Evolv Technology makes AI-powered weapons detection systems for venues and facilities. Evolv's two core hardware products are the Evolv Express, a walk-through people screening system, and the Evolv eXpedite, an autonomous bag screening system launched in late 2024. The two products are designed to be deployed together, enabling high-throughput screening without requiring visitors to empty pockets or remove bags. Evolv targets venues where traditional metal detectors are impractical or disruptive — K-12 schools, universities, hospitals, sports stadiums, entertainment venues, workplaces, and houses of worship. Evolv operates a Security-as-a-Service model, bundling hardware access, AI software, cloud connectivity, and support into multi-year (typically 4-year) subscriptions. Customers can either lease hardware from Evolv (pure subscription) or purchase hardware outright and subscribe to the software (purchase subscription). Evolv is transitioning away from a third-party distribution model toward direct fulfillment, capturing both hardware and software revenue per unit. ARR was $117M as of Q3 2025, growing roughly 25% YoY, with about 78% of annual revenue visible on day one from the existing subscription base. Growth is driven by new unit additions, renewals and upgrades, and expansion within existing customers — roughly half of booked units come from existing customers. Key growth vectors include the education vertical, healthcare regulatory tailwinds (California mandates automated weapons detection in hospitals by March 2027), and increasing attach rates for eXpedite alongside Express deployments.