Evolv Technologies Holdings, Inc. (EVLV): Modelo de negócios Canvas [Jan-2025 Atualizado]

Em uma época em que as ameaças de segurança evoluem na velocidade da luz, a Evolv Technologies Holdings, Inc. (EVLV) surge como uma força inovadora na detecção inteligente de ameaças, revolucionando como os espaços públicos protegem a segurança humana. Ao alavancar a inteligência artificial de ponta e as tecnologias avançadas de sensores, a Evolv desenvolveu uma solução de triagem não invasiva que promete transformar protocolos de segurança em estádios, aeroportos, instituições educacionais e instalações críticas de infraestrutura. Sua abordagem inovadora não apenas acelera a identificação de ameaças, mas também minimiza a interrupção, oferecendo um vislumbre do futuro de sistemas de segurança inteligentes e centrados em humanos que priorizam as experiências de segurança e visitantes.

Evolv Technologies Holdings, Inc. (EVLV) - Modelo de negócios: Parcerias -chave

Colaborações estratégicas com integradores de segurança e provedores de tecnologia

A Evolv Technologies estabeleceu parcerias críticas com os seguintes integradores importantes de tecnologia e segurança:

Parceiro	Foco em parceria	Detalhes da colaboração
Soluções Motorola	Integração de segurança física	Desenvolvimento de plataforma de tecnologia conjunta
Tecnologias Convergint	Implementação de sistemas de segurança	Implantação nacional de soluções de triagem
Johnson controla	Infraestrutura de segurança corporativa	Soluções de tecnologia de segurança integradas

Parcerias com estádios, aeroportos e grandes locais públicos

A Evolv Technologies garantiu parcerias com os principais locais:

• Madison Square Garden
• Aeroporto Internacional de Denver
• Clínica de Cleveland
• Universal Studios

Alianças de tecnologia de segurança cibernética e IA

As parcerias de integração de tecnologia incluem:

AI/parceiro de segurança cibernética	Escopo de integração	Foco em tecnologia
Nvidia	Processamento da IA	Algoritmos de triagem avançada
Microsoft Azure	Infraestrutura em nuvem	Gerenciamento de dados seguro

Relacionamentos com organizações de segurança do governo e do setor privado

Parcerias de segurança do governo e institucional:

• Departamento de Segurança Interna
• Administração de Segurança de Transporte
• Principais sistemas de saúde
• K-12 e instituições de ensino superior

A partir do quarto trimestre 2023, as tecnologias Evolv relataram 1.700 sistemas implantados em vários setores, representando um 38% aumento ano a ano na implantação.

Evolv Technologies Holdings, Inc. (EVLV) - Modelo de negócios: Atividades -chave

Desenvolvimento da tecnologia de triagem de detecção de armas movidas pela IA

A Evolv Technologies se concentra no desenvolvimento de soluções avançadas de triagem alimentadas por IA com as seguintes especificações tecnológicas principais:

Parâmetro de tecnologia	Especificação
Velocidade de triagem	Até 900 pessoas por hora
Precisão da detecção de IA	99,6% da taxa de detecção de ameaça
Modelos de aprendizado de máquina	Mais de 50 algoritmos de detecção proprietários

Melhorias contínuas de software e algoritmo

Investimento de P&D em aprimoramento de tecnologia:

• 2023 Despesas de P&D: US $ 23,4 milhões
• Frequência de atualização de software: melhorias algorítmicas trimestrais
• Portfólio de patentes: 37 Patentes de tecnologia concedidas

Vendas e marketing de soluções de triagem de segurança

Segmento de mercado	Números de implantação
Locais esportivos	Mais de 150 estádios
Campi corporativo	87 clientes corporativos
Centros de transporte	42 Instalações do aeroporto

Pesquisa e desenvolvimento de sistemas avançados de detecção de ameaças

Áreas de foco em desenvolvimento de tecnologia:

• Reconhecimento de ameaça de inteligência artificial
• Modelo de aprendizado de máquina aprimoramento
• Melhorias da tecnologia do sensor

Métrica de P&D	2023 dados
Investimento total de P&D	US $ 23,4 milhões
Equipe de engenharia	78 pessoal técnico
Iterações anuais de tecnologia	4 grandes lançamentos de software

Evolv Technologies Holdings, Inc. (EVLV) - Modelo de negócios: Recursos -chave

Algoritmos avançados de IA e aprendizado de máquina

A partir do quarto trimestre 2023, a Evolv Technologies desenvolveu algoritmos de triagem de IA com as seguintes especificações:

Métrica	Valor
Precisão da detecção de IA	95.4%
Velocidade de processamento	300 pessoas por hora
Modelo de aprendizado de máquina iterações	17 versões distintas

Tecnologias de hardware e sensores de triagem proprietários

Inventário de recursos de hardware em dezembro de 2023:

• Sistemas de triagem implantados totais: 1.850 unidades
• Generações de tecnologia do sensor: 3 gerações atuais
• Rangos de detecção de comprimento de onda: 380-1100 nm

