Company: EVLVW
Filing Date: 2025-04-28
Form Type: 10-Q
Source: 0001628280-25-020353
Chunk: 201

Company: Evolv Technologies Holdings, Inc.
Filing Date: 2025-04-28
Form: 10-Q
Item: Part I, Item 1
Chunk 201
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, 2024$(953)

9. Inventory

Inventory consisted of the following (in thousands):September 30,2024December 31,2023(Restated)Raw materials$3,605 $1,869 Finished goodsFinished goods inventory12,460 7,638 Uninstalled inventory211 837 Total$16,276 $10,344 As discussed in Note 2, Restatement of Previously Issued Consolidated Financial Statements, the Company offers products for purchase or multi-year subscription leases. For equipment for which the revenue recognition start date was moved to a later date due to the timing of the transfer of control, the equipment cost was added back to finished goods inventory (for equipment sales) until the point in time that the Company transferred control of the equipment to the customer, corresponding to the revenue recognition start date. Amounts added back to finished goods inventory are included in Uninstalled inventory in the table above.

F-26

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

10. Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):September 30,2024December 31,2023(Restated)Computers and telecom equipment$1,837 $1,331 Lab equipment5,483 1,171 Furniture and fixtures111 111 Leasehold improvements607 566 Leased equipment105,251 80,188 Capitalized software14,008 8,629 Sales demo equipment3,622 2,758 Vehicles567 — Equipment held for lease116,835 32,910 Construction in progress602 2,493 148,923 130,157 Less: Accumulated depreciation and amortization(28,081)(16,996)$120,842 $113,161 1 Represents equipment that has not yet been deployed to a customer and, accordingly, is not being depreciated.As of September 30, 2024 and December 31, 2023, the net book value of capitalized software was $11.4 million and $7.0 million, respectively. These amounts include $1.4 million and $0.7 million of capitalized stock compensation costs, respectively. Depreciation and amortization expense related to property and equipment was $4.6 million and $2.6 million (as rest