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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
| | | | | |
x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2023
OR
| | | | | |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from ______________ to
Commission file number: 001-39417
___________________________________
Evolv Technologies Holdings, Inc.
(Exact Name of Registrant as Specified in Its Charter)
___________________________________
| | | | | |
Delaware | 84-4473840 |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
500 Totten Pond Road, 4th Floor
Waltham, Massachusetts 02451
(Address of Principal Executive Offices)
(781) 374-8100
(Registrant’s Telephone Number, Including Area Code)
N/A
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | | | | | | | |
Title of Each Class | | Trading symbol | | Name of Exchange on which registered |
Class A common stock, par value $0.0001 per share | | EVLV | | The Nasdaq Stock Market |
Warrants to purchase one share of Class A common stock | | EVLVW | | The Nasdaq Stock Market |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | | | | | | | |
Large accelerated filer | o | Accelerated filer | o | | |
| | | | | |
Non-accelerated filer | x | Smaller reporting company | x | Emerging growth company | x |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
As of November 8, 2023, there were 151,134,622 shares of Class A common stock, par value $0.0001 per share, outstanding.
TABLE OF CONTENTS
FORWARD LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements contained in this Quarterly Report on Form 10-Q, other than statements of historical fact, including, without limitation, statements regarding our results of operations and financial position, business strategy, plans and prospects, our relationship with significant manufacturers and suppliers, our ability to obtain new customers and retain existing customers, existing and prospective products, research and development costs, timing and likelihood of success, macroeconomic and market trends, and plans and objectives of management for future operations and results, are forward-looking statements. The words “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “forecasts,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions are intended to identify forward-looking statements though not all forward-looking statement use these word or expressions.
The forward-looking statements in this Quarterly Report on Form 10-Q are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, without limitation risks relating to the restatement of our consolidated financial statements, expectations regarding the Company’s strategies and future financial performance, including its future business plans or objectives, prospective performance and opportunities and competitors, revenues, products and services, pricing, operating expenses, market trends, liquidity, cash flows and uses of cash, capital expenditures; the Company’s history of losses and lack of profitability; the Company’s reliance on third party contract manufacturing and distribution, and a global supply chain; the rate of innovation required to maintain competitiveness in the markets in which the Company competes; the competitiveness of the market in which the Company competes; the failure of our products to detect threats could result in injury or loss of life, which could harm our brand, reputation, and results of operations; the loss of designation of our Evolv Express® system as a Qualified Anti-Terrorism Technology under the Homeland Security SAFETY Act; the ability for the Company to obtain, maintain, protect and enforce the Company’s intellectual property rights and use of “open source” software; the concentration of the Company’s revenues on a single solution; the Company’s ability to timely design, produce and launch its solutions, the Company’s ability to invest in growth initiatives and pursue acquisition opportunities; the limited liquidity and trading of the Company’s securities; risks related to existing and changing tax laws; geopolitical risk and changes in applicable laws or regulations; the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; operational risk; risks related to material weaknesses in our internal control over financial reporting and our remediation plans; risks related to increasing attention to and evolving expectations for, environmental, social, and governance initiatives, risk that the COVID-19 pandemic or a new pandemic may have an adverse effect on the Company’s business operations, as well as the Company’s financial condition and results of operations; the impact of fluctuating general economic and market conditions; the need for additional capital to support business growth, which might not be available on acceptable terms, if at all; and litigation and regulatory enforcement risks, including the diversion of management time and attention and the additional costs and demands on resources; and other important factors discussed in Part I, Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, as any such factors may be updated from time to time in its other filings with the Securities and Exchange Commission (the “SEC”). The forward-looking statements in this Quarterly Report on Form 10-Q are based upon information available to us as of the date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, it may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.
You should read this Quarterly Report on Form 10-Q and the documents that we reference in this Quarterly Report on Form 10-Q and have filed as exhibits to this Quarterly Report on Form 10-Q with the understanding that our actual future results, levels of activity, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. These forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained in this Quarterly Report on Form 10-Q, whether as a result of any new information, future events or otherwise.
GENERAL
We may announce material business and financial information to our investors using our investor relations website at https://ir.evolvtechnology.com/. We therefore encourage investors and others interested in Evolv to review the information that we make available on our website, in addition to following our filings with the SEC, webcasts, press releases and conference calls. Information contained on our website is not part of this Quarterly Report on Form 10-Q.
EVOLV TECHNOLOGIES HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts)
(Unaudited) | | | | | | | | | | | |
| September 30, 2023 | | December 31, 2022 |
Assets | | | |
Current assets: | | | |
Cash and cash equivalents | $ | 99,617 | | | $ | 229,783 | |
Restricted cash | 1,000 | | | — | |
Marketable securities | 39,487 | | | — | |
Accounts receivable, net * | 29,786 | | | 31,920 | |
Inventory | 7,826 | | | 10,257 | |
Current portion of contract assets | 3,667 | | | 2,852 | |
Current portion of commission asset | 3,908 | | | 3,384 | |
Prepaid expenses and other current assets | 16,500 | | | 14,388 | |
Total current assets | 201,791 | | | 292,584 | |
Restricted cash, noncurrent | 275 | | | 275 | |
Contract assets, noncurrent | 496 | | | 1,386 | |
Commission asset, noncurrent | 6,888 | | | 5,655 | |
Property and equipment, net | 93,995 | | | 44,707 | |
Operating lease right-of-use assets | 1,537 | | | 1,673 | |
Other assets | 1,483 | | | 1,835 | |
Total assets | $ | 306,465 | | | $ | 348,115 | |
| | | |
Liabilities and Stockholders’ Equity | | | |
Current liabilities: | | | |
Accounts payable | $ | 13,887 | | | $ | 18,194 | |
Accrued expenses and other current liabilities | 12,164 | | | 11,545 | |
Current portion of deferred revenue | 53,041 | | | 18,273 | |
Current portion of long-term debt | — | | | 10,000 | |
Current portion of operating lease liabilities | 1,655 | | | 1,114 | |
Total current liabilities | 80,747 | | | 59,126 | |
Deferred revenue, noncurrent | 19,478 | | | 17,695 | |
Long-term debt, noncurrent | — | | | 19,683 | |
Operating lease liabilities, noncurrent | 133 | | | 892 | |
Contingent earn-out liability | 31,571 | | | 14,218 | |
Contingently issuable common stock liability | 6,952 | | | 3,392 | |
Public warrant liability | 11,469 | | | 6,124 | |
Total liabilities | 150,350 | | | 121,130 | |
Commitments and contingencies (Note 14) | | | |
| | | |
Stockholders’ equity: | | | |
Preferred stock, $0.0001 par value; 100,000,000 authorized at September 30, 2023 and December 31, 2022; no shares issued and outstanding at September 30, 2023 and December 31, 2022 | — | | | — | |
Common stock, $0.0001 par value; 1,100,000,000 shares authorized at September 30, 2023 and December 31, 2022; 150,661,124 and 145,204,974 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively | 15 | | | 15 | |
Additional paid-in capital | 437,683 | | | 419,190 | |
Accumulated other comprehensive loss | (9) | | | (10) | |
Accumulated deficit | (281,574) | | | (192,210) | |
Stockholders’ equity | 156,115 | | | 226,985 | |
Total liabilities and stockholders’ equity | $ | 306,465 | | | $ | 348,115 | |
*Includes related party accounts receivable, net of $2.4 million and $14.6 million as of September 30, 2023 and December 31, 2022, respectively.
The accompanying notes are an integral part of these condensed consolidated financial statements.
EVOLV TECHNOLOGIES HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(In thousands, except share and per share amounts)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
Revenue: | | | | | | | |
Product revenue | $ | 3,191 | | | $ | 9,839 | | | $ | 19,188 | | | $ | 19,179 | |
Subscription revenue | 10,231 | | | 5,198 | | | 24,661 | | | 12,208 | |
Service revenue | 4,757 | | | 1,493 | | | 12,736 | | | 2,923 | |
License fee and other revenue | 2,012 | | | — | | | 2,012 | | | — | |
Total revenue * | 20,191 | | | 16,530 | | | 58,597 | | | 34,310 | |
Cost of revenue: | | | | | | | |
Cost of product revenue | 3,153 | | | 12,960 | | | 21,453 | | | 23,513 | |
Cost of subscription revenue | 4,231 | | | 2,207 | | | 9,988 | | | 5,730 | |
Cost of service revenue | 1,417 | | | 1,138 | | | 3,588 | | | 3,392 | |
Total cost of revenue | 8,801 | | | 16,305 | | | 35,029 | | | 32,635 | |
Gross profit | 11,390 | | | 225 | | | 23,568 | | | 1,675 | |
Operating expenses: | | | | | | | |
Research and development | 6,409 | | | 5,616 | | | 18,193 | | | 13,947 | |
Sales and marketing | 13,919 | | | 11,746 | | | 40,336 | | | 33,169 | |
General and administrative | 11,273 | | | 8,839 | | | 31,073 | | | 29,268 | |
Loss from impairment of property and equipment | 28 | | | 626 | | | 322 | | | 1,038 | |
Total operating expenses | 31,629 | | | 26,827 | | | 89,924 | | | 77,422 | |
Loss from operations | (20,239) | | | (26,602) | | | (66,356) | | | (75,747) | |
Other income (expense), net: | | | | | | | |
Interest expense | — | | | (188) | | | (654) | | | (489) | |
Interest income | 1,791 | | | 1,052 | | | 4,597 | | | 1,611 | |
Other expense, net | (64) | | | (57) | | | (67) | | | (57) | |
Loss on extinguishment of debt | — | | | — | | | (626) | | | — | |
| | | | | | | |
Change in fair value of contingent earn-out liability | 14,078 | | | 7,245 | | | (17,353) | | | 9,754 | |
Change in fair value of contingently issuable common stock liability | 2,277 | | | 1,081 | | | (3,560) | | | 2,529 | |
Change in fair value of public warrant liability | 8,156 | | | (1,146) | | | (5,345) | | | 4,297 | |
| | | | | | | |
Total other income (expense), net | 26,238 | | | 7,987 | | | (23,008) | | | 17,645 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Net income (loss) | $ | 5,999 | | | $ | (18,615) | | | $ | (89,364) | | | $ | (58,102) | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Weighted average common shares outstanding | | | | | | | |
Basic | 150,206,893 | | | 144,117,273 | | | 148,521,299 | | | 143,522,555 | |
Diluted | 173,976,375 | | | 144,117,273 | | | 148,521,299 | | | 143,522,555 | |
Net income (loss) per share | | | | | | | |
Basic | $0.04 | | $(0.13) | | $(0.60) | | $(0.40) |
Diluted | $0.03 | | $(0.13) | | $(0.60) | | $(0.40) |
| | | | | | | |
Net income (loss) | $ | 5,999 | | | $ | (18,615) | | | $ | (89,364) | | | $ | (58,102) | |
Other comprehensive loss | | | | | | | |
Cumulative translation adjustment | 34 | | | 45 | | | 1 | | | 35 | |
Total other comprehensive income | 34 | | | 45 | | | 1 | | | 35 | |
Total comprehensive income (loss) | $ | 6,033 | | | $ | (18,570) | | | $ | (89,363) | | | $ | (58,067) | |
*Includes related party revenue of $2.1 million and $2.7 million for the three months ended September 30, 2023 and 2022, respectively, and $9.1 million and $5.8 million for the nine months ended September 30, 2023 and 2022, respectively.
The accompanying notes are an integral part of these condensed consolidated financial statements.
EVOLV TECHNOLOGIES HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
(In thousands, except share amounts)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | Additional Paid-in Capital | | Accumulated Other Comprehensive Income (Loss) | | Accumulated Deficit | | Total Stockholders’ Equity |
| Shares | | Amount | | | | |
Balances at December 31, 2022 | 145,204,974 | | | $ | 15 | | | $ | 419,190 | | | $ | (10) | | | $ | (192,210) | | | $ | 226,985 | |
Issuance of common stock upon net exercise of stock options | 100,587 | | | — | | | 33 | | | — | | | — | | | 33 | |
Issuance of common stock upon vesting of restricted stock units | 1,841,257 | | | — | | | — | | | — | | | — | | | — | |
Issuance of common stock upon exercise of warrants | 830,216 | | | — | | | 348 | | | — | | | — | | | 348 | |
Stock-based compensation cost | — | | | — | | | 5,101 | | | — | | | — | | | 5,101 | |
Cumulative translation adjustment | — | | | — | | | — | | | (16) | | | — | | | (16) | |
Net loss | — | | | — | | | — | | | — | | | (28,609) | | | (28,609) | |
Balances at March 31, 2023 | 147,977,034 | | | $ | 15 | | | $ | 424,672 | | | $ | (26) | | | $ | (220,819) | | | $ | 203,842 | |
Issuance of common stock upon net exercise of stock options | 775,193 | | | — | | | 310 | | | — | | | — | | | 310 | |
Issuance of common stock upon vesting of restricted stock units | 1,038,415 | | | — | | | — | | | — | | | — | | | — | |
Issuance of common stock upon exercise of warrants | 100 | | | — | | | 1 | | | — | | | — | | | 1 | |
Stock-based compensation cost | — | | | — | | | 6,776 | | | — | | | — | | | 6,776 | |
Cumulative translation adjustment | — | | | — | | | — | | | (17) | | | — | | | (17) | |
Net loss | — | | | — | | | — | | | — | | | (66,754) | | | (66,754) | |
Balances at Balances at June 30, 2023 | 149,790,742 | | | $ | 15 | | | $ | 431,759 | | | $ | (43) | | | $ | (287,573) | | | $ | 144,158 | |
Issuance of common stock upon net exercise of stock options | 731,870 | | | — | | | 273 | | | — | | | — | | | 273 | |
Issuance of common stock upon vesting of restricted stock units | 138,512 | | | — | | | — | | | — | | | — | | | — | |
Stock-based compensation cost | — | | | — | | | 5,651 | | | — | | | — | | | 5,651 | |
Cumulative translation adjustment | — | | | — | | | — | | | 34 | | | — | | | 34 | |
Net income | — | | | — | | | — | | | — | | | 5,999 | | | 5,999 | |
Balances at Balances at September 30, 2023 | 150,661,124 | | | $ | 15 | | | $ | 437,683 | | | $ | (9) | | | $ | (281,574) | | | $ | 156,115 | |
| | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | Additional Paid-in Capital | | Accumulated Other Comprehensive Income (Loss) | | Accumulated Deficit | | Total Stockholders’ Equity |
| Shares | | Amount | | | | |
Balances at December 31, 2021 | 142,745,021 | | | $ | 14 | | | $ | 396,064 | | | $ | — | | | $ | (105,804) | | | $ | 290,274 | |
Issuance of common stock upon exercise of stock options | 496,971 | | | — | | | 226 | | | — | | | — | | | 226 | |
Issuance of common stock upon vesting of restricted stock units | 80,044 | | | — | | | — | | | — | | | — | | | — | |
Stock-based compensation cost | — | | | — | | | 3,953 | | | — | | | — | | | 3,953 | |
Net loss | — | | | — | | | — | | | — | | | (13,801) | | | (13,801) | |
Balances at March 31, 2022 | 143,322,036 | | | $ | 14 | | | $ | 400,243 | | | $ | — | | | $ | (119,605) | | | $ | 280,652 | |
Issuance of common stock upon net exercise of stock options | 350,092 | | | — | | | 157 | | | — | | | — | | | 157 | |
Issuance of common stock upon vesting of restricted stock units | 157,867 | | | — | | | — | | | — | | | — | | | — | |
Stock-based compensation cost | — | | | — | | | 5,093 | | | — | | | — | | | 5,093 | |
Cumulative translation adjustment | — | | | — | | | — | | | (10) | | | — | | | (10) | |
Net loss | — | | | — | | | — | | | — | | | (25,686) | | | (25,686) | |
Balances at June 30, 2022 | 143,829,995 | | | $ | 14 | | | $ | 405,493 | | | $ | (10) | | | $ | (145,291) | | | $ | 260,206 | |
Issuance of common stock upon net exercise of stock options | 428,155 | | | — | | | 188 | | | — | | | — | | | 188 | |
Issuance of common stock upon vesting of restricted stock units | 176,567 | | | — | | | — | | | — | | | — | | | — | |
Stock-based compensation cost | — | | | — | | | 6,557 | | | — | | | — | | | 6,557 | |
Cumulative translation adjustment | — | | | — | | | — | | | 45 | | | — | | | 45 | |
Net loss | — | | | — | | | — | | | — | | | (18,615) | | | (18,615) | |
Balances at Balances at September 30, 2022 | 144,434,717 | | | $ | 14 | | | $ | 412,238 | | | $ | 35 | | | $ | (163,906) | | | $ | 248,381 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
EVOLV TECHNOLOGIES HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited) | | | | | | | | | | | |
| Nine Months Ended September 30, |
| 2023 | | 2022 |
Cash flows from operating activities: | | | |
Net loss | $ | (89,364) | | | $ | (58,102) | |
Adjustments to reconcile net loss to net cash used in operating activities: | | | |
Depreciation and amortization | 6,781 | | | 3,782 | |
Write-off of inventory and change in inventory reserve | 581 | | | 559 | |
Adjustment to property and equipment for sales type leases | — | | | (625) | |
Loss from impairment of property and equipment | 322 | | | 1,038 | |
| | | |
Stock-based compensation | 17,303 | | | 15,513 | |
Non-cash interest expense | 22 | | | 14 | |
Accretion of discount on marketable securities | (482) | | | — | |
Non-cash lease expense | 136 | | | 602 | |
Change in allowance for expected credit losses | 237 | | | 100 | |
Loss on extinguishment of debt | 626 | | | — | |
| | | |
| | | |
Change in fair value of earn-out liability | 17,353 | | | (9,754) | |
Change in fair value of contingently issuable common stock | 3,560 | | | (2,529) | |
Change in fair value of public warrant liability | 5,345 | | | (4,297) | |
Changes in operating assets and liabilities | | | |
Accounts receivable | 2,107 | | | (14,822) | |
Inventory | 2,041 | | | (4,401) | |
Commission assets | (1,757) | | | (1,656) | |
Contract assets | 75 | | | (1,938) | |
Other assets | 352 | | | (629) | |
Prepaid expenses and other current assets | (2,111) | | | (9,009) | |
Accounts payable | (6,396) | | | 2,177 | |
Deferred revenue | 36,551 | | | 16,005 | |
| | | |
| | | |
Accrued expenses and other current liabilities | 278 | | | (750) | |
Operating lease liability | (218) | | | (699) | |
Net cash used in operating activities | (6,658) | | | (69,421) | |
Cash flows from investing activities: | | | |
Development of internal-use software | (2,202) | | | (1,936) | |
Purchases of property and equipment | (51,646) | | | (17,554) | |
Proceeds from sale of property and equipment | 60 | | | 312 | |
Purchases of marketable securities | (58,652) | | | — | |
Proceeds from maturities of marketable securities | 19,647 | | | — | |
Net cash used in investing activities | (92,793) | | | (19,178) | |
Cash flows from financing activities: | | | |
Proceeds from exercise of stock options and warrants | 616 | | | 571 | |
| | | |
| | | |
| | | |
| | | |
Proceeds from long-term debt | 1,876 | | | — | |
Repayment of principal on long-term debt | (31,876) | | | (1,000) | |
Payment of debt issuance costs and prepayment penalty | (332) | | | — | |
Net cash provided by (used in) financing activities | (29,716) | | | (429) | |
Effect of exchange rate changes on cash and cash equivalents | 1 | | | 35 | |
Net increase (decrease) in cash, cash equivalents and restricted cash | (129,166) | | | (88,993) | |
Cash, cash equivalents and restricted cash | | | |
Cash, cash equivalents and restricted cash at beginning of period | 230,058 | | | 308,167 | |
Cash, cash equivalents and restricted cash at end of period | $ | 100,892 | | | $ | 219,174 | |
| | | |
| | | | | | | | | | | |
| Nine Months Ended September 30, |
| 2023 | | 2022 |
Supplemental disclosure of cash flow information | | | |
Cash paid for interest | $ | 710 | | | $ | 478 | |
Supplemental disclosure of non-cash activities | | | |
Transfer of property and equipment to inventory | $ | 191 | | | $ | — | |
Capital expenditures incurred but not yet paid | 10,214 | | | 5,935 | |
Capitalization of stock compensation | 340 | | | 90 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Reconciliation of cash, cash equivalents and restricted cash: | | | |
Cash and cash equivalents | $ | 99,617 | | | $ | 218,499 | |
Restricted cash | 1,000 | | | 400 | |
Restricted cash, noncurrent | 275 | | | 275 | |
Total cash, cash equivalents and restricted cash shown in the statements of cash flows | $ | 100,892 | | | $ | 219,174 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
EVOLV TECHNOLOGIES HOLDINGS, INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. Nature of the Business and Basis of Presentation
Evolv Technologies Holdings, Inc. (the “Company”), a Delaware corporation, is a leader in AI-based weapons detection for security screening. The Company’s mission is to make the world a safer and more enjoyable place to live, work, learn, and play. The Company is democratizing security by making it seamless for gathering spaces to better address the chronic epidemic of escalating gun violence, mass shootings and terrorist attacks in a cost-effective manner while improving safety and the visitor experience. The Company is headquartered in Waltham, Massachusetts.
As used in this Quarterly Report on Form 10-Q, unless otherwise indicated or the context otherwise requires, references to “we,” “us,” “our,” the “Company” and “Evolv” refer to the consolidated operations of Evolv Technologies Holdings, Inc. and its wholly-owned subsidiaries, which include Evolv Technologies, Inc., Evolv Technologies UK Ltd. and Give Evolv LLC.
Basis of presentation
The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”).
Unaudited Interim Financial Information
The accompanying unaudited condensed consolidated financial statements as of September 30, 2023, and for the three and nine months ended September 30, 2023 and 2022 have been prepared on the same basis as the audited annual consolidated financial statements as of December 31, 2022 and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of September 30, 2023 and the results of its operations for the three and nine months ended September 30, 2023 and 2022 and cash flows for the nine months ended September 30, 2023 and 2022. The results for the three and nine months ended September 30, 2023 are not necessarily indicative of results to be expected for the year ending December 31, 2023, any other interim periods, or any future year or period.
Merger
On July 16, 2021, we consummated the business combination (the “Merger”), contemplated by the Agreement and Plan of Merger, dated March 5, 2021, with NHIC Sub Inc. (“Merger Sub”), a wholly-owned subsidiary of NewHold Investment Corp. (“NHIC”), a special purpose acquisition company, which is our legal predecessor, and Evolv Technologies, Inc. dba Evolv Technology, Inc. (“Legacy Evolv”), as amended by that certain First Amendment to Agreement and Plan of Merger dated June 5, 2021 by and among NHIC, Merger Sub and Legacy Evolv (the “Amendment” and as amended, the “Merger Agreement”). Pursuant to the Merger Agreement, Merger Sub was merged with and into Legacy Evolv, with Legacy Evolv surviving the Merger as a wholly-owned subsidiary of NHIC. Upon the closing of the Merger, NHIC changed its name to Evolv Technologies Holdings, Inc. Evolv Technologies Holdings, Inc. became the successor entity to NHIC pursuant to Rule 12g-3(a) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
2. Summary of Significant Accounting Policies
Significant Accounting Policies
The significant accounting policies and estimates used in preparation of the unaudited condensed consolidated financial statements are described in the Company’s audited consolidated financial statements as of and for the year ended December 31, 2022, and the notes thereto, which are included in our Annual Report on Form 10-K for the year ended December 31, 2022. Other than the addition of the accounting policy related to marketable securities as described in Note
EVOLV TECHNOLOGIES HOLDINGS, INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
3. Marketable Securities, there have been no material changes to the Company’s significant accounting policies during the nine months ended September 30, 2023.
