Company: EVLVW
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001805385-25-000009
Chunk: 403

Company: Evolv Technologies Holdings, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 2
Chunk 403
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 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 months ended June 30, 2025 include $11.1 million of an aggregate change in fair value of the earn-out liability, contingently issuable common stock warrant liability, and public warrant liability, $10.4 million of stock-based compensation expense, and $11.3 million of depreciation and amortization. For the six months ended June 30, 2024, such adjustments included $13.9 million (as restated) of stock-based compensation expense, $7.4 million of depreciation and amortization, and $34.7 million of an aggregate change in fair value of the earn-out liability, contingently issuable common stock liability, and public warrant liability.

Changes in operating assets and liabilities for the six months ended June 30, 2025 are primarily related to the following:

•$6.1 million increase in accounts payable (excluding the non-cash portion related to capital expenditures incurred but not yet paid from December 31, 2024 to June 30, 2025) due primarily to the timing of vendor payments; 

•$6.2 million increase in deferred revenue due to a higher volume of sales;

•$6.1 million decrease in inventory primarily due to an increased focus on efficient inventory management, partially offset by a decrease in products expected to be leased to customers