Company: EVLVW
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001805385-25-000017
Chunk: 234

Company: Evolv Technologies Holdings, Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 234
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,713 19,242 8,471 44 Cost of service revenue5,753 3,749 2,004 53 Cost of license fee and other revenue766 484 282 58 Total cost of revenue50,727 32,044 18,683 58 Gross profit56,674 42,721 13,953 33 Operating expenses:Research and development15,207 18,056 (2,849)(16)Sales and marketing34,494 47,182 (12,688)(27)General and administrative44,789 39,843 4,946 12 Restructuring costs2,662 860 1,802 210 Loss from impairment of property and equipment— 209 (209)(100)Total operating expenses97,152 106,150 (8,998)(8)Loss from operations(40,478)(63,429)22,951 36 Other (expense) income, net:Interest expense(714)— (714)*Interest income1,049 2,394 (1,345)(56)Other income (expense), net117 (33)150 455 Change in fair value of contingent earn-out liability2,297 15,092 (12,795)(85)Change in fair value of contingently issuable/returnable common stock liability/asset(69)2,218 (2,287)(103)Change in fair value of public warrant liability(6,160)5,461 (11,621)(213)Total other (expense) income, net(3,480)25,132 (28,612)(114)Loss before income taxes$(43,958)$(38,297)$(5,661)(15)%Provision for income taxes$62 $— $62 *Net loss$(44,020)$(38,297)$(5,723)(15)%

13

Revenue, Cost of Revenue and Gross Profit

We believe there are several key trends that are continuing to drive increased adoption of our solutions and growth in our sales, including (i) escalating gun violence, which has created stronger demand for security screening solutions for customers and prospects in our key vertical markets, (ii) customer acquisition activities which led to the addition of 179 new customers during the nine months ended September 30, 2025, and (iii) the expansion of our existing