Evolv Technologies completed a venue‑wide deployment of its Express concealed‑weapon detection system at TQL Stadium, the home of Major League Soccer’s FC Cincinnati. The installation includes seven Express units that will serve all fan entrances and the staff entrance when the club’s 2026 season begins on February 21.
Evolv’s latest win follows a strong Q3 2025 earnings report in which the company posted revenue of $42.85 million, up 57% year‑over‑year, and an earnings per share of –$0.01 versus the consensus estimate of –$0.07. The revenue beat was driven by robust demand for the company’s subscription‑based security platform across its growing portfolio of sports, entertainment, and public‑safety venues.
The partnership with FC Cincinnati and TQL Stadium expands Evolv’s footprint in the U.S. sports market, adding a high‑profile venue to a portfolio that already includes more than 50 teams and arenas. The deal also reinforces the company’s shift toward recurring revenue, as the Express system is delivered and maintained on a subscription basis, providing a predictable income stream and validating the technology in a high‑traffic, high‑visibility environment.
Bill Wiswesser, Senior Vice President of Facilities for FC Cincinnati, said the club is “excited to welcome fans for the 2026 season and continue the enhanced arrival experience we started last summer thanks to Evolv Express.” John Baier, Evolv’s Vice President of Sports & Entertainment, added that the company is “pleased to partner with FC Cincinnati and TQL Stadium” and that the partnership “helps deliver a positive first impression and welcoming experience to every fan arriving at this award‑winning venue.”
Investors have noted the partnership’s potential to strengthen Evolv’s recurring‑revenue pipeline, but have also highlighted ongoing profitability challenges and cash‑burn concerns. The company’s recent earnings beat and revenue growth are tempered by a shift to a subscription model that temporarily compresses margins, and by a deteriorating balance sheet with rising debt and declining shareholders’ equity. Analysts have therefore expressed caution about the company’s near‑term profitability while recognizing the strategic value of the new venue win.
The TQL Stadium installation underscores Evolv’s ability to scale its AI‑powered screening technology across large venues, positioning the company to capture additional contracts in the sports, entertainment, and public‑safety sectors. The partnership also signals confidence from a major MLS club in Evolv’s platform, which may accelerate adoption in other high‑profile venues and support the company’s long‑term growth trajectory.
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