Company: EVLVW
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001628280-25-026845
Chunk: 249

Company: Evolv Technologies Holdings, Inc.
Filing Date: 2025-05-20
Form: 10-Q
Item: Part I, Item 8
Chunk 249
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491 194,528 Service revenue27,706 21,173 15,473 64,352 License fee and other revenue359 8 17 384 Total revenue$107,065 $84,187 $69,981 $261,233 Contract Balances from Contracts with CustomersContract assets arise from unbilled amounts in customer arrangements when revenue recognized exceeds the amount billed to the customer and the Company’s right to payment is conditional and not only subject to the passage of time.  As of March 31, 2025 and December 31, 2024, the Company had $0.9 million and $0.8 million in current portion of contract assets and $0.9 million and $0.7 million in contract assets, noncurrent on the condensed consolidated balance sheets, respectively.Contract liabilities represent the Company’s obligation to transfer goods or services to a customer for which it has received consideration (or the amount is due) from the customer. The Company has a contract liability related to service revenue, which consists of amounts that have been invoiced but that have not been recognized as revenue. Amounts expected to be recognized as revenue within 12 months of the balance sheet date are classified as current deferred revenue and amounts expected to be recognized as revenue beyond 12 months of the balance sheet date are classified as deferred revenue, noncurrent. The Company recognized revenue of $24.7 million during the three months ended March 31, 2025 that was included in the December 31, 2024 deferred revenue balance. The Company recognized revenue of $16.9 million 

F-16

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

(as restated) during the three months ended March 31, 2024 that was included in the December 31, 2023 deferred revenue balance. The following table provides a rollforward of deferred revenue (in thousands):Balance at December 31, 2024$84,772 Revenue recognized in relation to the beginning of the year contract liability balance(24,737)Revenue deferred25,237 Balance at March 31, 2025$85,272 The following table presents the Company’s components of lease revenue (in thousands):Three Months EndedMarch 31,20252024(Restated)Interest income on lease receivables$29 $42 Lease income - operating