Company: EVLVW
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001805385-25-000017
Chunk: 199

Company: Evolv Technologies Holdings, Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 199
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 respectively. LeasesAs of September 30, 2025, future minimum noncancelable payments related to leases of the Company's equipment are as follows (in thousands):Year Ending December 31:2025 (three months remaining)$23,132 202683,429 202761,724 202835,868 202913,693 Thereafter679 $218,525 

6. Accounts Receivable

Allowance for Expected Credit LossesChanges in the allowance for expected credit losses were as follows (in thousands):Allowance for Expected Credit LossesBalance at December 31, 2024$(734)Provisions(131)Write-offs, net of recoveries65 Balance at September 30, 2025$(800)

7. Inventory

Inventory consisted of the following (in thousands):September 30,2025December 31,2024Raw materials$3,717 $4,362 Finished goodsFinished goods inventory4,966 12,153 Uninstalled inventory87 448 Total$8,770 $16,963 

F-18

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

8. Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):September 30,2025December 31,2024Computers and telecom equipment$2,152 $2,064 Lab equipment6,244 5,564 Furniture and fixtures111 111 Leasehold improvements607 607 Leased equipment134,050 112,078 Capitalized software19,324 14,555 Sales demo equipment3,015 3,649 Vehicles604 604 Equipment held for lease112,193 17,347 Construction in progress35 477 178,335 157,056 Less: Accumulated depreciation and amortization(51,416)(33,395)$126,919 $123,661 1 Represents equipment that has not yet been deployed to a customer and, accordingly, is not being depreciated.As of September 30, 2025 and December 31, 2024, the net book value of capitalized software was $13.1 million and $11.1 million, respectively. These amounts include $2.4 million and $1.7 million of capitalized stock-based compensation costs, respectively. Dep