Evolv Technologies Holdings, Inc. reported a significant increase in revenue for the fiscal year ending December 31, 2025, achieving $145.9 million, a 40% rise from $103.9 million in 2024. The company, which specializes in AI-powered security screening solutions, also narrowed its net loss to $33.1 million from $54.0 million the previous year. This improvement in financial performance is attributed to a growing customer base, with nearly 250 new customers added in 2025, and increased demand for its subscription-based sales models.
The company's revenue growth was driven by substantial increases across its product lines, particularly in product revenue, which surged by 235% to $21.6 million, and subscription revenue, which rose by 29% to $83.8 million. Service revenue also saw a 25% increase, reaching $29.4 million. The growth in subscription revenue reflects the company's strategic shift towards a pure subscription model, which is expected to generate more predictable and recurring revenue streams.
Operationally, Evolv Technologies has made significant strides in expanding its market presence. The company has deployed its solutions in various sectors, including education, healthcare, and entertainment, screening over four billion visitors since the launch of its Evolv Express system in 2019. The company’s Remaining Performance Obligation (RPO) increased by 13% to $293.6 million, indicating strong future revenue potential from existing contracts. Evolv's customer agreements typically include multi-year commitments, enhancing revenue predictability.
In terms of strategic developments, Evolv Technologies entered into a non-exclusive contract manufacturing agreement with Plexus Corp. in November 2025, aimed at enhancing scalability and operational efficiency. The company also reported a reduction in its workforce in January 2025, which is part of its initiative to improve profitability and cash flow. As of December 31, 2025, Evolv employed 286 people, maintaining a stable headcount compared to the previous year.
Looking ahead, Evolv Technologies anticipates continued growth driven by the increasing demand for modern security solutions in response to rising concerns about safety in public spaces. The company plans to leverage its proprietary technology and expand its international market presence, although it acknowledges potential challenges related to economic conditions and competition. Evolv's management remains focused on enhancing its product offerings and operational capabilities to meet evolving market needs.
About Evolv Technologies Holdings, Inc.
Evolv Technologies Holdings, Inc. develops AI-powered security screening solutions for high-volume venues such as sports arenas, entertainment venues, schools, hospitals, and industrial sites. Its flagship products, Evolv Express and Evolv eXpedite, detect concealed weapons and threats efficiently while enhancing visitor experience. The company offers cloud-connected hardware and software, primarily through subscription models, providing predictive analytics and integrated security insights to improve safety and operational efficiency.
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