Company: EVLVW
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001628280-25-026845
Chunk: 239

Company: Evolv Technologies Holdings, Inc.
Filing Date: 2025-05-20
Form: 10-Q
Item: Part I, Item 8
Chunk 239
---
 are summarized below. The applicable accompanying notes to the condensed consolidated financial statements have also been updated.The impact of the correction of the misstatements on the condensed consolidated statements of stockholders' equity were solely within net loss for errors impacting accumulated deficit and within stock-based compensation cost for errors impacting accumulated paid in capital. Errors impacting accumulated paid in capital were limited to periods prior to December 31, 2023 and therefore only impact the opening balance in the condensed consolidated statements of stockholders' equity for the three months ended March 31, 2024.The impact of the correction of the misstatements and errors on the condensed consolidated statements of cash flows were driven by changes in the related condensed consolidated balance sheets and condensed consolidated statement of operations and comprehensive loss line items, except as noted by footnote under each applicable table below.Where adjustments in the below tables relate to multiple categories, the adjustment amounts of each category are noted below each table and sum to the total adjustment reflected. Restatement adjustments are reflected as follows:ADJ 1: related to revenue recognition misstatements identified as part of the Investigation.ADJ 2: related to errors in capitalized internal-use software costs.ADJ 3: related to errors in capitalized freight costs.ADJ 4: other immaterial errors previously identified in prior periods corrected as part of the restatement.

F-9

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

For the Three Months Ended March 31, 2024Restated Condensed Consolidated Statement of Operations and Comprehensive Loss Data(In thousands, except share and per share amounts)Three Months Ended March 31, 2024Adj. Reference(a)As ReportedAdjustmentAs RestatedRevenue:Product revenueADJ 1$603 $888 $1,491 Subscription revenueADJ114,503 (284)14,219 Service revenueADJ15,384 (132)5,252 License fee and other revenueADJ11,178 41 1,219 Total revenue21,668 513 22,181 Cost of revenue:Cost of product revenueADJ 1, ADJ 3, ADJ 42,777 337 3,114 Cost of subscription revenueADJ 1, ADJ 2, ADJ 3, ADJ 45,779 (194)5,585 Cost of service revenueADJ 2, ADJ