Company: EVLVW
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001628280-25-026845
Chunk: 273

Company: Evolv Technologies Holdings, Inc.
Filing Date: 2025-05-20
Form: 10-Q
Item: Part I, Item 8
Chunk 273
---
705 1,198 507 42 Cost of license fee and other revenue72 129 (57)(44)Total cost of revenue12,857 10,026 2,831 28 Gross profit19,150 12,155 6,995 58 Operating expenses:Research and development4,862 6,396 (1,534)(24)Sales and marketing11,043 15,859 (4,816)(30)General and administrative14,972 11,806 3,166 27 Restructuring costs2,662 — 2,662 *Total operating expenses33,539 34,061 (522)(2)Loss from operations(14,389)(21,906)7,517 34 Other income, net:Interest expense(1)— (1)*Interest income389 1,085 (696)(64)Other income (expense), net25 (28)53 189 Change in fair value of contingent earn-out liability8,976 6,899 2,077 30 Change in fair value of contingently issuable common stock liability1,653 527 1,126 214 Change in fair value of public warrant liability1,721 2,151 (430)(20)Total other income, net12,763 10,634 2,129 20 Loss before income taxes$(1,626)$(11,272)$9,646 86 %Provision for income taxes$(63)$— $(63)*Net loss$(1,689)$(11,272)$9,583 85 %

7

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 54 new customers during the three months ended March 31, 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

Three Months EndedMarch 31,20252024