Evolv Technologies is repositioning physical security from intrusive metal detection to frictionless, AI-enabled weapons screening. Its Evolv Express platform scans thousands of people per hour while reducing divestiture, line friction, and labor intensity. The company has shifted toward a hardware-enabled subscription model, with Q1 2026 revenue up 45% to $46.3 million and ARR up 20% to $127.3 million. Core markets include K-12 schools, healthcare, professional sports, and major venues, where speed, visitor experience, and safety are increasingly mission-critical.

Evolv Technologies Holdings Inc (EVLV) Investment Analysis:

1. Executive Summary:

Evolv Technologies Holdings Inc (NASDAQ: EVLV) represents a pivotal shift in the paradigm of physical security, transitioning from the intrusive, analog methodologies of the past toward a software-defined, artificial intelligence-driven future. The company’s core mission involves the democratization of safety through "frictionless" security screening, allowing high-traffic venues to maintain rigorous safety protocols without the operational paralysis typically induced by traditional metal detectors.[1, 2, 3] Evolv’s primary offering, the Evolv Express system, utilizes low-frequency electromagnetic fields and advanced sensor arrays to scan individuals for concealed weapons—primarily firearms, large knives, and explosive components—while they walk at a natural pace.[4, 5] This technological leap allows for a throughput of up to 4,000 people per hour in a dual-lane configuration, a figure that dwarfs the capacity of legacy systems.[4, 6]

The revenue generation engine of Evolv has undergone a significant evolution, shifting from a hardware-sale focus to a hardware-enabled subscription model.[7, 8] This "Security-as-a-Service" approach is delivered through two distinct commercial channels: a pure subscription model and a purchase-subscription hybrid.[2, 9] In the pure subscription model, customers avoid upfront capital expenditures (CapEx), paying an all-inclusive recurring fee that covers hardware, software updates, and maintenance.[9] In the purchase-subscription model, hardware is acquired or financed upfront, followed by a multi-year commitment to software and service fees.[2] As of the first quarter of 2026, the company continues to see strong momentum in Annual Recurring Revenue (ARR), which reached $127.3 million, representing a 20% year-over-year increase.[10]

The company’s market segmentation is diverse, covering critical sectors where large groups of people gather. The most significant end markets include K-12 education, healthcare, professional sports, and cultural attractions.[11, 12, 13] K-12 schools, in particular, constitute approximately half of the company's business base, driven by the unfortunate but persistent demand for enhanced campus security in the United States.[14] In the professional sports arena, Evolv has achieved a dominant 50% market share in North American professional soccer and holds significant footprints in the NFL, MLB, and NBA.[15, 16] Geographically, while the United States remains the primary theater of operations, Evolv is expanding its presence into Europe, the Middle East, and Asia through a robust network of value-added resellers and strategic partners.[17, 18]

The competitive advantage that draws customers to Evolv over legacy alternatives like CEIA or Garrett is the combination of throughput, data analytics, and the dignity of the visitor experience.[2, 5, 19] Traditional systems often require "divestiture," where individuals must remove phones and keys, leading to long lines and negative psychological impacts.[5, 20] Evolv’s ability to distinguish between a smartphone and a handgun through AI-driven pattern recognition eliminates this requirement, providing an entry experience that feels natural rather than interrogative.[4, 7, 9] Furthermore, the system’s integration with Evolv Insights provides venue operators with actionable data on visitor flow and alarm rates, enabling optimized staffing and improved operational efficiency.[1, 4, 12]

Key Indicator	Current Status / Data
Latest Reported Quarter	Q1 2026 (Ended March 31, 2026) [10]
Revenue (Q1 2026)	$46.3 million (+45% YoY) [10]
Annual Recurring Revenue (ARR)	$127.3 million (+20% YoY) [10]
Adjusted EBITDA Margin	8.5% (Positive for fifth consecutive quarter) [10, 21]
Primary Customer Verticals	K-12, Healthcare, Pro Sports, Corporate [11, 12]
Strategic Model Shift	45% Pure Subscription / 55% Purchase-Subscription [8, 22]

2. Business Drivers & Strategic Overview:

The strategic architecture of Evolv Technologies is built upon the fundamental disruption of the physical security industry. Historically, the industry was dominated by analog hardware manufacturers whose products were static and required significant human intervention.[2, 3, 20] Evolv’s entry into the market marked the introduction of a software-defined platform that improves over time through machine learning.[4, 7, 18] This capability creates a powerful value proposition: the hardware an organization installs today will be more effective tomorrow as Evolv pushes over-the-air (OTA) algorithm updates to its fleet.[4, 18]