Recently Adopted Accounting Pronouncements
The Company qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 and has elected not to “opt out” to the extended transition related to complying with new or revised accounting standards, which means that when a standard is issued or revised and it has different application dates for public and nonpublic companies, the Company will adopt the new or revised standard at the time nonpublic companies adopt the new or revised standard and will do so until such time that the Company either (1) irrevocably elects to “opt out” of such extended transition period or (2) no longer qualifies as an emerging growth company. The Company may choose to early adopt any new or revised accounting standards whenever such early adoption is permitted for nonpublic companies. Based on our public float as of June 30, 2023, we expect to become a large accelerated filer and lose emerging growth company status as of December 31, 2023. As of December 31, 2023, we will be required to adopt new or revised accounting standards when they are applicable to public companies that are not emerging growth companies. Based on our public float as of June 30, 2023, we also expect to transition out of smaller reporting company status as of December 31, 2023 and will no longer be able to rely on the scaled disclosure requirements allowed for smaller reporting companies.
In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326) (“ASU 2016-13”). The new standard adjusts the accounting for assets held at amortized cost basis, including marketable securities accounted for as available for sale, and trade receivables. The standard eliminates the probable initial recognition threshold and requires an entity to reflect its current estimate of all expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. For public entities except smaller reporting companies, the guidance is effective for annual reporting periods beginning after December 15, 2019 and for interim periods within those fiscal years. In November 2019, the FASB issued ASU No. 2019-10, which deferred the effective date for non-public entities and smaller reporting companies to annual reporting periods beginning after December 15, 2022, including interim periods within those fiscal years. Early application is allowed. The Company adopted this guidance effective January 1, 2023, and the adoption of this guidance did not have a material impact on its consolidated financial statements and related disclosures.
In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which amends ASC 805 to add contract assets and contract liabilities to the list of exceptions to the recognition and measurement principles that apply to business combinations and to require that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. The amendments in ASU 2021-08 are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, and should be applied prospectively to business combinations occurring on or after the effective date of the amendments. Early adoption of the amendments is permitted, including adoption in an interim period. The Company adopted this guidance effective January 1, 2023, and the adoption of this guidance did not have an impact on its consolidated financial statements and related disclosures.
3. Marketable Securities
Marketable securities as of September 30, 2023 consisted of the following:
| | | | | | | | | | | | | | | | | |
| September 30, 2023 |
| Amortized Cost | | Unrealized Gain/(Loss) | | Fair Value |
U.S. Treasury bills | $ | 39,487 | | | $ | — | | | $ | 39,487 | |
Total marketable securities | $ | 39,487 | | | $ | — | | | $ | 39,487 | |
Marketable securities are reported at fair value and, at September 30, 2023, are comprised solely of zero coupon U.S. treasury bills with maturities of less than one year that are classified as available-for-sale debt securities. The Company did not record any unrealized gains or losses on available-for-sale securities for the three or nine months ended September 30, 2023. The accretion of discounts on marketable securities is included in interest income on the condensed
EVOLV TECHNOLOGIES HOLDINGS, INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
consolidated statements of operations and comprehensive income. The Company did not have any marketable securities as of December 31, 2022.
The Company considers an available-for-sale debt security to be impaired if the fair value of the investment is less than its amortized cost basis. The entire difference between the amortized cost basis and the fair value of the Company’s available-for-sale debt securities is recognized on the condensed consolidated statements of operations as an impairment if, (i) the fair value of the security is below its amortized cost and (ii) the Company intends to sell or is more likely than not required to sell the security before recovery of its amortized cost basis. If neither criterion is met, the Company evaluates whether the decline in fair value is due to credit losses or other factors. In making this assessment, the Company considers the changes to the rating of the security by third-party rating agencies, and adverse conditions specific to the security, among other factors. If the Company’s assessment indicates that a credit loss exists, the credit loss is measured based on the Company’s best estimate of the cash flows expected to be collected. When developing its estimate of cash flows expected to be collected, the Company considers all available information relevant to the collectability of the security, including past events, current conditions, and reasonable and supportable forecasts.
4. Fair Value Measurements
The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy used to determine such fair values (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
| Fair Value Measurements at September 30, 2023 |
| Level 1 | | Level 2 | | Level 3 | | Total |
Assets: | | | | | | | |
Money market funds | $ | 73,171 | | | $ | — | | | $ | — | | | $ | 73,171 | |
Treasury bills | — | | | 49,372 | | | — | | | 49,372 | |
| $ | 73,171 | | | $ | 49,372 | | | $ | — | | | $ | 122,543 | |
Liabilities: | | | | | | | |
Contingent earn-out liability | $ | — | | | $ | — | | | $ | 31,571 | | | $ | 31,571 | |
Contingently issuable common stock liability | — | | | — | | | 6,952 | | | 6,952 | |
Public Warrant liability | 11,469 | | | — | | | — | | | 11,469 | |
| $ | 11,469 | | | $ | — | | | $ | 38,523 | | | $ | 49,992 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Fair Value Measurements as of December 31, 2022 |
| Level 1 | | Level 2 | | Level 3 | | Total |
Assets: | | | | | | | |
Money market funds | $ | 149,971 | | | $ | — | | | $ | — | | | $ | 149,971 | |
| $ | 149,971 | | | $ | — | | | $ | — | | | $ | 149,971 | |
Liabilities: | | | | | | | |
Contingent earn-out liability | $ | — | | | $ | — | | | $ | 14,218 | | | $ | 14,218 | |
Contingently issuable common stock liability | — | | | — | | | 3,392 | | | 3,392 | |
Public Warrant liability | 6,124 | | | — | | | — | | | 6,124 | |
| $ | 6,124 | | | $ | — | | | $ | 17,610 | | | $ | 23,734 | |
Money market funds are included in cash and cash equivalents on the condensed consolidated balance sheets. U.S. treasury bills with maturities less than 3 months, which totaled $9.9 million as of September 30, 2023, are included in cash and cash equivalents, while treasury bills with maturities greater than 3 months, which totaled $39.5 million as of September 30, 2023, are reflected as marketable securities. The fair value of the treasury bills, which are classified as Level 2 securities, is calculated by a third-party pricing service and is based on estimates obtained from various sources.
EVOLV TECHNOLOGIES HOLDINGS, INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The Company may also value its non-financial assets and liabilities, including items such as inventories and property and equipment, at fair value on a non-recurring basis if it is determined that impairment has occurred. Such fair value measurements use significant unobservable inputs and are classified as Level 3.
During each of the three and nine months ended September 30, 2023 and 2022, there were no transfers between Level 1, Level 2 and Level 3.
Valuation of Contingent Earn-out
Pursuant to the Merger Agreement, the Legacy Evolv stockholders, immediately prior to the Merger, were entitled to receive additional shares of the Company’s common stock upon the Company achieving certain milestones as described in Note 2 of our consolidated financial statements of our Annual Report on Form 10-K for the year ended December 31, 2022. The Company’s contingent earn-out shares were recorded at fair value as contingent earn-out liability upon the closing of the Merger and are remeasured each reporting period. As of September 30, 2023, no milestones have been achieved.
The fair value of the contingent earn-out is calculated using a Monte Carlo analysis in order to simulate the future path of the Company’s stock price over the earn-out period. The carrying amount of the liability may fluctuate significantly and actual amounts paid may be materially different from the liability’s estimated value. The significant assumptions used in the Monte Carlo model as of September 30, 2023 were as follows: 87.5% expected stock price volatility, a risk-free rate of return of 4.9%, a 25% likelihood of change in control and a remaining term of 2.4 years.
The following table provides a rollforward of the contingent earn-out liability (in thousands):
| | | | | |
Balance at December 31, 2022 | $ | 14,218 | |
Change in fair value | 17,353 | |
Balance at September 30, 2023 | $ | 31,571 | |
Valuation of Contingently Issuable Common Stock
Prior to the Merger, certain NHIC stockholders owned 4,312,500 shares of NHIC Class B common stock (the "Founder Shares"). Upon the closing of the Merger, NHIC Class A and Class B common stock became the Company's common stock. 1,897,500 Founder Shares vested at the closing of the Merger, 517,500 Founder Shares were transferred back to NHIC and then contributed to Give Evolv LLC, and the remaining 1,897,500 outstanding Founder Shares are contingently issuable and shall vest upon the Company achieving certain milestones as described in Note 2 of our consolidated financial statements of our Annual Report on Form 10-K for the year ended December 31, 2022. The Company’s contingently issuable common shares were recorded at fair value on the closing of the Merger and are remeasured each reporting period. As of September 30, 2023, no milestones have been achieved.
The fair value of the contingently issued common shares is determined using a Monte Carlo analysis in order to simulate the future path of the Company’s stock price over the vesting period. The carrying amount of the liability may fluctuate significantly and actual amounts paid may be materially different from the liability’s estimated value. The significant assumptions used in the Monte Carlo model as of September 30, 2023 were as follows: 87.5% expected stock price volatility, a risk-free rate of return of 4.8%, a 25% likelihood of change in control and a remaining term of 2.8 years.
The following table provides a rollforward of the contingently issuable common shares (in thousands):
| | | | | |
Balance at December 31, 2022 | $ | 3,392 | |
Change in fair value | 3,560 | |
Balance at September 30, 2023 | $ | 6,952 | |
EVOLV TECHNOLOGIES HOLDINGS, INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Valuation of Public Warrant Liability
In connection with the closing of the Merger, the Company assumed warrants (the "Public Warrants") to purchase 14,325,000 shares of common stock at an exercise price of $11.50. The Public Warrants are immediately exercisable and expire in July 2026. The Public Warrants are classified as a liability and are subsequently remeasured to fair value at each reporting date based on the closing price as reported by Nasdaq on the last date of the reporting period. As of September 30, 2023, 14,324,893 Public Warrants are outstanding.
The following table provides a rollforward of the public warrant liability (in thousands):
| | | | | |
Balance at December 31, 2022 | $ | 6,124 | |
Change in fair value | 5,345 | |
Balance at September 30, 2023 | $ | 11,469 | |
5. Revenue Recognition
The Company recognizes revenue in accordance with Accounting Standards Codification 606 – Revenue from Contracts with Customers (“ASC 606”). Under ASC 606, revenue is recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. In order to achieve this core principle, the Company applies the following five steps when recording revenue: (1) identify the contract, or contracts, with the customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract and (5) recognize revenue when, or as, performance obligations are satisfied.
The Company derives revenue from (1) subscription arrangements generally accounted for as operating leases under ASC 842 and (2) from the sale of products, inclusive of SaaS and maintenance, (3) professional services, and (4) license fees related to a distribution and license agreement with the Company's primary contract manufacturer. The Company’s arrangements are generally noncancelable and nonrefundable after shipment to the customer. Revenue is recognized net of sales tax.
Remaining Performance Obligations
The following table includes estimated revenues expected to be recognized in the future related to performance obligations that are unsatisfied (or partially satisfied) as of September 30, 2023.
EVOLV TECHNOLOGIES HOLDINGS, INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
| | | | | | | | | | | | | | | | | |
| Less than 1 year | | Greater than 1 year | | Total |
Product revenue | $ | 2,469 | | | $ | — | | | $ | 2,469 | |
Subscription revenue | 51,258 | | | 108,942 | | | 160,200 | |
Service revenue | 18,173 | | | 40,284 | | | 58,457 | |
Total revenue | $ | 71,900 | | | $ | 149,226 | | | $ | 221,126 | |
The amount of minimum future leases included in subscription revenue in the table above is based on expected income recognition. As of September 30, 2023, future minimum payments on noncancelable leases are as follows (in thousands):
| | | | | |
Year Ending December 31: | |
2023 (three months remaining) | $ | 12,988 | |
2024 | 50,800 | |
2025 | 46,632 | |
2026 | 35,489 | |
2027 | 14,291 | |
| |
| $ | 160,200 | |
Contract Balances from Contracts with Customers
Contract assets arise from unbilled amounts in customer arrangements when revenue recognized exceeds the amount billed to the customer and the Company’s right to payment is conditional and not only subject to the passage of time. As of September 30, 2023 and December 31, 2022, the Company had $3.7 million and $2.9 million in current portion of contract assets and $0.5 million and $1.4 million in contract assets, noncurrent on the condensed consolidated balance sheets, respectively.
Contract liabilities represent the Company’s obligation to transfer goods or services to a customer for which it has received consideration (or the amount is due) from the customer. The Company has a contract liability related to service revenue, which consists of amounts that have been invoiced but that have not been recognized as revenue. Amounts expected to be recognized as revenue within 12 months of the balance sheet date are classified as current deferred revenue and amounts expected to be recognized as revenue beyond 12 months of the balance sheet date are classified as deferred revenue, noncurrent. The Company recognized revenue of $4.4 million and $16.5 million during the three and nine months ended September 30, 2023 that was included in the December 31, 2022 deferred revenue balance. The Company recognized revenue of $1.3 million and $6.0 million during the three and nine months ended September 30, 2022 that was included in the December 31, 2021 deferred revenue balance.
EVOLV TECHNOLOGIES HOLDINGS, INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following table provides a rollforward of deferred revenue (in thousands):
| | | | | |
Balance at December 31, 2022 | $ | 35,968 | |
Revenue recognized in relation to the beginning of the year contract liability balance | (16,507) | |
Revenue deferred | 53,058 | |
Balance at September 30, 2023 | $ | 72,519 | |
The following table presents the Company’s components of lease revenue (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
Revenue from sales-type leases | $ | — | | | $ | 29 | | | $ | — | | | $ | 1,135 | |
Interest income on lease receivables | 49 | | | 60 | | | 153 | | | 170 | |
Lease income - operating leases | 10,231 | | | 5,198 | | | 24,661 | | | 12,208 | |
Total lease revenue | $ | 10,280 | | | $ | 5,287 | | | $ | 24,814 | | | $ | 13,513 | |
The revenue from sales-type leases is related to the Evolv Express units where the lease term is for the major part of the economic life of the underlying equipment and is classified as product revenue in the condensed consolidated statements of operations and comprehensive loss. The interest income on lease receivables is classified under interest income in the condensed consolidated statements of operations and comprehensive loss. The lease income from operating leases is related to the leased equipment under subscription arrangements and is classified as subscription revenue in the condensed consolidated statements of operations and comprehensive loss. Revenue related to leases entered into with related parties were $0.3 million and $0.5 million during the three and nine months ended September 30, 2023, respectively. Revenue related to leases entered into with related parties were $0.2 million and $0.4 million during the three and nine months ended September 30, 2022, respectively.
Disaggregated Revenue
The following table presents the Company’s revenue by revenue stream (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
Product revenue | $ | 3,191 | | | $ | 9,839 | | | $ | 19,188 | | | $ | 19,179 | |
Leased equipment | 10,231 | | | 5,198 | | | 24,661 | | | 12,208 | |
SaaS, maintenance, and other revenue | 4,397 | | | 1,180 | | | 11,296 | | | 2,277 | |
Professional services | 360 | | | 313 | | | 1,440 | | | 646 | |
License fee and other revenue | 2,012 | | | — | | | 2,012 | | | — | |
Total revenue | $ | 20,191 | | | $ | 16,530 | | | $ | 58,597 | | | $ | 34,310 | |
EVOLV TECHNOLOGIES HOLDINGS, INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Commissions
The Company incurs and pays commissions on product sales. The Company applies the practical expedient for contracts less than one year to expense the commission costs in the period in which they were incurred. Commissions on product sales and services are expensed in the period in which the related revenue is recognized. Commissions on subscription arrangements and maintenance are expensed ratably over the life of the contract. The Company had a deferred asset related to commissions of $10.8 million and $9.0 million as of September 30, 2023 and December 31, 2022, respectively. During the three months ended September 30, 2023 and 2022, the Company recognized commission expense of $1.3 million and $1.2 million, respectively. During the nine months ended September 30, 2023 and 2022, the Company recognized commission expense of $4.4 million and $2.4 million, respectively.
6. Accounts Receivable
Allowance for Expected Credit Losses
Changes in the allowance for expected credit losses were as follows (in thousands):
| | | | | |
| Allowance for Doubtful Accounts |
Balance at December 31, 2022 | $ | (200) | |
Provisions | (258) | |
Write-offs, net of recoveries | 21 | |
Balance at September 30, 2023 | $ | (437) | |
7. Inventory
Inventory consisted of the following (in thousands):
| | | | | | | | | | | |
| September 30, 2023 | | December 31, 2022 |
Raw materials | $ | 1,323 | | | $ | 2,334 | |
Finished goods | 6,503 | | | 7,923 | |
Total | $ | 7,826 | | | $ | 10,257 | |
EVOLV TECHNOLOGIES HOLDINGS, INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
8. Property and Equipment, Net
Property and equipment, net consisted of the following (in thousands):
| | | | | | | | | | | |
| September 30, 2023 | | December 31, 2022 |
Computers and telecom equipment | $ | 1,256 | | | $ | 599 | |
Lab equipment | 981 | | | 871 | |
Furniture and fixtures | 111 | | | 111 | |
Leasehold improvements | 566 | | | 542 | |
Leased equipment | 69,129 | | | 35,983 | |
Capitalized software | 7,041 | | | 4,150 | |
Sales demo equipment | 2,720 | | | 2,340 | |
Equipment held for lease1 | 25,656 | | | 7,826 | |
Construction in progress | 638 | | | 71 | |
| 108,098 | | | 52,493 | |
Less: Accumulated depreciation and amortization | (14,103) | | | (7,786) | |
| $ | 93,995 | | | $ | 44,707 | |
1 Represents equipment that has not yet been deployed to a customer and, accordingly, is not being depreciated.
As of September 30, 2023 and December 31, 2022, the net book value of capitalized software was $5.7 million and $3.5 million, respectively. These amounts include $0.5 million and $0.2 million of capitalized stock compensation costs, respectively. Depreciation and amortization expense related to property and equipment was $2.7 million and $1.4 million for the three months ended September 30, 2023 and 2022, and $6.8 million and $3.8 million for the nine months ended September 30, 2023 and 2022, respectively.
Leased equipment and the related accumulated depreciation were as follows:
| | | | | | | | | | | |
| September 30, 2023 | | December 31, 2022 |
Leased equipment | $ | 69,129 | | | $ | 35,983 | |
Accumulated depreciation | (10,698) | | | (5,802) | |
Leased equipment, net | $ | 58,431 | | | $ | 30,181 | |
Depreciation expense related to leased units was $2.2 million and $1.1 million during the three months ended September 30, 2023 and 2022, and $5.4 million and $3.0 million for the nine months ended September 30, 2023 and 2022, respectively. Depreciable lives are generally 7 years, consistent with the Company’s planned and historical usage of the equipment subject to operating leases.
EVOLV TECHNOLOGIES HOLDINGS, INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
9. Long-term Debt
The components of the Company’s long-term debt consisted of the following (in thousands):
| | | | | | | | | | | |
| September 30, 2023 | | December 31, 2022 |
Term loans payable | $ | — | | | $ | 30,000 | |
Less: Unamortized discount | — | | | (317) | |
| — | | | 29,683 | |
Less: Current portion of long-term debt | — | | | 10,000 | |
Long-term debt, net of discount | $ | — | | | $ | 19,683 | |
Silicon Valley Bank Term Loan Agreement
In December 2022, the Company entered into a loan and security agreement (the "2022 SVB Credit Agreement") with Silicon Valley Bank ("SVB") in order to finance purchases of hardware to be leased to customers. The 2022 SVB Credit Agreement provided for an initial term loan advance of $30.0 million, which was approximately equivalent to the value of all hardware purchases made to support leasing transactions with the Company's customers through December 21, 2022 (the "SVB Closing Date"), with the opportunity to obtain, within 18 months after the SVB Closing Date, additional term loan advances, subject to the satisfaction of certain conditions, in an aggregate principal amount equal to $20.0 million (subject to an increase of an additional $25.0 million upon the satisfaction of certain conditions and approval from SVB). The interest rate applicable to the SVB Term Loans was the greater of (a) the Wall Street Journal Prime Rate plus 1.0% or (b) 7.25% per annum. Interest and principal under the SVB Credit Agreement was payable monthly.
On March 10, 2023, SVB was closed by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Corporation ("FDIC") as receiver. The FDIC created a successor bridge bank, Silicon Valley Bridge Bank, N.A. ("SVBB"), and all deposits of SVB were transferred to SVBB under a systemic risk exception approved by the Federal Reserve, the U.S. Treasury Department, and the FDIC. On March 12, 2023, the Federal Reserve, the U.S. Treasury Department, and the FDIC announced in a joint statement that all SVB deposits, including both insured and uninsured amounts, would be available in full to account holders. SVB was acquired by First Citizens Bank on March 27, 2023.
In light of the foregoing, on March 28, 2023, upon the recommendation of the Company’s newly-formed Investment Committee of the Board of Directors, the Company (i) gave notice of its desire and intent to terminate the commitments under the 2022 SVB Credit Agreement and (ii) transferred its excess cash out of First Citizens Bank (the “Transfer”). The Transfer resulted in an event of default under the 2022 SVB Credit Agreement. Upon the occurrence of such event of default, First Citizens Bank could have, but was not required to, declare all obligations under the 2022 SVB Credit Agreement immediately due and payable. First Citizens Bank did not make such declaration following such event of default.
On March 31, 2023, the Company fully repaid all borrowings and accrued interest under the 2022 SVB Credit Agreement and terminated the 2022 SVB Credit Agreement. In accordance with the terms of the 2022 SVB Credit Agreement, the Company was required to pay a prepayment premium equal to 1.0% of the principal balance on the date of repayment. The Company incurred a loss on debt extinguishment of $0.6 million, consisting of the prepayment penalty of $0.3 million and the write-off of $0.3 million of unamortized debt issuance costs.
