Company: EVLVW
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001805385-25-000017
Chunk: 268

Company: Evolv Technologies Holdings, Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 8
Chunk 268
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 time.  As of September 30, 2025 and December 31, 2024, the Company had $1.2 million and $0.8 million in current portion of contract assets and $0.4 million and $0.7 million in contract assets, noncurrent on the condensed consolidated balance sheets, respectively.Contract liabilities represent the Company’s obligation to transfer goods or services to a customer for which it has received consideration (or the amount is due) from the customer. The Company has a contract liability related to service revenue, which consists of amounts that have been invoiced but that have not been recognized as revenue. Amounts expected 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 $13.9 million and $58.0 million during the three and nine months ended September 30, 2025, respectively, that was included in the December 31, 2024 deferred revenue balance. The Company recognized revenue of $10.1 million and $40.8 million during the three and nine months ended September 30, 2024, respectively, 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(57,966)Revenue deferred69,562 Balance at September 30, 2025$96,368 The following table presents the Company’s components of lease revenue (in thousands):Three Months EndedSeptember 30,Nine Months EndedSeptember 30,2025202420252024Interest income on lease receivables$24 $40 $80 $123 Lease income - operating leases22,685 17,909 62,122 47,783 Total lease revenue$22,709 $17,949 $62,202 $47,906 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 

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