Company: EVLVW
Filing Date: 2025-04-28
Form Type: 10-K
Source: 0001628280-25-020355
Chunk: 120

Company: Evolv Technologies Holdings, Inc.
Filing Date: 2025-04-28
Form: 10-K
Item: Item 7
Chunk 120
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, 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 $0.5 million gain and a $0.7 million loss for the three months ended March 31, 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.

71

Change in Fair Value of Public Warrant Liability

Change in the fair value of the public warrant liability resulted in a $2.2 million gain and a $1.8 million loss for the three months ended March 31, 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.

Comparison of the Three Months Ended September 30, 2023 and 2022

The following table summarizes our results of operations for the three months ended September 30, 2023 and 2022 (in thousands):

Three Months EndedSeptember 30,20232022$ Change% Change(Restated)(Restated)Revenue:Product revenue$3,456 $9,607 $(6,151)(64)%Subscription revenue9,858 5,105 4,753 93 Service revenue4,345 1,303 3,042 233 License fee and other revenue2,302 281 2,021 719 Total revenue19,961 16,296 3,665 22 Cost of revenue:Cost of product revenue3,496 13,064 (9,568)(73)Cost of subscription revenue4,157 2,177 1,980 91 Cost of service revenue1,219 500 719 144 Cost of license fee and other revenue198 638 (440)(69)Total cost of revenue9,070 16,379 (7,309)(45)Gross profit10,891 (83)10,974 13,222 Operating expenses:Research and development6,386 5,182 1,204 23 Sales and marketing14,408 11,969 2,439 20 General and administrative11,261 9,093 2,168