Evolv Technologies (EVLV) Q2 2026 earnings summary

Executive summary

• Revenue for Q2 2026 grew 34% year-over-year to $43.8 million, with 70 new customers added and strong adoption of AI-powered screening solutions.

• Annual recurring revenue (ARR) reached $132.7 million at June 30, 2026, up 20% year-over-year, with net revenue retention above 100%.

• Adjusted EBITDA margin expanded to 10.1% in Q2, with adjusted EBITDA of $4.4 million, and first half adjusted EBITDA doubled year-over-year to $8.4 million.

• Net loss for Q2 2026 was $(9.3) million, a significant improvement from $(40.5) million in Q2 2025; six months net loss narrowed to $(14.3) million.

• Cash, cash equivalents, and marketable securities totaled $63.4 million at quarter-end, with positive cash flow achieved ahead of plan.

Financial highlights

• Q2 2026 revenue was $43.8 million (+34% YoY); six months ended June 30, 2026: $90.1 million (+40% YoY).

• Product revenue for six months increased 365% year-over-year to $22.5 million; subscription revenue rose 22% to $47.9 million.

• Adjusted gross margin was 51% in Q2 and 51.6% for the first half; gross profit for six months increased 29% to $45.6 million.

• Adjusted operating expenses were $25 million in Q2, up 16% year-over-year.

• Operating cash flow for six months was $8.7 million, compared to an outflow of $0.4 million in the prior year.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $180–$185 million (23–27% growth), with ending ARR projected at $148–$150 million (23–25% growth).

• Adjusted EBITDA for 2026 expected at $15–$16 million, with margins in the high single digits.

• Deployed units expected to exceed 10,000 by year-end, reflecting ~30% growth.

• 60% of new unit deployments in 2026 expected under purchase subscription model, up from prior 55% estimate.

• Gross margins expected to remain consistent in H2 2026, with some near-term headwinds from product mix and supply chain costs.