Evolv Technologies secures $75M credit facility

By Hao Liu • Wednesday, July 30 15:36 • Permanent Link

Evolv Technologies Holdings, Inc. (NASDAQ: EVLV) has secured a new $75 million credit facility with MidCap Financial, comprising a $60 million tranched term loan and a $15 million undrawn revolving credit facility. The company's agreement includes a five-year maturity for both facilities, with an annual interest rate on each equal to SOFR plus a margin of 5.25%.

This new facility will be used for general corporate purposes, primarily to support the growing long-term demand for the company’s subscription sales model. As of June 30, 2025, prior to the closing of the new credit facility, Evolv had total cash, cash equivalents, and marketable securities of approximately $37 million compared to $35 million as of March 31, 2025.

Chris Kutsor, the Chief Financial Officer of Evolv Technology, expressed satisfaction with the partnership with MidCap Financial, citing the non-dilutive capital on favorable terms to support the continued growth of the business. The facility is expected to strengthen the company's balance sheet and provide enhanced flexibility to meet the increasing demand for its long-term subscription model.

Evolv Technologies Holdings, Inc. aims to transform human security using industry-leading artificial intelligence (AI)-powered screening and analytics. The company has been awarded the U.S. Department of Homeland Security (DHS) Safety Act designation as a Qualified Anti-Terrorism Technology (QATT) and the Security Industry Association (SIA) 2024 New Products and Solutions (NPS) award in the law enforcement/public safety/guarding systems category.

The company's advanced systems have scanned more than two billion people since 2019, and it has been recognized with various industry awards for its technology and fan experience enhancements. Evolv Technologies Holdings, Inc. holds trademarks for several of its products and solutions, including Evolv, Evolv Express, Evolv Insights, Evolv Visual Gun Detection, Evolv Expedite, and Evolv Eva. The market has reacted to these announcements by moving the company's shares 0.15% to a price of $6.77. Check out the company's full 8-K submission here.

The above analysis is intended for educational purposes only and was performed on the basis of publicly available data. It is not to be construed as a recommendation to buy or sell any security. Any buy, sell, or other recommendations mentioned in the article are direct quotations of consensus recommendations from the analysts covering the stock, and do not represent the opinions of Market Inference or its writers. Past performance, accounting data, and inferences about market position and corporate valuation are not reliable indicators of future price movements. Market Inference does not provide financial advice. Investors should conduct their own review and analysis of any company of interest before making an investment decision.