Evolv Technologies Holdings, Inc. (EVLV): History, Ownership, Mission, How It Works & Makes Money

Ever wondered how venues and companies are enhancing security without the intrusive pat-downs? Evolv Technologies Holdings Inc. (EVLV) is transforming security with its AI-powered weapons detection systems, but how exactly does this technology work, and more importantly, how does the company generate revenue? With over 6,000 Evolv Express units deployed globally and a market capitalization of $529.37 million as of April 12, 2025, Evolv is making significant strides in the security industry. Keep reading to discover the history, ownership structure, mission, and operational model that drive Evolv Technologies.

Evolv Technologies Holdings, Inc. (EVLV) History

Evolv's Founding Timeline

Year established

The company was officially established in 2013.

Original location

The company’s original location was in Waltham, Massachusetts.

Founding team members

The founding team members included:

• Mike Ellenbogen
• Raphael Sardella

Initial capital/funding

In 2013, $12 million was raised in Series A funding led by General Catalyst Partners. By 2016, the company had raised a total of $30 million.

Evolv's Evolution Milestones

Evolv's Transformative Moments

• Initial Funding and Technology Development: Securing $12 million in Series A funding in 2013 was crucial for developing their innovative security screening technology.
• First Customer Deployment in 2016: Deploying their technology at the first customer site validated their solution and opened doors for further market penetration.
• Strategic Market Expansion: Evolv expanded its reach into various new markets, broadening the application of its security solutions across different industries and venues.
• Becoming a Publicly Traded Company: In July 2021, Evolv Technology went public through a merger with NewHold Investment Corp, providing capital for further growth and innovation.
• Focus on Product Innovation: Evolv has consistently updated and improved its screening technology to enhance detection capabilities and operational efficiency.
• Key Partnerships and Integrations: Forming partnerships with other technology providers allowed Evolv to offer more comprehensive and integrated security solutions.

To gain more insights into the values that drive this company, explore: Mission Statement, Vision, & Core Values of Evolv Technologies Holdings, Inc. (EVLV).

Evolv Technologies Holdings, Inc. (EVLV) Ownership Structure

Evolv Technologies Holdings, Inc. exhibits a mixed ownership structure, featuring a combination of institutional, insider, and public ownership.

Evolv Technologies' Current Status

Evolv Technologies Holdings, Inc. is a public company, trading on the Nasdaq Stock Market under the ticker symbol EVLV.

Evolv Technologies' Ownership Breakdown

Understanding the ownership breakdown of Evolv Technologies provides insights into the distribution of control and influence within the company. The following table summarizes the ownership percentages held by various shareholder types:

Evolv Technologies' Leadership

Evolv Technologies is guided by a team of experienced leaders. Key members of the leadership team as of April 2025 include:

• Peter George: Chief Executive Officer
• William J. Hawkins III: Executive Chairman
• Mark Donohue: Chief Financial Officer

These individuals play crucial roles in shaping the strategic direction and operational execution of Evolv Technologies. To gain further insights into the company's goals, see: Mission Statement, Vision, & Core Values of Evolv Technologies Holdings, Inc. (EVLV).

Evolv Technologies Holdings, Inc. (EVLV) Mission and Values

Evolv Technologies is dedicated to making the world a safer place by leveraging advanced technology to detect threats before they enter public spaces. The company's core values revolve around innovation, security, and a commitment to protecting communities.

Evolv Technologies' Core Purpose

Official mission statement

Evolv Technologies' mission statement is: 'Evolv’s mission is to make the world a safer place by pioneering security technology built for a world in motion.'

• To achieve this mission, Evolv focuses on developing and deploying advanced security screening systems that can detect weapons and other threats in real-time, without disrupting the flow of people.
• The company aims to provide a seamless and respectful security experience, enhancing safety while maintaining individual privacy and convenience.

Vision statement

While a specific, formal vision statement is not explicitly available, Evolv Technologies' vision can be inferred from its goals and strategic initiatives.

• Evolv envisions a world where public spaces are free from the threat of violence, and individuals can move about freely and confidently.
• The company strives to be the leading provider of advanced security screening solutions, setting the standard for threat detection technology and customer satisfaction.
• Evolv aims to create a future where security is proactive and preventative, minimizing the risk of incidents and maximizing the safety of communities.

Company slogan/tagline

Evolv Technologies uses the tagline 'Security evolved.' This slogan encapsulates the company's approach to security, emphasizing innovation and advancement.

• The tagline reflects Evolv's commitment to developing cutting-edge technology that surpasses traditional security measures.
• It highlights the company's focus on creating solutions that are more effective, efficient, and respectful of individuals.
• 'Security evolved' conveys the idea that Evolv is transforming the security landscape, making it more seamless, proactive, and reliable.

To delve deeper into the company's guiding principles, explore: Mission Statement, Vision, & Core Values of Evolv Technologies Holdings, Inc. (EVLV).

Evolv Technologies Holdings, Inc. (EVLV) How It Works

Evolv Technologies Holdings, Inc. operates by providing advanced security screening systems that utilize sensors and artificial intelligence to detect weapons and threats in real-time, aiming to enhance safety without disrupting the flow of people.

