Company: EVLVW
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001628280-25-026845
Chunk: 192

Company: Evolv Technologies Holdings, Inc.
Filing Date: 2025-05-20
Form: 10-Q
Item: Part I, Item 1
Chunk 192
---
 to be recognized as revenue within 12 months of the balance sheet date are classified as current deferred revenue and amounts expected to be recognized as revenue beyond 12 months of the balance sheet date are classified as deferred revenue, noncurrent. The Company recognized revenue of $24.7 million during the three months ended March 31, 2025 that was included in the December 31, 2024 deferred revenue balance. The Company recognized revenue of $16.9 million 

F-16

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

(as restated) during the three months ended March 31, 2024 that was included in the December 31, 2023 deferred revenue balance. The following table provides a rollforward of deferred revenue (in thousands):Balance at December 31, 2024$84,772 Revenue recognized in relation to the beginning of the year contract liability balance(24,737)Revenue deferred25,237 Balance at March 31, 2025$85,272 The following table presents the Company’s components of lease revenue (in thousands):Three Months EndedMarch 31,20252024(Restated)Interest income on lease receivables$29 $42 Lease income - operating leases19,237 14,219 Total lease revenue$19,266 $14,261 The interest income on lease receivables is classified under interest income in the condensed consolidated statements of operations and comprehensive loss. Lease income from operating leases is related to the leased equipment under subscription arrangements and is classified as subscription revenue in the condensed consolidated statements of operations and comprehensive loss. Revenue related to leases entered into with related parties was $0.3 million during the three months ended March 31, 2024. There was no revenue related to leases entered into with related parties during the three months ended March 31, 2025. Disaggregated RevenueThe following table presents the Company’s revenue by revenue stream (in thousands):Three Months EndedMarch 31,20252024(Restated)Product revenue$2,322 $1,491 Subscription revenue19,237 14,219 Service revenue6,730 5,252 License fees3,203 724 Professional services and other revenue515 495 Total revenue$32,007 $22,181 

F-17

Table of ContentsEVOL