Product and Service Architecture

To understand the economic engine of Evolv, one must analyze the specifics of the hardware-software symbiosis it sells. The Evolv Express towers are essentially high-performance data acquisition systems.[4, 7] They generate low-frequency electromagnetic fields that interact with objects passing through them; the resulting disturbances are captured as high-resolution digital signatures.[4, 7] The Evolv Cortex AI software then analyzes these signatures in milliseconds, comparing them against a proprietary library of weapon and non-weapon signatures developed over 4 billion individual screenings.[1, 4, 7]

If a threat is detected, the system does not merely sound a generic alarm; it generates a "Red Box" alert on an accompanying tablet, visually indicating to the security operator exactly where the potential weapon is located (e.g., left waist, right pocket, or backpack).[4, 6] This surgical approach to secondary screening is a massive driver of labor efficiency for venues, often cited as reducing security labor costs by up to 70% compared to traditional "mag-and-bag" protocols.[14]

Beyond the primary entry point, the company has expanded its ecosystem with:
* Evolv eXpedite: A purpose-built, autonomous AI bag scanner that uses high-speed X-ray imaging to detect threats in high-clutter bags without slowing the line.[4, 6]
* Evolv Insights: A cloud-based analytics platform that transforms raw security data into executive-level operational dashboards, tracking metrics such as alarm rates, peak entry times, and clear rates.[1, 4, 12]
* Evolv Visual Gun Detection: An AI software layer that integrates with existing CCTV infrastructure to provide early warning of visible weapons before an individual even reaches the entry point.[3]

Moat Analysis: Barriers to Entry

Evolv’s competitive moat is constructed through several layers of technological and regulatory advantage:

1. Proprietary Data Advantage: The most significant barrier is the company’s massive dataset. Having screened over 4 billion people, Evolv has captured the "noise" of millions of permutations of personal belongings (phones, belts, laptops) in diverse environments.[1, 11, 23] Replicating this training data for an AI model would take a new entrant years of deployment and high-volume screenings.[18]
2. The SAFETY Act Designation: Evolv Express holds a U.S. Department of Homeland Security (DHS) SAFETY Act Designation as a Qualified Anti-Terrorism Technology (QATT).[1, 24, 25] This is a critical psychological and financial driver for venue owners. The designation provides substantial liability caps and legal protections for both the manufacturer and the customer in the event of a terrorist attack.[11, 25] For a stadium owner, choosing a non-designated system involves assuming massive uninsured risk.
3. Switching Costs and Ecosystem Integration: Evolv’s systems are increasingly integrated into the broader security operations center (SOC). Through its Open API, Evolv connects to Video Management Systems (VMS), mass notification platforms, and digital twin software.[3, 4, 12] Once a school district or hospital system has integrated Evolv into its incident response workflows, the technical and training costs to rip-and-replace the system are formidable.[18]
4. Distribution and Partnerships: Evolv has moved from a purely direct sales model to a dual-channel strategy, leveraging partnerships with industry giants like Johnson Controls, Securitas, and Ricoh.[3, 18] These partners provide not only sales reach but also the boots-on-the-ground service and maintenance infrastructure that a smaller software startup cannot match.[18]

TAM / Market Opportunity Analysis

The Total Addressable Market (TAM) for Evolv is expansive and growing, driven by a global shift toward "Total Experience" (TX) where security is no longer viewed in isolation from customer satisfaction.[1, 20, 26] Market forecasts suggest the AI-based weapons and gun detection space will reach between $2 billion and $3 billion by 2030.[2] This market is currently being fueled by the transition from legacy hardware ($7,000–$30,000 units) to high-value subscription platforms ($120,000–$150,000 multi-year contracts).[19]

Market Vertical	Strategic Importance	Current Momentum
K-12 Education	High Volume, Sticky ARR	600k-700k students screened daily [5, 14]
Professional Sports	High Visibility, High Throughput	50% North American pro soccer share [15, 16]
Healthcare	Complex Environments, High Risk	Serving over 400 hospital buildings [5, 12]
Cultural Venues	Tourism-Led, Brand Building	Deployment at Crypto.com Arena, University of Washington [27, 28]