EVOLV TECHNOLOGIES HOLDINGS, INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
10. Stock-Based Compensation
Stock Options
The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted during the nine months ended September 30, 2023 and 2022:
| | | | | | | | | | | |
| Nine Months Ended September 30, |
| 2023 | | 2022 |
Risk-free interest rate | 4.2 | % | | 1.6 | % |
Expected term (in years) | 6.1 | | 6.1 |
Expected volatility | 87.5 | % | | 75.0 | % |
Expected dividend yield | 0.0 | % | | 0.0 | % |
The following table summarizes the Company’s stock option activity since December 31, 2022 (in thousands, except for share and per share data):
| | | | | | | | | | | |
| Number of Shares | | Weighted Average Exercise Price |
| | | |
Outstanding as of December 31, 2022 | 20,396,824 | | $ | 0.73 | |
Granted | 2,840,421 | | 3.12 | |
Exercised | (1,607,650) | | 0.38 | |
Forfeited | (566,551) | | | 1.23 | |
Outstanding as of September 30, 2023 | 21,063,044 | | 1.07 | |
Restricted Stock Units
The following table summarizes the Company's restricted stock units activity since December 31, 2022:
| | | | | | | | | | | |
| Number of Shares | | Grant Date Fair Value |
| | | |
Outstanding as of December 31, 2022 | 7,501,945 | | | $ | 3.54 | |
Granted | 7,917,033 | | | 3.33 | |
Vested | (2,586,184) | | | 3.47 | |
Forfeited | (735,686) | | | 3.62 | |
Outstanding as of September 30, 2023 | 12,097,108 | | | $ | 3.41 | |
EVOLV TECHNOLOGIES HOLDINGS, INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Performance Stock Units
The following table summarizes the Company's performance stock units activity since December 31, 2022:
| | | | | | | | | | | |
| Number of Shares | | Grant Date Fair Value |
| | | |
Outstanding as of December 31, 2022 | 864,000 | | | $ | 2.65 | |
Granted | — | | | — | |
Vested | (432,000) | | | 2.65 | |
Forfeited | (46,000) | | | 2.66 | |
Outstanding as of September 30, 2023 | 386,000 | | | $ | 2.65 | |
Finback Common Stock Warrants
In January 2021, the Company granted warrants (the "Finback Common Stock Warrants") to purchase 2,552,913 shares of the Company's Class A common stock at an exercise price of $0.42 per share to Finback Evolv OBH, LLC ("Finback"), a consulting group affiliated with one of the Company's stockholders. The Finback Common Stock Warrants vest upon meeting certain sales criteria as defined in a business development agreement (the "Finback BDA"), which has a term of 3 years. The Finback BDA expired on January 1, 2023 but includes a 1-year "tail period" expiring on January 1, 2024. During the tail period, Finback Common Stock Warrants will continue to vest related to any sale consummated by the Company for which it is determined Finback provided services prior to January 1, 2023 in furtherance of the sale. The Finback Common Stock Warrants expire in January 2031. The Finback Common Stock Warrants are accounted for under ASC 718 Compensation – Stock Compensation as the warrants vest upon certain performance conditions being met.
During the three and nine months ended September 30, 2023, 0 and 830,216 Finback Common Stock Warrants were exercised, respectively. As of September 30, 2023, 273,657 Finback Common Stock Warrants were exercisable at a total aggregate intrinsic value of $1.2 million, and 1,317,327 Finback Common Stock Warrants are unvested and have a total unrecognized grant date fair value of $10.0 million. During the three months ended September 30, 2023 and 2022, the Company recorded $0.8 million and $1.3 million, respectively, of stock-based compensation expense within sales and marketing expense related to the Finback Common Stock Warrants. During the nine months ended September 30, 2023 and 2022, the Company recorded $2.2 million and $2.1 million, respectively, of stock-based compensation expense within sales and marketing expense related to the Finback Common Stock Warrants.
Stock-Based Compensation
Stock-based compensation expense was classified in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
Cost of revenue | $ | 117 | | $ | 227 | | $ | 446 | | $ | 615 |
Research and development | 1,171 | | 1,664 | | 3,246 | | 3,143 |
Sales and marketing | 1,790 | | 2,482 | | 6,296 | | 6,310 |
General and administrative | 2,493 | | 2,152 | | 7,315 | | 5,445 |
Total stock-based compensation expense | $ | 5,571 | | $ | 6,525 | | $ | 17,303 | | $ | 15,513 |
EVOLV TECHNOLOGIES HOLDINGS, INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
11. Income Taxes
There is no provision for income taxes for the three and nine months ended September 30, 2023 and 2022 because the Company has historically incurred net operating losses and maintains a full valuation allowance against its deferred tax assets.
The Company’s tax provision and the resulting effective tax rate for interim periods is determined based upon its estimated annual effective tax rate (“AETR”), adjusted for the effect of discrete items arising in that quarter. The impact of such inclusions could result in a higher or lower effective tax rate during a particular quarter, based upon the mix and timing of actual earnings or losses versus annual projections. In each quarter, the Company updates its estimate of the annual effective tax rate, and if the estimated annual tax rate changes, a cumulative adjustment is made in that quarter.
12. Net Income (Loss) per Share
Basic net income (loss) per share is calculated by dividing net income attributable to common stockholders by the weighted average shares outstanding during the period. Diluted net income (loss) per share is calculated by adjusting weighted average shares outstanding for the dilutive effect of potential common shares, determined using the treasury stock method. Basic and diluted net income (loss) per share attributable to common stockholders are calculated as follows (in thousands, except share and per share amounts):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
Numerator: | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Net Income (loss) | $ | 5,999 | | $ | (18,615) | | $ | (89,364) | | $ | (58,102) |
Reallocation of net income attributable to participating securities | (74) | | — | | — | | — |
Net income (loss) attributable to common stockholders – basic and diluted | $ | 5,925 | | $ | (18,615) | | $ | (89,364) | | $ | (58,102) |
| | | | | | | |
Denominator: | | | | | | | |
Weighted average common shares outstanding – basic | 150,206,893 | | 144,117,273 | | 148,521,299 | | 143,522,555 |
Weighted average effect of potentially dilutive securities: | | | | | | | |
| | | | | | | |
Stock options | 16,528,407 | | — | | — | | — |
Restricted stock units | 6,674,985 | | — | | — | | — |
Performance stock units | 356,780 | | — | | — | | — |
Finback Common Stock Warrants | 209,310 | | — | | — | | — |
Total potentially dilutive securities | 23,769,482 | | — | | — | | — |
Weighted average common shares outstanding — diluted | 173,976,375 | | 144,117,273 | | 148,521,299 | | 143,522,555 |
Net income (loss) per share attributable to common stockholders - basic | $ | 0.04 | | $ | (0.13) | | $ | (0.60) | | $ | (0.40) |
Net income (loss) per share attributable to common stockholders - diluted | $ | 0.03 | | $ | (0.13) | | $ | (0.60) | | $ | (0.40) |
| | | | | | | |
| | | | | | | |
| | | | | | | |
EVOLV TECHNOLOGIES HOLDINGS, INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following potentially dilutive outstanding securities were excluded from the computation of diluted net loss per share attributable to common stockholders because their effect would have been anti-dilutive or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
Options issued and outstanding | — | | | 21,027,840 | | | 21,063,044 | | 21,027,840 | |
Public Warrants to purchase common stock | 14,324,893 | | | 14,324,994 | | | 14,324,893 | | | 14,324,994 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Warrants to purchase common stock (Finback)** | 1,317,327 | | | 2,421,200 | | | 1,590,984 | | | 2,421,200 | |
Unvested restricted stock units | 397,771 | | | 7,336,179 | | | 12,097,108 | | | 7,336,179 | |
Unvested performance stock units | — | | | 889,000 | | | 386,000 | | | 889,000 | |
Earn-out shares* | 15,000,000 | | | 15,000,000 | | | 15,000,000 | | | 15,000,000 | |
Contingently issuable common stock* | 1,897,500 | | | 1,897,500 | | | 1,897,500 | | | 1,897,500 | |
| | | | | | | |
| 32,937,491 | | | 62,896,713 | | | 66,359,529 | | | 62,896,713 | |
*Issuance of Earn-out shares and Contingently issuable common stock is contingent upon the satisfaction of certain conditions, which were not satisfied by the end of the period
**Includes 273,657 vested warrants and 1,317,327 unvested warrants as of September 30, 2023
13. Related Party Transactions
Business Development Agreement with Finback
In January 2021, the Company granted the Finback Common Stock Warrants subject to the terms of the Finback BDA, as discussed in Note 10.
In connection with the Merger and pursuant to the Merger Agreement, in addition to earn-out shares allocated to Finback based on its common stock ownership percentage as of the Merger date, Finback is entitled to receive a proportional share of earn-out shares based upon its remaining unvested warrants as of the Merger Date.
Original Equipment Manufacturer Partnership Agreement with Motorola
In December 2020, the Company entered into an original equipment manufacturer partnership agreement with Motorola Solutions, Inc. ("Motorola"), an investor in the Company. The partnership agreement has since been amended and restated. Motorola sells Motorola-branded premium products based on the Evolv Express platform through their worldwide network of over 2,000 resellers and integration partners, and has integrated the Evolv Express platform with Motorola products. During the three months ended September 30, 2023 and 2022, revenue from Motorola's distributor services was $1.7 million and $2.3 million, respectively. During the nine months ended September 30, 2023 and 2022, revenue from Motorola's distributor services was $7.9 million and $5.0 million, respectively. As of September 30, 2023 and December 31, 2022, accounts receivable related to Motorola’s distributor services was $2.0 million and $12.5 million, respectively.
Reseller Agreement with Stanley Black & Decker
In June 2020, the Company entered into a reseller agreement with Stanley Black & Decker, an investor in the Company. Stanley Black & Decker's electronic security business was acquired by Securitas AB ("Securitas") in 2023. Securitas, directly or through its affiliates, resells the Company's products. During the three months ended September 30, 2023 and 2022, revenue from Securitas' reseller services was $0.4 million and $0.5 million, respectively. During the nine months ended September 30, 2023 and 2022, revenue from Securitas' reseller services was $1.3 million and $0.8 million, respectively. As of September 30, 2023 and December 31, 2022, accounts receivable related to Securitas' reseller services was $0.4 million and $2.2 million, respectively.
EVOLV TECHNOLOGIES HOLDINGS, INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
14. Commitments and Contingencies
Indemnification Agreements
In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its Board of Directors and certain of its executive officers and employees that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their role, status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not incurred any material costs as a result of such indemnifications. The Company is not currently aware of any indemnification claims and has not accrued any liabilities related to such obligations in its condensed consolidated financial statements as of September 30, 2023 or December 31, 2022.
Legal Proceedings and Other Matters
The Company is not a party to any litigation of a material nature and does not have contingency reserves established for any litigation liabilities. At each reporting date, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company expenses the costs related to such legal proceedings as incurred.
In the ordinary course of business, the Company is subject to regulatory and governmental examinations, information gathering requests, inquiries and investigations. For example, the U.S. Federal Trade Commission ("FTC") has previously requested information about certain aspects of the Company's marketing practices. The Company has provided, and continues to provide, documentation and information responsive to the FTC inquiry. We currently do not expect such examinations, requests, inquiries or investigations to have a material effect on our results of operations, financial condition or liquidity, either individually or in the aggregate.
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
You should read the following discussion and analysis of our financial condition and results of operations together with our condensed consolidated financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q and our audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2022 (the "2022 Form 10-K"). This discussion contains forward-looking statements based upon current plans, expectations and beliefs involving risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under “Risk Factors” section of our 2022 Form 10-K and in other parts of this Quarterly Report on Form 10-Q.
On July 16, 2021, we consummated the business combination (the “Merger”), contemplated by the Agreement and Plan of Merger, dated March 5, 2021, with NHIC Sub Inc. (“Merger Sub”), a wholly-owned subsidiary of NewHold Investment Corp. (“NHIC”), a special purpose acquisition company, which is our legal predecessor, and Evolv Technologies, Inc. dba Evolv Technology, Inc. (“Legacy Evolv”), as amended by that certain First Amendment to Agreement and Plan of Merger dated June 5, 2021 by and among NHIC, Merger Sub and Legacy Evolv (the “Amendment” and as amended, the “Merger Agreement”). Pursuant to the Merger Agreement, Merger Sub was merged with and into Legacy Evolv, with Legacy Evolv surviving the merger as a wholly-owned subsidiary of NHIC. Upon the closing of the Merger, NHIC changed its name to Evolv Technologies Holdings, Inc. Evolv Technologies Holdings, Inc. became the successor entity to NHIC pursuant to Rule 12g-3(a) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
As used in this Quarterly Report on Form 10-Q, unless otherwise indicated or the context otherwise requires, references to “we,” “us,” “our,” the “Company” and “Evolv” refer to the consolidated operations of Evolv Technologies Holdings, Inc. and its subsidiaries. References to “NHIC” refer to the company prior to the consummation of the Merger and references to “Legacy Evolv” refer to Evolv Technologies, Inc. dba Evolv Technology, Inc. prior to the consummation of the Merger.
Business Overview
We are a leader in AI-based weapons detection for security screening. Unlike conventional walk-through metal detectors, our products use advanced sensors, artificial intelligence software, and cloud services to reliably detect guns, improvised explosives, and large knives while ignoring harmless items like phones and keys. This not only enhances security at venues and facilities but also improves the visitor experience by making screening up to ten times faster than alternatives at up to 70% lower total cost.
Our products have screened over 1 billion visitors worldwide since our inception. We believe that we have screened more people through advanced systems than any organization other than the United States Transportation Security Administration (“TSA”). Our customers include many iconic venues across a wide variety of industries, including major sports stadiums and arenas, notable performing arts and entertainment venues, major tourist destinations and cultural attractions, hospitals, large industrial workplaces, schools, and prominent houses of worship. We offer our products for lease or purchase and utilize a multi-year security-as-a-service subscription pricing model that delivers ongoing value to customers, generates predictable revenue, and creates expansion and upsell opportunities.
Since our inception, we have incurred significant operating losses. Our ability to generate revenue and achieve cost improvements sufficient to achieve profitability will depend on the successful further development and commercialization of our products. We generated revenue of $20.2 million and $16.5 million for the three months ended September 30, 2023 and 2022, respectively. We generated operating losses of $20.2 million and $26.6 million for the three months ended September 30, 2023 and 2022, respectively. We expect to continue to incur operating losses as we focus on growing and establishing recurring commercial sales of our products, including growing our sales and marketing teams, scaling our manufacturing operations, and continuing research and development efforts to develop new products and further enhance our existing products.
Because of the numerous risks and uncertainties associated with product development and commercialization, we are unable to accurately predict the timing or amount of increased expenses or when, or if, we will be able to achieve or maintain profitability. Until such time, if ever, as we can generate substantial revenue sufficient to achieve profitability, we expect to finance our operations through cash generated from operations, and if necessary, debt financings. However, we may be unable to raise additional funds or enter into such other agreements or arrangements when needed on favorable
terms, or at all. If we are unable to raise capital or enter into such agreements as, and when, needed, we may have to significantly delay, scale back or discontinue the further development and commercialization efforts of one or more of our products, or may be forced to reduce or terminate our operations. See “Liquidity and Capital Resources.”
Key Factors Affecting Our Operating Results
We believe that our performance and future success depend on many factors that present significant opportunities for us but also pose risks and challenges, including those discussed below and in the "Risk Factors" section of our 2022 Form 10-K.
General Economic and Market Conditions
We expect that our results of operations, including our revenue and cost of revenue, may fluctuate or continue to fluctuate based on, among other things, the impact of rising inflation and interest rates on business spending; supply chain issues and the impacts on our manufacturing capabilities; public health emergencies; geopolitical conflicts and war, including in Europe and the Middle East; and a possible prolonged economic recession. While these factors continue to evolve, we plan to remain flexible and to optimize our business as appropriate and allocate resources, as necessary.
Adoption of our Security Screening Products
We believe the world will continue to focus on the safety and security of people in the places where they gather. Many of these locations, such as professional sports venues, educational institutions, and healthcare facilities, are moving toward a more frictionless security screening experience. We believe that we are well-positioned to take advantage of this opportunity due to our proprietary technologies and distribution capabilities. Our products are designed to empower venues and facilities to realize the full benefits of touchless security screening, including faster visitor throughput, reduced security staff requirements, and a less invasive screening experience for visitors. We expect that our results of operations, including revenue, will fluctuate for the foreseeable future as venues and facilities continue to shift away from conventional security screening processes towards touchless security screening or consider security screening processes for the first time. The degree to which potential and current customers recognize these benefits and invest in our products will affect our financial results.
Sales Mix, Pricing, Product Cost and Margins
We continue to transition our go-to-market strategy to focus on our "pure subscription" sales model, where the customer leases our hardware, as opposed to purchasing the hardware outright, and enters into a multi-year security-as-a-service subscription, as well as our distributor model, as discussed below. Accordingly, subscription revenue as a percentage of total revenue has increased from 31% for the three months ended September 30, 2022 to 51% for the three months ended September 30, 2023, while hardware license fees generated from our distributor model were $2.0 million for the three months ended September 30, 2023, which was the first quarter in which the Company recognized revenue from license fees.
We believe that the pure subscription model aligns more closely with the SaaS nature of our business and results in a more predictable and consistent recurring revenue stream as compared to the purchase subscription model. As part of this overall strategy, we entered into a distribution and license agreement in March 2023 (the "Distribution and License Agreement") with Columbia Electrical Contractors, Inc. ("Columbia Tech"), which currently serves as our primary contract manufacturer. Under this arrangement, we have granted a limited, non-exclusive license under our intellectual property rights to Columbia Tech, and Columbia Tech manufactures hardware systems and contracts directly with certain of our resellers to fulfill sales demand where the end-user customer requires the contract to be in form of a hardware purchase. Columbia Tech pays us a hardware license fee for each system sold under this agreement. In these instances, we still contract directly with the reseller to provide a multi-year security-as-a-service subscription to the end-users.
Going forward, we expect our products to be adopted in a variety of vertical industry markets and geographic regions, primarily within the United States. Pricing may vary by region due to market-specific dynamics. As a result, our financial performance depends, in part, on the mix of sales, bookings, and business in different markets during a given period. In addition, we are subject to price competition, and our ability to compete in key markets will depend on the success of our investments in new technologies and cost improvements as well as our ability to efficiently and reliably introduce cost-effective touchless security screening products to our customers.
Continued Investment and Innovation
We are a leader in AI-based weapons detection for security screening, offering transformative technologies that enable enhanced security, higher throughput, a more frictionless visitor experience, and substantial cost savings through our product innovations. Our performance is significantly dependent on the investment we make in our research and development efforts and on our ability to be at the forefront of the security screening industry. It is essential that we continually identify and respond to rapidly evolving customer requirements, develop and introduce innovative new products, enhance existing products and generate customer demand for our products. We believe that investment in our security screening products will contribute to long-term revenue growth, but it may adversely affect our near-term profitability.
Components of Results of Operations
Revenue
We derive revenue from (1) subscription arrangements generally accounted for as operating leases, (2) the sale of products, inclusive of SaaS and maintenance, (3) professional services, and (4) license fees related to the Distribution and License Agreement. Our arrangements are generally noncancelable and nonrefundable after shipment to the customer. Revenue is recognized net of sales tax.
Product Revenue
We derive a portion of our revenue from the sale of our Evolv Express equipment and related add-on accessories to customers. Revenue is recognized when control of the product has transferred to the customer, which follows the terms of each contract. We expect product revenue to decline as a percentage of our overall revenue over time as more customers enter full subscription transactions with us and as our subscription becomes more valuable to our business.
Subscription Revenue
Subscription revenue consists of revenue derived from leasing Evolv Express and Evolv Edge units to our customers. Lease terms are typically four years and customers generally pay either a quarterly or annual fixed payment for the lease, SaaS, and maintenance elements over the contractual lease term. Equipment leases are generally classified as operating leases as they do not meet any of the sales-type lease criteria per ASC 842 and recognized ratably over the duration of the lease. There are no contingent lease payments as a part of these arrangements.
Generally, lease arrangements include both lease and non-lease components. The non-lease components relate to (1) distinct services, such as installation, training, SaaS, and maintenance and (2) any add-on accessories. Installation and training are included in services revenue as described below, and add-on accessories are included in product revenue as described above. Because the equipment lease, SaaS, and maintenance components of a subscription arrangement are recognized as revenue over the same time period and in the same pattern, the equipment lease and SaaS/maintenance performance obligations are classified as a single category of subscription revenue in our condensed consolidated statements of operations and comprehensive loss.
Services Revenue
Services revenue includes subscription-based SaaS and maintenance revenue related to products sold to customers, installation and training services, and license fees related to the Distribution and License Agreement. Maintenance consists of technical support, bug fixes, and when-and-if available threat updates. SaaS and maintenance revenue is recognized ratably over the period of the arrangement, which is typically four years. Revenue for installation and training are recognized upon transfer of control of these services, which are normally rendered over a short duration. License fee revenue is recognized upon the shipment of product from Columbia Tech to the reseller.
Cost of Revenue
We recognize cost of revenue in the same manner that the related revenue is recognized.
Cost of Product Revenue
Cost of product revenue consists primarily of costs paid to third party manufacturers and other suppliers and shipping costs.
Cost of Subscription Revenue
Cost of subscription revenue consists primarily of depreciation expense related to leased units, an allocated portion of internal-use software amortization expense, shipping costs, and maintenance costs related to leased units. Maintenance costs consist primarily of labor (including stock-based compensation), spare parts, shipping costs, field service repair costs, equipment, and supplies.
Cost of Services Revenue
Cost of services revenue consists of costs related to installation and training services, an allocated portion of internal-use software amortization expense, and maintenance costs related to units purchased by customers. Maintenance costs consist primarily of labor (including stock-based compensation), spare parts, shipping costs, field service repair costs, equipment, and supplies.
Gross Profit and Gross Margin
Our gross profit is calculated based on the difference between our revenues and cost of revenues. Gross margin is the percentage obtained by dividing gross profit by our revenue. Our gross profit and gross margin are, or may be, influenced by a number of factors, including:
•Market conditions that may impact our pricing;
•Product mix changes between established products and new products;
•Mix between purchase subscription sales and pure subscription sales;
•Our cost structure for manufacturing operations, including contract manufacturers, relative to volume, and our product support obligations;
•Our ability to maintain our costs on the components that go into the manufacture of our product; and
•Write-offs of inventory.
We expect our gross margins to fluctuate over time, depending on the factors described above.
Research and Development
Our research and development expenses represent costs incurred to support activities that advance the development of innovative security screening technologies, new product platforms, as well as activities that enhance the capabilities of our existing product platforms. Our research and development expenses consist primarily of salaries and bonuses, employee benefits, stock-based compensation, prototypes, design expenses, and consulting and contractor costs. We expect research and development costs will continue to increase during the year ending December 31, 2023 primarily due to incremental investments in headcount and programs we are making to support our new product development efforts.
Sales and Marketing
Sales and marketing expenses consist primarily of personnel-related expenses associated with our sales and marketing, customer success, business development, and strategy functions, as well as costs related to trade shows and events, and stock-based compensation. We expect our sales and marketing costs will continue to increase during the year ending December 31, 2023 due to an expected increase in customer facing headcount as we build out our sales, business development, and customer support capabilities.
General and Administrative
General and administrative expenses consist primarily of personnel-related expenses associated with our executive, finance, investor relations, legal, information technology, and human resources functions, as well as professional fees for legal, audit, accounting and other consulting services, stock-based compensation, and sales tax contingencies. We expect our general and administrative expenses will remain relatively consistent for the year ending December 31, 2023 compared to the year ended December 31, 2022 as we look to leverage previous investments made in people and processes.
Loss From Impairment of Property and Equipment
Loss from impairment of property and equipment relates to: (i) leased Evolv Edge units and Evolv Express prototype units that are removed from service and retired as we transition our domestic customers to our most current Evolv Express units and (ii) damaged or destroyed leased units.
Interest Expense
Interest expense includes cash interest paid on long-term debt and amortization of deferred financing fees and costs.
Interest Income
Interest income relates to interest earned on money market funds and treasury bills, and interest earned on our lease receivables for our Evolv Express units recognized as sales type leases.
