Company: EVLVW
Filing Date: 2025-04-28
Form Type: 10-Q
Source: 0001628280-25-020353
Chunk: 202

Company: Evolv Technologies Holdings, Inc.
Filing Date: 2025-04-28
Form: 10-Q
Item: Part I, Item 1
Chunk 202
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ated) for the three months ended September 30, 2024 and 2023, respectively, which included amortization expense of capitalized software of $0.4 million and $0.3 million, respectively. Depreciation and amortization expense related to property and equipment was $11.9 million and $6.6 million (as restated) for the nine months ended September 30, 2024 and 2023, respectively, which included amortization expense of capitalized software of $0.9 million and $0.7 million for the nine months ended September 30, 2024 and 2023, respectively. Leased equipment and the related accumulated depreciation were as follows:September 30,2024December 31,2023(Restated)Leased equipment$105,251 $80,188 Accumulated depreciation(21,861)(13,026)Leased equipment, net$83,390 $67,162 Depreciation expense related to leased units was $3.7 million and $2.1 million (as restated) during the three months ended September 30, 2024 and 2023, respectively, and $9.7 million and $5.2 million (as restated) during the nine months ended September 30, 2024 and 2023, respectively. Depreciable lives are generally 7 years, consistent with the Company’s planned and historical usage of the equipment subject to operating leases.The Company recorded $0.2 million loss from impairment of property and equipment during each of the three and nine months ended September 30, 2024 and recorded less than $0.1 million and $0.3 million of loss from impairment of property and equipment during the three and nine months ended September 30, 2023, respectively. This primarily related to 

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

the removal of Evolv Edge units and Evolv Express prototypes from service, resulting in an impairment of the remaining economic value of such units. 

11. Long-term Debt

In December 2022, the Company entered into a loan and security agreement (the “2022 SVB Credit Agreement”) with Silicon Valley Bank (“SVB”) in order to finance purchases of hardware to be leased to customers. On March 10, 2023, SVB