Evolv Technology

What Evolv Technology does

Evolv Technology is a publicly traded (NASDAQ: EVLV) provider of AI-powered touchless security screening systems headquartered in Waltham, Massachusetts. The company's core products — Evolv Express® for concealed weapons detection on people and Evolv eXpedite™ for autonomous bag screening, both complemented by Evolv Insights® analytics dashboards — use computer vision and machine learning to identify threats as individuals walk through at natural pace, without requiring them to stop or remove personal items. Both core products have received U.S. Department of Homeland Security Qualified Anti-Terrorism Technology (QATT) designation under the SAFETY Act, providing federal liability protections that constitute a meaningful regulatory moat.\n\nThe company sells multi-year subscription agreements that bundle hardware deployment with software licenses, primarily through a direct enterprise field sales motion targeting professional sports venues, university athletics programs, K-12 school districts, healthcare systems, and entertainment arenas. The customer base spans 1,200+ organizations including 60+ professional sports teams, 1,300+ K-12 school buildings, and flagship deployments at Bank of America Stadium, Citizens Bank Park, Crypto.com Arena, and the University of Washington. Channel partnerships with AEG Global Partnerships (venue broker), Alliance Technology Group (K-12 implementation), and Plexus Corp (global manufacturing) extend commercial reach and supply capacity, while an American Hospital Association partnership supports healthcare vertical expansion.\n\nFY2025 revenue reached $145.9M, up 40.5% YoY, with Q1 2026 revenue of $46.3M (+45% YoY) and Q1 2026 ARR of $127.3M (+20% YoY). The company has guided FY2026 revenue to $175–180M and ending ARR to $145–150M, backed by five consecutive quarters of positive Adjusted EBITDA ($11.1M FY2025). Q4 2025 gross margin compressed to 50% from 62% as Evolv transitioned to direct hardware fulfillment, partially offset by improved total gross profit over contract life. Notable overhangs include a 90.4% stock decline over the trailing year and a proposed $15M settlement of a securities class action covering the 2021–2024 period.

Name

Evolv Technology

Legal name

Evolv Technologies Holdings, Inc.

Website

https://evolvtechnology.com

Company type

Public

Founded year

2019

Operating status

Operating

Headcount range

251–500 employees

Short description

Evolv Technology (NASDAQ: EVLV) provides AI-powered touchless security screening systems — Evolv Express and Evolv eXpedite — that detect concealed weapons and screen bags via computer vision as people walk through at natural pace. It sells multi-year subscription agreements to professional sports venues, K-12 schools, universities, healthcare systems, and entertainment arenas across 1,200+ customers.

Ownership category

akta.pro rank

Headquarters

HQ city

Waltham

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain

Revenue model

1. Hardware and Software Subscriptions: Multi-year subscription agreements combining hardware deployment with software licenses. Hardware systems are deployed at customer venues under subscription model. Transition to direct hardware fulfillment creates near-term gross margin headwinds but increases total gross profit over contract life.
2. Annual Recurring Revenue (ARR): Recurring subscription revenue from deployed systems. Q1 2026 Ending ARR of $127.3 million, up 20% year-over-year. 2026 expected ending ARR of $145-150 million.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels7 records

Core offering

Evolv Technology manufactures and deploys AI-powered touchless security screening systems that detect concealed weapons as people walk through at natural pace. Its two core products, Evolv Express® for people screening and Evolv eXpedite™ for autonomous bag screening, are sold primarily via multi-year enterprise subscriptions to professional sports venues, K-12 schools, universities, healthcare facilities, and corporate offices. Supporting offerings include Evolv Insights® analytics dashboards and an Open API for integration with access control, mass notification, and video management systems.

Product overview

Evolv Technology offers a unified platform of AI-powered security screening solutions built around two core products: Evolv Express® for concealed weapons detection (people screening) and Evolv eXpedite™ for autonomous bag screening. These are complemented by Evolv Insights® analytics dashboards for operational optimization and the Screened by Evolv™ Seal program for customer trust signals. The portfolio works as an integrated system where eXpedite augments Express by adding autonomous bag screening as people walk through, enabling comprehensive threat detection without slowing pedestrian flow.

