Company: EVLVW
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001805385-25-000017
Chunk: 228

Company: Evolv Technologies Holdings, Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 228
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 presentation of restructuring charges with the Company's internal reporting and analysis. See Note 1, Nature of the Business and Basis of Presentation for additional information.

7

Results of Operations

Comparison of the Three Months Ended September 30, 2025 and 2024

The following table summarizes our results of operations for the three months ended September 30, 2025 and 2024 (in thousands):Three Months EndedSeptember 30,20252024$ Change% ChangeRevenue:Product revenue$9,242 $1,344 $7,898 588 %Subscription revenue22,685 17,909 4,776 27 Service revenue7,808 6,085 1,723 28 License fee and other revenue3,115 2,022 1,093 54 Total revenue42,850 27,360 15,490 57 Cost of revenue:Cost of product revenue7,960 2,616 5,344 204 Cost of subscription revenue10,923 7,348 3,575 49 Cost of service revenue2,338 1,404 934 67 Cost of license fee and other revenue323 183 140 77 Total cost of revenue21,544 11,551 9,993 87 Gross profit21,306 15,809 5,497 35 Operating expenses:Research and development5,608 5,810 (202)(3)Sales and marketing11,715 14,966 (3,251)(22)General and administrative12,579 13,976 (1,397)(10)Loss from impairment of property and equipment— 209 (209)(100)Total operating expenses29,902 34,961 (5,059)(14)Loss from operations(8,596)(19,152)10,556 55 Other income (expense), net:Interest expense(713)— (713)*Interest income436 628 (192)(31)Other (expense) income, net(44)34 (78)(229)Change in fair value of contingent earn-out liability7,521 (8,321)15,842 190 Change in fair value of contingently issuable/returnable common stock liability/asset2,178 (2,056)4,234 206 Change in fair value of public warrant liability(2,578)(1