EVLV · CIK 0001805385
What Evolv Technologies Holdings, Inc. told the SEC could break it.
Evolv's disclosures point to a heavy reliance on a few outside parties. On the demand side, a single reseller customer accounted for more than 10% of total revenue in both 2025 and 2024, so reduced orders from that one partner would materially dent revenue. On the supply side, it depends on a primary third-party contract manufacturer to build all of its security-screening systems and, while most components are multi-sourced, certain items come only from limited or sole sources — the loss of which could force costly requalification and disrupt production. That component supply also carries trade-policy risk, as rising component costs, long lead times, shortages and tariff volatility (including potential retaliatory measures) could disrupt its supply chain.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- single reseller customer (>10% of revenue)medium
One customer — a reseller of Evolv's products — accounted for more than 10% of total revenue in both 2025 and 2024; the reseller is not named. Loss of or reduced orders from this reseller would materially affect revenue.
“One customer, which is a reseller of our products, accounted for more than 10% of our total revenue for both years ended December 31, 2025 and the year ended December 31, 2024.”
SEC filing →As of 2026
Sole-source dependency
- primary contract manufacturer and sole/limited-source componentsmedium
Evolv depends on a primary third-party contract manufacturer for all of its security screening systems and, while most components are multi-sourced, certain items are available only from limited or sole sources; loss of a sole-source supplier or component could force costly requalification and disrupt production.
“While most components and materials for our products are available from multiple suppliers, certain of those items are only available from limited or sole sources. Should any of these suppliers become unavailable or inadequate, or impose terms unacceptable to us, such as increased pricing terms, we could be required to spend a significant amount of time and expense to develop alternate sources of supply.”
SEC filing →As of 2026
Regulatory & policy
- tariffs and trade restrictions on componentslow
Increases in component costs, long lead times, supply shortages and volatility in tariffs could disrupt Evolv's supply chain; risk could rise further if other countries levy retaliatory tariffs or trade restrictions against the U.S.
“Increases in component costs, long lead times, supply shortages and changes, or volatility in tariffs could disrupt our supply chain.”
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its suppliers
“On November 5, 2025, we entered into a non-exclusive contract manufacturing agreement with Plexus Corp. (“Plexus”). This shift is part of a broader supply chain strategy aimed at enhancing scalability”
Cited →Columbia Tech (Coghlin Companies)
“We depend on our primary third-party contract manufacturer for the production of our security screening systems. While there are several potential contract manufacturers for most of these products, all our systems are currently manufactured, assembled, tested, and packaged by Columbia Tech.”
Cited →
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