Company: EVLVW
Filing Date: 2025-04-28
Form Type: 10-Q
Source: 0001628280-25-020353
Chunk: 267

Company: Evolv Technologies Holdings, Inc.
Filing Date: 2025-04-28
Form: 10-Q
Item: Part I, Item 8
Chunk 267
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 Company had less than $0.7 million and $1.4 million (as restated) in current portion of contract assets and $0.7 million and $1.0 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 $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 Company recognized revenue (as restated) of $3.6 million and $15.5 million during the three and nine months ended September 30, 2023, respectively, that was included in the December 31, 2022 deferred revenue balance. 

F-23

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

The following table provides a rollforward of deferred revenue (in thousands):Balance at December 31, 2023 (restated)$71,957 Revenue recognized in relation to the beginning of the year contract liability balance (restated)(40,780)Revenue deferred (restated)54,339 Balance at September 30, 2024$85,516 The following table presents the Company’s components of lease revenue (in thousands):Three Months EndedSeptember 30,Nine Months EndedSeptember 30,2024202320242023(Restated)(Restated)Interest income on lease receivables$40 $49 $123 $153 Lease income - operating leases17,909 9,858 47,783 23,733 Total lease revenue$17,949 $9,907 $47,906 $23,886 Interest income on lease receivables is classified under interest income in the condensed consolidated statements of operations and comprehensive loss. Lease income