Change in Fair Value of Contingent Earn-out Liability
In connection with the Merger and pursuant to the Merger Agreement, certain of Legacy Evolv’s initial stockholders are entitled to receive additional shares of our common stock upon us achieving certain milestones. The earn-out arrangement with the Legacy Evolv stockholders is accounted for as a liability and subsequently remeasured at each reporting date with changes in fair value recorded as a component of other income (expense), net in the condensed consolidated statements of operations and comprehensive loss.
Change in Fair Value of Contingently Issuable Common Stock Liability
Prior to the Merger, certain NHIC stockholders owned 4,312,500 shares of NHIC Class B common stock (the "Founder Shares"). Upon the closing of the Merger, NHIC Class A and Class B common stock became the Company's common stock. 1,897,500 Founder Shares vested at the closing of the Merger, 1,897,500 Founder Shares are contingently issuable and shall vest upon the Company achieving certain milestones, and 517,500 Founder Shares were contributed to Give Evolv LLC. The 1,897,500 outstanding contingently issuable common shares are accounted for as a liability and subsequently remeasured at each reporting date with changes in fair value recorded as a component of other income (expense), net in the condensed consolidated statements of operations and comprehensive loss.
Change in Fair Value of Public Warrant Liability
In connection with the closing of the Merger, the Company assumed a warrant to purchase 14,325,000 shares of common stock (the “Public Warrants”) at an exercise price of $11.50. The Public Warrants are immediately exercisable and expire in July 2026. We assessed the features of these warrants and determined that they qualify for classification as a liability. Accordingly, we recorded the warrants at fair value upon the closing of the Merger with the offset to additional paid-in capital.
Income Taxes
Our income tax provision consists of an estimate for U.S. federal and state income taxes based on enacted rates, as adjusted for allowable credits, deductions, uncertain tax positions, changes in deferred tax assets and liabilities and changes in tax law. There is no provision for income taxes for the three and nine months ended September 30, 2023 and 2022 because we have historically incurred net operating losses and maintain a full valuation allowance against its deferred tax assets.
Results of Operations
Comparison of the Three Months Ended September 30, 2023 and 2022
The following table summarizes our results of operations for the three months ended September 30, 2023 and 2022 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | | | |
| 2023 | | 2022 | | $ Change | | % Change |
Revenue: | | | | | | | |
Product revenue | $ | 3,191 | | | $ | 9,839 | | | $ | (6,648) | | | (68) | % |
Subscription revenue | 10,231 | | | 5,198 | | | 5,033 | | | 97 | |
Service revenue | 4,757 | | | 1,493 | | | 3,264 | | | 219 | |
License fee and other revenue | 2,012 | | | — | | | 2,012 | | | * |
Total revenue | 20,191 | | | 16,530 | | | 3,661 | | | 22 | |
Cost of revenue: | | | | | | | |
Cost of product revenue | 3,153 | | | 12,960 | | | (9,807) | | | (76) | |
Cost of subscription revenue | 4,231 | | | 2,207 | | | 2,024 | | | 92 | |
Cost of service revenue | 1,417 | | | 1,138 | | | 279 | | | 25 | |
Total cost of revenue | 8,801 | | | 16,305 | | | (7,504) | | | (46) | |
Gross profit | 11,390 | | | 225 | | | 11,165 | | | 4,962 | |
Operating expenses: | | | | | | | |
Research and development | 6,409 | | | 5,616 | | | 793 | | | 14 | |
Sales and marketing | 13,919 | | | 11,746 | | | 2,173 | | | 18 | |
General and administrative | 11,273 | | | 8,839 | | | 2,434 | | | 28 | |
Loss from impairment of property and equipment | 28 | | | 626 | | | (598) | | | (96) | |
Total operating expenses | 31,629 | | | 26,827 | | | 4,802 | | | 18 | |
Loss from operations | (20,239) | | | (26,602) | | | 6,363 | | | 24 | |
Other income (expense), net: | | | | | | | |
Interest expense | — | | | (188) | | | 188 | | | * |
Interest income | 1,791 | | | 1,052 | | | 739 | | | 70 | |
Other expense, net | (64) | | | (57) | | | (7) | | | (12) | |
| | | | | | | |
| | | | | | | |
Change in fair value of contingent earn-out liability | 14,078 | | | 7,245 | | | 6,833 | | | 94 | |
Change in fair value of contingently issuable common stock liability | 2,277 | | | 1,081 | | | 1,196 | | | 111 | |
Change in fair value of public warrant liability | 8,156 | | | (1,146) | | | 9,302 | | | 812 | |
| | | | | | | |
Total other income (expense), net | 26,238 | | | 7,987 | | | 18,251 | | | 229 | |
Net loss | $ | 5,999 | | | $ | (18,615) | | | $ | 24,614 | | | 132 | % |
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 70 new customers during the three months ended September 30, 2023 and 92 new customers during the three months ended September 30, 2022, (iii) the expansion of our existing customers' initial Evolv Express deployments to other venues and locations, and (iv) growing momentum with our channel partners which helps us extend our reach in certain geographies or vertical markets.
Product Revenue
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | | | |
| 2023 | | 2022 | | $ Change | | % Change |
Product revenue | $ | 3,191 | | | $ | 9,839 | | | $ | (6,648) | | | (68) | % |
Cost of product revenue | $ | 3,153 | | | $ | 12,960 | | | $ | (9,807) | | | (76) | % |
Gross profit - Product revenue | $ | 38 | | | $ | (3,121) | | | $ | 3,159 | | | 101 | % |
Gross profit margin - Product revenue | 1 | % | | (32) | % | | N/A | | 33 | % |
The decreases in product revenue and cost of product revenue are primarily due to a continued transition to pure subscription sales and sales under our distributor model during the preceding twelve months. The increases in product gross profit and product gross profit margin during the three months ended September 30, 2023 compared to the prior year period reflects a higher average number of units sold per transaction across our target end markets, particularly in the professional sports vertical.
Subscription Revenue
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | | | |
| 2023 | | 2022 | | $ Change | | % Change |
Subscription revenue | $ | 10,231 | | | $ | 5,198 | | | $ | 5,033 | | | 97 | % |
Cost of subscription revenue | $ | 4,231 | | | $ | 2,207 | | | $ | 2,024 | | | 92 | % |
Gross profit - Subscription revenue | $ | 6,000 | | | $ | 2,991 | | | $ | 3,009 | | | 101 | % |
Gross profit margin - Subscription revenue | 59 | % | | 58 | % | | N/A | | 1 | % |
The increases in subscription revenue, cost of subscription revenue, and subscription gross profit are primarily due to growth in our customer base, a continued transition to our pure subscription model, and a higher number of active Evolv
Express units deployed under our pure subscription contract model. Subscription gross profit margin increased slightly as the result of our ability to leverage our fixed costs over a higher revenue base.
Service Revenue
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | | | |
| 2023 | | 2022 | | $ Change | | % Change |
Service revenue | $ | 4,757 | | | $ | 1,493 | | | $ | 3,264 | | | 219 | % |
Cost of service revenue | $ | 1,417 | | | $ | 1,138 | | | $ | 279 | | | 25 | % |
Gross profit - Service revenue | $ | 3,340 | | | $ | 355 | | | $ | 2,985 | | | 841 | % |
Gross profit margin - Service revenue | 70 | % | | 24 | % | | N/A | | 46 | % |
The increases in service revenue and gross profit are primarily due to an increased number of active revenue-generating purchase subscription units and an increase in installation and training services. Service gross profit margin increased primarily as the result of our ability to leverage our fixed costs over a higher revenue base.
License fee and other revenue
License fee and other revenue for the three months ended September 30, 2023 consists of $2.0 million of license fees earned in connection to the Distribution and License Agreement. The Company did not earn any license fee revenue for periods prior to the three months ended September 30, 2023.
Research and Development Expenses
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | | | |
| 2023 | | 2022 | | $ Change | | % Change |
Personnel related (including stock-based compensation) | $ | 4,550 | | | $ | 4,306 | | | $ | 244 | | | 6 | % |
Materials and prototypes | 364 | | | 203 | | | 161 | | | 79 | % |
Professional fees | 1,100 | | | 974 | | | 126 | | | 13 | % |
Other | 395 | | | 133 | | | 262 | | | 197 | % |
| $ | 6,409 | | | $ | 5,616 | | | $ | 793 | | | 14 | % |
The increase in personnel related expenses is due to an increase in payroll costs and stock-based compensation primarily resulting from new hires in our research and development function during the past twelve months, offset by a higher amount of payroll costs capitalized related to internal-use software and software embedded in products to be sold or leased. Stock-based compensation expense included in research and development expenses was $1.2 million for the three months ended September 30, 2023 compared to $1.6 million for the three months ended September 30, 2022. The increase in materials and prototypes expense is due to increased design and engineering costs related to the development of the next generation of our Evolv Express system. The increase in professional fees primarily relates to consulting costs incurred for product development and engineering. The increase in other expense primarily relates to software subscriptions.
Sales and Marketing Expenses
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | | | |
| 2023 | | 2022 | | $ Change | | % Change |
Personnel related (including stock-based compensation) | $ | 9,560 | | | $ | 7,820 | | | $ | 1,740 | | | 22 | % |
Advertising and direct marketing | 980 | | | 1,613 | | | (633) | | | (39) | % |
Travel and entertainment | 1,506 | | | 992 | | | 514 | | | 52 | % |
Professional fees | 716 | | | 421 | | | 295 | | | 70 | % |
Other | 1,157 | | | 900 | | | 257 | | | 29 | % |
| $ | 13,919 | | | $ | 11,746 | | | $ | 2,173 | | | 18 | % |
The increase in personnel related expenses is due to an increase in payroll costs and commissions resulting primarily from new hires in our sales and marketing functions during the past twelve months to support increased sales volume. Stock compensation expense included in sales and marketing expenses was $1.8 million for the three months ended September 30, 2023 compared to $2.5 million for the three months ended September 30, 2022. The decrease in advertising and direct marketing expense is primarily due to a decrease in expense related to trade shows and events. The increase in travel and entertainment expense is due to an increase in travel costs for in-person sales personnel meetings and events. Professional fees increased due primarily to an increase in marketing consulting costs. Other expense increased primarily due to increases in software subscriptions and other miscellaneous expenses.
General and Administrative Expenses
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | | | |
| 2023 | | 2022 | | $ Change | | % Change |
Personnel related (including stock-based compensation) | $ | 6,033 | | | $ | 4,548 | | | $ | 1,485 | | | 33 | % |
Professional fees | 1,764 | | | 1,896 | | | (132) | | | (7) | % |
Director and officer insurance | 708 | | | 894 | | | (186) | | | (21) | % |
| | | | | | | |
Other | 2,768 | | | 1,501 | | | 1,267 | | | 84 | % |
| $ | 11,273 | | | $ | 8,839 | | | $ | 2,434 | | | 28 | % |
The increase in personnel related expenses is due to an increase in payroll costs and stock-based compensation resulting from expanding our administrative team during the past twelve months. Stock compensation expense included in general and administrative expenses was $2.5 million for the three months ended September 30, 2023 compared to $2.2 million for the three months ended September 30, 2022. Other expense increased primarily due to $0.7 million of certain one-time expenses incurred during the three months ended September 30, 2023, as well as increases in software subscriptions and other miscellaneous expenses.
Loss From Impairment of Property and Equipment
Loss from impairment of property and equipment was less than $0.1 million and $0.6 million for the three months ended September 30, 2023 and 2022, respectively, primarily related to the removal of Evolv Edge units and Evolv Express prototypes from service, resulting in impairment of the remaining economic value of such units.
Interest Expense
No interest expense was recognized for the three months ended September 30, 2023, compared to $0.2 million for the three months ended September 30, 2022. During March 2023, the Company fully repaid all borrowings and accrued interest under its term loans with Silicon Valley Bank ("SVB") pursuant to a loan and security agreement entered into in December 2022 (the "2022 SVB Credit Agreement").
Interest Income
Interest income of $1.8 million for the three months ended September 30, 2023 and $1.1 million for the three months ended September 30, 2022 related primarily to interest earned on money market funds, and for the three months ended September 30, 2023, accretion of discounts on treasury bills.
Change in Fair Value of Contingent Earn-out Liability
Change in the fair value of the contingent earn-out liability resulted in gains of $14.1 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.
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 Ended September 30, | | | | |
| 2023 | | 2022 | | $ Change | | % Change |
Revenue: | | | | | | | |
Product revenue | $ | 19,188 | | | $ | 19,179 | | | $ | 9 | | | — | % |
Subscription revenue | 24,661 | | | 12,208 | | | 12,453 | | | 102 | |
Service revenue | 12,736 | | | 2,923 | | | 9,813 | | | 336 | |
License fee and other revenue | 2,012 | | | — | | | 2,012 | | | * |
Total revenue | 58,597 | | | 34,310 | | | 24,287 | | | 71 | |
Cost of revenue: | | | | | | | |
Cost of product revenue | 21,453 | | | 23,513 | | | (2,060) | | | (9) | |
Cost of subscription revenue | 9,988 | | | 5,730 | | | 4,258 | | | 74 | |
Cost of service revenue | 3,588 | | | 3,392 | | | 196 | | | 6 | |
Total cost of revenue | 35,029 | | | 32,635 | | | 2,394 | | | 7 | |
Gross profit | 23,568 | | | 1,675 | | | 21,893 | | | 1,307 | |
Operating expenses: | | | | | | | |
Research and development | 18,193 | | | 13,947 | | | 4,246 | | | 30 | |
Sales and marketing | 40,336 | | | 33,169 | | | 7,167 | | | 22 | |
General and administrative | 31,073 | | | 29,268 | | | 1,805 | | | 6 | |
Loss from impairment of property and equipment | 322 | | | 1,038 | | | (716) | | | (69) | |
Total operating expenses | 89,924 | | | 77,422 | | | 12,502 | | | 16 | |
Loss from operations | (66,356) | | | (75,747) | | | 9,391 | | | 12 | |
Other income (expense), net: | | | | | | | |
Interest expense | (654) | | | (489) | | | (165) | | | (34) | |
Interest income | 4,597 | | | 1,611 | | | 2,986 | | | 185 | |
Other expense, net | (67) | | | (57) | | | (10) | | | (18) | |
Loss on extinguishment of debt | (626) | | | — | | | (626) | | | * |
| | | | | | | |
Change in fair value of contingent earn-out liability | (17,353) | | | 9,754 | | | (27,107) | | | (278) | |
Change in fair value of contingently issuable common stock liability | (3,560) | | | 2,529 | | | (6,089) | | | (241) | |
Change in fair value of public warrant liability | (5,345) | | | 4,297 | | | (9,642) | | | (224) | |
| | | | | | | |
Total other income (expense), net | (23,008) | | | 17,645 | | | (40,653) | | | (230) | |
Net loss | $ | (89,364) | | | $ | (58,102) | | | $ | (31,262) | | | (54) | % |
* Not meaningful
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 205 new customers during the nine months ended September 30, 2023 and 189 new customers during the nine months ended September 30, 2022, (iii) the expansion of our existing customers' initial Evolv Express deployments to other venues and locations, and (iv) growing momentum with our channel partners which helps us extend our reach in certain geographies or vertical markets.
Product Revenue
| | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, | | | | |
| 2023 | | 2022 | | $ Change | | % Change |
Product revenue | $ | 19,188 | | | $ | 19,179 | | | $ | 9 | | | — | % |
Cost of product revenue | $ | 21,453 | | | $ | 23,513 | | | $ | (2,060) | | | (9) | % |
Gross profit - Product revenue | $ | (2,265) | | | $ | (4,334) | | | $ | 2,069 | | | 48 | % |
Gross profit margin - Product revenue | (12) | % | | (23) | % | | N/A | | 11 | % |
The decreases in product revenue and cost of product revenue are primarily due to a continued transition to pure subscription sales and sales under our distributor model during the preceding twelve months. The increases in product gross profit and product gross profit margin during the nine months ended September 30, 2023 compared to the prior year period reflects a higher average number of units sold per transaction across our target end markets, particularly in the professional sports vertical.
Subscription Revenue
| | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, | | | | |
| 2023 | | 2022 | | $ Change | | % Change |
Subscription revenue | $ | 24,661 | | | $ | 12,208 | | | $ | 12,453 | | | 102 | % |
Cost of subscription revenue | $ | 9,988 | | | $ | 5,730 | | | $ | 4,258 | | | 74 | % |
Gross profit - Subscription revenue | $ | 14,673 | | | $ | 6,478 | | | $ | 8,195 | | | 127 | % |
Gross profit margin - Subscription revenue | 59 | % | | 53 | % | | N/A | | 6 | % |
The increases in subscription revenue, cost of subscription revenue, and subscription gross profit are primarily due to growth in our customer base, a continued transition to our pure subscription model, and a higher number of active Evolv Express units deployed under our pure subscription contract model. Subscription gross profit margin increased as the result of our ability to leverage our fixed costs over a higher revenue base.
Service Revenue
| | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, | | | | |
| 2023 | | 2022 | | $ Change | | % Change |
Service revenue | $ | 12,736 | | | $ | 2,923 | | | $ | 9,813 | | | 336 | % |
Cost of service revenue | $ | 3,588 | | | $ | 3,392 | | | $ | 196 | | | 6 | % |
Gross profit - Service revenue | $ | 9,148 | | | $ | (469) | | | $ | 9,617 | | | 2051 | % |
Gross profit margin - Service revenue | 72 | % | | (16) | % | | N/A | | 88 | % |
The increase in service revenue and gross profit is primarily due to an increased number of active revenue-generating purchase subscription units and an increase in installation and training services. Service gross profit margin increased primarily as the result of our ability to leverage our fixed costs over a higher revenue base.
License fee and other revenue
License fee and other revenue for the nine months ended September 30, 2023 consists of $2.0 million of license fees earned in connection to the Distribution and License Agreement. The Company did not earn any license fee revenue for periods prior to the nine months ended September 30, 2023.
Research and Development Expenses
| | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, | | | | |
| 2023 | | 2022 | | $ Change | | % Change |
Personnel related (including stock-based compensation) | $ | 12,710 | | | $ | 11,268 | | | $ | 1,442 | | | 13 | % |
Materials and prototypes | 1,561 | | | 439 | | | 1,122 | | | 256 | % |
Professional fees | 3,025 | | | 1,706 | | | 1,319 | | | 77 | % |
Other | 897 | | | 534 | | | 363 | | | 68 | % |
| $ | 18,193 | | | $ | 13,947 | | | $ | 4,246 | | | 30 | % |
The increase in personnel related expenses is due to an increase in payroll costs primarily resulting from new hires in our research and development function during the past twelve months, offset by a higher amount of payroll costs capitalized related to internal-use software and software embedded in products to be sold or leased. Stock compensation expense included in research and development expenses was $3.2 million for the nine months ended September 30, 2023 compared to $3.1 million for the nine months ended September 30, 2022. The increase in materials and prototypes is due to design and engineering costs related to the next generation of our Evolv Express system. The increase in professional fees primarily relates to consulting costs incurred for product development and engineering.
Sales and Marketing Expenses
| | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, | | | | |
| 2023 | | 2022 | | $ Change | | % Change |
Personnel related (including stock-based compensation) | $ | 29,267 | | | $ | 21,433 | | | $ | 7,834 | | | 37 | % |
Advertising and direct marketing | 2,807 | | | 4,502 | | | (1,695) | | | (38) | % |
Travel and entertainment | 3,648 | | | 2,530 | | | 1,118 | | | 44 | % |
Professional fees | 1,810 | | | 973 | | | 837 | | | 86 | % |
Other | 2,804 | | | 3,731 | | | (927) | | | (25) | % |
| $ | 40,336 | | | $ | 33,169 | | | $ | 7,167 | | | 22 | % |
The increase in personnel related expenses is due to an increase in payroll costs and commissions resulting primarily from new hires in our sales and marketing functions during the past twelve months to support increased sales volume. Stock compensation expense included in sales and marketing expenses was $6.3 million for both the nine months ended September 30, 2023 and the nine months ended September 30, 2022. The decrease in advertising and direct marketing expense is primarily due to a decrease in expense related to trade shows and events. The increase in travel and entertainment expense is due to an increase in travel costs for in-person sales personnel meetings and events. Professional fees increased due primarily to an increase in marketing consulting costs. Other expense decreased due primarily to $1.0 million of certain one-time expenses incurred during the nine months ended September 30, 2023.
General and Administrative Expenses
| | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, | | | | |
| 2023 | | 2022 | | $ Change | | % Change |
Personnel related (including stock-based compensation) | $ | 17,206 | | | $ | 12,513 | | | $ | 4,693 | | | 38 | % |
Professional fees | 4,673 | | | 7,235 | | | (2,562) | | | (35) | % |
Insurance costs | 2,774 | | | 3,524 | | | (750) | | | (21) | % |
| | | | | | | |
Other | 6,420 | | | 5,996 | | | 424 | | | 7 | % |
| $ | 31,073 | | | $ | 29,268 | | | $ | 1,805 | | | 6 | % |
The increase in personnel related expenses is due to an increase in payroll costs and stock-based compensation resulting from expanding our administrative team during the past twelve months. Stock compensation expense included in general and administrative expenses was $7.3 million for the nine months ended September 30, 2023 compared to $5.4 million for the nine months ended September 30, 2022. The decrease in professional fees is primarily related to a decrease in outsourced accounting consultancy and audit fees. The decrease in insurance expense is primarily related to a decrease in director and officer insurance premiums.
Loss From Impairment of Property and Equipment
Loss from impairment of property and equipment was $0.3 million and $1.0 million for the nine months ended September 30, 2023 and 2022, respectively, primarily related to the removal of Evolv Edge units and Evolv Express prototypes from service, resulting in impairment of the remaining economic value of such units.
Interest Expense and Loss on Extinguishment of Debt
Interest expense was $0.7 million for the nine months ended September 30, 2023, compared to $0.5 million for the nine months ended September 30, 2022. The increase was primarily due to interest expense incurred during the three months ended March 31, 2023 related to the Company's term loans with SVB pursuant to the 2022 SVB Credit Agreement. During March 2023, the Company fully repaid all borrowings and accrued interest under the 2022 SVB Credit Agreement and terminated the 2022 SVB Credit Agreement. In accordance with the terms of the 2022 SVB Credit Agreement, the Company was required to pay a prepayment premium equal to 1.0% of the principal balance on the date of repayment. The Company incurred a loss on debt extinguishment of $0.6 million, consisting of the prepayment penalty of $0.3 million and the write off of $0.3 million of unamortized debt issuance costs.
Interest Income
Interest income of $4.6 million for the nine months ended September 30, 2023 and $1.6 million for the nine months ended September 30, 2022 related primarily to interest earned on money market funds, and for the nine months ended September 30, 2023, accretion of discounts on treasury bills.
Change in Fair Value of Contingent Earn-out Liability
Change in the fair value of the contingent earn-out liability resulted in a $17.4 million loss and a $9.8 million gain for the nine 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 a $3.6 million loss and a $2.5 million gain for the nine 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 $5.3 million loss and a $4.3 million gain for the nine 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.
Liquidity and Capital Resources
Our primary requirements for liquidity and capital are working capital, inventory management, capital expenditures and general corporate needs. We expect these needs to continue as we develop and grow our business. As of September 30, 2023, we had $139.1 million in cash, cash equivalents, and marketable securities. We incurred net income of $6.0 million and a net loss of $18.6 million for the three months ended September 30, 2023 and 2022, respectively, and a net loss of $89.4 million and $58.1 million for the nine months ended September 30, 2023 and 2022, respectively. We incurred cash outflows from operating activities of $6.7 million and $69.4 million during the nine months ended September 30, 2023 and 2022, respectively.
