Company: EVLVW
Filing Date: 2025-04-28
Form Type: 10-Q
Source: 0001628280-25-020353
Chunk: 376

Company: Evolv Technologies Holdings, Inc.
Filing Date: 2025-04-28
Form: 10-Q
Item: Part I, Item 2
Chunk 376
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15)(8)Total cost of revenue11,551 9,070 2,481 27 Gross profit15,809 10,891 4,918 45 Operating expenses:Research and development5,810 6,386 (576)(9)Sales and marketing14,966 14,408 558 4 General and administrative13,976 11,261 2,715 24 Loss from impairment of property and equipment209 28 181 646 Total operating expenses34,961 32,083 2,878 9 Loss from operations(19,152)(21,192)2,040 10 Other income (expense), net:Interest income628 1,791 (1,163)(65)Other income (expense), net34 (64)98 153 Change in fair value of contingent earn-out liability(8,321)14,078 (22,399)(159)Change in fair value of contingently issuable common stock liability(2,056)2,277 (4,333)(190)Change in fair value of public warrant liability(1,576)8,156 (9,732)(119)Total other income (expense), net(11,291)26,238 (37,529)(143)Net (loss) income$(30,443)$5,046 $(35,489)(703)%

7

Revenue, Cost of Revenue and Gross Profit

We believe there are several key trends that are continuing to drive increased adoption of our solutions and growth in our sales, including (i) escalating gun violence, which has created stronger demand for security screening solutions for customers and prospects in our key vertical markets, (ii) customer acquisition activities which led to the addition of 52 new customers during the three months ended September 30, 2024, (iii) the expansion of our existing customers' initial Evolv Express deployments to other venues and locations, and (iv) growing momentum with our channel partners which helps us extend our reach in certain geographies or vertical markets.

Product Revenue

Three Months EndedSeptember 30,20242023$ Change% Change(Restated)Product revenue$1,344 $3,456 $(2,112)(61)%Cost of product revenue$2,616 $3,496 $(880)(25)%Gross profit - Product revenue$(1,272)$(40)$(1,232)(