Evolv Technologies Holdings, Inc.

Weapons-detection security-screening company — fast-growing with positive operating cash flow but operating losses.

Strengths

• Strong growth, positive operating cash flow — revenue +40% (89th), OCF margin 13%

Risks

• Operating/net losses — operating margin -33%, net margin -23%
• Subscription/hardware-mix and accounting-restatement history — per 10-K
• Competition — per 10-K

Notable findings

• RestatementSummary Risk Factors The principal risks and uncertainties affecting our business include, among other, things the following: • Material weaknesses in our internal control over financial reporting 8-K ↗
• Net lossNet loss (net margin -22.7%)
• Material weaknessSummary Risk Factors The principal risks and uncertainties affecting our business include, among other, things the following: • Material weaknesses in our internal control over financial reporting
• Exec changeRecent 8-K item 5.02 8-K ↗
• Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
• Chronic dilutionShare count +105%/yr over 4y (dilution, book value/share -98%)
• Insider sellingInsider selling — 11 open-market sale(s) by 5 insider(s) (cluster of 5 insiders, ~$5M, last 6mo) Form 4 ↗
• China exposure— Failure to comply with applicable anti-corruption legislation, export controls, economic sanctions and other governmental laws and regulations could result in fines and criminal penalties and materi
• Notable holderHeld by 4 notable fund(s): STATE STREET CORP, CITADEL ADVISORS LLC, GOLDMAN SACHS GROUP INC +1 more (as of 2026-03-31)