- Evolv Technology (EVLV, Financial) reported a significant year-over-year revenue growth of 44% in Q1 2025, reaching $32 million.
- The company reduced its net loss to $1.7 million, improving from an $11.3 million loss in Q1 2024.
- Evolv Technology expects a revenue growth of 20%-25% in full-year 2025, projecting positive adjusted EBITDA.
Evolv Technologies Holdings, Inc. (EVLV), a leading provider in security technology, announced its financial results for the quarter ending March 31, 2025. The company reported a total revenue of $32 million for Q1 2025, marking a 44% increase compared to the $22.2 million earned in Q1 2024. This growth was bolstered by an increase in recurring revenue, which rose by 36% year-over-year.
The company also achieved an annual recurring revenue (ARR) of $106 million, reflecting a 34% rise compared to $79.2 million in the previous year. Evolv Technology's net loss improved significantly, narrowing to $1.7 million or $0.01 per share, from a net loss of $11.3 million or $0.07 per share in Q1 2024.
Adjusted EBITDA for the first quarter stood at $1.7 million with a margin of 5%, compared to a negative EBITDA of $10.4 million in the same quarter last year. The company ended the quarter with $35 million in cash, cash equivalents, and marketable securities, and reported no debt.
Looking forward, Evolv Technology anticipates revenue for the full year of 2025 to be between $125 and $130 million, representing a growth of 20%-25% from 2024. The company is focusing on operational efficiencies and plans to invest approximately $2 million in improving systems and processes within the year to support sustainable growth. Despite these investments, Evolv Technology projects positive full-year adjusted EBITDA with margins in the low to mid-single digits by the end of 2025.