We maintain substantially all of our cash, cash equivalents, and marketable securities in accounts with a diverse set of U.S. and multi-national financial institutions and our cash deposits at these institutions exceed Federal Deposit Insurance Corporation insured limits. The Company does not believe it is exposed to any unusual credit risk or deposit concentration risk beyond the ordinary credit risk associated with commercial banking relationships.
We expect our cash, cash equivalents, and marketable securities, together with cash we expect to generate from future operations, will be sufficient to fund our operating expenses and capital expenditure requirements for a period of at least twelve months from the date of this Quarterly Report on Form 10-Q. However, because we are in the growth stage of our business and operate in an emerging field of technology, we expect to continue to invest in research and development and expand our sales and marketing team. We may require additional capital to respond to the expected growth in the demand for equipment purchases to support our "leased equipment" offering, technological advancements, competitive dynamics or technologies, customer demands, business opportunities, challenges, acquisitions, or unforeseen circumstances and in either the short-term or long-term may determine to engage in debt financings or enter into credit facilities for other reasons. If we are unable to obtain adequate financing or financing on terms satisfactory to us, when we require it, our ability to continue to grow or support our business and to respond to business challenges could be significantly limited. In particular, global events such as the public health emergencies, including the COVID-19 pandemic and its variants, international political turmoil, including in Europe and the Middle East, and related international sanctions, supply chain disruptions, and prolonged inflation and rising interest rates have resulted in, and may continue to result in, significant disruption of global financial markets, reducing our ability to access capital. If we are unable to raise additional funds when or on the terms desired, our business, financial condition and results of operations could be adversely affected.
Financing Arrangements
During March 2023, the Company fully repaid all borrowings and accrued interest under the 2022 SVB Credit Agreement and terminated the 2022 SVB Credit Agreement. The Company has no debt outstanding as of September 30, 2023.
Material Cash Requirements for Known Contractual and Other Obligations
The following is a description of commitments for capital expenditures and other known and reasonably likely cash requirements as of September 30, 2023. We anticipate fulfilling such commitments with our existing cash, cash equivalents, and marketable securities, as well as cash and cash equivalents obtained through operations and, if necessary, proceeds from long-term debt. Cash, cash equivalents, and marketable securities amounted to $139.1 million as of September 30, 2023.
We are party to a lease agreement for office space for the period from May 1, 2021 through October 31, 2024, with the option to extend through October 31, 2027 with written notice. During the three months ended September 30, 2023, we amended the lease agreement to add additional square footage within the same building. The amendment did not impact the term of the lease. We are required to maintain a minimum cash balance of $0.3 million as a security deposit on the leased space which is classified as restricted cash, non-current on the condensed consolidated balance sheet as of September 30, 2023. Total future minimum lease payments under this noncancelable operating lease, including the amendment, amount to $1.9 million.
Cash Flows
The following table sets forth a summary of cash flows for the periods presented:
| | | | | | | | | | | |
| Nine Months Ended September 30, |
| 2023 | | 2022 |
Net cash used in operating activities | $ | (6,658) | | | $ | (69,421) | |
Net cash used in investing activities | (92,793) | | | (19,178) | |
Net cash provided by (used in) financing activities | (29,716) | | | (429) | |
Effect of exchange rate changes on cash and cash equivalents | 1 | | | 35 | |
Net increase (decrease) in cash, cash equivalents and restricted cash | $ | (129,166) | | | $ | (88,993) | |
Operating Activities
| | | | | | | | | | | |
| Nine Months Ended September 30, |
| 2023 | | 2022 |
Net income (loss) | $ | (89,364) | | | $ | (58,102) | |
Non-cash (income) expense | 51,784 | | | 4,403 | |
Changes in operating assets and liabilities | 30,922 | | | (15,722) | |
Net cash provided by (used in) operating activities | $ | (6,658) | | | $ | (69,421) | |
Net loss increased from $58.1 million for the nine months ended September 30, 2022 to $89.4 million for the nine months ended September 30, 2023 primarily due to changes in the fair value of the earn-out liability, contingently issuable common stock liability, and public warrant liability. See "Results of Operations" above for further discussion.
Non-cash expense for the nine months ended September 30, 2023 is primarily attributable to $17.3 million of stock-based compensation expense, $6.8 million of depreciation and amortization, and $26.3 million of an aggregate change in fair value of the earn-out liability, contingently issuable common stock warrant liability, and public warrant liability. Non-cash expense for the nine months ended September 30, 2022 is primarily attributable to $15.5 million of stock-based compensation expense, $3.8 million of depreciation and amortization, and $1.0 million of loss from impairment of property and equipment, offset by $16.6 million of an aggregate change in fair value of the earn-out liability, contingently issuable common stock liability, and public warrant liability.
Changes in operating assets and liabilities for the nine months ended September 30, 2023 are primarily related to the following:
•$2.0 million decrease in inventory primarily due to a higher proportion of finished goods recorded as property and equipment based on our expectations of the future mix of Evolv Express units to be leased to customers versus sold to customers;
•$36.6 million increase in deferred revenue due to a higher volume of sales; offset by
•$6.4 million decrease in accounts payable (excluding the non-cash change in capital expenditures incurred but not yet paid from December 31, 2022 to September 30, 2023) primarily due to a decrease in inventory.
Changes in operating assets and liabilities for the nine months ended September 30, 2022 are primarily related to the following:
•$14.8 million increase in accounts receivable primarily due to higher sales driven by an increase in customers and the timing of billings to customers;
•$4.4 million increase in inventory primarily due to increased production of units to meet customer demand;
•$9.0 million increase in prepaid expense and other current assets primarily due to prepaid deposits related to orders placed for Evolv Express units; offset by
•$16.0 million increase in deferred revenue primarily due to an increase in billings associated with higher sales.
Investing Activities
During the nine months ended September 30, 2023, cash used in investing activities was $92.8 million, consisting of $51.6 million for the purchase of property and equipment, primarily related to the purchase of Evolv Express units to be leased to customers, $2.2 million for the development of internal-use software and software embedded in products to be sold or leased, and a net $39.0 million outflow related to purchases and redemptions of marketable securities.
During the nine months ended September 30, 2022, cash used in investing activities was $19.2 million, consisting of $17.6 million for the purchase of property and equipment, primarily related to the purchase of Evolv Express units to be leased to customers, and $1.9 million for the development of internal-use software, offset by $0.3 million of proceeds from the sale of property and equipment.
Financing Activities
During the nine months ended September 30, 2023, cash used in financing activities was $29.7 million, consisting of $1.9 million of proceeds under the 2022 SVB Credit Agreement and $0.6 million of proceeds from the exercise of stock options, offset by $31.9 million related to the full repayment of amounts owed under the 2022 SVB Credit Agreement and $0.3 million payment of debt issuance costs and a prepayment penalty.
During the nine months ended September 30, 2022, cash used in financing activities was $0.4 million, consisting of $1.0 million of debt repayments, offset by $0.6 million of proceeds from the exercise of stock options.
Recent Accounting Pronouncements
There were no new accounting pronouncements that were issued or became effective since the issuance of the 2022 Form 10-K that had, or are expected to have, a material impact on its consolidated financial position, results of operations or cash flows.
Critical Accounting Policies and Estimates
Our critical accounting policies and estimates are described in Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition” of the 2022 Form 10-K. There have been no material changes to our critical accounting policies and estimates during the nine months ended September 30, 2023.
Emerging Growth Company Status
The Jumpstart Our Business Startups Act of 2012, or the JOBS Act, permits an “emerging growth company” such as us to take advantage of an extended transition period to comply with new or revised accounting standards applicable to public companies until those standards would otherwise apply to private companies. We meet the definition of an “emerging growth company” and have elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date we (1) are no longer an emerging growth company or (2) affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act. As a result of this election, we will not be subject to the same new or revised accounting standards as other public companies that are not emerging growth companies and our condensed consolidated financial statements may not be comparable to other public companies that comply with new or revised accounting pronouncements as of public company effective dates. We may choose to early adopt any new or revised accounting standards whenever such early adoption is permitted for private companies.
Based on our public float as of June 30, 2023, we expect to become a large accelerated filer and lose emerging growth company status as of December 31, 2023. As of December 31, 2023, we will be required to adopt new or revised accounting standards when they are applicable to public companies that are not emerging growth companies.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS
There have been no material changes in our market risks from the disclosure included under “Quantitative and Qualitative Disclosures About Market Risks” in Part II, Item 7, "Management's Discussion and Analysis of Financial Condition" of the 2022 Form 10-K.
ITEM 4. CONTROLS AND PROCEDURES
Limitations on Effectiveness of Controls and Procedures
We maintain disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed in our reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosures. In designing and evaluating our disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints and that management is required to apply judgment in evaluating the benefits of our controls and procedures relative to their costs.
Evaluation of Disclosure Controls and Procedures
Our management, with the participation of our principal executive officer and principal financial officer, evaluated, as of the end of the period covered by this Quarterly Report on Form 10-Q, the effectiveness of our disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Based on that evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were not effective at the reasonable assurance level as of September 30, 2023, due to the material weaknesses in our internal control over financial reporting as described below.
Material Weaknesses in Internal Control Over Financial Reporting
We identified material weaknesses in our internal control over financial reporting. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis.
We did not design and maintain an effective control environment commensurate with our financial reporting requirements. Specifically, we lacked a sufficient complement of personnel with an appropriate level of internal controls and accounting knowledge, training, and experience commensurate with our financial reporting requirements. Additionally, the limited personnel resulted in our inability to consistently establish appropriate authorities and responsibilities in pursuit of our financial reporting objectives, as demonstrated by, among other things, insufficient segregation of duties in our finance and accounting functions. This material weakness contributed to the following additional material weaknesses:
•We did not design and maintain effective controls over the period-end financial reporting process to achieve complete, accurate and timely financial accounting, reporting and disclosures, including the classification of various accounts in the consolidated financial statements and the presentation and disclosure of items in the consolidated statements of cash flows.
•We did not design and maintain processes and controls to analyze, account for and disclose non-routine, unusual or complex transactions. Specifically, we did not design and maintain controls to timely analyze and account for debt modifications and extinguishments, convertible notes, warrant instruments, non-routine complex revenue transactions including the leasing of products and transfer of inventory for leased assets into property plant and equipment, merger transactions, and the accounting and valuation of earn out liabilities.
•We did not design and maintain formal accounting policies, procedures and controls to achieve complete, accurate and timely financial accounting, reporting and disclosures, including segregation of duties and controls over the preparation and review of account reconciliations and journal entries.
•We did not design and maintain effective controls to ensure the recording of revenue transactions in the appropriate period.
•We did not design and maintain effective controls over the completeness and accuracy of accounts payable and accrued liabilities.
These material weaknesses resulted in audit adjustments and certain immaterial misstatements in the Evolv financial statements to prepaid and other current assets, accounts payable and accrued liabilities, long-term and short-term debt, convertible notes, contingent earnout liabilities, change in fair value of contingent earn-out liability, equity,
commission assets, contract asset, revenue, deferred revenue, accounts receivable, inventory, property plant and equipment, cost of sales and various expense line items and related financial statement disclosures as of and for the years ended December 31, 2019, 2020 and 2021. The material weaknesses related to accounting for warrant instruments, the classification of various accounts in the consolidated financial statements, and the presentation and disclosure of items in the consolidated statements of cash flows also resulted in the revision of the Company's previously issued 2020 annual financial statements, 2021 quarterly and annual financial statements, and financial statements for the three months ended March 31, 2022, as well as the restatement of the Company's financial statements as of and for the three and six months ended June 30, 2023. Additionally, these material weaknesses could result in a misstatement of substantially all of our accounts or disclosures that would result in a material misstatement to the annual or interim financial statements that would not be prevented or detected.
•In addition to the foregoing, we did not design and maintain effective controls over information technology (“IT”) general controls for information systems that are relevant to the preparation of our consolidated financial statements, specifically, with respect to: (i) program change management controls for financial systems to ensure that IT program and data changes affecting financial IT applications and underlying accounting records are identified, tested, authorized and implemented appropriately; (ii) user access controls to ensure appropriate segregation of duties and that adequately restrict user and privileged access to financial applications, programs, and data to appropriate company personnel; (iii) computer operations controls to ensure that critical batch jobs are monitored and data backups are authorized and monitored; and (iv) testing and approval controls for program development to ensure that new software development is aligned with business and IT requirements. These IT deficiencies did not result in a misstatement to the consolidated financial statements, however, the deficiencies, when aggregated, could impact maintaining effective segregation of duties, as well as the effectiveness of IT-dependent controls (such as automated controls that address the risk of material misstatement to one or more assertions, along with the IT controls and underlying data that support the effectiveness of system-generated data and reports) that could result in misstatements potentially impacting all financial statement accounts and disclosures that would not be prevented or detected. Accordingly, management has determined these deficiencies in the aggregate constitute a material weakness.
Remediation Plan for the Material Weaknesses
We continue to be focused on designing and implementing effective internal controls to improve our internal control over financial reporting and remediate the material weaknesses. Our efforts include a number of actions:
•We have hired additional accounting, internal audit, and IT personnel, to bolster our reporting, technical accounting, internal control, and IT capabilities. Additionally, we are in the process of designing and implementing controls to formalize roles and review responsibilities to align with our team’s skills and experience and designing and implementing controls over segregation of duties.
•We added finance personnel to the organization, including in fiscal 2022 a new Chief Financial Officer and a Chief Accounting Officer, to strengthen our internal accounting team, to provide oversight, structure and reporting lines, and to provide additional review over our accounting and financial reporting.
•We have performed a financial statement risk assessment in order to identify material financial statement line items for which key controls are needed in order to ensure complete and accurate financial reporting. Additionally, we have engaged outside consultants to assist with the design and implementation of control activities resulting from the aforementioned risk assessment.
•We have designed and implemented additional review and training procedures within Evolv's accounting and finance functions to enhance knowledge and understanding of internal control over financial reporting.
•During the three months ended June 30, 2023 and the three months ended September 30, 2023, we implemented controls related to (i) the period-end financial reporting process and classification of various accounts in our consolidated financial statements, including the presentation and disclosure of items in the consolidated statements of cash flows, (ii) timely identification and accounting for non-routine, unusual and complex transactions, including controls over the preparation and review of accounting memorandum addressing these matters, (iii) revenue recognition, including non-routine complex revenue transactions that may also include the leasing of products and the recording of revenue transactions in the appropriate period, and (iv) completeness and accuracy of accounts payable and accrued liabilities.
Additionally, we are in the process of designing and implementing controls related to:
•the preparation and review of journal entries and account reconciliations to ensure proper segregation of duties;
•formal accounting policies, procedures and controls to achieve complete, accurate and timely financial accounting, reporting and disclosures; and
•information technology general controls, including controls over program change management, the review and update of user access rights and privileges, controls over batch jobs and data backups, and program development approvals and testing. To this end, we implemented a new Enterprise Resource Planning ("ERP") system in April 2022 and have implemented, and continue to implement, IT general controls related to the new system.
The process of designing and maintaining effective internal control over financial reporting is a continuous effort that requires management to anticipate and react to changes in our business and economic and regulatory environments and to expend significant resources. As we continue to evaluate our internal control over financial reporting, we may take additional actions to remediate the material weaknesses or modify the remediation actions described above.
While we continue to devote significant time and attention to these remediation efforts, the material weaknesses will not be considered remediated until management completes the design and implementation of the actions described above and the controls operate for a sufficient period of time, and management has concluded, through testing, that these controls are effective.
Changes in Internal Control over Financial Reporting
Other than the remediation efforts described under “Remediation Plan for the Material Weaknesses” above, there were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended September 30, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II — OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
We are from time to time subject to various claims, lawsuits, and other legal and administrative proceedings arising in the ordinary course of business. We are not currently engaged in any litigation of a material nature or criminal proceedings. See Note 14 (Commitments and Contingencies) to our condensed consolidated financial statements for the three and nine months ended September 30, 2023 for additional information.
ITEM 1A. RISK FACTORS
Other than as set forth below, there have been no material changes to the risk factors described in our 2022 Form 10-K. For a discussion of potential risks and uncertainties related to us, see Part I, Item 1A, "Risk Factors" of our 2022 Form 10-K.
We have identified material weaknesses in our internal control over financial reporting and may identify additional material weaknesses in the future or otherwise fail to maintain effective internal control over financial reporting, which may result in a material misstatement of our consolidated financial statements or cause us to fail to meet our periodic reporting obligations.
We have identified material weaknesses in our internal control over financial reporting. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the annual or interim consolidated financial statements will not be prevented or detected on a timely basis.
We did not design and maintain an effective control environment commensurate with our financial reporting requirements. Specifically, we lacked a sufficient complement of personnel with an appropriate level of internal controls and accounting knowledge, training and experience commensurate with our financial reporting requirements. Additionally, the limited personnel resulted in our inability to consistently establish appropriate authorities and responsibilities in pursuit of our financial reporting objectives, as demonstrated by, among other things, insufficient segregation of duties in our finance and accounting functions. This material weakness contributed to the following additional material weaknesses:
•We did not design and maintain effective controls over the period-end financial reporting process to achieve complete, accurate and timely financial accounting, reporting and disclosures, including the classification of
various accounts in the consolidated financial statements and the presentation and disclosure of items in the consolidated statement of cash flows.
•We did not design and maintain processes and controls to analyze, account for and disclose non-routine, unusual or complex transactions. Specifically, we did not design and maintain controls to timely analyze and account for debt modifications and extinguishments, convertible notes, warrant instruments, non-routine complex revenue transactions including the leasing of products and transfer of inventory for leased assets into property plant and equipment, merger transactions, and the accounting and valuation of earn out liabilities.
•We did not design and maintain formal accounting policies, procedures and controls to achieve complete, accurate and timely financial accounting, reporting and disclosures, including segregation of duties and controls over the preparation and review of account reconciliations and journal entries.
•We did not design and maintain effective controls to ensure the recording of revenue transactions in the appropriate period.
•We did not design and maintain effective controls over the completeness and accuracy of accounts payable and accrued liabilities.
These material weaknesses resulted in audit adjustments and certain immaterial misstatements in the Evolv financial statements to prepaid and other current assets, accounts payable and accrued liabilities, long-term and short-term debt, convertible notes, contingent earn-out liabilities, change in fair value of contingent earn-out liability, equity, commission assets, contract asset, revenue, deferred revenue, accounts receivable, inventory, property plant and equipment, cost of sales and various expense line items and related financial statement disclosures as of and for the years ended December 31, 2019, 2020 and 2021. The material weaknesses related to accounting for warrant instruments, the classification of various accounts in the consolidated financial statements, and the presentation and disclosure of items in the consolidated statement of cash flows also resulted in the revision of the Company's previously issued 2020 annual financial statements, 2021 quarterly and annual financial statements, and financial statements for the three months ended March 31, 2022, as well as the restatement of the Company's financial statements as of and for the three and six months ended June 30, 2023. Additionally, these material weaknesses could result in a misstatement of substantially all of our accounts or disclosures that would result in a material misstatement to the annual or interim consolidated financial statements that would not be prevented or detected.
•In addition to the foregoing, we did not design and maintain effective controls over information technology (“IT”) general controls for information systems that are relevant to the preparation of our consolidated financial statements, specifically, with respect to: (i) program change management controls for financial systems to ensure that IT program and data changes affecting financial IT applications and underlying accounting records are identified, tested, authorized and implemented appropriately; (ii) user access controls to ensure appropriate segregation of duties and that adequately restrict user and privileged access to financial applications, programs, and data to appropriate company personnel; (iii) computer operations controls to ensure that critical batch jobs are monitored and data backups are authorized and monitored, and (iv) testing and approval controls for program development to ensure that new software development is aligned with business and IT requirements. These IT deficiencies did not result in a misstatement to the consolidated financial statements, however, the deficiencies, when aggregated, could impact maintaining effective segregation of duties, as well as the effectiveness of IT-dependent controls (such as automated controls that address the risk of material misstatement to one or more assertions, along with the IT controls and underlying data that support the effectiveness of system-generated data and reports) that could result in misstatements potentially impacting all financial statement accounts and disclosures that would not be prevented or detected. Accordingly, management has determined these deficiencies in the aggregate constitute a material weakness.
We have continued implementation of a plan to remediate these material weaknesses. These remediation measures are ongoing and include hiring additional accounting, internal audit, and IT personnel to bolster our reporting, technical accounting, and IT capabilities. We are in the process of designing and implementing controls to formalize roles and review responsibilities to align with our team’s skills and experience and designing and implementing controls over segregation of duties. We added, and continue to add, finance personnel, including a Chief Financial Officer and a Chief Accounting Officer, to strengthen our internal accounting team, to provide oversight, structure and reporting lines, and to provide additional review over our disclosures. We have performed a financial statement risk assessment in order to identify material financial statement line items for which key controls are needed in order to ensure complete and accurate financial reporting, and have engaged outside consultants to assist with the design and implementation of control activities resulting from the risk assessment. We have designed and implemented additional review and training procedures within Evolv's accounting and finance functions to enhance knowledge and understanding of internal control over financial reporting. We have designed and implemented controls related to (i) the period-end financial reporting process and the
classification of various accounts in our consolidated financial statements, including the presentation and disclosure of items in the consolidated statements of cash flows, (ii) timely identification and accounting for non-routine, unusual or complex transactions, including controls over the preparation and review of accounting memoranda addressing these matters, (iii) revenue recognition, including non-routine complex revenue transactions that may also include the leasing of products, the recording of revenue transactions in the appropriate period, and (iv) the completeness and accuracy of accounts payable and accrued liabilities. We are in the process of designing and implementing controls related to the preparation and review of journal entries and account reconciliations to ensure proper segregation of duties. We are in the process of designing and maintaining formal accounting policies, procedures, and controls to achieve complete, accurate and timely financial accounting, reporting and disclosures. We are in the process of designing and implementing information technology general controls, including controls over program change management, the review and update of user access rights and privileges, controls over batch jobs and data backups, and program development approvals and testing. In April 2022, we went live on a new Enterprise Resource Planning ("ERP") system and have implemented, and continue to implement, IT general controls related to the new system.
While we are undertaking efforts to remediate these material weaknesses, the material weaknesses will not be considered remediated until our remediation plan has been fully implemented, the applicable controls operate for a sufficient period of time, and we have concluded, through testing, that the newly implemented and enhanced controls are operating effectively. At this time, we cannot predict the success of such efforts or the outcome of our assessment of the remediation efforts. We can give no assurance that our efforts will remediate these material weaknesses in our internal control over financial reporting, or that additional material weaknesses will not be identified in the future. The effectiveness of our internal control over financial reporting is subject to various inherent limitations, including cost limitations, judgments used in decision making, assumptions about the likelihood of future events, the possibility of human error and the risk of fraud. If we are unable to remediate the material weaknesses, our ability to record, process and report financial information accurately, and to prepare the consolidated financial statements within the time periods specified by the rules and regulations of the SEC, could be adversely affected which, in turn, may adversely affect our reputation and business and the trading price of our common stock.