Differentiator

Problem solved

Functional benefit

Brands

• Evolv Express®: AI-powered concealed weapons detection system that helps detect concealed weapons as people walk through. Primary product for fan/person screening at venues.
• Evolv eXpedite™
• Evolv Insights®
• Screened by Evolv™

Products and services

• Evolv Express® AI-powered concealed weapons detection system that identifies weapons hidden under clothing as people walk through at their natural pace. The primary detection platform deployed at venue entrances across stadiums, arenas, schools, hospitals, and corporate offices; screens people without requiring them to stop or remove personal items.
• Evolv eXpedite™ AI-powered autonomous bag screening solution that provides x-ray-like bag screening as people walk through Evolv Express. Complements Evolv Express for complete entry screening and has screened over 20 million bags across school districts, professional sports venues, hospitals, and other venues since its 2024 launch.

Quantifiable outcome

• Screens 4 million+ people daily, surpassing TSA volume in 2025
• +6 more outcomes

Named customers15 records

Segments6 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

AI capability4 records

Feature7 records

Partnerships

16 partnerships are on record, tiered flagship, core and minor.

• Philadelphia PhilliesflagshipChannel Partner/ Reseller/ Distributor · 4 June 2026Multi-year partnership renewal continuing Evolv Express at Citizens Bank Park with fleet upgrade to Gen2 hardware. Nearly 12 million guests screened since 2023. Evolv designated as Preferred Fan Screening Partner with preserved marketing partnership.
• University of Washington AthleticscoreChannel Partner/ Reseller/ Distributor · 21 April 2026Multi-year subscription agreement and marketing partnership deploying Evolv Express Gen2 at Husky Stadium (70,000-seat) and Alaska Airlines Arena (10,000-seat). Evolv designated as Official Fan Screening Partner of UW Athletics. Expands presence in university sports sector and Pacific Northwest.
• Omnigo SoftwarecoreTechnology or Integration · 17 April 2026Partnership to enhance threat detection and incident management capabilities through integration with Omnigo's security management platform.
• Crypto.com ArenaflagshipChannel Partner/ Reseller/ Distributor · 14 April 2026Multi-year renewal and expansion of hardware and software subscription agreement extending Evolv Express deployment and adding Evolv eXpedite bag screening. Evolv continues as Official Fan Screening Partner. Agreement brokered by AEG Global Partnerships.
• Houston AstroscoreChannel Partner/ Reseller/ Distributor · 18 March 2026Expanded partnership agreement to upgrade to latest technology and add eXpedite systems for bag screening at the ballpark.
• Bank of America StadiumflagshipChannel Partner/ Reseller/ Distributor · 3 March 2026Renewed and expanded agreement upgrading nearly 20 Express screening systems to Gen2 hardware and adding Evolv eXpedite bag screening. 93% average clear rate achieved over four years. Renewal ensures deployment before Charlotte FC home opener March 7, 2026.
• Miami Freedom ParkcoreChannel Partner/ Reseller/ Distributor · 24 February 2026Deployment of Evolv Express Gen2 and Evolv eXpedite at new 25,000-seat stadium for Inter Miami CF opening April 4, 2026. Evolv designated as Official Fan Screening Provider with brand presence on match days and year-round on venue digital media.
• University of North Carolina AthleticscoreChannel Partner/ Reseller/ Distributor · 10 February 2026Multi-year subscription deploying 14 Evolv Express Gen2 systems (9 dual lane and 5 single lane) at Dean E. Smith Center, Kenan Stadium, and Carmichael Arena. Includes joint marketing and community outreach initiatives. UNC designated Evolv as Official Fan Screening Partner.
• FC Cincinnati / TQL StadiumcoreChannel Partner/ Reseller/ Distributor · 5 February 2026Venue-wide installation of seven Evolv Express systems at TQL Stadium for all fan and staff entrances. Evolv designated as Official Fan Screening Partner of FC Cincinnati and TQL Stadium. Operational for 2026 season starting February 21.
• East Baton Rouge Parish SchoolscoreChannel Partner/ Reseller/ Distributor · 3 February 2026Expanded partnership deploying Evolv Express to eight additional high schools, bringing total to twelve schools. Deployment managed through partner Alliance Technology Group. District replaced traditional walk-through metal detectors.
• Pechanga Arena San DiegocoreChannel Partner/ Reseller/ Distributor · 16 December 2025Evolv Express deployment at major sports and entertainment venue in Southern California to enhance threat detection and improve visitor entry experience.
• Plexus CorpcoreTechnology or Integration · 6 November 2025Strategic contract manufacturing partnership announced November 2025 to enhance manufacturing capacity, supply chain strength, and support global expansion. Collaboration leverages Plexus's global manufacturing network spanning 26 facilities with over 20,000 employees to meet rising demand for security screening products and achieve long-term cost savings.
• Stern Grove FestivalminorChannel Partner/ Reseller/ Distributor · 15 June 2025AI-based weapons detection deployment at San Francisco outdoor event for enhanced security.
• American Hospital AssociationcoreStrategic or Co-development PartnerStrategic expansion into healthcare sector through partnership with American Hospital Association for hospital security deployments.
• AEG Global PartnershipscoreChannel Partner/ Reseller/ DistributorPartnership brokered by AEG Global Partnerships to facilitate venue relationships and manage renewal negotiations for professional sports venues.
• Alliance Technology GroupcoreImplementation/ SI/ Consulting PartnerImplementation partner managing Evolv Express deployment for K-12 school district customers including East Baton Rouge Parish Schools.

