Company: EVLVW
Filing Date: 2025-04-28
Form Type: 10-Q
Source: 0001628280-25-020353
Chunk: 269

Company: Evolv Technologies Holdings, Inc.
Filing Date: 2025-04-28
Form: 10-Q
Item: Part I, Item 8
Chunk 269
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 30, 2024 and 2023, the Company recognized commission expense of $4.3 million and $4.2 million  (as restated), respectively.  

7. Leases

Company Headquarters (Waltham, MA)In April 2021, the Company entered into a sublease agreement for office and storage space for its corporate headquarters located at 500 Totten Pond Road in Waltham, MA. The Company entered into an amendment to the sublease agreement during the three months ended September 30, 2023 in order to lease additional space within the building. During the three months ended March 31, 2024, the Company amended the lease agreement to extend the term through October 31, 2025, with the option to further extend through June 30, 2031 with written notice. Additionally, during the three months ended September 30, 2024, the Company amended the lease agreement again to expand our footprint in our headquarters and extend our lease until May 31, 2031. As a result of this amendment, no further option exists to extend the lease.The weighted-average remaining lease term and discount rate were as follows:20242023Weighted average remaining lease term6.7 years0.8 yearsWeighted average discount rate9.48 %7.75 %Future annual lease payments under non-cancelable operating leases as of September 30, 2024 were as follows (in thousands):Year Ended December 31:2024 (remaining three months)$458 2025$2,209 20262,961 20273,119 20283,214 20293,308 20303,403 20311,404 Total future lease payments20,076 Less: imputed interest(5,513)Present value of operating lease liability $14,563 

F-25

Table of ContentsEVOLV TECHNOLOGIES HOLDINGS, INC.NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Unaudited)

8. Accounts Receivable

Allowance for Expected Credit LossesChanges in the allowance for expected credit losses were as follows (in thousands):Allowance for Doubtful AccountsBalance at December 31, 2023 (restated)$(582)Provisions(374)Write-offs, net of recoveries3 Balance at September 30, 2024$(953)

9. Inventory

Inventory consisted of the following (in thousands):September