Company: EVLVW
Filing Date: 2025-04-28
Form Type: 10-K
Source: 0001628280-25-020355
Chunk: 111

Company: Evolv Technologies Holdings, Inc.
Filing Date: 2025-04-28
Form: 10-K
Item: Item 7
Chunk 111
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-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 $3.7 million gain and a $5.1 million loss for the three months ended June 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 $4.9 million gain and a $11.8 million loss for the three months ended June 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.

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Comparison of the Six Months Ended June 30, 2024 and 2023

The following table summarizes our results of operations for the six months ended June 30, 2024 and 2023 (in thousands):Six Months EndedJune 30,20242023$ Change% Change(Restated)(Restated)Revenue:Product revenue$3,445 $17,464 $(14,019)(80)%Subscription revenue29,874 13,875 15,999 115 Service revenue10,818 6,405 4,413 69 License fee and other revenue3,268 1,280 1,988 155 Total revenue47,405 39,024 8,381 21 Cost of revenue:Cost of product revenue5,953 19,779 (13,826)(70)Cost of subscription revenue11,894 5,619 6,275 112 Cost of service revenue2,519 1,597 922 58 Cost of license fee and other revenue301 574 (273)(48)Total cost of revenue20,667 27,569 (6,902)(25)Gross profit26,738 11,455 15,283 133 Operating expenses:Research and development12,246 11,784 462 4 Sales and marketing32,870 26,234 6,636 25 General and administrative25,899 19,793 6,106 31 Loss from