Company: EVLVW
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001628280-25-026845
Chunk: 250

Company: Evolv Technologies Holdings, Inc.
Filing Date: 2025-05-20
Form: 10-Q
Item: Part I, Item 8
Chunk 250
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 leases19,237 14,219 Total lease revenue$19,266 $14,261 The interest income on lease receivables is classified under interest income in the condensed consolidated statements of operations and comprehensive loss. Lease income from operating leases is related to the leased equipment under subscription arrangements and is classified as subscription revenue in the condensed consolidated statements of operations and comprehensive loss. Revenue related to leases entered into with related parties was $0.3 million during the three months ended March 31, 2024. There was no revenue related to leases entered into with related parties during the three months ended March 31, 2025. Disaggregated RevenueThe following table presents the Company’s revenue by revenue stream (in thousands):Three Months EndedMarch 31,20252024(Restated)Product revenue$2,322 $1,491 Subscription revenue19,237 14,219 Service revenue6,730 5,252 License fees3,203 724 Professional services and other revenue515 495 Total revenue$32,007 $22,181 

F-17

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

CommissionsThe Company incurs and pays commissions on sales of its products and services. The Company applies the practical expedient for contracts less than one year in duration to expense the commission costs in the period in which they were incurred. Commissions on product sales and services are expensed in the period in which the related revenue is recognized. Commissions on subscription arrangements and maintenance are expensed ratably over the life of the contract. The Company had a deferred asset related to commissions of $12.8 million and $13.0 million as of March 31, 2025 and December 31, 2024, respectively. During the three months ended March 31, 2025 and 2024, the Company recognized commission expense of $1.5 million and $1.3 million (as restated), respectively. LeasesAs of March 31, 2025, future minimum noncancelable payments related to leases of the Company's equipment are as follows (in thousands):Year Ending December 31:2025 (nine months remaining)$58,776 202667,180 202745,766 202820,471 20292,328 Thereafter7 $194,