As a public company, we are required, pursuant to Section 404(a) of the Sarbanes-Oxley Act, to furnish a report by management on the effectiveness of our internal control over financial reporting for each Annual Report on Form 10-K filed with the SEC. This assessment includes disclosure of any material weaknesses identified by our management in internal control over financial reporting. Once we cease to be an emerging growth company, which, based on our public float as of June 30, 2023, we expect to occur as of December 31, 2023, our independent registered public accounting firm will also be required, pursuant to Section 404(a) of the Sarbanes-Oxley Act, to attest to the effectiveness of our internal control over financial reporting in each annual report on Form 10-K to be filed with the SEC. We are also required to disclose material changes made in our internal control over financial reporting on a quarterly basis. Failure to comply with the Sarbanes-Oxley Act could subject us to sanctions or investigations by the SEC, the stock exchange on which our securities are listed or other regulatory authorities, which would require additional financial and management resources. Compliance with Section 404 requires that we incur substantial costs and expend significant management efforts.
Any failure to implement new or improved controls, or difficulties encountered in their implementation, could result in errors in our consolidated financial statements that could result in a restatement of our financial statements and could cause us to fail to meet our reporting obligations, any of which could diminish investor confidence in us and cause a decline in the price of our common stock. In addition, any such failures could result in litigation or regulatory actions by the SEC or other regulatory authorities, loss of investor confidence, delisting of our securities and harm to our reputation and financial condition, or diversion of financial and management resources from the operation of our business.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS, AND ISSUER PURCHASES OF EQUITY SECURITIES
Unregistered Sales of Equity Securities
During the three months ended September 30, 2023, we did not sell any securities that were not registered under the Securities Act.
Purchases of Equity Securities by the Issuer and Affiliated Purchasers
None.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
ITEM 5. OTHER INFORMATION
(a) None.
(b) None.
(c) Not applicable.
ITEM 6. EXHIBITS
EXHIBIT INDEX
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Incorporated by Reference | | |
Exhibit No. | | Description | | Form | | File No. | | Exhibit | | Filing Date | | Filed/Furnished Herewith |
3.1 | | | | 10-Q | | 001-39417 | | 3.1 | | November 15, 2021 | | |
3.2 | | | | 8-K | | 001-39417 | | 3.2 | | July 22, 2021 | | |
10.1 | | | | | | | | | | | | * |
31.1 | | | | | | | | | | | | * |
31.2 | | | | | | | | | | | | * |
32.1 | | | | | | | | | | | | ** |
32.2 | | | | | | | | | | | | ** |
101.INS | | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | | | | | | | | | | * |
101.SCH | | Inline XBRL Taxonomy Extension Schema Document | | | | | | | | | | * |
101.CAL | | Inline XBRL Taxonomy Extension Calculation Linkbase Document | | | | | | | | | | * |
101.DEF | | Inline XBRL Taxonomy Extension Definition Linkbase Document | | | | | | | | | | * |
101.LAB | | Inline XBRL Taxonomy Extension Label Linkbase Document | | | | | | | | | | * |
101.PRE | | Inline XBRL Taxonomy Extension Presentation Linkbase Document | | | | | | | | | | * |
104 | | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101) | | | | | | | | | | * |
_________________________________
*Filed herewith.
**Furnished herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: November 9, 2023
| | | | | | | | |
| EVOLV TECHNOLOGIES HOLDINGS, INC. |
| | |
| By: | /s/ Mark Donohue |
| Name: | Mark Donohue |
| Title: | Chief Financial Officer |
| | (Principal Financial Officer and Principal Accounting Officer) |
EVOLV TECHNOLOGIES HOLDINGS, INC.
NON-EMPLOYEE DIRECTOR COMPENSATION POLICY
(Revised as of July 19, 2023)
Non-employee members of the board of directors (the “Board”) of Evolv Technologies Holdings, Inc. (the “Company”) shall be eligible to receive cash and equity compensation as set forth in this Non-Employee Director Compensation Policy (this “Policy”). The cash and equity compensation described in this Policy shall be paid or be made, as applicable, automatically and without further action of the Board, to each member of the Board who is not an employee of the Company or any parent or subsidiary of the Company (each, a “Non-Employee Director”) who may be eligible to receive such cash or equity compensation, unless such Non-Employee Director declines the receipt of such cash or equity compensation by written notice to the Company. This Policy shall remain in effect until it is revised or rescinded by further action of the Board. This Policy may be amended, modified or terminated by the Board at any time in its sole discretion. The terms and conditions of this Policy shall supersede any prior cash and/or equity compensation arrangements for service as a member of the Board between the Company and any of its Non- Employee Directors and between any subsidiary of the Company and any of its non-employee directors.
1.Cash Compensation.
(a)Annual Retainers. Each Non-Employee Director shall receive an annual cash retainer of $40,000 for service on the Board.
(b)Additional Annual Retainers. In addition, a Non-Employee Director shall receive the following annual retainers:
(i)Chairperson of the Board. A Non-Employee Director serving as Chairperson of the Board shall receive an additional annual retainer of $40,000 for such service.
(ii)Audit Committee. A Non-Employee Director serving as Chairperson of the Audit Committee shall receive an additional annual retainer of $20,000 for such service. A Non-Employee Director serving as a member of the Audit Committee (other than the Chairperson) shall receive an additional annual retainer of $8,000 for such service.
(iii)Compensation Committee. A Non-Employee Director serving as Chairperson of the Compensation Committee shall receive an additional annual retainer of $12,000 for such service. A Non-Employee Director serving as a member of the Compensation Committee (other than the Chairperson) shall receive an additional annual retainer of $5,000 for such service.
(iv)Nominating and Corporate Governance Committee. A Non- Employee Director serving as Chairperson of the Nominating and Corporate Governance
Committee shall receive an additional annual retainer of $10,000 for such service. A NonEmployee Director serving as a member of the Nominating and Corporate Governance Committee (other than the Chairperson) shall receive an additional annual retainer of $5,000 for such service.
(v)Investment Committee. A Non-Employee Director serving as Chairperson of the Investment Committee shall receive an additional annual retainer of $10,000 for such service. A Non-Employee Director serving as a member of the Investment Committee (other than the Chairperson) shall receive an additional annual retainer of $5,000 for such service.
(c)Payment of Retainers. The annual retainers described in Sections 1(a) and 1(b) shall be earned on a quarterly basis based on a calendar quarter and shall be paid by the Company in arrears not later than the fifteenth day following the end of each calendar quarter. In the event a Non-Employee Director does not serve as a Non-Employee Director, or in the applicable positions described in Section 1(b), for an entire calendar quarter, such Non-Employee Director shall receive a prorated portion of the retainer(s) otherwise payable to such Non-Employee Director for such calendar quarter pursuant to Sections 1(a) and 1(b), with such prorated portion determined by multiplying such otherwise payable retainer(s) by a fraction, the numerator of which is the number of days during which the Non-Employee Director serves as a Non-Employee Director or in the applicable positions described in Section 1(b) during the applicable calendar quarter and the denominator of which is the number of days in the applicable calendar quarter.
2.Equity Compensation. Non-Employee Directors shall be granted the equity awards described below. The awards described below shall be granted under and shall be subject to the terms and provisions of the Company’s 2021 Incentive Award Plan or any other applicable Company equity incentive plan then-maintained by the Company (such plan, as may be amended from time to time, the “Equity Plan”) and shall be granted subject to the execution and delivery of award agreements, including attached exhibits, in substantially the forms previously approved by the Board. All applicable terms of the Equity Plan apply to this Policy as if fully set forth herein, and all equity grants hereunder are subject in all respects to the terms of the Equity Plan.
(a)Annual Awards. Each Non-Employee Director who (i) serves on the Board as of the date of any annual meeting of the Company’s stockholders (an “Annual Meeting”) and (ii) will continue to serve as a Non-Employee Director immediately following such Annual Meeting shall be automatically granted, on the date of such Annual Meeting, an award of restricted stock units with respect to a number of shares that have an aggregate value on the date of grant of $155,000 (as determined in accordance with ASC 718). The awards described in this Section 2(a) shall be referred to as the “Annual Awards.” For the avoidance of doubt, a Non-Employee Director elected for the first time to the Board at an Annual Meeting shall receive only an Annual Award in connection with such election, and shall not receive any Initial Award on the date of such Annual Meeting as well.
(b)Initial Awards. Except as otherwise determined by the Board, each Non- Employee Director who is initially elected or appointed to the Board after the date of adoption
of this policy, on any date other than the date of an Annual Meeting, shall be automatically granted, on the date of such Non-Employee Director’s initial election or appointment (such Non- Employee Director’s “Start Date”), an award of restricted stock units that have an aggregate value on such Non-Employee Director’s Start Date equal to the product of (i) $155,000 (as determined in accordance with ASC 718) and (ii) a fraction, the numerator of which is (x) 365 minus (y) the number of days in the period beginning on the date of the Annual Meeting immediately preceding such Non-Employee Director’s Start Date (or, if no such Annual Meeting has occurred, the effective date of the Business Combination) and ending on such Non-Employee Director’s Start Date and the denominator of which is 365 (with the number of shares of common stock underlying each such award subject to adjustment as provided in the Equity Plan). The awards described in this Section 2(b) shall be referred to as “Initial Awards.” For the avoidance of doubt, no Non-Employee Director shall be granted more than one Initial Award.
(c)Termination of Employment of Employee Directors. Members of the Board who are employees of the Company or any parent or subsidiary of the Company who subsequently terminate their employment with the Company and any parent or subsidiary of the Company and remain on the Board will not receive an Initial Award pursuant to Section 2(b) above, but to the extent that they are otherwise eligible, will be eligible to receive, after termination from employment with the Company and any parent or subsidiary of the Company, Annual Awards as described in Section 2(a) above.
(d)Vesting of Awards Granted to Non-Employee Directors. Each Annual Award and Initial Award shall vest and become exercisable on the earlier of (i) the day immediately preceding the date of the first Annual Meeting following the date of grant and (ii) the first anniversary of the date of grant, subject to the Non-Employee Director continuing in service on the Board through the applicable vesting date. No portion of an Annual Award or Initial Award that is unvested or unexercisable at the time of a Non-Employee Director’s termination of service on the Board shall become vested and exercisable thereafter. All of a Non-Employee Director’s Annual Awards and Initial Awards shall vest in full immediately prior to the occurrence of a Change in Control (as defined in the Equity Plan), to the extent outstanding at such time.
3.Expenses. The Company will reimburse each Non-Employee Director for ordinary, necessary and reasonable out-of-pocket travel expenses to cover in-person attendance at and participation in Board meetings and meetings of any committee of the Board; provided, that the Non-Employee Director timely submit to the Company appropriate documentation substantiating such expenses in accordance with the Company’s travel and expense policy applicable to directors, as in effect from time to time. To the extent that any taxable reimbursements are provided to any Non-Employee Director, they will be provided in accordance with Section 409A of the Internal Revenue Code of 1986, as amended, including, but not limited to, the following provisions: (a) the amount of any such expenses eligible for reimbursement during such individual’s taxable year may not affect the expenses eligible for reimbursement in any other taxable year; (b) the reimbursement of an eligible expense must be made no later than the last day of such individual’s taxable year that immediately follows the taxable year in which the expense was incurred; and (c) the right to any reimbursement may not be subject to liquidation or exchange for another benefit.
3
Exhibit 31.1
CERTIFICATION
I, Peter George, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Evolv Technologies Holdings, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: November 9, 2023
| | | | | | | | |
| By: | /s/ Peter George |
| Name: | Peter George |
| Title: | Chief Executive Officer (principal executive officer) |
Exhibit 31.2
CERTIFICATION
I, Mark Donohue, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Evolv Technologies Holdings, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: November 9, 2023
| | | | | | | | |
| By: | /s/ Mark Donohue |
| Name: | Mark Donohue |
| Title: | Chief Financial Officer (principal financial officer) |
Exhibit 32.1
Certification Pursuant to 18 U.S.C. Section 1350,
As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
In connection with the quarterly report of Evolv Technologies Holdings, Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, the undersigned, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to my knowledge, that:
(1)The Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: November 9, 2023
| | | | | | | | |
| By: | /s/ Peter George |
| Name: | Peter George |
| Title: | Chief Executive Officer (principal executive officer) |
Exhibit 32.2
Certification Pursuant to 18 U.S.C. Section 1350,
As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
In connection with the quarterly report of Evolv Technologies Holdings, Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, the undersigned, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to my knowledge, that:
(1)The Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: November 9, 2023
| | | | | | | | |
| By: | /s/ Mark Donohue |
| Name: | Mark Donohue |
| Title: | Chief Financial Officer |
| | (principal financial officer) |
v3.23.3
Cover Page - shares
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9 Months Ended |
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Sep. 30, 2023 |
Nov. 08, 2023 |
Document Information [Line Items] |
|
|
Document Type |
10-Q
|
|
Document Quarterly Report |
true
|
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Document Period End Date |
Sep. 30, 2023
|
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Document Transition Report |
false
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Entity File Number |
001-39417
|
|
Entity Registrant Name |
Evolv Technologies Holdings, Inc.
|
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Entity Incorporation, State or Country Code |
DE
|
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Entity Tax Identification Number |
84-4473840
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Entity Address, Address Line One |
500 Totten Pond Road
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Entity Address, Address Line Two |
4th Floor
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Entity Address, City or Town |
Waltham
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Entity Address, State or Province |
MA
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Entity Address, Postal Zip Code |
02451
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City Area Code |
(781)
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Local Phone Number |
374-8100
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Entity Current Reporting Status |
Yes
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Entity Interactive Data Current |
Yes
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Entity Filer Category |
Non-accelerated Filer
|
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Entity Small Business |
true
|
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Entity Emerging Growth Company |
true
|
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Entity Ex Transition Period |
false
|
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Entity Shell Company |
false
|
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Entity Common Stock, Shares Outstanding |
|
151,134,622
|
Entity Central Index Key |
0001805385
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|
Current Fiscal Year End Date |
--12-31
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Document Fiscal Year Focus |
2023
|
|
Document Fiscal Period Focus |
Q3
|
|
Amendment Flag |
false
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Class A Common Stock |
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|
Document Information [Line Items] |
|
|
Title of 12(b) Security |
Class A common stock, par value $0.0001 per share
|
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Trading Symbol |
EVLV
|
|
Security Exchange Name |
NASDAQ
|
|
Warrants to purchase one share of Class A common stock |
|
|
Document Information [Line Items] |
|
|
Title of 12(b) Security |
Warrants to purchase one share of Class A common stock
|
|
Trading Symbol |
EVLVW
|
|
Security Exchange Name |
NASDAQ
|
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v3.23.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Current assets: |
|
|
|
Cash and cash equivalents |
|
$ 99,617
|
$ 229,783
|
Restricted cash |
|
1,000
|
0
|
Marketable securities |
|
39,487
|
0
|
Accounts receivable, net |
[1] |
29,786
|
31,920
|
Inventory |
|
7,826
|
10,257
|
Current portion of contract assets |
|
3,667
|
2,852
|
Current portion of commission asset |
|
3,908
|
3,384
|
Prepaid expenses and other current assets |
|
16,500
|
14,388
|
Total current assets |
|
201,791
|
292,584
|
Restricted cash, noncurrent |
|
275
|
275
|
Contract assets, noncurrent |
|
496
|
1,386
|
Commission asset, noncurrent |
|
6,888
|
5,655
|
Property and equipment, net |
|
93,995
|
44,707
|
Operating lease right-of-use assets |
|
1,537
|
1,673
|
Other assets |
|
1,483
|
1,835
|
Total assets |
|
306,465
|
348,115
|
Current liabilities: |
|
|
|
Accounts payable |
|
13,887
|
18,194
|
Accrued expenses and other current liabilities |
|
12,164
|
11,545
|
Current portion of deferred revenue |
|
53,041
|
18,273
|
Current portion of long-term debt |
|
0
|
10,000
|
Current portion of operating lease liabilities |
|
1,655
|
1,114
|
Total current liabilities |
|
80,747
|
59,126
|
Deferred revenue, noncurrent |
|
19,478
|
17,695
|
Long-term debt, noncurrent |
|
0
|
19,683
|
Operating lease liabilities, noncurrent |
|
133
|
892
|
Contingent earn-out liability |
|
31,571
|
14,218
|
Contingently issuable common stock liability |
|
6,952
|
3,392
|
Public warrant liability |
|
11,469
|
6,124
|
Total liabilities |
|
150,350
|
121,130
|
Commitments and contingencies (Note 14) |
|
|
|
Stockholders’ equity: |
|
|
|
Preferred stock, $0.0001 par value; 100,000,000 authorized at September 30, 2023 and December 31, 2022; no shares issued and outstanding at September 30, 2023 and December 31, 2022 |
|
0
|
0
|
Common stock, $0.0001 par value; 1,100,000,000 shares authorized at September 30, 2023 and December 31, 2022; 150,661,124 and 145,204,974 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively |
|
15
|
15
|
Additional paid-in capital |
|
437,683
|
419,190
|
Accumulated other comprehensive loss |
|
(9)
|
(10)
|
Accumulated deficit |
|
(281,574)
|
(192,210)
|
Stockholders’ equity |
|
156,115
|
226,985
|
Total liabilities and stockholders’ equity |
|
$ 306,465
|
$ 348,115
|
|
|
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v3.23.3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Preferred stock, par value (in dollars per share) |
|
$ 0.0001
|
$ 0.0001
|
Preferred stock, shares authorized (in shares) |
|
100,000,000
|
100,000,000
|
Preferred stock, shares issued (in shares) |
|
0
|
0
|
Preferred stock, shares outstanding (in shares) |
|
0
|
0
|
Common stock, par value (in dollars per share) |
|
$ 0.0001
|
$ 0.0001
|
Common stock, shares authorized (in shares) |
|
1,100,000,000
|
1,100,000,000
|
Common stock, shares issued (in shares) |
|
150,661,124
|
145,204,974
|
Common stock, shares outstanding (in shares) |
|
150,661,124
|
145,204,974
|
Accounts receivable, net |
[1] |
$ 29,786
|
$ 31,920
|
Related Party |
|
|
|
Accounts receivable, net |
|
$ 2,400
|
$ 14,600
|
|
|
X |
- DefinitionAmount, after allowance for credit loss, of right to consideration from customer for product sold and service rendered in normal course of business, classified as current.
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v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Revenue: |
|
|
|
|
|
Total revenue |
[1] |
$ 20,191
|
$ 16,530
|
$ 58,597
|
$ 34,310
|
Cost of revenue: |
|
|
|
|
|
Total cost of revenue |
|
8,801
|
16,305
|
35,029
|
32,635
|
Gross profit |
|
11,390
|
225
|
23,568
|
1,675
|
Operating expenses: |
|
|
|
|
|
Research and development |
|
6,409
|
5,616
|
18,193
|
13,947
|
Sales and marketing |
|
13,919
|
11,746
|
40,336
|
33,169
|
General and administrative |
|
11,273
|
8,839
|
31,073
|
29,268
|
Loss from impairment of property and equipment |
|
28
|
626
|
322
|
1,038
|
Total operating expenses |
|
31,629
|
26,827
|
89,924
|
77,422
|
Loss from operations |
|
(20,239)
|
(26,602)
|
(66,356)
|
(75,747)
|
Other income (expense), net: |
|
|
|
|
|
Interest expense |
|
0
|
(188)
|
(654)
|
(489)
|
Interest income |
|
1,791
|
1,052
|
4,597
|
1,611
|
Other expense, net |
|
(64)
|
(57)
|
(67)
|
(57)
|
Loss on extinguishment of debt |
|
0
|
0
|
(626)
|
0
|
Change in fair value of contingent earn-out liability |
|
14,078
|
7,245
|
(17,353)
|
9,754
|
Change in fair value of contingently issuable common stock liability |
|
2,277
|
1,081
|
(3,560)
|
2,529
|
Change in fair value of public warrant liability |
|
8,156
|
(1,146)
|
(5,345)
|
4,297
|
Total other income (expense), net |
|
26,238
|
7,987
|
(23,008)
|
17,645
|
Net income (loss) |
|
$ 5,999
|
$ (18,615)
|
$ (89,364)
|
$ (58,102)
|
Weighted average common shares outstanding |
|
|
|
|
|
Basic (in shares) |
|
150,206,893
|
144,117,273
|
148,521,299
|
143,522,555
|
Diluted (in shares) |
|
173,976,375
|
144,117,273
|
148,521,299
|
143,522,555
|
Net income (loss) per share |
|
|
|
|
|
Basic (in dollars per share) |
|
$ 0.04
|
$ (0.13)
|
$ (0.60)
|
$ (0.40)
|
Diluted (in dollars per share) |
|
$ 0.03
|
$ (0.13)
|
$ (0.60)
|
$ (0.40)
|
Net income (loss) |
|
$ 5,999
|
$ (18,615)
|
$ (89,364)
|
$ (58,102)
|
Other comprehensive loss |
|
|
|
|
|
Cumulative translation adjustment |
|
34
|
45
|
1
|
35
|
Total other comprehensive income |
|
34
|
45
|
1
|
35
|
Total comprehensive income (loss) |
|
6,033
|
(18,570)
|
(89,363)
|
(58,067)
|
Product revenue |
|
|
|
|
|
Revenue: |
|
|
|
|
|
Total revenue |
|
3,191
|
9,839
|
19,188
|
19,179
|
Cost of revenue: |
|
|
|
|
|
Total cost of revenue |
|
3,153
|
12,960
|
21,453
|
23,513
|
Subscription revenue |
|
|
|
|
|
Revenue: |
|
|
|
|
|
Total revenue |
|
10,231
|
5,198
|
24,661
|
12,208
|
Cost of revenue: |
|
|
|
|
|
Total cost of revenue |
|
4,231
|
2,207
|
9,988
|
5,730
|
Service revenue |
|
|
|
|
|
Revenue: |
|
|
|
|
|
Total revenue |
|
4,757
|
1,493
|
12,736
|
2,923
|
Cost of revenue: |
|
|
|
|
|
Total cost of revenue |
|
1,417
|
1,138
|
3,588
|
3,392
|
License fee and other revenue |
|
|
|
|
|
Revenue: |
|
|
|
|
|
Total revenue |
|
$ 2,012
|
$ 0
|
$ 2,012
|
$ 0
|
|
|
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v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Total revenue |
[1] |
$ 20,191
|
$ 16,530
|
$ 58,597
|
$ 34,310
|
Related Party |
|
|
|
|
|
Total revenue |
|
$ 2,100
|
$ 2,700
|
$ 9,100
|
$ 5,800
|
|
|
X |
- DefinitionAmount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).
