Company: EVLVW
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001805385-25-000017
Chunk: 394

Company: Evolv Technologies Holdings, Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 2
Chunk 394
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 mark-to-market adjustments.

12

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

The following table summarizes our results of operations for the nine months ended September 30, 2025 and 2024 (in thousands):Nine Months EndedSeptember 30,20252024$ Change% ChangeRevenue:Product revenue$14,092 $4,789 $9,303 194 %Subscription revenue62,122 47,783 14,339 30 Service revenue21,224 16,903 4,321 26 License fee and other revenue9,963 5,290 4,673 88 Total revenue107,401 74,765 32,636 44 Cost of revenue:Cost of product revenue16,495 8,569 7,926 92 Cost of subscription revenue27,713 19,242 8,471 44 Cost of service revenue5,753 3,749 2,004 53 Cost of license fee and other revenue766 484 282 58 Total cost of revenue50,727 32,044 18,683 58 Gross profit56,674 42,721 13,953 33 Operating expenses:Research and development15,207 18,056 (2,849)(16)Sales and marketing34,494 47,182 (12,688)(27)General and administrative44,789 39,843 4,946 12 Restructuring costs2,662 860 1,802 210 Loss from impairment of property and equipment— 209 (209)(100)Total operating expenses97,152 106,150 (8,998)(8)Loss from operations(40,478)(63,429)22,951 36 Other (expense) income, net:Interest expense(714)— (714)*Interest income1,049 2,394 (1,345)(56)Other income (expense), net117 (33)150 455 Change in fair value of contingent earn-out liability2,297 15,092 (12,795)(85)Change in fair value of contingently issuable/returnable common stock liability/asset(69)2,218 (2,287)(103)Change in fair value of public warrant liability(6,160)5,461 (11,