Company: EVLVW
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001805385-25-000017
Chunk: 271

Company: Evolv Technologies Holdings, Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 8
Chunk 271
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Equipment held for lease112,193 17,347 Construction in progress35 477 178,335 157,056 Less: Accumulated depreciation and amortization(51,416)(33,395)$126,919 $123,661 1 Represents equipment that has not yet been deployed to a customer and, accordingly, is not being depreciated.As of September 30, 2025 and December 31, 2024, the net book value of capitalized software was $13.1 million and $11.1 million, respectively. These amounts include $2.4 million and $1.7 million of capitalized stock-based compensation costs, respectively. Depreciation and amortization expense related to property and equipment was $6.5 million and $4.6 million for the three months ended September 30, 2025 and 2024, respectively, which included amortization expense of capitalized software of $1.0 million and $0.4 million for the three months ended September 30, 2025 and 2024, respectively. Depreciation and amortization expense related to property and equipment was $17.9 million and $11.9 million for the nine months ended September 30, 2025 and 2024, respectively, which included amortization expense of capitalized software of $2.8 million and $1.0 million for the nine months ended September 30, 2025 and 2024, respectively. Leased equipment and the related accumulated depreciation were as follows:September 30,2025December 31,2024Leased equipment$134,050 $112,078 Accumulated depreciation(39,771)(25,726)Leased equipment, net$94,279 $86,352 Depreciation expense related to leased equipment was $5.0 million and $3.7 million during the three months ended September 30, 2025 and 2024, respectively. Depreciation expense related to leased equipment was $13.4 million and $9.7 million during the nine months ended September 30, 2025 and 2024, respectively. Depreciable lives are generally 7 years, consistent with the Company’s planned and historical usage of the equipment subject to operating leases.The Company recorded losses of $1.9 million and $3.5 million from disposals of property and equipment during the three and nine months ended September 30, 2025, respectively, primarily related