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v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands |
Total |
Common Stock |
Additional Paid-in Capital |
Accumulated Other Comprehensive Income (Loss) |
Accumulated Deficit |
Balance at the beginning (in shares) at Dec. 31, 2021 |
|
142,745,021
|
|
|
|
Balance at the beginning at Dec. 31, 2021 |
$ 290,274
|
$ 14
|
$ 396,064
|
$ 0
|
$ (105,804)
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Issuance of common stock upon exercise of stock options (in shares) |
|
496,971
|
|
|
|
Issuance of common stock upon net exercise of stock options |
226
|
|
226
|
|
|
Issuance of common stock upon vesting of restricted stock units (in shares) |
|
80,044
|
|
|
|
Stock-based compensation cost |
3,953
|
|
3,953
|
|
|
Net income (loss) |
(13,801)
|
|
|
|
(13,801)
|
Balance at the end (in shares) at Mar. 31, 2022 |
|
143,322,036
|
|
|
|
Balance at the end at Mar. 31, 2022 |
280,652
|
$ 14
|
400,243
|
0
|
(119,605)
|
Balance at the beginning (in shares) at Dec. 31, 2021 |
|
142,745,021
|
|
|
|
Balance at the beginning at Dec. 31, 2021 |
290,274
|
$ 14
|
396,064
|
0
|
(105,804)
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Cumulative translation adjustment |
35
|
|
|
|
|
Net income (loss) |
(58,102)
|
|
|
|
|
Balance at the end (in shares) at Sep. 30, 2022 |
|
144,434,717
|
|
|
|
Balance at the end at Sep. 30, 2022 |
248,381
|
$ 14
|
412,238
|
35
|
(163,906)
|
Balance at the beginning (in shares) at Mar. 31, 2022 |
|
143,322,036
|
|
|
|
Balance at the beginning at Mar. 31, 2022 |
280,652
|
$ 14
|
400,243
|
0
|
(119,605)
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Issuance of common stock upon exercise of stock options (in shares) |
|
350,092
|
|
|
|
Issuance of common stock upon net exercise of stock options |
157
|
|
157
|
|
|
Issuance of common stock upon vesting of restricted stock units (in shares) |
|
157,867
|
|
|
|
Stock-based compensation cost |
5,093
|
|
5,093
|
|
|
Cumulative translation adjustment |
(10)
|
|
|
(10)
|
|
Net income (loss) |
(25,686)
|
|
|
|
(25,686)
|
Balance at the end (in shares) at Jun. 30, 2022 |
|
143,829,995
|
|
|
|
Balance at the end at Jun. 30, 2022 |
260,206
|
$ 14
|
405,493
|
(10)
|
(145,291)
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Issuance of common stock upon exercise of stock options (in shares) |
|
428,155
|
|
|
|
Issuance of common stock upon net exercise of stock options |
188
|
|
188
|
|
|
Issuance of common stock upon vesting of restricted stock units (in shares) |
|
176,567
|
|
|
|
Stock-based compensation cost |
6,557
|
|
6,557
|
|
|
Cumulative translation adjustment |
45
|
|
|
45
|
|
Net income (loss) |
(18,615)
|
|
|
|
(18,615)
|
Balance at the end (in shares) at Sep. 30, 2022 |
|
144,434,717
|
|
|
|
Balance at the end at Sep. 30, 2022 |
248,381
|
$ 14
|
412,238
|
35
|
(163,906)
|
Balance at the beginning (in shares) at Dec. 31, 2022 |
|
145,204,974
|
|
|
|
Balance at the beginning at Dec. 31, 2022 |
226,985
|
$ 15
|
419,190
|
(10)
|
(192,210)
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Issuance of common stock upon exercise of stock options (in shares) |
|
100,587
|
|
|
|
Issuance of common stock upon net exercise of stock options |
33
|
|
33
|
|
|
Issuance of common stock upon vesting of restricted stock units (in shares) |
|
1,841,257
|
|
|
|
Issuance of common stock upon exercise of warrants (in shares) |
|
830,216
|
|
|
|
Issuance of common stock upon exercise of warrants |
348
|
|
348
|
|
|
Stock-based compensation cost |
5,101
|
|
5,101
|
|
|
Cumulative translation adjustment |
(16)
|
|
|
(16)
|
|
Net income (loss) |
(28,609)
|
|
|
|
(28,609)
|
Balance at the end (in shares) at Mar. 31, 2023 |
|
147,977,034
|
|
|
|
Balance at the end at Mar. 31, 2023 |
203,842
|
$ 15
|
424,672
|
(26)
|
(220,819)
|
Balance at the beginning (in shares) at Dec. 31, 2022 |
|
145,204,974
|
|
|
|
Balance at the beginning at Dec. 31, 2022 |
$ 226,985
|
$ 15
|
419,190
|
(10)
|
(192,210)
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Issuance of common stock upon exercise of stock options (in shares) |
1,607,650
|
|
|
|
|
Cumulative translation adjustment |
$ 1
|
|
|
|
|
Net income (loss) |
(89,364)
|
|
|
|
|
Balance at the end (in shares) at Sep. 30, 2023 |
|
150,661,124
|
|
|
|
Balance at the end at Sep. 30, 2023 |
156,115
|
$ 15
|
437,683
|
(9)
|
(281,574)
|
Balance at the beginning (in shares) at Mar. 31, 2023 |
|
147,977,034
|
|
|
|
Balance at the beginning at Mar. 31, 2023 |
203,842
|
$ 15
|
424,672
|
(26)
|
(220,819)
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Issuance of common stock upon exercise of stock options (in shares) |
|
775,193
|
|
|
|
Issuance of common stock upon net exercise of stock options |
310
|
|
310
|
|
|
Issuance of common stock upon vesting of restricted stock units (in shares) |
|
1,038,415
|
|
|
|
Issuance of common stock upon exercise of warrants (in shares) |
|
100
|
|
|
|
Issuance of common stock upon exercise of warrants |
1
|
|
1
|
|
|
Stock-based compensation cost |
6,776
|
|
6,776
|
|
|
Cumulative translation adjustment |
(17)
|
|
|
(17)
|
|
Net income (loss) |
(66,754)
|
|
|
|
(66,754)
|
Balance at the end (in shares) at Jun. 30, 2023 |
|
149,790,742
|
|
|
|
Balance at the end at Jun. 30, 2023 |
144,158
|
$ 15
|
431,759
|
(43)
|
(287,573)
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Issuance of common stock upon exercise of stock options (in shares) |
|
731,870
|
|
|
|
Issuance of common stock upon net exercise of stock options |
273
|
|
273
|
|
|
Issuance of common stock upon vesting of restricted stock units (in shares) |
|
138,512
|
|
|
|
Stock-based compensation cost |
5,651
|
|
5,651
|
|
|
Cumulative translation adjustment |
34
|
|
|
34
|
|
Net income (loss) |
5,999
|
|
|
|
5,999
|
Balance at the end (in shares) at Sep. 30, 2023 |
|
150,661,124
|
|
|
|
Balance at the end at Sep. 30, 2023 |
$ 156,115
|
$ 15
|
$ 437,683
|
$ (9)
|
$ (281,574)
|
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v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Cash flows from operating activities: |
|
|
|
|
Net income (loss) |
$ 5,999
|
$ (18,615)
|
$ (89,364)
|
$ (58,102)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
Depreciation and amortization |
2,700
|
1,400
|
6,781
|
3,782
|
Write-off of inventory and change in inventory reserve |
|
|
581
|
559
|
Adjustment to property and equipment for sales type leases |
|
|
0
|
(625)
|
Loss from impairment of property and equipment |
28
|
626
|
322
|
1,038
|
Stock-based compensation |
|
|
17,303
|
15,513
|
Non-cash interest expense |
|
|
22
|
14
|
Accretion of discount on marketable securities |
|
|
(482)
|
0
|
Non-cash lease expense |
|
|
136
|
602
|
Change in allowance for expected credit losses |
|
|
237
|
100
|
Loss on extinguishment of debt |
0
|
0
|
626
|
0
|
Change in fair value of contingent earn-out liability |
(14,078)
|
(7,245)
|
17,353
|
(9,754)
|
Change in fair value of contingently issuable common stock liability |
(2,277)
|
(1,081)
|
3,560
|
(2,529)
|
Change in fair value of public warrant liability |
(8,156)
|
1,146
|
5,345
|
(4,297)
|
Changes in operating assets and liabilities |
|
|
|
|
Accounts receivable |
|
|
2,107
|
(14,822)
|
Inventory |
|
|
2,041
|
(4,401)
|
Commission assets |
|
|
(1,757)
|
(1,656)
|
Contract assets |
|
|
75
|
(1,938)
|
Other assets |
|
|
352
|
(629)
|
Prepaid expenses and other current assets |
|
|
(2,111)
|
(9,009)
|
Accounts payable |
|
|
(6,396)
|
2,177
|
Deferred revenue |
|
|
36,551
|
16,005
|
Accrued expenses and other current liabilities |
|
|
278
|
(750)
|
Operating lease liability |
|
|
(218)
|
(699)
|
Net cash used in operating activities |
|
|
(6,658)
|
(69,421)
|
Cash flows from investing activities: |
|
|
|
|
Development of internal-use software |
|
|
(2,202)
|
(1,936)
|
Purchases of property and equipment |
|
|
(51,646)
|
(17,554)
|
Proceeds from sale of property and equipment |
|
|
60
|
312
|
Purchases of marketable securities |
|
|
(58,652)
|
0
|
Proceeds from maturities of marketable securities |
|
|
19,647
|
0
|
Net cash used in investing activities |
|
|
(92,793)
|
(19,178)
|
Cash flows from financing activities: |
|
|
|
|
Proceeds from exercise of stock options and warrants |
|
|
616
|
571
|
Proceeds from long-term debt |
|
|
1,876
|
0
|
Repayment of principal on long-term debt |
|
|
(31,876)
|
(1,000)
|
Payment of debt issuance costs and prepayment penalty |
|
|
(332)
|
0
|
Net cash provided by (used in) financing activities |
|
|
(29,716)
|
(429)
|
Effect of exchange rate changes on cash and cash equivalents |
|
|
1
|
35
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
|
(129,166)
|
(88,993)
|
Cash, cash equivalents and restricted cash |
|
|
|
|
Cash, cash equivalents and restricted cash at beginning of period |
|
|
230,058
|
308,167
|
Cash, cash equivalents and restricted cash at end of period |
100,892
|
219,174
|
100,892
|
219,174
|
Supplemental disclosure of cash flow information |
|
|
|
|
Cash paid for interest |
|
|
710
|
478
|
Supplemental disclosure of non-cash activities |
|
|
|
|
Transfer of property and equipment to inventory |
|
|
191
|
0
|
Capital expenditures incurred but not yet paid |
|
|
10,214
|
5,935
|
Capitalization of stock compensation |
|
|
340
|
90
|
Reconciliation of cash, cash equivalents and restricted cash: |
|
|
|
|
Cash and cash equivalents |
99,617
|
218,499
|
99,617
|
218,499
|
Restricted cash |
1,000
|
400
|
1,000
|
400
|
Restricted cash, noncurrent |
275
|
275
|
275
|
275
|
Total cash, cash equivalents and restricted cash shown in the statements of cash flows |
$ 100,892
|
$ 219,174
|
$ 100,892
|
$ 219,174
|
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v3.23.3
Nature of the Business and Basis of Presentation
|
9 Months Ended |
Sep. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Nature of the Business and Basis of Presentation |
Nature of the Business and Basis of Presentation Evolv Technologies Holdings, Inc. (the “Company”), a Delaware corporation, is a leader in AI-based weapons detection for security screening. The Company’s mission is to make the world a safer and more enjoyable place to live, work, learn, and play. The Company is democratizing security by making it seamless for gathering spaces to better address the chronic epidemic of escalating gun violence, mass shootings and terrorist attacks in a cost-effective manner while improving safety and the visitor experience. The Company is headquartered in Waltham, Massachusetts.
As used in this Quarterly Report on Form 10-Q, unless otherwise indicated or the context otherwise requires, references to “we,” “us,” “our,” the “Company” and “Evolv” refer to the consolidated operations of Evolv Technologies Holdings, Inc. and its wholly-owned subsidiaries, which include Evolv Technologies, Inc., Evolv Technologies UK Ltd. and Give Evolv LLC.
Basis of presentation
The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”).
Unaudited Interim Financial Information
The accompanying unaudited condensed consolidated financial statements as of September 30, 2023, and for the three and nine months ended September 30, 2023 and 2022 have been prepared on the same basis as the audited annual consolidated financial statements as of December 31, 2022 and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of September 30, 2023 and the results of its operations for the three and nine months ended September 30, 2023 and 2022 and cash flows for the nine months ended September 30, 2023 and 2022. The results for the three and nine months ended September 30, 2023 are not necessarily indicative of results to be expected for the year ending December 31, 2023, any other interim periods, or any future year or period. Merger On July 16, 2021, we consummated the business combination (the “Merger”), contemplated by the Agreement and Plan of Merger, dated March 5, 2021, with NHIC Sub Inc. (“Merger Sub”), a wholly-owned subsidiary of NewHold Investment Corp. (“NHIC”), a special purpose acquisition company, which is our legal predecessor, and Evolv Technologies, Inc. dba Evolv Technology, Inc. (“Legacy Evolv”), as amended by that certain First Amendment to Agreement and Plan of Merger dated June 5, 2021 by and among NHIC, Merger Sub and Legacy Evolv (the “Amendment” and as amended, the “Merger Agreement”). Pursuant to the Merger Agreement, Merger Sub was merged with and into Legacy Evolv, with Legacy Evolv surviving the Merger as a wholly-owned subsidiary of NHIC. Upon the closing of the Merger, NHIC changed its name to Evolv Technologies Holdings, Inc. Evolv Technologies Holdings, Inc. became the successor entity to NHIC pursuant to Rule 12g-3(a) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
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v3.23.3
Summary of Significant Accounting Policies
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
Summary of Significant Accounting Policies Significant Accounting Policies
The significant accounting policies and estimates used in preparation of the unaudited condensed consolidated financial statements are described in the Company’s audited consolidated financial statements as of and for the year ended December 31, 2022, and the notes thereto, which are included in our Annual Report on Form 10-K for the year ended December 31, 2022. Other than the addition of the accounting policy related to marketable securities as described in Note 3. Marketable Securities, there have been no material changes to the Company’s significant accounting policies during the nine months ended September 30, 2023.
Recently Adopted Accounting Pronouncements
The Company qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 and has elected not to “opt out” to the extended transition related to complying with new or revised accounting standards, which means that when a standard is issued or revised and it has different application dates for public and nonpublic companies, the Company will adopt the new or revised standard at the time nonpublic companies adopt the new or revised standard and will do so until such time that the Company either (1) irrevocably elects to “opt out” of such extended transition period or (2) no longer qualifies as an emerging growth company. The Company may choose to early adopt any new or revised accounting standards whenever such early adoption is permitted for nonpublic companies. Based on our public float as of June 30, 2023, we expect to become a large accelerated filer and lose emerging growth company status as of December 31, 2023. As of December 31, 2023, we will be required to adopt new or revised accounting standards when they are applicable to public companies that are not emerging growth companies. Based on our public float as of June 30, 2023, we also expect to transition out of smaller reporting company status as of December 31, 2023 and will no longer be able to rely on the scaled disclosure requirements allowed for smaller reporting companies.
In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326) (“ASU 2016-13”). The new standard adjusts the accounting for assets held at amortized cost basis, including marketable securities accounted for as available for sale, and trade receivables. The standard eliminates the probable initial recognition threshold and requires an entity to reflect its current estimate of all expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. For public entities except smaller reporting companies, the guidance is effective for annual reporting periods beginning after December 15, 2019 and for interim periods within those fiscal years. In November 2019, the FASB issued ASU No. 2019-10, which deferred the effective date for non-public entities and smaller reporting companies to annual reporting periods beginning after December 15, 2022, including interim periods within those fiscal years. Early application is allowed. The Company adopted this guidance effective January 1, 2023, and the adoption of this guidance did not have a material impact on its consolidated financial statements and related disclosures.
In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which amends ASC 805 to add contract assets and contract liabilities to the list of exceptions to the recognition and measurement principles that apply to business combinations and to require that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. The amendments in ASU 2021-08 are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, and should be applied prospectively to business combinations occurring on or after the effective date of the amendments. Early adoption of the amendments is permitted, including adoption in an interim period. The Company adopted this guidance effective January 1, 2023, and the adoption of this guidance did not have an impact on its consolidated financial statements and related disclosures.
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v3.23.3
Marketable Securities
|
9 Months Ended |
Sep. 30, 2023 |
Investments, Debt and Equity Securities [Abstract] |
|
Marketable Securities |
Marketable Securities Marketable securities as of September 30, 2023 consisted of the following:
| | | | | | | | | | | | | | | | | | | September 30, 2023 | | Amortized Cost | | Unrealized Gain/(Loss) | | Fair Value | U.S. Treasury bills | $ | 39,487 | | | $ | — | | | $ | 39,487 | | Total marketable securities | $ | 39,487 | | | $ | — | | | $ | 39,487 | |
Marketable securities are reported at fair value and, at September 30, 2023, are comprised solely of zero coupon U.S. treasury bills with maturities of less than one year that are classified as available-for-sale debt securities. The Company did not record any unrealized gains or losses on available-for-sale securities for the three or nine months ended September 30, 2023. The accretion of discounts on marketable securities is included in interest income on the condensed consolidated statements of operations and comprehensive income. The Company did not have any marketable securities as of December 31, 2022.
The Company considers an available-for-sale debt security to be impaired if the fair value of the investment is less than its amortized cost basis. The entire difference between the amortized cost basis and the fair value of the Company’s available-for-sale debt securities is recognized on the condensed consolidated statements of operations as an impairment if, (i) the fair value of the security is below its amortized cost and (ii) the Company intends to sell or is more likely than not required to sell the security before recovery of its amortized cost basis. If neither criterion is met, the Company evaluates whether the decline in fair value is due to credit losses or other factors. In making this assessment, the Company considers the changes to the rating of the security by third-party rating agencies, and adverse conditions specific to the security, among other factors. If the Company’s assessment indicates that a credit loss exists, the credit loss is measured based on the Company’s best estimate of the cash flows expected to be collected. When developing its estimate of cash flows expected to be collected, the Company considers all available information relevant to the collectability of the security, including past events, current conditions, and reasonable and supportable forecasts.
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v3.23.3
Fair Value Measurements
|
9 Months Ended |
Sep. 30, 2023 |
Fair Value Disclosures [Abstract] |
|
Fair Value Measurements |
Fair Value Measurements The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy used to determine such fair values (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at September 30, 2023 | | Level 1 | | Level 2 | | Level 3 | | Total | Assets: | | | | | | | | Money market funds | $ | 73,171 | | | $ | — | | | $ | — | | | $ | 73,171 | | Treasury bills | — | | | 49,372 | | | — | | | 49,372 | | | $ | 73,171 | | | $ | 49,372 | | | $ | — | | | $ | 122,543 | | Liabilities: | | | | | | | | Contingent earn-out liability | $ | — | | | $ | — | | | $ | 31,571 | | | $ | 31,571 | | Contingently issuable common stock liability | — | | | — | | | 6,952 | | | 6,952 | | Public Warrant liability | 11,469 | | | — | | | — | | | 11,469 | | | $ | 11,469 | | | $ | — | | | $ | 38,523 | | | $ | 49,992 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements as of December 31, 2022 | | Level 1 | | Level 2 | | Level 3 | | Total | Assets: | | | | | | | | Money market funds | $ | 149,971 | | | $ | — | | | $ | — | | | $ | 149,971 | | | $ | 149,971 | | | $ | — | | | $ | — | | | $ | 149,971 | | Liabilities: | | | | | | | | Contingent earn-out liability | $ | — | | | $ | — | | | $ | 14,218 | | | $ | 14,218 | | Contingently issuable common stock liability | — | | | — | | | 3,392 | | | 3,392 | | Public Warrant liability | 6,124 | | | — | | | — | | | 6,124 | | | $ | 6,124 | | | $ | — | | | $ | 17,610 | | | $ | 23,734 | |
Money market funds are included in cash and cash equivalents on the condensed consolidated balance sheets. U.S. treasury bills with maturities less than 3 months, which totaled $9.9 million as of September 30, 2023, are included in cash and cash equivalents, while treasury bills with maturities greater than 3 months, which totaled $39.5 million as of September 30, 2023, are reflected as marketable securities. The fair value of the treasury bills, which are classified as Level 2 securities, is calculated by a third-party pricing service and is based on estimates obtained from various sources. The Company may also value its non-financial assets and liabilities, including items such as inventories and property and equipment, at fair value on a non-recurring basis if it is determined that impairment has occurred. Such fair value measurements use significant unobservable inputs and are classified as Level 3. During each of the three and nine months ended September 30, 2023 and 2022, there were no transfers between Level 1, Level 2 and Level 3. Valuation of Contingent Earn-out Pursuant to the Merger Agreement, the Legacy Evolv stockholders, immediately prior to the Merger, were entitled to receive additional shares of the Company’s common stock upon the Company achieving certain milestones as described in Note 2 of our consolidated financial statements of our Annual Report on Form 10-K for the year ended December 31, 2022. The Company’s contingent earn-out shares were recorded at fair value as contingent earn-out liability upon the closing of the Merger and are remeasured each reporting period. As of September 30, 2023, no milestones have been achieved. The fair value of the contingent earn-out is calculated using a Monte Carlo analysis in order to simulate the future path of the Company’s stock price over the earn-out period. The carrying amount of the liability may fluctuate significantly and actual amounts paid may be materially different from the liability’s estimated value. The significant assumptions used in the Monte Carlo model as of September 30, 2023 were as follows: 87.5% expected stock price volatility, a risk-free rate of return of 4.9%, a 25% likelihood of change in control and a remaining term of 2.4 years. The following table provides a rollforward of the contingent earn-out liability (in thousands): | | | | | | Balance at December 31, 2022 | $ | 14,218 | | Change in fair value | 17,353 | | Balance at September 30, 2023 | $ | 31,571 | |
Valuation of Contingently Issuable Common Stock Prior to the Merger, certain NHIC stockholders owned 4,312,500 shares of NHIC Class B common stock (the "Founder Shares"). Upon the closing of the Merger, NHIC Class A and Class B common stock became the Company's common stock. 1,897,500 Founder Shares vested at the closing of the Merger, 517,500 Founder Shares were transferred back to NHIC and then contributed to Give Evolv LLC, and the remaining 1,897,500 outstanding Founder Shares are contingently issuable and shall vest upon the Company achieving certain milestones as described in Note 2 of our consolidated financial statements of our Annual Report on Form 10-K for the year ended December 31, 2022. The Company’s contingently issuable common shares were recorded at fair value on the closing of the Merger and are remeasured each reporting period. As of September 30, 2023, no milestones have been achieved. The fair value of the contingently issued common shares is determined using a Monte Carlo analysis in order to simulate the future path of the Company’s stock price over the vesting period. The carrying amount of the liability may fluctuate significantly and actual amounts paid may be materially different from the liability’s estimated value. The significant assumptions used in the Monte Carlo model as of September 30, 2023 were as follows: 87.5% expected stock price volatility, a risk-free rate of return of 4.8%, a 25% likelihood of change in control and a remaining term of 2.8 years. The following table provides a rollforward of the contingently issuable common shares (in thousands): | | | | | | Balance at December 31, 2022 | $ | 3,392 | | Change in fair value | 3,560 | | Balance at September 30, 2023 | $ | 6,952 | |
Valuation of Public Warrant Liability In connection with the closing of the Merger, the Company assumed warrants (the "Public Warrants") to purchase 14,325,000 shares of common stock at an exercise price of $11.50. The Public Warrants are immediately exercisable and expire in July 2026. The Public Warrants are classified as a liability and are subsequently remeasured to fair value at each reporting date based on the closing price as reported by Nasdaq on the last date of the reporting period. As of September 30, 2023, 14,324,893 Public Warrants are outstanding. The following table provides a rollforward of the public warrant liability (in thousands): | | | | | | Balance at December 31, 2022 | $ | 6,124 | | Change in fair value | 5,345 | | Balance at September 30, 2023 | $ | 11,469 | |
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v3.23.3
Revenue Recognition
|
9 Months Ended |
Sep. 30, 2023 |
Revenue Recognition and Deferred Revenue [Abstract] |
|
Revenue Recognition |
Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification 606 – Revenue from Contracts with Customers (“ASC 606”). Under ASC 606, revenue is recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. In order to achieve this core principle, the Company applies the following five steps when recording revenue: (1) identify the contract, or contracts, with the customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract and (5) recognize revenue when, or as, performance obligations are satisfied.
