Filing Flows › Evolv Technologies Holdings (EVLV) › Q3 2025
Evolv Technologies Holdings (EVLV) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 13, 2025
Evolv Technologies Holdings (EVLV) reported revenue of $42.9M for the third quarter 2025 (Q3 2025), +57% from a year earlier and +32% from the quarter before. Operating margin was -20.1%, net loss $1.8M (4.2% of revenue).
Evolv Technologies Holdings, Q3 2025: revenue $42.9M (+57% year over year), operating margin -20.1%, net loss $1.8M, operating cash flow $3.5M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $42.9M | +32% | +57% |
| Operating profit | −$8.6M | — | — |
| Net earnings | −$1.8M | — | — |
| Operating cash flow | $3.5M | +67% | -4% |
What changed
Revenue was $42.9M in Q3 2025, up 57% year over year and up 32% from the previous quarter. Subscription revenue was the largest line at 53% of revenue. Product revenue added $7.9M year over year (up 588%), 51% of the total change.
Gross margin was 49.7%, down 8.1 points from a year earlier. Operating costs exceeded revenue by $8.6M, an operating margin of -20.1%. Operating expenses fell 14% while revenue rose 57%. The quarter ended with a net loss of $1.8M, narrower than the previous quarter's $40.5M loss. Non-operating items added $6.8M, -379% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $3.5M (down 4% year over year). Non-cash charges added back $6.5M of depreciation and amortization and $5.4M of share-based compensation. Working capital and other items used $6.6M. Capital expenditures of $13.8M exceeded it, leaving free cash flow of −$10.3M.
Questions
What was Evolv Technologies Holdings' revenue in the third quarter 2025?
Evolv Technologies Holdings (EVLV) reported revenue of $42.9M for the third quarter 2025 (Q3 2025), +57% from a year earlier and +32% from the quarter before.
Was Evolv Technologies Holdings profitable in the third quarter 2025?
Operating loss was $8.6M (-20.1% of revenue) and net loss $1.8M.