Company: EVLVW
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001628280-25-026845
Chunk: 252

Company: Evolv Technologies Holdings, Inc.
Filing Date: 2025-05-20
Form: 10-Q
Item: Part I, Item 8
Chunk 252
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12.0 million and $11.1 million, respectively. These amounts include $1.9 million and $1.7 million of capitalized stock compensation costs, respectively. Depreciation and amortization expense related to property and equipment was $5.5 million and $3.5 million for the three months ended March 31, 2025 and 2024, respectively, which included amortization expense of capitalized software of $0.8 million and $0.3 million for the three months ended March 31, 2025 and 2024, respectively. Leased equipment and the related accumulated depreciation were as follows:March 31,2025December 31,2024Leased equipment$118,975 $112,078 Accumulated depreciation(29,554)(25,726)Leased equipment, net$89,421 $86,352 Depreciation expense related to leased units was $4.1 million and $2.8 million (as restated) during the three months ended March 31, 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 $0.3 million from disposals of property and equipment during the three months ended March 31, 2025 primarily related to the disposal of leased Evolv Express units, which were recorded in cost of product revenue.

F-19

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

10. Stock-Based Compensation

Stock OptionsThe following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted during the three months ended March 31, 2024. No option grants were issued during the three months ended  March 31, 2025.Three Months Ended March 31,2024Risk-free interest rate4.1%Expected term (in years)6.1Expected volatility90.0%Expected dividend yield0.0%The following table summarizes the Company’s stock option activity since December 31, 2024 (in thousands, except for share and per share data):Number ofSharesWeightedAverageExercise PriceOutstanding as of December 31, 202418,125,937$1.18 Granted