Company: EVLVW
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001628280-25-026845
Chunk: 215

Company: Evolv Technologies Holdings, Inc.
Filing Date: 2025-05-20
Form: 10-Q
Item: Part I, Item 1
Chunk 215
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 consists of an estimate for federal, state, and foreign income taxes based on enacted rates in the jurisdictions in which we operate, as adjusted for allowable credits, deductions, uncertain tax positions, changes in deferred tax assets and liabilities and changes in tax law. We have historically incurred net operating losses and maintain a full valuation allowance against our deferred tax assets.

6

Results of Operations

Comparison of the Three Months Ended March 31, 2025 and 2024

The following table summarizes our results of operations for the three months ended March 31, 2025 and 2024 (in thousands):Three Months EndedMarch 31,20252024$ Change% Change(Restated)Revenue:Product revenue$2,322 $1,491 $831 56 %Subscription revenue19,237 14,219 5,018 35 Service revenue6,730 5,252 1,478 28 License fee and other revenue3,718 1,219 2,499 205 Total revenue32,007 22,181 9,826 44 Cost of revenue:Cost of product revenue3,184 3,114 70 2 Cost of subscription revenue7,896 5,585 2,311 41 Cost of service revenue1,705 1,198 507 42 Cost of license fee and other revenue72 129 (57)(44)Total cost of revenue12,857 10,026 2,831 28 Gross profit19,150 12,155 6,995 58 Operating expenses:Research and development4,862 6,396 (1,534)(24)Sales and marketing11,043 15,859 (4,816)(30)General and administrative14,972 11,806 3,166 27 Restructuring costs2,662 — 2,662 *Total operating expenses33,539 34,061 (522)(2)Loss from operations(14,389)(21,906)7,517 34 Other income, net:Interest expense(1)— (1)*Interest income389 1,085 (696)(64)Other income (expense), net25 (28)53 189 Change in fair value of contingent earn-out liability8,976 6,899 2,077 30 Change in fair value of contingently issuable common stock