Company: EVLVW
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001805385-25-000009
Chunk: 307

Company: Evolv Technologies Holdings, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 307
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 was established in connection with the closing of the Merger.

Change in Fair Value of Public Warrant Liability

Change in the fair value of the public warrant liability resulted in a $5.3 million loss and $4.9 million gain for the three months ended June 30, 2025 and 2024, respectively, resulting from quarterly mark-to-market adjustments. The public warrant liability was established in connection with the closing of the Merger.

12

Comparison of the Six Months Ended June 30, 2025 and 2024

The following table summarizes our results of operations for the six months ended June 30, 2025 and 2024 (in thousands):Six Months EndedJune 30,20252024$ Change% ChangeRevenue:Product revenue$4,850 $3,445 $1,405 41 %Subscription revenue39,437 29,874 9,563 32 Service revenue13,416 10,818 2,598 24 License fee and other revenue6,848 3,268 3,580 110 Total revenue64,551 47,405 17,146 36 Cost of revenue:Cost of product revenue8,535 5,953 2,582 43 Cost of subscription revenue16,790 11,894 4,896 41 Cost of service revenue3,415 2,345 1,070 46 Cost of license 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