Q1 2026 Evolv Technologies Holdings Inc Earnings Call Transcript
Key Points
- Evolv Technologies Holdings Inc (EVLV) reported a 45% year-over-year increase in revenue for Q1 2026, reaching $46.3 million.
- The company achieved a 20% year-over-year growth in annual recurring revenue (ARR), ending the quarter at $127.3 million.
- Evolv Technologies Holdings Inc (EVLV) welcomed nearly 50 new customers in Q1, expanding its global customer base to approximately 1,300.
- The company is on track to deploy over 10,000 units by the end of 2026, reflecting strong customer demand and scalability.
- Evolv Technologies Holdings Inc (EVLV) raised its full-year 2026 revenue guidance to $175 million to $180 million, indicating confidence in continued growth.
- Adjusted gross margin decreased to 52% in Q1 2026 from 61% in the same period last year, due to a shift in the business model.
- The company experienced an $8 million sequential decrease in cash, cash equivalents, and marketable securities, primarily due to annual incentive payments.
- Supply chain challenges, particularly in semiconductor supply, remain a concern, although largely mitigated.
- The transition to a direct fulfillment model creates an initial gross margin headwind, impacting short-term profitability.
- Despite raising revenue guidance, the adjusted EBITDA margin guidance remains unchanged, reflecting ongoing cost pressures.
Good afternoon, and welcome to the Evolv Technology first quarter earnings results conference call. (Operator Instructions) As a reminder, this conference call is being recorded. I would now like to introduce your host for today's call, Brian Norris, Senior Vice President of Finance and Investor Relations for Evolv Technology. Please go ahead, sir.
Thank you, and good afternoon. Welcome to today's call. I'm joined today by John Kedzierski, our President and Chief Executive Officer; and Chris Kutsor, our Chief Financial Officer. Today, after the market closed, we issued a press release detailing our first quarter results and our 2026 outlook. The release is filed with the SEC and is available on the Investor Relations section of our website. During today's call, we will make forward-looking statements within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.
These statements reflect our current
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