EVLVEvolv Technologies Holdings, Inc.
Computer Peripheral Equipment, NEC
- Revenue
- $146M
- 40% YoY
- Operating margin
- -33.2%
- 58% YoY
- EBITDA
- −$24M
- 63% YoY
- Market cap
- $848M
- Employees
- 286
- $510K revenue each
- Net debt / EBITDA
- —
- −$24M net debt
- AI in 10-K
- 12.0
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 2 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCYes14% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentYes74% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$510K · 67th pctBottom quartile of its SIC industry
- Quiet on AINo12.0 per 10K words · 94th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$848M market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$6M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $23M | $53M | $80M | $104M | $146M | 40% |
| Operating income | −$55M | −$103M | −$90M | −$82M | −$48M | 41% |
| Net income | −$11M | −$87M | −$108M | −$54M | −$33M | 39% |
| Operating cash flow | −$57M | −$75M | −$10M | −$31M | $19M | 161% |
| Capex | $17M | — | — | — | — | |
| Stock-based comp | $10M | $23M | $24M | $25M | $21M | 15% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Aug 22, 2025 | Data Collective IV, L.P. | SCHEDULE 13D/A | 4.7% | Passive |
| Aug 19, 2025 | Stoic Point Capital Management LLC | SCHEDULE 13D/A | 3.1% | Passive |
| Jan 30, 2025 | Stoic Point Capital Management LLC | SCHEDULE 13D | 5.2% | Active |
| Feb 14, 2024 | Lux Venture Partners III, LLC | SC 13D/A | 1.9% | Passive |
| Nov 17, 2023 | Data Collective IV, L.P. | SC 13D/A | 6.4% | Passive |
| Jan 30, 2023 | Ellenbogen Michael | SC 13D | 5.2% | Passive |
| Sep 6, 2022 | Lux Venture Partners III, LLC | SC 13D/A | 6.7% | Passive |
| Jul 26, 2021 | Finback Evolv, LLC | SC 13D | 7.9% | Passive |
| Jul 26, 2021 | General Catalyst GP V, LLC | SC 13D | 10.4% | Passive |
| Jul 26, 2021 | Lux Venture Partners III, LLC | SC 13D | 9.1% | Passive |
Insider trading
- Open-market buys, 12 mo
- $750K · 12
- Open-market sells, 12 mo
- $7M · 15
- Net
- −$6M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | — | — | 276 | — |
| FY2024 | — | — | 153 | — |
| FY2023 | — | — | 182 | — |