Company: EVLVW
Filing Date: 2025-03-31
Form Type: NT 10-K
Source: 0001104659-25-029637
Chunk: 4

Company: Evolv Technologies Holdings, Inc.
Filing Date: 2025-03-31
Form: NT 10-K
Chunk 4
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 December 31, 2024, the Company had
cash, cash equivalents, marketable securities, and restricted cash totaling approximately $52 million, with no outstanding debt. The
Company currently estimates that it will end the first quarter on March 31, 2025, with cash, cash equivalents, marketable
securities, and restricted cash ranging from approximately $34 million to $36 million, with no outstanding debt. This sequential
decline is primarily attributable to (i) one-time cash expenditures related to the now completed Investigation and the nearly
completed financial restatement process and the costs associated with the reduction in force previously disclosed in January 2025
involving 40 employees in all organizations across the Company, and (ii) the timing of disbursements related to the Company's 2024
annual incentive program.

Based on the restatement work that has been completed
to date, the Company has determined that, on a net basis (considering revenue that was prematurely recognized but offset by amounts appropriately
recognized in subsequent periods) through June 30, 2024, the sales transactions at issue resulted in premature or incorrect revenue recognition
of approximately $3 million compared to its previous disclosed estimate of between $4 million to $6 million. The vast majority of this
revenue was prematurely rather than incorrectly recognized.

The foregoing financial information is preliminary
and unaudited and is subject to change. Actual results may vary when reported on the Company’s Form 10-K.

Cautionary Note Regarding Forward-Looking Statements

This Form 12b-25 contains forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company intends for such forward-looking
statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of
historical fact are statements that could be deemed forward-looking statements, including statements regarding the estimated impact
of the restatements on previously reported financial results and metrics, the Company’s estimated cash, cash equivalents,
marketable securities, and restricted cash, the completion of matters necessary to permit the filing of the Annual Report, the
anticipated timing of the filing of the Form 10-K and Form 10-Q, and the Company’s expectations with respect to its SEC filing
requirements and its Nasdaq compliance requirements. Forward