Houlihan Lokey Advises Evolv Technologies Holdings

Evolv Technologies Holdings, Inc.

Revolver & Term Loan

Growth Capital

$75,000,000

Exclusive Placement Agent

Houlihan Lokey is pleased to announce the successful placement of a $75 million ARR-based senior secured credit facility for Evolv Technologies Holdings, Inc. (Evolv). The facility comprised a $15 million revolver and a $60 million senior secured term loan. Proceeds from the transaction were used to fund cash on the balance sheet for general corporate purposes and to support long-term growth. The transaction closed on July 29, 2025.

Evolv (NASDAQ:EVLV) is a leading security technology company with products designed to transform human security to make a safer, faster, and better experience for the world’s most iconic venues and companies, as well as schools, hospitals, and public spaces, using industry-leading AI-powered screening and analytics. Its mission is to transform security to create a safer world to live, work, learn, and play. Evolv’s technology leverages an advanced sensor suite and AI to detect potential threats and distinguish them from many everyday items—designed to enhance security, create situational awareness, and support threat response with a ”Red Box” directed search. Evolv’s advanced systems have digitally transformed the gateways in many places where people gather and have scanned more than two billion people since 2019.

Proceeds from the new credit facility will further strengthen the company’s balance sheet and provide enhanced flexibility to meet the increasing demand for Evolv’s long-term subscription 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.

Houlihan Lokey served as the exclusive placement agent to Evolv, assisting the company in arranging, structuring, and negotiating the financing. Houlihan Lokey ran a competitive process that generated substantial interest across a range of capital providers and delivered outlier results aligning with the company’s goal of raising non-dilutive capital on favorable terms with a highly flexible, ARR-based covenant construct.

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