Company: EVLVW
Filing Date: 2025-04-28
Form Type: 10-K
Source: 0001628280-25-020355
Chunk: 101

Company: Evolv Technologies Holdings, Inc.
Filing Date: 2025-04-28
Form: 10-K
Item: Item 7
Chunk 101
---
 allowance maintained on the Company’s net deferred tax assets and non-taxable fair value adjustments. We have provided a valuation allowance for all of our net deferred tax assets as a result of our historical net losses in the jurisdictions in which we operate. We continue to assess all positive and negative evidence, including our future taxable income by jurisdiction based on our recent historical operating results, the expected timing of reversal of temporary differences, various tax planning strategies that we may be able to enact in future periods, the impact of potential operating changes on our business and our forecasted results from operations in future periods based on available information at the end of each reporting period. To the extent that we are able to reach the conclusion that deferred tax assets are realizable based on any combination of the above factors in any given tax jurisdiction, a reversal of all or some related portion of our existing valuation allowances may occur.

58

Comparison of the Years Ended December 31, 2022 and 2021

The following table summarizes our results of operations for the years ended December 31, 2022 and 2021 (in thousands):

Year Ended December 31,20222021$ Change% Change(Restated)Revenue:Product revenue$29,787 $13,631 $16,156 119  %Subscription revenue17,041 7,803 9,238 118 Service revenue4,595 792 3,803 480 License fee and other revenue1,296 1,167 129 11 Total revenue52,719 23,393 29,326 125 Cost of revenue:Cost of product revenue39,437 12,279 27,158 221 Cost of subscription revenue7,460 4,501 2,959 66 Cost of service revenue2,200 937 1,263 135 Cost of license fee and other revenue2,222 1,647 575 35Total cost of revenue51,319 19,364 31,955 165 Gross profit1,400 4,029 (2,629)(65)Operating expenses:Research and development18,537 11,458 7,079 62 Sales and marketing46,683 26,099 20,584 79 General and administrative37,969 19,869 18,100 91 Loss from impairment of property and equipment1,161 1,869 (708)(38)Total operating expenses