Company: EVLVW
Filing Date: 2025-04-28
Form Type: 10-Q
Source: 0001628280-25-020353
Chunk: 298

Company: Evolv Technologies Holdings, Inc.
Filing Date: 2025-04-28
Form: 10-Q
Item: Part I, Item 8
Chunk 298
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 2024 and 2023, respectively, resulting from quarterly mark-to-market adjustments. The contingent earn-out liability was established in connection with the closing of the Merger.

Change in Fair Value of Contingently Issuable Common Stock Liability

Change in the fair value of the contingently issuable common stock liability resulted in a $2.1 million loss and $2.3 million gain for the three months ended September 30, 2024 and 2023, respectively, resulting from quarterly mark-to-market adjustments. The contingently issuable common stock liability was established in connection with the closing of the Merger.

Change in Fair Value of Public Warrant Liability

Change in the fair value of the public warrant liability resulted in a $1.6 million loss and a $8.2 million gain for the three months ended September 30, 2024 and 2023, respectively, resulting from quarterly mark-to-market adjustments. The public warrant liability was established in connection with the closing of the Merger.

11

Comparison of the Nine Months Ended September 30, 2024 and 2023

The following table summarizes our results of operations for the nine months ended September 30, 2024 and 2023 (in thousands):Nine Months EndedSeptember 30,20242023$ Change% Change(Restated)Revenue:Product revenue$4,789 $20,920 $(16,131)(77)%Subscription revenue47,783 23,733 24,050 101 Service revenue16,903 10,750 6,153 57 License fee and other revenue5,290 3,582 1,708 48 Total revenue74,765 58,985 15,780 27 Cost of revenue:Cost of product revenue8,569 23,275 (14,706)(63)Cost of subscription revenue19,242 9,776 9,466 97 Cost of service revenue3,923 2,816 1,107 39 Cost of license fee and other revenue484 772 (288)(37)Total cost of revenue32,218 36,639 (4,421)(12)Gross profit42,547 22,346 20,201 90 Operating expenses:Research and development18,056 18,170 (114)(1)Sales and marketing47,836 40,642 7,194 18 General and administrative39,