Company: EVLVW
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001805385-25-000009
Chunk: 394

Company: Evolv Technologies Holdings, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 2
Chunk 394
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 fee and other revenue443 301 142 47 Total cost of revenue29,183 20,493 8,690 42 Gross profit35,368 26,912 8,456 31 Operating expenses:Research and development9,599 12,246 (2,647)(22)Sales and marketing22,779 32,216 (9,437)(29)General and administrative32,210 25,867 6,343 25 Restructuring costs2,662 860 1,802 210 Total operating expenses67,250 71,189 (3,939)(6)Loss from operations(31,882)(44,277)12,395 28 Other (expense) income, net:Interest expense(1)— (1)*Interest income613 1,766 (1,153)(65)Other income (expense), net161 (67)228 340 Change in fair value of contingent earn-out liability(5,224)23,413 (28,637)(122)Change in fair value of contingently issuable common stock liability(2,247)4,274 (6,521)(153)Change in fair value of public warrant liability(3,582)7,037 (10,619)(151)Total other (expense) income, net(10,280)36,423 (46,703)(128)Loss before income taxes$(42,162)$(7,854)$(34,308)(437)%Provision for income taxes$62 $— $62 *Net loss$(42,224)$(7,854)$(34,370)(438)%

13

Revenue, Cost of Revenue and Gross Profit

We believe there are several key trends that are continuing to drive increased adoption of our solutions and growth in our sales, including (i) escalating gun violence, which has created stronger demand for security screening solutions for customers and prospects in our key vertical markets, (ii) customer acquisition activities which led to the addition of 117 new customers during the six months ended June 30, 2025, (iii) the expansion of our existing customers’ initial Evolv Express deployments to other venues and locations as well as expanding their fleet with our Evolv eXpedite offering, and (iv) growing momentum with our channel partners which helps us extend our reach in certain geographies or vertical markets.

Product Revenue