Competitive Landscape and Market Positioning

Evolv currently holds the "premium" position in the market, often characterized by the highest price points and the most advanced feature set.[5, 19]

• Xtract One (Direct Competitor): Positioning as a "security scanning hybrid," Xtract One’s SmartGateway often competes head-to-head with Evolv.[20, 29] While Xtract One typically requires single-file throughput (which is slower than Evolv’s dual-lane free-flow), it is often priced significantly lower—estimated at $72,000 over three years versus Evolv’s $120,000 for a comparable school district bid.[19, 29]
• CEIA and Garrett (Legacy Hardware): These firms produce "enhanced" metal detectors like the CEIA OpenGate.[19] While they have lower false-alarm rates than old-school units, they lack the spatial resolution (Red Box) and the cloud-based AI analytics that define Evolv’s platform.[5, 19]
• Gaining or Losing Ground? Evolv appears to be gaining ground in high-traffic professional venues and healthcare systems, where the "cost of failure" is extremely high and the premium for throughput is justified.[5, 15, 28] However, in the K-12 sector, Evolv is facing a "hold" or "defensive" posture due to aggressive pricing from Xtract One and CEIA, necessitating more flexible pricing structures for large-volume school deals.[5]

3. Financial Performance & Valuation:

Evolv Technologies is currently in the "scale-up" phase of its lifecycle, where revenue growth and the path to adjusted EBITDA profitability take precedence over GAAP net income. The company’s financial narrative has been defined by a successful transition to a direct-fulfillment subscription model, which has improved the overall economics of the business despite creating some near-term margin volatility.[8, 21, 30]

Q1 2026 Earnings Analysis (Most Recent)

The company reported its first quarter 2026 results on May 12, 2026, delivering a performance that surpassed market expectations across nearly every key metric.[10, 22]

• Top-Line Performance: Total revenue reached $46.3 million, a 45% increase year-over-year from $32.0 million in Q1 2025.[10, 31] This comfortably exceeded the consensus analyst estimate of $43.70 million.[32, 33] The growth was fueled by robust new customer acquisition and the expansion of bag screening (eXpedite) across the existing base.[10, 22]
• Earnings per Share (EPS): Evolv reported a GAAP net loss of $(0.03) per share, beating the analyst consensus estimate of a $(0.06) loss.[10, 34, 35] On an adjusted basis, the loss was $(0.02) per share, stable compared to the prior-year period despite significantly higher revenue, indicating improved operating leverage.[10, 22]
• Profitability Metrics: The company achieved its fifth consecutive quarter of positive Adjusted EBITDA, reaching $3.9 million (an 8.5% margin).[10, 21] This is a notable improvement from the $2.1 million reported in Q1 2025.[10, 22]
• Annual Recurring Revenue (ARR): Ending ARR stood at $127.3 million, up 20% year-over-year.[10] ARR is increasingly becoming the "North Star" metric for investors as it represents the durable, high-margin portion of the business model.[7, 8]

Guidance and Management Commentary

On the May 12, 2026 call, management took the proactive step of raising full-year 2026 revenue guidance to between $175 million and $180 million, up from the previous range of $172–$178 million.[10, 22] This reflects management's confidence in the sales pipeline for the back half of the year.

Guidance Metric	Updated 2026 Target	Growth Rate (YoY)
Total Revenue	$175 - $180 million	~20% - 23% [10, 22]
Ending ARR	$145 - $150 million	~20% - 25% [8, 10]
Adj. EBITDA Margin	High Single Digits	Expanded from FY25 [8, 25]
New Unit Mix	45% Pure Sub / 55% Purchase-Sub	Shift toward recurring [8, 22]

Key management commentary highlighted the "tight combination" of hardware and proprietary datasets as a defense against pure SaaS disruption from large language models (LLMs).[7] Furthermore, management reiterated its expectation to be cash flow positive in the second half of 2026, supported by a cash and marketable securities position of $61.1 million as of March 31, 2026.[21, 22, 36]

Valuation and Financial Drivers

Evolv’s valuation cannot be viewed through a traditional P/E ratio, as the company remains in the red on a GAAP basis. Instead, serious investors focus on the EV/Revenue multiple and the growth in ARR per unit.

