiscal year 2025 revenue is now between $142 million and $145 million, reflecting a growth rate of 37% to 40% compared to 2024. Finance: draft 13-week cash view by Friday.