Company: EVLVW
Filing Date: 2025-04-28
Form Type: 10-Q
Source: 0001628280-25-020353
Chunk: 388

Company: Evolv Technologies Holdings, Inc.
Filing Date: 2025-04-28
Form: 10-Q
Item: Part I, Item 2
Chunk 388
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4.

We are party to a lease agreement for office space at our headquarters in Waltham, MA. During the three months ended March 31, 2024, we amended the lease agreement to extend the term through October 31, 2025, with the option to further extend through June 30, 2031 with written notice. Additionally, during the three months ended September 30, 2024, we amended the lease agreement again to expand our footprint in our headquarters and extend the term of the lease through May 2031. Per the second lease amendment, we are no longer required to maintain a minimum cash balance of $0.3 million as a security deposit on the leased space. As of September 30, 2024, the process of cancelling the letter of credit underlying the minimum cash balance  requirement had not been completed, and as such, this amount is classified as restricted cash, current on the condensed consolidated balance sheet as of September 30, 2024, which is also where this amount was classified as of December 31, 2023. Total future minimum lease payments under this noncancelable operating lease amount to $20.1 million as of September 30, 2024.

Cash Flows

The following table sets forth a summary of cash flows for the periods presented:

Nine Months EndedSeptember 30,20242023(Restated)Net cash used in operating activities$(34,057)$(6,658)Net cash used in investing activities11,852 (92,793)Net cash provided by (used in) financing activities1,151 (29,716)Effect of exchange rate changes on cash and cash equivalents(75)1 Net increase (decrease) in cash, cash equivalents and restricted cash$(21,129)$(129,166)

17

Operating Activities

Nine Months EndedSeptember 30,20242023(Restated)Net loss$(38,297)$(90,850)Non-cash expense15,634 51,738 Changes in operating assets and liabilities(11,394)32,454 Net cash used in operating activities$(34,057)$(6,658)

Net loss decreased from $90.9 million for the nine months ended September 30, 2023 to $38.3 million for the nine months ended September 30, 2024 primarily due to changes in the fair value of the contingent earn-out liability, contingently issuable common stock liability, and public warrant liability