Company: EVLVW
Filing Date: 2025-04-28
Form Type: 10-K
Source: 0001628280-25-020355
Chunk: 107

Company: Evolv Technologies Holdings, Inc.
Filing Date: 2025-04-28
Form: 10-K
Item: Item 7
Chunk 107
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 have provided a valuation allowance for all of our 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.

Quarterly Financial Information (Unaudited)

As a result of the restatement described above, we are restating our comparisons of impacted periods as follows:

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Comparison of the Three Months Ended June 30, 2024 and 2023

The following table summarizes our results of operations for the three months ended June 30, 2024 and 2023 (in thousands):

Three Months EndedJune 30,20242023$ Change% Change(Restated)(Restated)Revenue:Product revenue$1,954 $6,852 $(4,898)(71)%Subscription revenue15,655 7,702 7,953 103 Service revenue5,566 3,646 1,920 53 License fee and other revenue2,049 702 1,347 192 Total revenue25,224 18,902 6,322 33 Cost of revenue:Cost of product revenue2,839 7,417 (4,578)(62)Cost of subscription revenue6,309 3,285 3,024 92 Cost of service revenue1,321 1,014 307 30 Cost of license fee and other revenue172 270 (98)(36)Total cost of revenue10,641 11,986 (1,345)(11)Gross profit14,583 6,916 7,667 111 Operating expenses:Research and development5,850 6,389 (539)(8)Sales and marketing17,011 13,596 3,415 25 General and administrative14,093 10,865 3,228 30 Loss from impairment of property and equipment—