Evolv Technologies new customers in Q1 2027

Evolv Technologies reported 51 new customer additions in Q3 2026, following 70 in Q2 2026, its strongest quarter in two years ^[1][2][3]. Q1 2026 added approximately 48-54 customers, bringing H1 2026 totals to 118-124 new customers ^[1][4]. The company reported Q3 2026 revenue of $47.35 million, up 10.5% year-over-year, with Annual Recurring Revenue (ARR) reaching $140.5 million (up 20% year-over-year) and Remaining Performance Obligation (RPO) at $325.8 million (up 11% from December 2025) ^{[5][6][7][8][9]}. Management forecasts full-year 2026 revenue of $182-$185 million and year-end ARR of $148-$150 million ^{[5][6][7][8][9]}. For 2027, revenue growth is projected at over 20% despite a 3-4 point headwind from pricing changes, with ARR growth expected to outpace revenue and more units deployed than in 2026, particularly in H2 ^{[1][10][6][7][11]}. Long-term targets include a 25% CAGR through 2031, aiming for $500 million in revenue and 25%+ EBITDA margins, supported by a $20 million investment in sales, marketing, and R&D ^[7][12][13].

Market penetration continues to expand, bolstered by regulatory support and positive analyst sentiment. Evolv has 115 eXpedite customers, representing 9% of its customer base, up from 3% a year ago ^[1][10][6]. The company serves over 40 Fortune 500 companies and has deployments in more than 800 hospital buildings, including all top 10 healthcare networks ^[1][10][6]. It screens nearly 1 million visitors daily across over 1,900 school buildings in 28 of the top 100 U.S. school districts ^[1][10][6]. New California standards for weapons detection screening at hospital entrances, effective March 2027, are expected to provide a tailwind for the healthcare vertical, which constituted 23% of units booked in Q3 2026, up from 18% in the preceding 12 months ^[1][10][6]. All 16 covering analysts rate Evolv a Buy, with a median price target of $10, which is 68.6% above the current price of approximately $4.51 ^{[6][7][14][15][16][8]}. Craig-Hallum, TD Cowen, and Northland have specific targets of $11.25, $10, and $10, respectively ^{[6][7][14][15][16][8]}. The stock traded at a 52-week low of $4.02 in mid-October 2026 before recovering about 18% ^{[6][7][14][15][16][8]}.

Prediction markets assign low probability to high Q1 2027 new customer additions. The prediction market for Evolv's Q1 2027 new customers, expiring May 11, 2027, shows less than a 1% probability of exceeding 40, 45, or 50 new customers ^[17]. In contrast, the fiscal 2026 market, expiring May 27, 2027, indicates an 87% probability of exceeding 220 new customers, a figure that surged from 1% to 86% on August 12, 2026, following the Q2 earnings report ^[17].