• Current Valuation Multiples: At a current price of approximately $7.00, Evolv carries a market capitalization of $1.25 billion.[37, 38] Based on the FY2025 revenue of $145.9 million, the company trades at a trailing P/S ratio of 8.5x.[39, 40] However, on a forward-looking basis for 2026 ($177.5M mid-point), the EV/Revenue multiple compresses to approximately 6.7x.
• Valuation Connection to Model: The valuation is driven by the scaling of the "pure subscription" model. As recurring revenue (currently $31.2M in Q1) grows to become a larger percentage of the total, the quality of earnings improves, justifying a multiple expansion.[8, 22] Analysts currently see a fair value of $10.00, driven by assumptions of a 23.4% 3-5 year revenue CAGR and an exit multiple reflective of a mature high-margin security platform.[27, 33, 41]
• Most Important Financial Driver: The market is specifically watching for operating leverage. In Q1 2026, revenue grew 45% while adjusted operating expenses were relatively contained, allowing Adjusted EBITDA to nearly double.[10, 22] If Evolv can maintain this trajectory, the "bridge" to positive free cash flow is secured.

4. Risk Assessment & Macroeconomic Considerations:

While Evolv Technologies is a leader in a burgeoning sector, its journey is fraught with risks that could compromise the long-term investment thesis. These risks range from high-profile technological failures to severe regulatory headwinds.

Company-Specific Execution and Technological Risks

The fundamental risk for Evolv is the "Trust-Accuracy Trade-off." The value of the company lies in its "frictionless" speed; however, maintaining that speed requires the AI to make split-second decisions that occasionally result in "misses" or high false alarms.[9, 14, 42]

• The Utica Incident: In 2022, an Evolv system at Thomas R. Proctor High School in Utica, NY, failed to detect a seven-inch knife used in a student stabbing.[14, 43] When the school increased sensitivity to detect smaller knives, the false alarm rate spiked to 50%, essentially turning the "free-flow" entry into a traditional bottleneck.[43] If such high-profile failures continue, the "frictionless" promise is invalidated, and the company’s brand—which it is trying to cement with the "Screened by Evolv" seal—could become a liability rather than an asset.[23, 42]
• Manufacturing Transition: The company is currently transitioning its strategic contract manufacturing to Plexus in the second half of 2026.[6, 36] Any delays in this ramp-up or quality control issues could disrupt new unit deployments and impact the ARR growth trajectory.

Regulatory and Legal Risks (The "Legal Overhang")

Evolv is currently operating under intense government and legal scrutiny, which creates a persistent "valuation discount."

• FTC Settlement: The Federal Trade Commission (FTC) took action against Evolv in 2024 for allegedly making deceptive claims about its detection accuracy and labor cost savings.[14, 43] The resulting settlement prohibits Evolv from making unsupported claims and mandated that certain K-12 customers be allowed to cancel their multi-year contracts.[43] This could lead to a sudden, unpredictable "churn event" in the education vertical.
• SEC Investigation: The Securities and Exchange Commission (SEC) has also investigated Evolv regarding its marketing claims and revenue recognition.[43] While the company has worked to restate prior financials (completed in 2024), any new findings could trigger severe market volatility.[17, 44]
• Securities Litigation: Although the $15 million securities fraud class action has received preliminary approval, the legal costs and management distraction associated with ongoing litigation remain a factor.[42, 45]

Competitive and Industry Structure Risks

• The "Good Enough" Competitor: The physical security market is extremely price-sensitive, especially in the public sector. If competitors like CEIA or Xtract One can offer a system that is "good enough" for 40% less cost, Evolv may be forced to compress its margins to defend its market share.[5, 19]
• Independent Vetting: Groups like IPVM have been vocal critics of Evolv, alleging that the company resists independent testing.[42, 43] If the industry moves toward a standard requiring 3rd-party vetting that Evolv cannot pass without increasing false alarms, its technological moat collapses.