Evolv Technologies' Product/Service Portfolio

Evolv Technologies' Operational Framework

Evolv Technologies focuses on creating a seamless and efficient security experience. Their operational framework includes:

• AI-Driven Technology: Utilizing advanced sensors and artificial intelligence to automatically detect potential threats, reducing the need for manual checks.
• Real-Time Detection: Providing immediate alerts for weapons and other prohibited items, enabling quick response times.
• Touchless Screening: Designed for a smooth, non-invasive experience, allowing individuals to pass through security checkpoints without stopping.
• Data Analytics: Offering a software platform, Evolv Insights, that delivers actionable intelligence to improve security strategies and operational efficiency.

For more insights into the company's guiding principles, explore Mission Statement, Vision, & Core Values of Evolv Technologies Holdings, Inc. (EVLV).

Evolv Technologies' Strategic Advantages

Evolv Technologies has several strategic advantages that contribute to its market position:

• Innovative Technology: Their AI-based security screening system offers a unique approach compared to traditional metal detectors, providing enhanced threat detection and a better customer experience.
• Focus on High-Traffic Venues: By targeting venues with large crowds, Evolv addresses a significant market need for efficient and effective security solutions.
• Scalable Solutions: Their product portfolio, including Evolv Express and Evolv Insights, allows for flexible deployment and integration, catering to various customer requirements.
• Data-Driven Insights: The Evolv Insights platform provides valuable data and analytics, enabling customers to continuously improve their security operations and make informed decisions.

Evolv Technologies Holdings, Inc. (EVLV) How It Makes Money

Evolv Technologies Holdings, Inc. primarily generates revenue through the sale, lease, and service of its security detection systems, which use advanced sensor technology and artificial intelligence to screen individuals for concealed weapons and threats.

Evolv Technologies Holdings, Inc.'s Revenue Breakdown

Here's a look at the revenue streams, based on the 2024 fiscal year data:

Evolv Technologies Holdings, Inc.'s Business Economics

Evolv Technologies Holdings, Inc.'s business economics are shaped by several key factors:

• Pricing Strategy: The company employs a combination of outright sales and leasing options for its Evolv Express® systems. Leasing provides a recurring revenue stream and lowers the initial barrier to entry for customers.
• Cost Structure: Key costs include manufacturing, research and development, sales and marketing, and customer support. Economies of scale are expected to improve as production volumes increase.
• Market Dynamics: The security screening market is driven by increasing concerns about public safety and regulatory mandates. The company benefits from its innovative technology, which offers a less intrusive and more efficient screening process compared to traditional methods.
• Competitive Advantages: Evolv Technologies Holdings, Inc. has a competitive edge due to its proprietary technology, which utilizes advanced sensors and AI algorithms. This allows for faster and more accurate threat detection, reducing the need for manual checks and improving the overall screening experience.

Evolv Technologies Holdings, Inc.'s Financial Performance

Key aspects of Evolv Technologies Holdings, Inc.'s financial performance include:

• Revenue Growth: The company has experienced significant revenue growth in recent years, driven by increasing adoption of its Evolv Express® system across various end markets. For example, in 2024, Evolv reported a revenue of $74.5 million, representing an increase of 39% year-over-year.
• Gross Margin: Gross margin is a critical indicator of profitability. Evolv Technologies Holdings, Inc. has focused on improving its gross margin through efficient manufacturing processes and pricing strategies. In 2024, the gross profit was $44.1 million, or 59.2% of revenue.
• Operating Expenses: Operating expenses include research and development, sales and marketing, and general and administrative costs. These expenses are necessary to support the company's growth initiatives and maintain its competitive position.
• Net Loss: While Evolv Technologies Holdings, Inc. has demonstrated strong revenue growth, it has also incurred net losses as it invests in expanding its operations and developing new technologies. In 2024, Evolv reported a net loss of $47.3 million. However, the company is focused on achieving profitability through increased sales and improved operational efficiency.
• Cash Flow: Monitoring cash flow is essential for assessing the company's financial health and sustainability. Evolv Technologies Holdings, Inc. manages its cash flow through a combination of revenue generation, expense management, and financing activities.

To gain more insights into the company's investor profile, check out: Exploring Evolv Technologies Holdings, Inc. (EVLV) Investor Profile: Who’s Buying and Why?

Evolv Technologies Holdings, Inc. (EVLV) Market Position & Future Outlook

Evolv Technologies Holdings, Inc. is strategically positioned to capitalize on the growing demand for advanced security screening solutions, aiming to expand its market presence. The company's future success depends on its ability to innovate, navigate competitive pressures, and address potential risks effectively. For more in-depth insights, check out: Exploring Evolv Technologies Holdings, Inc. (EVLV) Investor Profile: Who’s Buying and Why?

Competitive Landscape

Opportunities & Challenges

Industry Position

• Evolv Technologies is a key player in the security screening industry, focusing on AI-based weapons detection.
• The company's Evolv Express platform offers a touchless security screening solution designed to detect concealed weapons and threats in high-traffic environments.
• Evolv aims to transform security by providing a more efficient and less intrusive screening experience compared to traditional methods like metal detectors.
• They focus on venues such as schools, stadiums, hospitals, and entertainment facilities.