Evolv Technologies Holdings, Inc. (EVLV) announced a multi‑year renewal and expansion of its hardware and software subscription agreement with Crypto.com Arena in Los Angeles, California. The extension builds on the arena’s 2024 deployment of Evolv Express® concealed‑weapon detection and adds the company’s autonomous bag‑screening solution, Evolv eXpedite™. The deal deepens the partnership with one of the nation’s largest entertainment venues, which hosts more than four million guests annually and is owned and operated by AEG.
The renewal confirms continued demand for Evolv’s AI‑powered security platform and represents a significant contract win in the high‑traffic venue segment. By adding eXpedite, the arena will be able to screen both patrons and their bags without interrupting flow, enhancing visitor experience while maintaining compliance with evolving safety regulations. The expansion signals confidence in Evolv’s technology and its ability to deliver end‑to‑end security solutions to large, complex venues.
Evolv’s strategy of converting hardware sales into recurring subscription revenue is reinforced by the multi‑year nature of the agreement. The new contract is expected to generate predictable revenue streams and support the company’s goal of accelerating annual recurring revenue (ARR) growth. Adding bag‑screening technology expands Evolv’s product portfolio beyond weapons detection, positioning the company to capture a broader share of the security‑as‑a‑service market and potentially drive higher margins as the platform scales.
The deal was brokered by AEG Global Partnerships and the financial terms were not disclosed. Crypto.com Arena’s status as a major venue—home to the Los Angeles Lakers, Kings, and Sparks—underscores the strategic importance of the partnership. The agreement also includes joint marketing initiatives, further cementing the relationship.
Evolv’s recent financial performance provides context for the significance of the deal. In Q4 2025, the company reported revenue of $38.5 million, a 32% year‑over‑year increase, and full‑year 2025 revenue of $145.9 million, up 40% from the prior year. Annual recurring revenue (ARR) at the end of 2025 was $120.5 million, a 21% year‑over‑year growth. Adjusted EBITDA margin improved to 7.6% for the full year from 4.7% in Q4, while adjusted gross margin fell to 50% in Q4 from 62% the previous year, largely due to a fulfillment transition, one‑time service accruals, and a shift in revenue mix. Evolv raised its 2026 revenue guidance to $172 million–$178 million, reflecting confidence in continued growth.
The Crypto.com Arena renewal is a tangible indicator of market confidence in Evolv’s technology and its execution capability. It strengthens the company’s foothold in the high‑traffic venue segment, supports its recurring‑revenue model, and positions Evolv to capitalize on the growing demand for comprehensive, AI‑driven security solutions across large venues.
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