Company: EVLVW
Filing Date: 2025-04-28
Form Type: 10-K
Source: 0001628280-25-020355
Chunk: 124

Company: Evolv Technologies Holdings, Inc.
Filing Date: 2025-04-28
Form: 10-K
Item: Item 7
Chunk 124
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 million and $7.2 million for the three months ended September 30, 2023 and 2022, respectively, resulting from quarterly mark-to-market adjustments. The contingent earn-out liability was established in connection with the closing of the Merger.

Change in Fair Value of Contingently Issuable Common Stock Liability

Change in the fair value of the contingently issuable common stock liability resulted in gains of $2.3 million and $1.1 million for the three months ended September 30, 2023 and 2022, respectively, resulting from quarterly mark-to-market adjustments. The contingently issuable common stock liability was established in connection with the closing of the Merger.

Change in Fair Value of Public Warrant Liability

Change in the fair value of the public warrant liability resulted in a $8.2 million gain and a $1.1 million loss for the three months ended September 30, 2023 and 2022, respectively, resulting from quarterly mark-to-market adjustments. The public warrant liability was established in connection with the closing of the Merger.

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Comparison of the Nine Months Ended September 30, 2023 and 2022

The following table summarizes our results of operations for the nine months ended September 30, 2023 and 2022, (in thousands):

Nine Months EndedSeptember 30,20232022$ Change% Change(Restated)(Restated)Revenue:Product revenue$20,920 $18,965 $1,955 10 %Subscription revenue23,733 11,881 11,852 100 Service revenue10,750 2,411 8,339 346 License fee and other revenue3,582 670 2,912 435 Total revenue58,985 33,927 25,058 74 Cost of revenue:Cost of product revenue23,275 23,617 (342)(1)Cost of subscription revenue9,776 5,726 4,050 71 Cost of service revenue2,816 1,652 1,164 70 Cost of license fee and other revenue772 1,740 (968)(56)Total cost of revenue36,639 32,735 3,904 12 Gross profit22,346 1,192 21,154 1,775 Operating expenses:Research and development18,170 13,731 4,439 32 Sales and