Company: EVLVW
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001805385-25-000009
Chunk: 404

Company: Evolv Technologies Holdings, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 2
Chunk 404
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; and

•$18.4 million increase in accrued expenses and other current liabilities primarily due to a legal settlement offer accrual and the timing of accrued payroll tax, partially offset by decrease in accrued vendor payables; partially offset by

•$13.3 million increase in accounts receivable primarily due to higher sales and the timing of billings to customers; and

•$18.8 million increase in prepaid expenses and other current assets primarily due to estimated outstanding insurance recoveries and unsettled options exercises due to timing, partially offset by decrease in vendor deposits.

19

Changes in operating assets and liabilities for the six months ended June 30, 2024 are primarily related to the following:

•$14.1 million (as restated) increase in accounts receivable primarily due to the timing of customer billings;

•$10.0 million (as restated) increase in inventory primarily due to increased purchases to satisfy future expected demand and for the ongoing transition to the next generation of Evolv Express systems;

•$3.0 million increase in prepaid expenses and other current assets primarily due to prepaid deposits related to orders placed for Evolv Express systems; 

•$1.7 million decrease in accounts payable (excluding the non-cash portion related to capital expenditures incurred but not yet paid) due primarily to the timing of vendor payments; partially offset by

•$10.3 million increase in deferred revenue due to a higher volume of sales.

Investing Activities

During the six months ended June 30, 2025, cash used in investing activities was $3.6 million, consisting of $15.3 million for the purchase of property and equipment, primarily related to the purchase of Evolv Express systems to be leased to customers and $3.1 million for the development of internal-use software and software embedded in products to be sold or leased, offset by $14.8 million of net cash provided by purchases and redemptions of marketable securities.

During the six months ended June 30, 2024, cash provided by investing activities was $5.6 million (as restated), consisting primarily of a net $30.4 million inflow related to purchases and redemptions of marketable securities, offset by $21.6 million (as restated) for the purchase of property and equipment, primarily related to the purchase of Evolv Express systems to be leased to customers, and $3.1 million (as restated) for the development of internal-use software and software embedded in products to