Company: EVLVW
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001628280-25-026845
Chunk: 224

Company: Evolv Technologies Holdings, Inc.
Filing Date: 2025-05-20
Form: 10-Q
Item: Part I, Item 1
Chunk 224
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2024 to March 31, 2025) due primarily to the timing of vendor payments; and

•$0.5 million increase in deferred revenue due to a higher volume of sales; partially offset by

•$6.1 million increase in accounts receivable primarily due to higher sales and the timing of billings to customers; 

•$3.9 million increase in prepaid expenses and other current assets primarily due to estimated insurance recoveries; and

•$0.3 million increase in contract assets due to higher volume of sales.

Changes in operating assets and liabilities for the three months ended March 31, 2024 are primarily related to the following:

•$1.8 million decrease in inventory primarily due to increased production of units to meet customer demand, offset by a higher proportion of finished goods recorded as property and equipment based on our expectations of the future mix of Evolv Express units to be leased to customers versus sold to customers;

•$3.7 million increase in prepaid expenses and other current assets primarily due to prepaid deposits related to orders placed for Evolv Express units; 

•$1.9 million decrease in accrued expenses and other current liabilities primarily due to the payment of 2023 bonuses and commissions during the three months ended March 31, 2024; partially offset by

•$2.2 million decrease in accounts receivable primarily due to increased collections and timing of billings to customers.

Investing Activities

During the three months ended March 31, 2025, cash provided by investing activities was $9.4 million, consisting of $12.7 million for the purchase of property and equipment, primarily related to the purchase of Evolv Express units to be leased to customers and $1.6 million for the development of internal-use software and software embedded in products to be sold or leased, offset by $4.9 million of net cash provided by purchases and redemptions of marketable securities.

13

During the three months ended March 31, 2024, cash used in investing activities was $6.7 million, consisting primarily of $19.8 million for the purchase of property and equipment, primarily related to the purchase of Evolv Express units to be leased to customers and $1.6 million for the development of internal-use software and software embedded in products to be sold or leased, partially offset by a net $14.7 million inflow related to purchases and redemptions of marketable securities.

Financing Activities

During the three months ended March