Evolv Technologies Holdings Inc (NASDAQ: EVLV) is a security technology company that sells AI-powered weapons detection screening systems designed to screen people for threats while maintaining visitor flow. The company makes money primarily through multi-year security-as-a-service subscriptions, pairing hardware with recurring software and cloud services fees under either a lease-based 'pure subscription' model or a 'purchase subscription' model where customers buy hardware outright and pay a separate subscription. Evolv serves end markets including education, healthcare, sports, live entertainment, tourist attractions, houses of worship, and industrial workplaces. The company was incorporated in Delaware in 2021. Customer agreements carry an initial subscription term of approximately four years, generating a recurring revenue base that has grown as the installed unit count has expanded. Evolv does not pay dividends, retains all available funds for operations, and carries a term loan that restricts dividend payments without lender consent (per the 10-K filed 2026-03-10).

Revenue model

Multi-year security-as-a-service subscriptions bundled with hardware, offered under two primary models: 'pure subscription' (hardware leased, multi-year subscription) and 'purchase subscription' (hardware sold outright, multi-year software and security subscription). A third 'distributor licensing' model, under which Columbia Tech paid a hardware license fee per unit manufactured, was discontinued in Q4 FY2025 with the Columbia Tech agreement expiring December 31, 2025. Recurring subscription revenue is the primary revenue driver.

Products and services

AI-powered security screening systems that use advanced sensors, AI software, and cloud services to detect weapons and threats at entry points. The platform integrates via APIs with third-party solutions including brandished gun detection, biometric authentication, video management software, threat intelligence, messaging, and mass-notification systems. Evolv maintains a proprietary threat-classification data set used to train detection algorithms, with improvements delivered to customers through regular software updates under the subscription model.

Customers and end markets

Customers span education, healthcare, sports and live entertainment, tourist attractions, houses of worship, and industrial workplaces. Initial subscription terms average approximately four years. Renewals have become an increasing driver of recurring revenue as the installed base matures. No specific customer concentration figures are disclosed in the excerpts.

Value-chain role

Hardware manufacturer and software/services provider. Evolv designs proprietary sensors and AI software, with hardware previously manufactured under license by Columbia Tech under a distribution agreement that expired December 31, 2025. Sells through both direct and indirect reseller channels. Maintains a channel partner rebate program implemented in FY2025 for eligible resellers that attain at least 25% of their annual TCV target in a given quarter.

Geographic exposure

Operates in multiple regions with direct sales and reseller channels; specific country or revenue breakdowns by geography are not disclosed in the excerpts.

Source: SEC 10-K, filed 2026-03-10

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