Macroeconomic Sensitivities

• Municipal Budget Tightening: Evolv’s primary customers—K-12 schools and public hospitals—are dependent on government funding. In a recessionary environment, "discretionary" security upgrades may be the first items cut from budgets.[5, 18, 46]
• Interest Rate Impact: As a growth company that is not yet GAAP profitable, Evolv’s valuation is highly sensitive to the discount rates used by analysts. Sustained high interest rates keep the pressure on the share price, regardless of operational performance.[16, 27]

Risk Event	Early Warning Sign	Impact on Thesis
Technological Fail	Increase in K-12 "knife misses" publicized by IPVM [43]	Destruction of the "frictionless" value prop [42]
Regulatory Blow	New FTC enforcement action or SEC fine [14, 43]	Multi-year delay in institutional adoption
Capital Strain	Cash balance drops below $40M before reaching OCF+ [22]	Dilutive equity raise required
Market Churn	Significant contract cancellations in the K-12 vertical [14]	Collapse of the ARR-based valuation model

5. 5-Year Scenario Analysis:

To determine the potential return for Evolv Technologies over the next five years, we must model three distinct paths: aggressive market dominance, steady-state scaling, and a downside scenario of competitive erosion and regulatory stagnation.

2031 Projections: Financial Inputs and Assumptions

The valuation of EVLV in 2031 will be driven by the total scale of the installed base and the resulting high-margin recurring software revenue. We assume the current share price of $7.00 and a projected share count that grows to 220 million by 2031 to account for stock-based compensation (currently ~$21M/year) and potential capital needs.[16, 30, 37, 47]

High Case: The "Standard Bearer" (20% Probability)

In this scenario, the "Screened by Evolv" seal becomes the "Intel Inside" of the physical world. Evolv successfully upsells 80% of its base to the eXpedite/Express bundle and the newly launched Visual Gun Detection software. International markets in Europe and the Middle East contribute 30% of total revenue.
* Revenue Growth: 30% CAGR through 2031, reaching $650 million.
* Operating Margin: Achieves a 28% Adjusted EBITDA margin through significant software-led operating leverage.
* Exit Multiple: 8x EV/Sales, reflecting a market-leading SaaS/Hardware hybrid.

Base Case: "The Durable Middle" (55% Probability)

Evolv continues to grow its ARR at a 20-22% clip, maintaining its sports and healthcare dominance while defending the school market. It achieves GAAP profitability by 2029 and positive free cash flow in late 2026.
* Revenue Growth: 20% CAGR through 2031, reaching $440 million.
* Operating Margin: 18% Adjusted EBITDA margin.
* Exit Multiple: 5x EV/Sales, in line with established hardware-enabled service companies.

Low Case: "The Legacy Squeeze" (25% Probability)

Regulatory overhang and competitive pricing from legacy metal detector firms (CEIA/Garrett) force Evolv to lower prices. Churn in the K-12 sector offsets gains in the professional sports vertical.
* Revenue Growth: 10% CAGR through 2031, reaching $280 million.
* Operating Margin: 5% Adjusted EBITDA margin (struggles to offset high R&D and support costs).
* Exit Multiple: 2x EV/Sales, reflecting a stalled growth story with high execution risk.

5-Year Share Price Trajectory and Summary Table

Scenario	Revenue (Year 5 - 2031)	EBITDA Margin %	EV/Sales Multiple	Share Price (2031)	5-Year Total Return	Annualized Return	Probability
High Case	$650M	28%	8.0x	$23.63	237.6%	27.6%	20%
Base Case	$440M	18%	5.0x	$10.00	42.9%	7.4%	55%
Low Case	$280M	5%	2.0x	$2.55	-63.6%	-18.3%	25%
Weighted	$442M	16.8%	4.85x	$10.86	55.1%	9.2%	100%

Methodology: Implied Future Share Price = (Revenue * EV/Sales Multiple) / 220M shares. Total return assumes no dividends, as Evolv’s capital structure currently restricts them.[18]