Scale indicators28 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• OSI Systems (Rapiscan Systems): Major security screening incumbent via its Rapiscan Systems subsidiary, offering metal detectors, X-ray baggage screening, and walk-through portals for aviation, government, and high-security facilities.
• Motorola Solutions: Existing Evolv investor and broad incumbent in public safety and enterprise security. Offers CommandCentral software, body cameras, and radio communications that increasingly integrate with weapons detection systems.
• Smiths Detection: Global leader in threat detection and screening technologies for aviation, ports, border protection, and urban security. Competes in walk-through metal detection and AI-enhanced screening categories.
• L3Harris Technologies: Defense and security technology provider offering personnel screening solutions including millimeter wave and X-ray-based detection systems for government, transportation, and high-value facilities.
• Axon Enterprise: Law enforcement technology platform with body cameras, TASER weapons, and digital evidence management. Evolv's new board director Henrik Küchl is a SVP at Axon, signaling potential adjacency in public safety technology.
• CEIA: Italian manufacturer of metal detection equipment including walk-through magnetometers used in airports, courthouses, schools, and event venues. Long-established incumbent that Evolv's AI technology is positioned to displace.

Direct peers

• Liberty Defense Holdings: Direct competitor offering HEXWAVE, an AI-enabled walk-through weapons detection system using millimeter wave and AI. Targets similar venue security use cases including stadiums, schools, and corporate offices.
• Thruvision Group: UK-based provider of passive terahertz standoff people screening technology for customs, aviation, and public venues. Offers an alternative technical approach to touchless concealed weapon detection.

Emerging players

• Patriot One Technologies: Emerging AI security screening company developing weapon detection solutions for venues and facilities. Competes in the same walk-through AI weapons detection category as Evolv Express.

Regional players

• Nuctech: Chinese-owned security inspection equipment provider offering walk-through metal detectors, baggage scanners, and AI-enhanced screening. Primarily serves Asia, Africa, and Latin American markets competing in similar venue security use cases.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/evolvtechnology
• LinkedInlinkedin.com/company/evolv-technology
• Facebookfacebook.com/Evolv-Technology-1883358101895089
• YouTubeyoutube.com/evolvtechnology

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds11 records

Investors16 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Evolv Technology