Evolv Technologies Holdings, Inc. Q4 FY2026 earnings call

• John Kaczorski reflected on 2025 progress, emphasizing customer trust and team efforts. Discussed the unique end-to-end solution stack combining hardware, software, and data. Highlighted 8,000 systems deployed, screening over 4 million people per day at end of 2025, and over 4 billion people screened with Evolve Express. • Mentioned adding over 60 new customers in Q4, serving over 1,200 customers globally. • In education, added 12 new school districts and 3 universities in 2025, screened approx. 300 million students and visitors. • In healthcare, advanced industry transformation, partnered with American Hospital Association as preferred provider, screened over 1 million patients, etc. • In sports and live entertainment, added over a dozen new customers in Q4, including seven professional football teams, screened nearly 1.5 million visitors daily. • In workplace, added multiple new Fortune 500 companies. • Highlighted success of Expedite, autonomous AI-based bag screening solution, with 65 customers in first full year, and strong attach rates potential.

No specific detailed breakdown of absolute financial performance per product segment provided in a way to extract and state as required. However, overall revenue and related metrics are discussed. For example, revenue in Q4 was $38.5 million, up 32% year over year; full year revenue was $145.9 million, up 40% year-over-year. ARR at December 31st was $120.5 million, up 21% year over year. RPO was $293.4 million at the end of Q4, up 13% year over year. Different market segments like education, healthcare, sports and live entertainment, workplace had various customer additions and expansions.

• Raised 2026 revenue guidance to $172 million to $178 million from prior $160 to $165 million. • Expect ARR growth in range of 20% to 25%. • Anticipate ending 2026 with comfortably over 10,000 units deployed. • Expect modestly expanded adjusted EBITDA margins to high single digits. • Anticipate ARR growth to begin outpacing revenue growth in 2026. • Q1 2026 revenue growth expected in high 30s due to record backlog and step-up in one-time product revenue. • Second half of 2026 revenue expected modestly higher than first half despite expiration of step-up effect on product revenue.

Q: Jeremy Hamblin asked about revenue guidance context, ARR per unit, gross margin curve.

A: Jeremy was told they anticipate ARR to accelerate, changes in pricing model with lower upfront hardware price and higher software/services price over time, NICS drives ARR growth rate, expect gross margins in line or slightly better in 2026 versus 2025 with more gross profit dollars pushed into RPO.

Q: Eric Martinuzzi asked about cash flow linkage to adjusted EBITDA forecast for 2026.

A: Eric was informed Q4 had strong cash generation, some steps in 2025 not repeatable, expect cash flow positive in second half of 2026, first half shaped by Q1 incremental cash costs, focused on improving cash flow going forward.

Q: Shaul Eyal asked about mix between new logos and existing customers this quarter and hiring plans.

A: Shaul was told about ~50-50 split of new orders from new customers and existing customers expanding, and about investing in R&D, sales and marketing, insourcing services instead of using contractors, net trade in headcount.

Q: Alex Lattimore asked about percent of bookings from current vs new customers and AHA certification impact.

A: Alex was told approx. 50-50 of customers expanding vs new customer acquisition expected to continue, and AHA partnership is a tailwind for hospital deals with regulations mandating technology like theirs as additional tailwinds.