Company: EVLVW
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001805385-25-000009
Chunk: 243

Company: Evolv Technologies Holdings, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 243
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 written notice. Additionally, in August 2024, we amended the lease agreement again to expand our footprint in our headquarters and extend the term of the lease through May 2031. Per the second lease amendment, we are no longer required to maintain a minimum cash balance of $0.3 million as a security deposit on the leased space. This amount was previously classified as restricted cash, non-current, as shown in the condensed consolidated statement of cash flows as of March 31, 2024. Total future minimum lease payments under this noncancelable operating lease amount to $18.6 million as of June 30, 2025.

We generally contract with our contract manufacturer, Columbia Tech, on a cancellable, purchase-order basis. We have a contract in the normal course of business with Columbia Tech to provide manufacturing services for our equipment sold or leased to customers. While these contracts are cancellable by us upon prior notice, payments due upon cancellation consist of payments for services provided or expenses incurred, including noncancelable obligations of our service providers, up to the date of cancellation. These payments are not determinable, but could result in a material purchase commitment if we were to cancel our open purchase orders.

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Cash Flows

The following table sets forth a summary of cash flows for the periods presented:

Six Months EndedJune 30,20252024(Restated)Net cash used in operating activities$(426)$(37,732)Net cash (used in) provided by investing activities(3,611)5,621 Net cash provided by financing activities4,095 636 Effect of exchange rate changes on cash and cash equivalents(131)11 Net decrease in cash, cash equivalents and restricted cash$(73)$(31,464)

Operating Activities

Six Months EndedJune 30,20252024(Restated)Net loss$(42,224)$(7,854)Adjustments to reconcile net loss to net cash provided by (used in) operating activities37,361 (10,672)Changes in operating assets and liabilities4,437 (19,206)Net cash used in operating activities$(426)$(37,732)

Net loss increased from $7.9 million (as restated) for the six months ended June 30, 2024 to $42.2 million for the six months ended June 30, 2025, as discussed in “Results of Operations” above.

Adjustments to reconcile net loss to net cash used in operating activities for the six