Company: EVLVW
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001805385-25-000017
Chunk: 272

Company: Evolv Technologies Holdings, Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 8
Chunk 272
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 to the disposal of previously leased Evolv Express systems in connection with customer upgrades to the second generation of Express systems, which were recorded in cost of subscription revenue. The Company did not record any loss from disposal of property and equipment during the three and nine months ended September 30, 2024.

F-19

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

The Company recorded $0.2 million loss from impairment of property and equipment during each of the three and nine months ended September 30, 2024. This primarily related to the removal of Evolv Edge units and Evolv Express prototypes from service, resulting in an impairment of the remaining economic value of such units. The Company did not record any impairment of property and equipment during the three and nine months ended September 30, 2025. 

9. Long-term Debt

The components of the Company’s long-term debt consisted of the following (in thousands):September 30,2025Term loans payable$30,000 Less: Unamortized discount(1,472)28,528 Less: Current portion of long-term debt— Long-term debt, net of discount$28,528 As described in Note 1, on July 29, 2025, the Company entered into the $75.0 million MidCap Credit Agreement, which provided for the Senior Secured Credit Facilities, which include a $30.0 million Initial Term Loan, a $30.0 million Delayed Draw Term Loan (available for drawdown during the two-year period following the Closing Date), and a $15.0 million Revolving Credit Facility, each with a maturity date of July 1, 2030. As of September 30, 2025, $30.0 million under initial term loan was drawn and outstanding, while the $30.0 million delayed draw facility and $15.0 million revolving credit facility remained undrawn and available. On the Closing Date, the Company received net proceeds of $26.6 million, after deducting $3.4 million in debt issuance costs funded at closing. The total debt issuance costs of $3.7 million, which included $0.3 million of additional issuance costs paid by the Company, have been allocated to each component of the facility in accordance with ASC 835. The Senior Secured Credit Facilities are