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Evolv Technologies Holdings cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$11.9M in Q2 2026 · $27.8M over twelve months

Operating cash flow$11.9M
Free cash flow+$11.9M
Cash conversion cycle60 days

Analysis

In Q2 2026, Evolv Technologies Holdings generated $11.9M of operating cash flow. That is $9.8M more than in Q2 2025 ($2.1M).

Over the twelve months to Jun 30, 2026, operating cash flow was $27.8M; the largest uses were other investing ($43.3M); besides operations, cash came from other financing ($26.3M), shares issued ($5.6M); the cash balance rose by $16.5M.

Operating cash flow was $11.9M against net income of −$9.3M. The largest differences: depreciation & amortization +$7.1M, stock-based pay +$6.9M, receivables +$3.0M.

Its cash conversion cycle was 60 days (receivables 86 + inventory 35 − payables 61).

Free cash flow

Evolv Technologies Holdings: free cash flow by quarterEvolv Technologies Holdings: free cash flow by quarter$3.7MQ3 2024$3.2MQ4 2024−$2.5MQ1 2025$2.1MQ2 2025$3.5MQ3 2025$15.6MQ4 2025−$3.2MQ1 2026$11.9MQ2 2026
Operating cash flow less capital spending.
Evolv Technologies Holdings: operating cash flow against capital spendingEvolv Technologies Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$3.7M$0Q3 2024$3.2M$0Q4 2024−$2.5M$0Q1 2025$2.1M$0Q2 2025$3.5M$0Q3 2025$15.6M$0Q4 2025−$3.2M$0Q1 2026$11.9M$0Q2 2026
Latest (Q2 2026): Operating cash flow $11.9M, Capital spending $0.

Capital allocation, year by year

Evolv Technologies Holdings: where the cash came from (up) and went (down), by fiscal yearEvolv Technologies Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingFY2021: Operating cash flow −$56.8MFY2021: Net borrowing $26.5MFY2021: Shares issued $301MFY2021: Capital spending −$16.6M$327MFY2021FY2022: Operating cash flow −$74.7MFY2022: Net borrowing $19.7MFY2022: Shares issued $827KFY2022: Asset sales $312K$20.8MFY2022FY2023: Operating cash flow −$9.8MFY2023: Net borrowing −$30.0MFY2023: Shares issued $668KFY2023: Asset sales $270K$938KFY2023FY2024: Operating cash flow −$30.9MFY2024: Shares issued $1.8M$1.8MFY2024FY2025: Operating cash flow $18.7MFY2025: Net borrowing $26.3MFY2025: Shares issued $9.1M$54.1MFY2025
Over these 5 years operating cash flow totalled −$154M; the largest uses were operating cash flow ($172M) and net borrowing ($30.0M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$62.6M
Debt$28.7M
Net cash$33.9M

Evolv Technologies Holdings funds itself: free cash flow was $27.8M over the last twelve months, and $62.6M of cash and investments stands against $28.7M of debt.

Where the cash came from and went

Evolv Technologies Holdings: sources (+) and uses (−) of cash, Q2 2026Evolv Technologies Holdings: sources (+) and uses (−) of cash, Q2 2026Other investing−$14.8MOperating cash flow$11.9MCash drawn (+) / kept (−)$2.7MShares issued$245K
Evolv Technologies Holdings: sources (+) and uses (−) of cash, TTM to Q2 2026Evolv Technologies Holdings: sources (+) and uses (−) of cash, TTM to Q2 2026Other investing−$43.3MOperating cash flow$27.8MOther financing$26.3MCash drawn (+) / kept (−)−$16.5MShares issued$5.6MExchange rates$50K

From profit to cash

Evolv Technologies Holdings: net income to operating cash flow, Q2 2026Evolv Technologies Holdings: net income to operating cash flow, Q2 2026Net income−$9.3MDepreciation & amortization$7.1MStock-based pay$6.9MGains on disposals$100KReceivables$3.0MInventory$621KPayables−$1.2MDeferred revenue−$105KContract assets−$1.3MPrepaid and other assets$1.3MOperating cash flow$11.9M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 202686356160
Q1 202671355353
Q4 2025954234104
Q3 2025974535107
Q2 20251076253116
Q1 2025889562121
Q4 202410012471153
Q3 202411814157203

Every quarter

QuarterOperating cash flowShares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026$11.9M$245K$2.7M$11.9M
Q1 2026−$3.2M$322K−$6.9M−$3.2M
Q4 2025$15.6M$679K−$17.6M$15.6M
Q3 2025$3.5M$4.3M$5.4M$3.5M
Q2 2025$2.1M$4.1M−$11.9M$2.1M
Q1 2025−$2.5M$20K$11.9M−$2.5M
Q4 2024$3.2M$658K$9.3M$3.2M
Q3 2024$3.7M$515K−$10.3M$3.7M

Evolv Technologies Holdings: income statement and cash flow

Evolv Technologies Holdings, Q2 2026: revenue $43.8M (+34% year over year), operating margin -24.1%. The chart follows the revenue to costs, profit and cash.

Evolv Technologies Holdings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.