Company: EVLVW
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001628280-25-026845
Chunk: 251

Company: Evolv Technologies Holdings, Inc.
Filing Date: 2025-05-20
Form: 10-Q
Item: Part I, Item 8
Chunk 251
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528 

7. Accounts Receivable

Allowance for Expected Credit LossesChanges in the allowance for expected credit losses were as follows (in thousands):Allowance for Expected Credit LossesBalance at December 31, 2024$(734)Provisions(41)Write-offs, net of recoveries— Balance at March 31, 2025$(775)

8. Inventory

Inventory consisted of the following (in thousands):March 31,2025December 31,2024Raw materials$3,811 $4,362 Finished goodsFinished goods inventory6,071 12,153 Uninstalled inventory174 448 Total$10,056 $16,963 

F-18

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

As discussed in Note 2, Restatement of Previously Issued Condensed Consolidated Financial Statements, the Company offers products for purchase or multi-year subscription leases. For equipment for which the revenue recognition start date was moved to a later date due to the timing of the transfer of control, the equipment cost was added back to finished goods inventory (for equipment sales) until the point in time that the Company transferred control of the equipment to the customer, corresponding to the revenue recognition start date. Amounts added back to finished goods inventory are included in Uninstalled inventory in the table above.

9. Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):March 31,2025December 31,2024Computers and telecom equipment$2,012 $2,064 Lab equipment5,474 5,564 Furniture and fixtures111 111 Leasehold improvements607 607 Leased equipment118,975 112,078 Capitalized software16,291 14,555 Sales demo equipment3,394 3,649 Vehicles604 604 Equipment held for lease119,800 17,347 Construction in progress802 477 168,070 157,056 Less: Accumulated depreciation and amortization(38,389)(33,395)$129,681 $123,661 1 Represents equipment that has not yet been deployed to a customer and, accordingly, is not being depreciated.As of March 31, 2025 and December 31, 2024, the net book value of capitalized software was $