Company: EVLVW
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001628280-25-026845
Chunk: 195

Company: Evolv Technologies Holdings, Inc.
Filing Date: 2025-05-20
Form: 10-Q
Item: Part I, Item 1
Chunk 195
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 years, consistent with the Company’s planned and historical usage of the equipment subject to operating leases.The Company recorded losses of $0.3 million from disposals of property and equipment during the three months ended March 31, 2025 primarily related to the disposal of leased Evolv Express units, which were recorded in cost of product revenue.

F-19

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

10. Stock-Based Compensation

Stock OptionsThe following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted during the three months ended March 31, 2024. No option grants were issued during the three months ended  March 31, 2025.Three Months Ended March 31,2024Risk-free interest rate4.1%Expected term (in years)6.1Expected volatility90.0%Expected dividend yield0.0%The following table summarizes the Company’s stock option activity since December 31, 2024 (in thousands, except for share and per share data):Number ofSharesWeightedAverageExercise PriceOutstanding as of December 31, 202418,125,937$1.18 Granted— — Exercised(320,211)0.44 Forfeited(370,397)3.61 Expired— — Outstanding as of March 31, 202517,435,329$1.14 Restricted Stock UnitsThe following table summarizes the Company's restricted stock units activity since December 31, 2024:Number ofSharesGrant Date FairValueNonvested as of December 31, 202412,115,657 $3.50 Granted6,307,594 3.38 Vested(3,389,364)3.45 Forfeited(2,320,000)3.87 Nonvested as of March 31, 202512,713,887 $3.39 Market-based Stock UnitsDuring the three months ended March 31, 2025, the Company granted MSUs for which the vesting conditions consist solely of market-based vesting conditions, determined by the Company's level of achievement of pre-established parameters relating to the performance of the Company's stock price as set by the Board. Vesting may range from