Company: EVLVW
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001805385-25-000017
Chunk: 270

Company: Evolv Technologies Holdings, Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 8
Chunk 270
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 period in which the related revenue is recognized. Commissions on subscription arrangements are expensed ratably over the life of the contract. The Company had a deferred asset related to commissions of $13.0 million as of both September 30, 2025 and December 31, 2024. During the three months ended September 30, 2025 and 2024, the Company recognized commission expense of $2.1 million and $1.4 million, respectively. During the nine months ended September 30, 2025 and 2024, the Company recognized commission expense of $5.4 million and $4.3 million, respectively. LeasesAs of September 30, 2025, future minimum noncancelable payments related to leases of the Company's equipment are as follows (in thousands):Year Ending December 31:2025 (three months remaining)$23,132 202683,429 202761,724 202835,868 202913,693 Thereafter679 $218,525 

6. Accounts Receivable

Allowance for Expected Credit LossesChanges in the allowance for expected credit losses were as follows (in thousands):Allowance for Expected Credit LossesBalance at December 31, 2024$(734)Provisions(131)Write-offs, net of recoveries65 Balance at September 30, 2025$(800)

7. Inventory

Inventory consisted of the following (in thousands):September 30,2025December 31,2024Raw materials$3,717 $4,362 Finished goodsFinished goods inventory4,966 12,153 Uninstalled inventory87 448 Total$8,770 $16,963 

F-18

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

8. Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):September 30,2025December 31,2024Computers and telecom equipment$2,152 $2,064 Lab equipment6,244 5,564 Furniture and fixtures111 111 Leasehold improvements607 607 Leased equipment134,050 112,078 Capitalized software19,324 14,555 Sales demo equipment3,015 3,649 Vehicles604 604