MODEST LONG-TERM UPSIDE

6. Qualitative Scorecard:

Metric	Score (1-10)	Narrative Analysis
Management Alignment	6	High use of performance-based MSUs/PSUs.[48] However, recent selling by co-founders and directors (Ellenbogen/Chitkara) around the $5-$7 level creates optical friction for new investors.[49, 50, 51]
Revenue Quality	8	The transition to a subscription-first model is working. Q1 2026 recurring revenue grew 21%.[10, 22] 80% of current revenue is recurring.[8]
Market Position	7	Winning professional sports (50% soccer share) [15], but holding or losing ground in price-sensitive K-12 segments due to high total cost of ownership.[5, 19]
Growth Outlook	8	Strong 5-year sales growth CAGR (~60%) and a multi-billion dollar TAM that is only beginning to convert from analog to AI.[2, 30, 41]
Financial Health	6	Cash runway of $61.1M is sufficient to reach the H2 2026 cash-flow positive milestone, but the company is still burdened by high R&D and legal costs.[21, 22]
Business Viability	7	High durability of demand in an increasingly dangerous public environment.[7] Choke point is technological: the ability to detect all weapons without false alarms.[14]
Capital Allocation	6	Focus on direct fulfillment is long-term accretive.[21] However, $15M for lawsuit settlements and high legal spend are "dead capital".[43, 45]
Analyst Sentiment	9	Unanimous "Strong Buy" ratings from the current covering pool of analysts with price targets suggesting 40%+ upside.[32, 40]
Profitability	5	Adjusted EBITDA is positive (8.5% margin), but GAAP net loss of $(0.20) TTM shows the company is still early in its journey to real earnings.[10, 30]
Track Record	4	Mixed. Successful pivot to SaaS, but marred by prior financial restatements, the Utica stabbing controversy, and FTC investigations.[14, 44]

BLENDED SCORE: 6.6 / 10

EXECUTION-DEPENDENT GROWTH STORY

7. Conclusion & Investment Thesis:

The investment thesis for Evolv Technologies Holdings Inc centers on the inevitability of the digital transformation of physical security. As society demands safer public spaces, the operational bottlenecks and indignities of traditional metal detectors are becoming unacceptable for high-value venues.[1, 20, 26] Evolv’s Q1 2026 results—marked by a 45% revenue beat and the fifth consecutive quarter of adjusted profitability—provide compelling evidence that the company is successfully scaling its hardware-enabled SaaS model.[10, 22]

The primary catalyst for the stock in the next 12–18 months is the achievement of positive free cash flow in H2 2026.[21] If Evolv can bridge this gap without further dilution, the market is likely to re-rate the stock as a legitimate mid-cap technology player rather than a speculative security startup. Furthermore, the expansion of the "Screened by Evolv" trust mark provides a pathway to a "moat" that is as much psychological as it is technological.[13, 23]

However, investors must remain vigilant regarding the regulatory and competitive headwinds. The FTC settlement and the legacy of the Utica incident create a "glass ceiling" on the valuation that will only be broken by a sustained period of flawless technological performance.[14, 43] Evolv is currently positioned as an undervalued growth play, assuming the company can maintain its 20%+ ARR growth while fending off lower-cost competitors in the K-12 sector.[5, 33, 40]

UNDERVALUED SCALE PLAY

8. Technical Analysis, Price Action & Short-Term Outlook:

Technically, Evolv (EVLV) is exhibiting a constructive breakout pattern following the Q1 2026 earnings surprise. The stock is currently trading above its 200-day moving average ($6.81) and has established a series of higher lows throughout April and May 2026.[52, 53, 54] The "Golden Cross" formation (short-term MA crossing above long-term MA) indicates building bullish momentum.[52] Short-term support is identified at the $6.45–$6.60 range, while a successful break through the $7.25 resistance level could clear the path to the 52-week high of $8.91.[41, 52, 55] The short-term outlook is cautiously optimistic, contingent on the broader market's appetite for small-cap technology.[39, 50]

BULLISH TECHNICAL BREAKOUT

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11. About Evolv | Creating Safer Experiences, https://evolv.com/about-us/
12. Evolv Technology | Advanced Weapons Detection Solutions, https://evolv.com/
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24. Evolv Technology to Release First Quarter Financial Results on May ..., https://ir.evolvtechnology.com/news/press-releases/detail/269/evolv-technology-to-release-first-quarter-financial-results-on-may-12-2026
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29. Security Scanners Market Report: Xtract One looks to leverage partnerships in walk-through scanner market - Stadium Tech Report, https://stadiumtechreport.com/feature/security-scanners-market-report-xtract-one-looks-to-leverage-partnerships-in-walk-through-scanner-market/
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44. Evolv Technology Completes Restatement of Previously Issued Financial Statements and Reports Third Quarter, Fourth Quarter and Full Year 2024 Financial Results, https://evolv.com/resources/press-releases/evolv-technology-completes-restatement-of-previously-issued-financial-statements/
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48. Evolv Technologies (NASDAQ: EVLV) posts 40% revenue growth and outlines 2026 pay and governance plans - Stock Titan, https://www.stocktitan.net/sec-filings/EVLV/def-14a-evolv-technologies-holdings-inc-definitive-proxy-statement-4e33fb606cac.html
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