Evolv Technologies Holdings, Inc.
For the period ended Sep 30, 2025. Filed Nov 13, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 13, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In thousands, except share and per share amounts)
| Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Revenue: | ||||
| Product revenue | $9,242 | $1,344 | $14,092 | $4,789 |
| Subscription revenue | 22,685 | 17,909 | 62,122 | 47,783 |
| Service revenue | 7,808 | 6,085 | 21,224 | 16,903 |
| License fee and other revenue | 3,115 | 2,022 | 9,963 | 5,290 |
| Total revenue* | 42,850 | 27,360 | 107,401 | 74,765 |
| Cost of revenue: | ||||
| Cost of product revenue | 7,960 | 2,616 | 16,495 | 8,569 |
| Cost of subscription revenue | 10,923 | 7,348 | 27,713 | 19,242 |
| Cost of service revenue | 2,338 | 1,404 | 5,753 | 3,749 |
| Cost of license fee and other revenue | 323 | 183 | 766 | 484 |
| Total cost of revenue | 21,544 | 11,551 | 50,727 | 32,044 |
| Gross profit | 21,306 | 15,809 | 56,674 | 42,721 |
| Operating expenses: | ||||
| Research and development | 5,608 | 5,810 | 15,207 | 18,056 |
| Sales and marketing | 11,715 | 14,966 | 34,494 | 47,182 |
| General and administrative | 12,579 | 13,976 | 44,789 | 39,843 |
| Restructuring costs | — | — | 2,662 | 860 |
| Loss from impairment of property and equipment | — | 209 | — | 209 |
| Total operating expenses | 29,902 | 34,961 | 97,152 | 106,150 |
| Loss from operations | (8,596) | (19,152) | (40,478) | (63,429) |
| Other (expense) income, net: | ||||
| Interest expense | (713) | — | (714) | — |
| Interest income | 436 | 628 | 1,049 | 2,394 |
| Other income (expense), net | (44) | 34 | 117 | (33) |
| Change in fair value of contingent earn-out liability | 7,521 | (8,321) | 2,297 | 15,092 |
| Change in fair value of contingently issuable/returnable common stock liability/asset | 2,178 | (2,056) | (69) | 2,218 |
| Change in fair value of public warrant liability | (2,578) | (1,576) | (6,160) | 5,461 |
| Total other income (expense), net | 6,800 | (11,291) | (3,480) | 25,132 |
| Loss before income taxes | (1,796) | (30,443) | (43,958) | (38,297) |
| Provision for income taxes | — | — | 62 | — |
| Net loss | $(1,796) | $(30,443) | $(44,020) | $(38,297) |
| Net loss attributable to common stockholders – basic and diluted (Note 12) | $(1,796) | $(30,443) | $(44,020) | $(38,297) |
| Weighted average common shares outstanding – basic and diluted | 172,790,098 | 157,709,229 | 166,327,570 | 155,760,149 |
| Net loss per share - basic and diluted | $(0.01) | $(0.19) | $(0.26) | $(0.25) |
| Net loss | $(1,796) | $(30,443) | $(44,020) | $(38,297) |
| Other comprehensive (loss) income | ||||
| Cumulative translation adjustment | 26 | (86) | (105) | (75) |
| Total other comprehensive (loss) income | 26 | (86) | (105) | (75) |
| Total comprehensive loss | $(1,770) | $(30,529) | $(44,125) | $(38,372) |
*Includes related party revenue of $2.2 million and $6.1 million for thethree and nine months ended September 30, 2024, respectively. There wasno related party revenue for thethree and nine months ended September 30, 2025.
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