Evolv Technologies Enters Into New $75M Credit Facility With MidCap Financial

– New Facility Supports Growing Demand for Company's Long Term Subscription Model –

Evolv Technologies Holdings, Inc (NASDAQ:EVLV), a leading security technology company pioneering AI-based solutions designed to help create safer experiences, today announced that it has entered into a new $75 million credit facility with MidCap Financial, consisting of a $60 million tranched term loan ($30 million of which was drawn at close with an additional $30 million available to be drawn at the Company's sole discretion over the next two years) and a $15 million undrawn revolving credit facility. The Company's agreement includes a five-year maturity for both facilities. The annual interest rate on each is equal to SOFR plus a margin of 5.25%.

Proceeds from the new facility will be used for general corporate purposes, including in large part, to support growing long-term demand for the Company's subscription sales model. Through this model, customers lease the Company's purpose-built physical security hardware and enter into multi-year security-as-a-service subscriptions to operate that hardware. Management believes this model enhances revenue visibility, deepens customer relationships, and supports long-term margin expansion. As of June 30, 2025 – prior to the closing of the new credit facility – the Company had total cash, cash equivalents, and marketable securities of approximately $37 million compared to $35 million as of March 31, 2025.