Company: EVLVW
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001628280-25-026845
Chunk: 223

Company: Evolv Technologies Holdings, Inc.
Filing Date: 2025-05-20
Form: 10-Q
Item: Part I, Item 1
Chunk 223
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 our service providers, up to the date of cancellation. These payments are not determinable, but could result in a material purchase commitment if we were to cancel our open purchase orders.

Cash Flows

The following table sets forth a summary of cash flows for the periods presented:

Three Months EndedMarch 31,20252024(Restated)Net cash used in operating activities$(2,539)$(16,151)Net cash used in investing activities(9,361)(6,720)Net cash provided by financing activities20 302 Effect of exchange rate changes on cash and cash equivalents(46)3 Net decrease in cash, cash equivalents and restricted cash$(11,926)$(22,566)

12

Operating Activities

Three Months EndedMarch 31,20252024(Restated)Net loss$(1,689)$(11,272)Non-cash expense(1,082)1,656 Changes in operating assets and liabilities232 (6,535)Net cash used in operating activities$(2,539)$(16,151)

Net loss decreased from $11.3 million (as restated) for the three months ended March 31, 2024 to $1.7 million for the three months ended March 31, 2025, as discussed in “Results of Operations” above.

Non-cash expense for the three months ended March 31, 2025 is primarily attributable to $12.4 million of an aggregate change in fair value of the earn-out liability, contingently issuable common stock warrant liability, and public warrant liability, offset by $4.9 million of stock-based compensation expense and $5.5 million of depreciation and amortization. Non-cash expense for the three months ended March 31, 2024 is primarily attributable to $6.4 million of stock-based compensation expense, $3.5 million of depreciation and amortization, and $9.6 million of an aggregate change in fair value of the earn-out liability, contingently issuable common stock liability, and public warrant liability.

Changes in operating assets and liabilities for the three months ended March 31, 2025 are primarily related to the following:

•$7.2 million decrease in inventory primarily due to an increase in products expected to be leased to customers and an increased focus on efficient inventory management; 

•$2.8 million increase in accounts payable (excluding the non-cash portion related to capital expenditures incurred but not yet paid from December 31,