Filing Flows › Evolv Technologies Holdings (EVLV) › Q4 2025
Evolv Technologies Holdings (EVLV) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 10, 2026
Evolv Technologies Holdings (EVLV) reported revenue of $38.5M for the fourth quarter 2025 (Q4 2025), +32% from a year earlier and -10% from the quarter before. Operating margin was -20.7%, net earnings $10.9M (28.3% of revenue).
Evolv Technologies Holdings, Q4 2025: revenue $38.5M (+32% year over year), operating margin -20.7%, net earnings $10.9M, operating cash flow $15.6M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $38.5M | -10% | +32% |
| Operating profit | −$8.0M | — | — |
| Net earnings | $10.9M | — | — |
| Operating cash flow | $15.6M | +342% | +386% |
| Free cash flow | $13.3M | — | — |
What changed
Revenue was $38.5M in Q4 2025, up 32% year over year and down 10% from the previous quarter. Subscription and Circulation was the largest line at 56% of revenue.
Gross margin was 48.4%, down 9.1 points from Q4 2024. Operating costs exceeded revenue by $8.0M, an operating margin of -20.7%. Operating expenses fell 25% while revenue rose 32%. Net earnings were $10.9M. The effective tax rate was 0.0%. Non-operating items added $18.9M, 173% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $15.6M (up 386% year over year), 143% of net earnings. Non-cash charges added back $6.5M of depreciation and amortization and $5.3M of share-based compensation. Working capital and other items used $7.1M. Capital expenditures of $2.3M left free cash flow of $13.3M.
Questions
What was Evolv Technologies Holdings' revenue in the fourth quarter 2025?
Evolv Technologies Holdings (EVLV) reported revenue of $38.5M for the fourth quarter 2025 (Q4 2025), +32% from a year earlier and -10% from the quarter before.
Was Evolv Technologies Holdings profitable in the fourth quarter 2025?
Operating loss was $8.0M (-20.7% of revenue) and net earnings $10.9M.