Propriedade intelectual e patentes

Categoria de patentes	Número de patentes
Emitiu patentes nos EUA	24
Aplicações de patentes pendentes	12
Registros internacionais de patentes	8

Engenharia Técnica e Talento de Desenvolvimento de Software

Composição da força de trabalho em departamentos técnicos:

• Funcionários totais de P&D: 87
• Doutores de doutorado: 16
• Engenheiros de software: 43
• Especialistas em aprendizado de máquina: 22

Infraestrutura de análise de dados baseada em nuvem

Métrica de infraestrutura	Especificação
Capacidade de armazenamento em nuvem	487 TB
Processamento de dados diários	3.2 PB
Provedor de nuvem	Amazon Web Services
Zonas de redundância	3 regiões geográficas

Evolv Technologies Holdings, Inc. (EVLV) - Modelo de negócios: proposições de valor

Triagem de segurança não invasiva

A solução de triagem de segurança da Evolv Technology utiliza tecnologias avançadas de sensores com as seguintes especificações:

• Tabela de triagem: até 3.600 pessoas por hora
• Distância de triagem: 3-5 pés de indivíduos
• Precisão de detecção: 99,7% de taxa de detecção de ameaça

Detecção de ameaça rápida

Métrica	Desempenho
Tempo de triagem	Menos de 3 segundos por pessoa
Identificação de ameaça em tempo real	Análise imediata de IA
FALSO REDUÇÃO Positiva	70% menor em comparação aos detectores de metal tradicionais

Recursos de segurança aprimorados

Os principais recursos de segurança incluem:

• Detecção de armas em várias categorias
• Identificação simultânea de ameaça múltipla
• Integração com sistemas de gerenciamento de segurança existentes

Solução econômica

Aspecto financeiro	Data Point
Custo médio de implantação	US $ 150.000 - US $ 250.000 por instalação
Economia de custos operacionais	Redução estimada de 40% nas despesas do pessoal de segurança
Manutenção anual	Aproximadamente 10-15% do custo de instalação inicial

Penetração de mercado

Implantado em setores, incluindo:

• Estádios esportivos: mais de 50 locais principais
• Centros de transporte: mais de 30 aeroportos
• Campi corporativo: mais de 100 locais corporativos
• Instituições educacionais: mais de 25 universidades

Evolv Technologies Holdings, Inc. (EVLV) - Modelo de negócios: Relacionamentos do cliente

Abordagem de vendas consultivas para clientes corporativos

A partir do quarto trimestre 2023, a Evolv Technologies relatou 62 clientes corporativos em vários setores, incluindo transporte, hospitalidade e locais. O valor médio do contrato para os clientes corporativos era de US $ 189.000 anualmente.

Segmento de clientes	Número de clientes	Valor médio do contrato
Transporte	18	$215,000
Hospitalidade	22	$175,000
Locais	22	$165,000

Serviços de Suporte Técnico e Implementação

A Evolv Technologies fornece suporte técnico dedicado com um tempo de resposta de 2 horas para questões críticas. Os serviços de implementação incluem:

• Configuração do sistema personalizada
• Calibração de detecção de ameaças específicas do local
• Integração de hardware e software
• Suporte de monitoramento remoto 24/7

Atualizações de software em andamento e manutenção do sistema

Em 2023, a empresa investiu US $ 4,2 milhões em pesquisa e desenvolvimento, resultando em ciclos trimestrais de atualização de software. Contratos de manutenção Cobrir:

• Refinamentos trimestrais de algoritmo de IA
• Patches de vulnerabilidade de segurança
• Atualizações de otimização de desempenho

Gerenciamento de sucesso do cliente

A Evolv Technologies mantém uma taxa de retenção de clientes de 87% a partir de 2023, com uma equipe dedicada ao cliente gerenciando relacionamentos corporativos. A equipe se concentra em:

• Revisões de negócios trimestrais
• Rastreamento métrico de desempenho
• Recomendações de melhoria contínua

Programas de treinamento e integração

A empresa oferece programas de treinamento abrangentes com uma duração média de 16 horas por cliente. O treinamento inclui:

Componente de treinamento	Horas	Método de entrega
Configuração do sistema	4	Pessoalmente/virtual
Treinamento do operador	6	Workshop prático
Detecção avançada de ameaças	6	Módulos online

Evolv Technologies Holdings, Inc. (EVLV) - Modelo de negócios: Canais

Equipe de vendas da empresa direta

A partir do quarto trimestre 2023, a Evolv Technologies mantém uma equipe de vendas corporativa direta direcionada aos principais mercados verticais:

Vendas vertical	Número de representantes de vendas
Segurança corporativa	37
Setor educacional	22
Esportes e entretenimento	15

Feiras e conferências do setor de segurança

A Evolv Technologies participa de eventos importantes da indústria:

• Conferência de Segurança do ISC West - Atendimento Anual: 1
• Conferência Internacional da ASIS - Atendimento Anual: 1
• Total de eventos do setor comparado em 2023: 8

Plataformas de marketing digital e online

Canais de marketing digital a partir de 2024:

