Evolv Technologies Holdings Inc

EVLV remains entrenched in a Stage 4 decline with confirmed lower highs and lower lows under declining EMAs. Price is trading below the 9/21 EMAs with repeated rejections and volume distribution signals intact, and oversold readings have produced no exhaustion or relief bounce. We adopt a bearish posture and execute Sell Now on rallies into the declining EMA resistance zone.

• ↑Q1 revenue up 45% YoY to $46.3M driven by new customer wins
• ↑ARR hit $127.3M (+20% YoY), securing recurring subscription cash flows
• ↓Q1 gross margin fell to 52% from 61%, highlighting margin pressure