Company: EVLVW
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001805385-25-000017
Chunk: 244

Company: Evolv Technologies Holdings, Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 244
---
 commitments. 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:

Nine Months EndedSeptember 30,20252024Net cash provided by (used in) operating activities$3,098 $(34,057)Net cash (used in) provided by investing activities(43,226)11,852 Net cash provided by financing activities34,722 1,151 Effect of exchange rate changes on cash and cash equivalents(105)(75)Net decrease in cash, cash equivalents and restricted cash$(5,511)$(21,129)

Operating Activities

Nine Months EndedSeptember 30,20252024Net loss$(44,020)$(38,297)Adjustments to reconcile net loss to net cash provided by (used in) operating activities44,660 15,634 Changes in operating assets and liabilities2,458 (11,394)Net cash provided by (used in) operating activities$3,098 $(34,057)

Net loss increased from $38.3 million for the nine months ended September 30, 2024 to $44.0 million for the nine months ended September 30, 2025, as discussed in “Results of Operations” above.

Adjustments to reconcile net loss to net cash used in operating activities for the nine months ended September 30, 2025 include $3.9 million of an aggregate change in fair value of the earn-out liability, contingently issuable/returnable common stock warrant liability/asset, and public warrant liability, $15.8 million of stock-based compensation expense, and $17.9 million of depreciation and amortization. For the nine months ended September 30, 2024, such adjustments included $21.4 million of stock-based compensation expense and $11.9 million of depreciation and amortization, offset by $22.8 million of an aggregate change in fair value of the earn-out liability, contingently issuable/returnable common stock liability/asset, and public warrant liability.

Changes in operating assets and liabilities for the nine months ended September 30, 2025 are primarily related to the following:

19

•$16.9 million increase in accrued expenses and other current liabilities primarily due to a legal settlement offer accrual and bonus accrual, partially offset by decrease in accrued vendor payables;

•$11.6 million