$EVLV

Evolv Technologies Holdings, Inc.

CIK:0001805385|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:
Total revenue	$ 43,753	$ 32,544	$ 90,081	$ 64,551
Cost of revenue:
Total cost of revenue	21,801	16,326	44,530	29,183
Gross profit	21,952	16,218	45,551	35,368
Operating expenses:
Research and development	5,781	4,737	11,666	9,599
Sales and marketing	12,695	11,736	25,366	22,779
General and administrative	14,027	17,238	27,542	32,210
Restructuring costs	0	0	0	2,662
Total operating expenses	32,503	33,711	64,574	67,250
Loss from operations	(10,551)	(17,493)	(19,023)	(31,882)
Other income (expense), net
Interest expense	(965)	0	(1,927)	(1)
Interest income	488	224	1,003	613
Other income (expense), net	(17)	136	(54)	161
Change in fair value of contingent earn-out liability	0	(14,200)	374	(5,224)
Change in fair value of contingently issuable/returnable common stock liability/asset	12	(3,900)	1,504	(2,247)
Change in fair value of public warrant liability	1,735	(5,303)	3,779	(3,582)
Total other income (expense), net	1,253	(23,043)	4,679	(10,280)
Loss before income taxes	(9,298)	(40,536)	(14,344)	(42,162)
Provision for (benefit from) income taxes	0	(1)	(37)	62
Net loss	$ (9,298)	$ (40,535)	$ (14,307)	$ (42,224)
Weighted average common shares outstanding – basic (in shares)	180,103,260	165,252,554	178,588,871	163,042,749
Weighted average common shares outstanding – diluted (in shares)	180,103,260	165,252,554	178,588,871	163,042,749
Net loss per share - basic (in dollars per share)	$ (0.05)	$ (0.25)	$ (0.08)	$ (0.26)
Net loss per share - diluted (in dollars per share)	$ (0.05)	$ (0.25)	$ (0.08)	$ (0.26)
Other comprehensive income (loss)
Cumulative translation adjustment	$ 0	$ (85)	$ 28	$ (131)
Total other comprehensive income (loss)	0	(85)	28	(131)
Total comprehensive loss	(9,298)	(40,620)	(14,279)	(42,355)
Product revenue
Revenue:
Total revenue	9,108	2,528	22,529	4,850
Cost of revenue:
Total cost of revenue	10,097	5,351	21,953	8,535
Subscription revenue
Revenue:
Total revenue	24,785	20,200	47,933	39,437
Cost of revenue:
Total cost of revenue	9,000	8,894	17,367	16,790
Service revenue
Revenue:
Total revenue	8,962	6,686	17,551	13,416
Cost of revenue:
Total cost of revenue	2,526	1,710	4,718	3,415
License fee and other revenue
Revenue:
Total revenue	898	3,130	2,068	6,848
Cost of revenue:
Total cost of revenue	$ 178	$ 371	$ 492	$ 443

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (9,298)	$ (40,535)	$ (14,307)	$ (42,224)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	7,100	5,800	13,938	11,318
Write-off of inventory and change in inventory reserve			147	1,794
Loss on disposal of property and equipment	100	1,300	310	1,633
Stock-based compensation			12,440	10,426
Amortization of debt issuance costs			570	0
Amortization of premium on marketable securities, net of change in accrued interest			211	127
Non-cash lease expense			875	844
Change in allowance for expected credit losses			100	166
Change in fair value of earn-out liability	0	14,200	(374)	5,224
Change in fair value of contingently issuable/returnable common stock liability/asset	(12)	3,900	(1,504)	2,247
Change in fair value of public warrant liability	(1,735)	5,303	(3,779)	3,582
Changes in operating assets and liabilities
Accounts receivable			(8,834)	(13,325)
Inventory			2,278	6,141
Commission assets			617	73
Contract assets			(1,639)	(236)
Other assets			592	197
Prepaid expenses and other current assets			(596)	(18,849)
Accounts payable			6,385	6,120
Deferred revenue			605	6,205
Accrued expenses and other current liabilities			1,500	18,374
Operating lease liability			(812)	(263)
Net cash provided by (used in) operating activities			8,723	(426)
Cash flows from investing activities:
Development of internal-use software			(2,640)	(3,112)
Purchases of property and equipment			(12,137)	(15,299)
Purchases of marketable securities			(9,894)	(9,875)
Proceeds from maturities of marketable securities			19,632	24,675
Net cash used in investing activities			(5,039)	(3,611)
Cash flows from financing activities:
Proceeds from exercise of stock options			567	4,095
Net cash provided by financing activities			567	4,095
Effect of exchange rate changes on cash, cash equivalents, and restricted cash			28	(131)
Net increase (decrease) in cash, cash equivalents, and restricted cash			4,279	(73)
Cash, cash equivalents, and restricted cash
Cash and cash equivalents at beginning of period			49,150	37,015
Cash, cash equivalents, and restricted cash at end of period	53,429	36,942	53,429	36,942
Supplemental disclosure of cash flow information
Cash paid for interest			1,357	1
Supplemental disclosure of non-cash activities
Transfer of property and equipment to inventory			1,768	3,297
Capital expenditures incurred but not yet paid			5,706	4,340
Capitalization of stock compensation			708	480
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents	52,696	36,942	52,696	36,942
Restricted cash	733	0	733	0
Total cash, cash equivalents, and restricted cash shown in the statements of cash flows	$ 53,429	$ 36,942	$ 53,429	$ 36,942

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 52,696	$ 49,150
Restricted cash	733	0
Marketable securities	9,936	19,885
Accounts receivable, net of allowance for expected credit losses of $700 and $600 as of June 30, 2026 and December 31, 2025, respectively	39,575	30,841
Inventory	8,660	9,317
Current portion of contract assets	2,525	878
Current portion of commission asset	5,596	6,062
Prepaid expenses and other current assets	29,686	35,169
Total current assets	149,407	151,302
Contract assets, noncurrent	7	15
Commission asset, noncurrent	7,716	7,867
Property and equipment, net	128,962	127,522
Operating lease right-of-use assets	11,428	12,303
Other assets	4,503	5,400
Total assets	302,023	304,409
Current liabilities:
Accounts payable	12,252	9,770
Accrued expenses and other current liabilities	37,017	35,293
Current portion of deferred revenue	74,464	74,924
Current portion of operating lease liabilities	3,116	2,989
Total current liabilities	126,849	122,976
Deferred revenue, noncurrent	17,781	16,716
Long-term debt	28,737	28,596
Operating lease liabilities, noncurrent	9,715	10,654
Contingent earn-out liability, noncurrent	0	374
Contingently issuable common stock liability, noncurrent	0	1,809
Public warrant liability, noncurrent	83	3,862
Total liabilities	183,165	184,987
Commitments and contingencies (Note 13)
Stockholders’ equity:
Preferred stock, $0.0001 par value; 100,000,000 authorized at June 30, 2026 and December 31, 2025; no shares issued and outstanding at June 30, 2026 and December 31, 2025	0	0
Common stock, $0.0001 par value; 1,100,000,000 shares authorized at June 30, 2026 and December 31, 2025; 180,839,400 and 175,399,488 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	18	18
Additional paid-in capital	521,062	507,347
Accumulated other comprehensive loss	(113)	(141)
Accumulated deficit	(402,109)	(387,802)
Stockholders’ equity	118,858	119,422
Total liabilities and stockholders’ equity	$ 302,023	$ 304,409