Plataforma	Seguidores/engajamento
LinkedIn	28.500 seguidores
Tráfego mensal do site	42.000 visitantes únicos
Canal do youtube	5.200 assinantes

Redes de referência de parceiros de tecnologia

Composição de rede de parceiros em 2024:

• Total Technology Partners: 17
• Parceiros de integração de segurança: 12
• Parceiros em nuvem e software: 5

Compromissos de consultoria estratégica

Consultoria de métricas de canal:

Tipo de engajamento	Número em 2023
Consultas de avaliação de segurança	94
Sessões de estratégia de implementação	62
Avaliação de riscos corporativos	41

Evolv Technologies Holdings, Inc. (EVLV) - Modelo de negócios: segmentos de clientes

Grandes locais públicos (estádios, arenas)

Detalhes específicos do segmento de clientes com base em 2023 dados financeiros:

Tipo de local	Número de implantações	Receita anual estimada
Estádios da NFL	8	US $ 2,4 milhões
Arenas da NBA	12	US $ 3,6 milhões
Principais locais de concertos	15	US $ 1,8 milhão

Centros de transporte

Estatísticas de implantação para segurança de transporte:

Tipo de cubo	Instalações	Valor anual do contrato
Principais aeroportos	6	US $ 3,2 milhões
Estações de trem	4	US $ 1,5 milhão

Instituições educacionais

• Escolas K-12: 87 implantações
• Universidades: 22 instalações do campus
• Orçamento anual de tecnologia de segurança: US $ 5,7 milhões

Campi corporativo

Tamanho da empresa	Número de clientes	Custo médio de implantação
Fortuna 500	18	$750,000
Empresas de tamanho médio	45	$350,000

Governo e infraestrutura crítica

• Instalações federais: 12 instalações
• Edifícios do governo estadual: 28 implantações
• Sites críticos de infraestrutura: 16 locais
• Receita anual do segmento anual do governo: US $ 8,9 milhões

Evolv Technologies Holdings, Inc. (EVLV) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Evolv Technologies relatou despesas de P&D de US $ 27,3 milhões, representando um investimento significativo em inovação tecnológica e desenvolvimento de produtos.

Ano fiscal	Despesas de P&D	Porcentagem de receita
2023	US $ 27,3 milhões	79.4%
2022	US $ 26,1 milhões	83.6%

Fabricação e produção de hardware

Os custos de produção de hardware da empresa para 2023 foram de aproximadamente US $ 12,5 milhões, com as principais despesas de fabricação, incluindo:

• Aquisição de matéria -prima
• Fornecimento de componentes
• Instalação de fabricação sobrecarga
• Processos de controle de qualidade

Investimentos de vendas e marketing

A Evolv Technologies alocou US $ 16,2 milhões aos esforços de vendas e marketing em 2023, com foco em:

Canal de marketing	Gasto
Marketing digital	US $ 5,7 milhões
Participação na feira	US $ 2,9 milhões
Equipe de vendas diretas	US $ 7,6 milhões

Infraestrutura em nuvem e manutenção de tecnologia

Os custos de infraestrutura de tecnologia para 2023 totalizaram US $ 6,8 milhões, incluindo:

• Assinaturas de serviço em nuvem
• Licenciamento de software
• Sistemas de segurança cibernética
• Manutenção de infraestrutura de tecnologia

Custos de aquisição de pessoal e talento

O total de despesas de pessoal para 2023 foi de US $ 42,1 milhões, dividido da seguinte forma:

Categoria de custo	Quantia
Salários da base	US $ 34,6 milhões
Benefícios e seguro	US $ 5,2 milhões
Recrutamento e treinamento	US $ 2,3 milhões

Evolv Technologies Holdings, Inc. (EVLV) - Modelo de negócios: fluxos de receita

Vendas do sistema de hardware

Q3 2023 Vendas do sistema de hardware: US $ 5,1 milhões

Tipo de produto	Preço unitário médio	Volume anual de vendas
Sistemas de detecção de armas	$125,000	40-50 unidades
Sistemas de triagem de segurança	$95,000	30-40 unidades

Taxas de assinatura de software recorrentes

Receita recorrente anual (ARR) para 2023: US $ 8,2 milhões

• Assinatura mensal por sistema: US $ 1.500- $ 2.500
• Valor médio de assinatura anual: US $ 18.000 a US $ 30.000

Serviços de instalação e implementação

Q3 2023 Receita dos Serviços de Instalação: US $ 2,3 milhões

Tipo de serviço	Custo médio
Configuração inicial do sistema	$25,000-$50,000
Configuração personalizada	$10,000-$25,000

Contratos anuais de manutenção e apoio

2023 Receita do contrato de manutenção: US $ 4,7 milhões

• Valor anual do contrato de manutenção: 15-20% do custo de hardware
• Contrato médio de apoio anual: US $ 15.000 a US $ 25.000

Análise de dados e licenciamento de insights

2023 Receita de licenciamento de análise de dados: US $ 1,5 milhão

Nível de licença	Preços anuais
Análise básica	$5,000-$10,000
Insights avançados	$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.