Evolv Technologies Holdings, Inc. reported a significant increase in revenue for the second quarter of 2025, with total revenue reaching $32.5 million, a 29% increase from $25.2 million in the same period last year. The growth was driven by a 29% rise in subscription revenue, which amounted to $20.2 million, and a 41% increase in product revenue, totaling $4.9 million for the six months ended June 30, 2025. Despite this revenue growth, the company recorded a net loss of $40.5 million for the quarter, compared to a net income of $3.4 million in the prior year, reflecting ongoing challenges in managing costs and operational expenses.
The company's financial performance showed notable changes compared to the previous fiscal period, particularly in operating expenses, which decreased by 9% to $33.7 million from $37.1 million. This reduction was primarily due to a decrease in sales and marketing expenses, which fell by 28% to $11.7 million, as the company implemented cost-cutting measures, including a reduction in workforce. However, general and administrative expenses increased by 23% to $17.2 million, largely due to legal and consulting fees associated with ongoing investigations and the restatement of prior financial statements.
Evolv Technologies has also made strategic developments, including the launch of its new product, Evolv eXpedite™, an AI-based weapons detection system for bags. This product, along with the existing Evolv Express®, is part of the company's unified Evolv Safer Experience System™, aimed at enhancing security while improving visitor experiences. The company reported an increase in its customer base, adding 63 new customers in the second quarter, which reflects a growing demand for its security solutions across various sectors, including education and healthcare.
Operationally, Evolv Technologies reported a total of 171.9 million shares of Class A common stock outstanding as of August 11, 2025. The company also entered into a $75 million credit agreement to support its subscription sales model, which includes a $30 million term loan and a $15 million revolving line of credit. The company expects that its cash reserves, along with the proceeds from this credit facility, will be sufficient to fund its operations for at least the next twelve months.
Looking ahead, Evolv Technologies anticipates continued revenue growth driven by the increasing adoption of its security screening products. However, the company also acknowledges the potential for ongoing losses as it invests in expanding its sales and marketing efforts, enhancing product development, and addressing the challenges posed by market conditions and regulatory scrutiny. The management remains focused on improving operational efficiencies and maintaining a strong control environment to mitigate risks associated with its financial reporting and compliance obligations.
About Evolv Technologies Holdings, Inc.
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