The Company derives revenue from (1) subscription arrangements generally accounted for as operating leases under ASC 842 and (2) from the sale of products, inclusive of SaaS and maintenance, (3) professional services, and (4) license fees related to a distribution and license agreement with the Company's primary contract manufacturer. The Company’s arrangements are generally noncancelable and nonrefundable after shipment to the customer. Revenue is recognized net of sales tax.
Remaining Performance Obligations
The following table includes estimated revenues expected to be recognized in the future related to performance obligations that are unsatisfied (or partially satisfied) as of September 30, 2023. | | | | | | | | | | | | | | | | | | | Less than 1 year | | Greater than 1 year | | Total | Product revenue | $ | 2,469 | | | $ | — | | | $ | 2,469 | | Subscription revenue | 51,258 | | | 108,942 | | | 160,200 | | Service revenue | 18,173 | | | 40,284 | | | 58,457 | | Total revenue | $ | 71,900 | | | $ | 149,226 | | | $ | 221,126 | |
The amount of minimum future leases included in subscription revenue in the table above is based on expected income recognition. As of September 30, 2023, future minimum payments on noncancelable leases are as follows (in thousands): | | | | | | Year Ending December 31: | | 2023 (three months remaining) | $ | 12,988 | | 2024 | 50,800 | | 2025 | 46,632 | | 2026 | 35,489 | | 2027 | 14,291 | | | | | $ | 160,200 | |
Contract Balances from Contracts with Customers
Contract assets arise from unbilled amounts in customer arrangements when revenue recognized exceeds the amount billed to the customer and the Company’s right to payment is conditional and not only subject to the passage of time. As of September 30, 2023 and December 31, 2022, the Company had $3.7 million and $2.9 million in current portion of contract assets and $0.5 million and $1.4 million in contract assets, noncurrent on the condensed consolidated balance sheets, respectively.
Contract liabilities represent the Company’s obligation to transfer goods or services to a customer for which it has received consideration (or the amount is due) from the customer. The Company has a contract liability related to service revenue, which consists of amounts that have been invoiced but that have not been recognized as revenue. Amounts expected to be recognized as revenue within 12 months of the balance sheet date are classified as current deferred revenue and amounts expected to be recognized as revenue beyond 12 months of the balance sheet date are classified as deferred revenue, noncurrent. The Company recognized revenue of $4.4 million and $16.5 million during the three and nine months ended September 30, 2023 that was included in the December 31, 2022 deferred revenue balance. The Company recognized revenue of $1.3 million and $6.0 million during the three and nine months ended September 30, 2022 that was included in the December 31, 2021 deferred revenue balance. The following table provides a rollforward of deferred revenue (in thousands): | | | | | | Balance at December 31, 2022 | $ | 35,968 | | Revenue recognized in relation to the beginning of the year contract liability balance | (16,507) | | Revenue deferred | 53,058 | | Balance at September 30, 2023 | $ | 72,519 | |
The following table presents the Company’s components of lease revenue (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2023 | | 2022 | | 2023 | | 2022 | Revenue from sales-type leases | $ | — | | | $ | 29 | | | $ | — | | | $ | 1,135 | | Interest income on lease receivables | 49 | | | 60 | | | 153 | | | 170 | | Lease income - operating leases | 10,231 | | | 5,198 | | | 24,661 | | | 12,208 | | Total lease revenue | $ | 10,280 | | | $ | 5,287 | | | $ | 24,814 | | | $ | 13,513 | |
The revenue from sales-type leases is related to the Evolv Express units where the lease term is for the major part of the economic life of the underlying equipment and is classified as product revenue in the condensed consolidated statements of operations and comprehensive loss. The interest income on lease receivables is classified under interest income in the condensed consolidated statements of operations and comprehensive loss. The lease income from operating leases is related to the leased equipment under subscription arrangements and is classified as subscription revenue in the condensed consolidated statements of operations and comprehensive loss. Revenue related to leases entered into with related parties were $0.3 million and $0.5 million during the three and nine months ended September 30, 2023, respectively. Revenue related to leases entered into with related parties were $0.2 million and $0.4 million during the three and nine months ended September 30, 2022, respectively.
Disaggregated Revenue
The following table presents the Company’s revenue by revenue stream (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2023 | | 2022 | | 2023 | | 2022 | Product revenue | $ | 3,191 | | | $ | 9,839 | | | $ | 19,188 | | | $ | 19,179 | | Leased equipment | 10,231 | | | 5,198 | | | 24,661 | | | 12,208 | | SaaS, maintenance, and other revenue | 4,397 | | | 1,180 | | | 11,296 | | | 2,277 | | Professional services | 360 | | | 313 | | | 1,440 | | | 646 | | License fee and other revenue | 2,012 | | | — | | | 2,012 | | | — | | Total revenue | $ | 20,191 | | | $ | 16,530 | | | $ | 58,597 | | | $ | 34,310 | |
CommissionsThe Company incurs and pays commissions on product sales. The Company applies the practical expedient for contracts less than one year to expense the commission costs in the period in which they were incurred. Commissions on product sales and services are expensed in the period in which the related revenue is recognized. Commissions on subscription arrangements and maintenance are expensed ratably over the life of the contract. The Company had a deferred asset related to commissions of $10.8 million and $9.0 million as of September 30, 2023 and December 31, 2022, respectively. During the three months ended September 30, 2023 and 2022, the Company recognized commission expense of $1.3 million and $1.2 million, respectively. During the nine months ended September 30, 2023 and 2022, the Company recognized commission expense of $4.4 million and $2.4 million, respectively.
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- DefinitionThe entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.
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v3.23.3
Accounts Receivable
|
9 Months Ended |
Sep. 30, 2023 |
Receivables [Abstract] |
|
Accounts Receivable |
Accounts Receivable Allowance for Expected Credit Losses
Changes in the allowance for expected credit losses were as follows (in thousands):
| | | | | | | Allowance for Doubtful Accounts | Balance at December 31, 2022 | $ | (200) | | Provisions | (258) | | Write-offs, net of recoveries | 21 | | Balance at September 30, 2023 | $ | (437) | |
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- DefinitionThe entire disclosure for accounts receivable, contract receivable, receivable held-for-sale, and nontrade receivable.
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v3.23.3
Inventory
|
9 Months Ended |
Sep. 30, 2023 |
Inventory Disclosure [Abstract] |
|
Inventory |
Inventory Inventory consisted of the following (in thousands): | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | Raw materials | $ | 1,323 | | | $ | 2,334 | | Finished goods | 6,503 | | | 7,923 | | Total | $ | 7,826 | | | $ | 10,257 | |
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- DefinitionThe entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory.
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v3.23.3
Property and Equipment, Net
|
9 Months Ended |
Sep. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
Property and Equipment, Net |
Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | Computers and telecom equipment | $ | 1,256 | | | $ | 599 | | Lab equipment | 981 | | | 871 | | Furniture and fixtures | 111 | | | 111 | | Leasehold improvements | 566 | | | 542 | | Leased equipment | 69,129 | | | 35,983 | | Capitalized software | 7,041 | | | 4,150 | | Sales demo equipment | 2,720 | | | 2,340 | | Equipment held for lease1 | 25,656 | | | 7,826 | | Construction in progress | 638 | | | 71 | | | 108,098 | | | 52,493 | | Less: Accumulated depreciation and amortization | (14,103) | | | (7,786) | | | $ | 93,995 | | | $ | 44,707 | |
1 Represents equipment that has not yet been deployed to a customer and, accordingly, is not being depreciated. As of September 30, 2023 and December 31, 2022, the net book value of capitalized software was $5.7 million and $3.5 million, respectively. These amounts include $0.5 million and $0.2 million of capitalized stock compensation costs, respectively. Depreciation and amortization expense related to property and equipment was $2.7 million and $1.4 million for the three months ended September 30, 2023 and 2022, and $6.8 million and $3.8 million for the nine months ended September 30, 2023 and 2022, respectively. Leased equipment and the related accumulated depreciation were as follows: | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | Leased equipment | $ | 69,129 | | | $ | 35,983 | | Accumulated depreciation | (10,698) | | | (5,802) | | Leased equipment, net | $ | 58,431 | | | $ | 30,181 | |
Depreciation expense related to leased units was $2.2 million and $1.1 million during the three months ended September 30, 2023 and 2022, and $5.4 million and $3.0 million for the nine months ended September 30, 2023 and 2022, respectively. Depreciable lives are generally 7 years, consistent with the Company’s planned and historical usage of the equipment subject to operating leases.
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- DefinitionThe entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.
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v3.23.3
Long-term Debt
|
9 Months Ended |
Sep. 30, 2023 |
Debt Disclosure [Abstract] |
|
Long-term Debt |
Long-term Debt The components of the Company’s long-term debt consisted of the following (in thousands): | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | Term loans payable | $ | — | | | $ | 30,000 | | Less: Unamortized discount | — | | | (317) | | | — | | | 29,683 | | Less: Current portion of long-term debt | — | | | 10,000 | | Long-term debt, net of discount | $ | — | | | $ | 19,683 | |
Silicon Valley Bank Term Loan Agreement In December 2022, the Company entered into a loan and security agreement (the "2022 SVB Credit Agreement") with Silicon Valley Bank ("SVB") in order to finance purchases of hardware to be leased to customers. The 2022 SVB Credit Agreement provided for an initial term loan advance of $30.0 million, which was approximately equivalent to the value of all hardware purchases made to support leasing transactions with the Company's customers through December 21, 2022 (the "SVB Closing Date"), with the opportunity to obtain, within 18 months after the SVB Closing Date, additional term loan advances, subject to the satisfaction of certain conditions, in an aggregate principal amount equal to $20.0 million (subject to an increase of an additional $25.0 million upon the satisfaction of certain conditions and approval from SVB). The interest rate applicable to the SVB Term Loans was the greater of (a) the Wall Street Journal Prime Rate plus 1.0% or (b) 7.25% per annum. Interest and principal under the SVB Credit Agreement was payable monthly. On March 10, 2023, SVB was closed by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Corporation ("FDIC") as receiver. The FDIC created a successor bridge bank, Silicon Valley Bridge Bank, N.A. ("SVBB"), and all deposits of SVB were transferred to SVBB under a systemic risk exception approved by the Federal Reserve, the U.S. Treasury Department, and the FDIC. On March 12, 2023, the Federal Reserve, the U.S. Treasury Department, and the FDIC announced in a joint statement that all SVB deposits, including both insured and uninsured amounts, would be available in full to account holders. SVB was acquired by First Citizens Bank on March 27, 2023. In light of the foregoing, on March 28, 2023, upon the recommendation of the Company’s newly-formed Investment Committee of the Board of Directors, the Company (i) gave notice of its desire and intent to terminate the commitments under the 2022 SVB Credit Agreement and (ii) transferred its excess cash out of First Citizens Bank (the “Transfer”). The Transfer resulted in an event of default under the 2022 SVB Credit Agreement. Upon the occurrence of such event of default, First Citizens Bank could have, but was not required to, declare all obligations under the 2022 SVB Credit Agreement immediately due and payable. First Citizens Bank did not make such declaration following such event of default. On March 31, 2023, the Company fully repaid all borrowings and accrued interest under the 2022 SVB Credit Agreement and terminated the 2022 SVB Credit Agreement. In accordance with the terms of the 2022 SVB Credit Agreement, the Company was required to pay a prepayment premium equal to 1.0% of the principal balance on the date of repayment. The Company incurred a loss on debt extinguishment of $0.6 million, consisting of the prepayment penalty of $0.3 million and the write-off of $0.3 million of unamortized debt issuance costs.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.23.3
Stock-Based Compensation
|
9 Months Ended |
Sep. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
Stock-Based Compensation |
Stock-Based Compensation Stock Options The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted during the nine months ended September 30, 2023 and 2022: | | | | | | | | | | | | | Nine Months Ended September 30, | | 2023 | | 2022 | Risk-free interest rate | 4.2 | % | | 1.6 | % | Expected term (in years) | 6.1 | | 6.1 | Expected volatility | 87.5 | % | | 75.0 | % | Expected dividend yield | 0.0 | % | | 0.0 | % |
The following table summarizes the Company’s stock option activity since December 31, 2022 (in thousands, except for share and per share data): | | | | | | | | | | | | | Number of Shares | | Weighted Average Exercise Price | | | | | Outstanding as of December 31, 2022 | 20,396,824 | | $ | 0.73 | | Granted | 2,840,421 | | 3.12 | | Exercised | (1,607,650) | | 0.38 | | Forfeited | (566,551) | | | 1.23 | | Outstanding as of September 30, 2023 | 21,063,044 | | 1.07 | |
Restricted Stock Units The following table summarizes the Company's restricted stock units activity since December 31, 2022: | | | | | | | | | | | | | Number of Shares | | Grant Date Fair Value | | | | | Outstanding as of December 31, 2022 | 7,501,945 | | | $ | 3.54 | | Granted | 7,917,033 | | | 3.33 | | Vested | (2,586,184) | | | 3.47 | | Forfeited | (735,686) | | | 3.62 | | Outstanding as of September 30, 2023 | 12,097,108 | | | $ | 3.41 | |
Performance Stock Units The following table summarizes the Company's performance stock units activity since December 31, 2022: | | | | | | | | | | | | | Number of Shares | | Grant Date Fair Value | | | | | Outstanding as of December 31, 2022 | 864,000 | | | $ | 2.65 | | Granted | — | | | — | | Vested | (432,000) | | | 2.65 | | Forfeited | (46,000) | | | 2.66 | | Outstanding as of September 30, 2023 | 386,000 | | | $ | 2.65 | |
Finback Common Stock Warrants In January 2021, the Company granted warrants (the "Finback Common Stock Warrants") to purchase 2,552,913 shares of the Company's Class A common stock at an exercise price of $0.42 per share to Finback Evolv OBH, LLC ("Finback"), a consulting group affiliated with one of the Company's stockholders. The Finback Common Stock Warrants vest upon meeting certain sales criteria as defined in a business development agreement (the "Finback BDA"), which has a term of 3 years. The Finback BDA expired on January 1, 2023 but includes a 1-year "tail period" expiring on January 1, 2024. During the tail period, Finback Common Stock Warrants will continue to vest related to any sale consummated by the Company for which it is determined Finback provided services prior to January 1, 2023 in furtherance of the sale. The Finback Common Stock Warrants expire in January 2031. The Finback Common Stock Warrants are accounted for under ASC 718 Compensation – Stock Compensation as the warrants vest upon certain performance conditions being met. During the three and nine months ended September 30, 2023, 0 and 830,216 Finback Common Stock Warrants were exercised, respectively. As of September 30, 2023, 273,657 Finback Common Stock Warrants were exercisable at a total aggregate intrinsic value of $1.2 million, and 1,317,327 Finback Common Stock Warrants are unvested and have a total unrecognized grant date fair value of $10.0 million. During the three months ended September 30, 2023 and 2022, the Company recorded $0.8 million and $1.3 million, respectively, of stock-based compensation expense within sales and marketing expense related to the Finback Common Stock Warrants. During the nine months ended September 30, 2023 and 2022, the Company recorded $2.2 million and $2.1 million, respectively, of stock-based compensation expense within sales and marketing expense related to the Finback Common Stock Warrants. Stock-Based Compensation Stock-based compensation expense was classified in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2023 | | 2022 | | 2023 | | 2022 | Cost of revenue | $ | 117 | | $ | 227 | | $ | 446 | | $ | 615 | Research and development | 1,171 | | 1,664 | | 3,246 | | 3,143 | Sales and marketing | 1,790 | | 2,482 | | 6,296 | | 6,310 | General and administrative | 2,493 | | 2,152 | | 7,315 | | 5,445 | Total stock-based compensation expense | $ | 5,571 | | $ | 6,525 | | $ | 17,303 | | $ | 15,513 |
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v3.23.3
Income Taxes
|
9 Months Ended |
Sep. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
Income Taxes |
Income Taxes There is no provision for income taxes for the three and nine months ended September 30, 2023 and 2022 because the Company has historically incurred net operating losses and maintains a full valuation allowance against its deferred tax assets. The Company’s tax provision and the resulting effective tax rate for interim periods is determined based upon its estimated annual effective tax rate (“AETR”), adjusted for the effect of discrete items arising in that quarter. The impact of such inclusions could result in a higher or lower effective tax rate during a particular quarter, based upon the mix and timing of actual earnings or losses versus annual projections. In each quarter, the Company updates its estimate of the annual effective tax rate, and if the estimated annual tax rate changes, a cumulative adjustment is made in that quarter.
|
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- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.23.3
Net Income (Loss) per Share
|
9 Months Ended |
Sep. 30, 2023 |
Earnings Per Share [Abstract] |
|
Net Income (Loss) per Share |
Net Income (Loss) per Share Basic net income (loss) per share is calculated by dividing net income attributable to common stockholders by the weighted average shares outstanding during the period. Diluted net income (loss) per share is calculated by adjusting weighted average shares outstanding for the dilutive effect of potential common shares, determined using the treasury stock method. Basic and diluted net income (loss) per share attributable to common stockholders are calculated as follows (in thousands, except share and per share amounts): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2023 | | 2022 | | 2023 | | 2022 | Numerator: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net Income (loss) | $ | 5,999 | | $ | (18,615) | | $ | (89,364) | | $ | (58,102) | Reallocation of net income attributable to participating securities | (74) | | — | | — | | — | Net income (loss) attributable to common stockholders – basic and diluted | $ | 5,925 | | $ | (18,615) | | $ | (89,364) | | $ | (58,102) | | | | | | | | | Denominator: | | | | | | | | Weighted average common shares outstanding – basic | 150,206,893 | | 144,117,273 | | 148,521,299 | | 143,522,555 | Weighted average effect of potentially dilutive securities: | | | | | | | | | | | | | | | | Stock options | 16,528,407 | | — | | — | | — | Restricted stock units | 6,674,985 | | — | | — | | — | Performance stock units | 356,780 | | — | | — | | — | Finback Common Stock Warrants | 209,310 | | — | | — | | — | Total potentially dilutive securities | 23,769,482 | | — | | — | | — | Weighted average common shares outstanding — diluted | 173,976,375 | | 144,117,273 | | 148,521,299 | | 143,522,555 | Net income (loss) per share attributable to common stockholders - basic | $ | 0.04 | | $ | (0.13) | | $ | (0.60) | | $ | (0.40) | Net income (loss) per share attributable to common stockholders - diluted | $ | 0.03 | | $ | (0.13) | | $ | (0.60) | | $ | (0.40) | | | | | | | | | | | | | | | | | | | | | | | | |
The following potentially dilutive outstanding securities were excluded from the computation of diluted net loss per share attributable to common stockholders because their effect would have been anti-dilutive or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2023 | | 2022 | | 2023 | | 2022 | Options issued and outstanding | — | | | 21,027,840 | | | 21,063,044 | | 21,027,840 | | Public Warrants to purchase common stock | 14,324,893 | | | 14,324,994 | | | 14,324,893 | | | 14,324,994 | | | | | | | | | | | | | | | | | | | | | | | | | | Warrants to purchase common stock (Finback)** | 1,317,327 | | | 2,421,200 | | | 1,590,984 | | | 2,421,200 | | Unvested restricted stock units | 397,771 | | | 7,336,179 | | | 12,097,108 | | | 7,336,179 | | Unvested performance stock units | — | | | 889,000 | | | 386,000 | | | 889,000 | | Earn-out shares* | 15,000,000 | | | 15,000,000 | | | 15,000,000 | | | 15,000,000 | | Contingently issuable common stock* | 1,897,500 | | | 1,897,500 | | | 1,897,500 | | | 1,897,500 | | | | | | | | | | | 32,937,491 | | | 62,896,713 | | | 66,359,529 | | | 62,896,713 | |
*Issuance of Earn-out shares and Contingently issuable common stock is contingent upon the satisfaction of certain conditions, which were not satisfied by the end of the period **Includes 273,657 vested warrants and 1,317,327 unvested warrants as of September 30, 2023
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v3.23.3
Related Party Transactions
|
9 Months Ended |
Sep. 30, 2023 |
Related Party Transactions [Abstract] |
|
Related Party Transactions |
Related Party Transactions Business Development Agreement with Finback
In January 2021, the Company granted the Finback Common Stock Warrants subject to the terms of the Finback BDA, as discussed in Note 10.
In connection with the Merger and pursuant to the Merger Agreement, in addition to earn-out shares allocated to Finback based on its common stock ownership percentage as of the Merger date, Finback is entitled to receive a proportional share of earn-out shares based upon its remaining unvested warrants as of the Merger Date.
Original Equipment Manufacturer Partnership Agreement with Motorola
In December 2020, the Company entered into an original equipment manufacturer partnership agreement with Motorola Solutions, Inc. ("Motorola"), an investor in the Company. The partnership agreement has since been amended and restated. Motorola sells Motorola-branded premium products based on the Evolv Express platform through their worldwide network of over 2,000 resellers and integration partners, and has integrated the Evolv Express platform with Motorola products. During the three months ended September 30, 2023 and 2022, revenue from Motorola's distributor services was $1.7 million and $2.3 million, respectively. During the nine months ended September 30, 2023 and 2022, revenue from Motorola's distributor services was $7.9 million and $5.0 million, respectively. As of September 30, 2023 and December 31, 2022, accounts receivable related to Motorola’s distributor services was $2.0 million and $12.5 million, respectively. Reseller Agreement with Stanley Black & Decker In June 2020, the Company entered into a reseller agreement with Stanley Black & Decker, an investor in the Company. Stanley Black & Decker's electronic security business was acquired by Securitas AB ("Securitas") in 2023. Securitas, directly or through its affiliates, resells the Company's products. During the three months ended September 30, 2023 and 2022, revenue from Securitas' reseller services was $0.4 million and $0.5 million, respectively. During the nine months ended September 30, 2023 and 2022, revenue from Securitas' reseller services was $1.3 million and $0.8 million, respectively. As of September 30, 2023 and December 31, 2022, accounts receivable related to Securitas' reseller services was $0.4 million and $2.2 million, respectively.
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- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.23.3
Commitments and Contingencies
|
9 Months Ended |
Sep. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
Commitments and Contingencies Indemnification Agreements In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its Board of Directors and certain of its executive officers and employees that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their role, status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not incurred any material costs as a result of such indemnifications. The Company is not currently aware of any indemnification claims and has not accrued any liabilities related to such obligations in its condensed consolidated financial statements as of September 30, 2023 or December 31, 2022. Legal Proceedings and Other Matters
The Company is not a party to any litigation of a material nature and does not have contingency reserves established for any litigation liabilities. At each reporting date, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company expenses the costs related to such legal proceedings as incurred.
In the ordinary course of business, the Company is subject to regulatory and governmental examinations, information gathering requests, inquiries and investigations. For example, the U.S. Federal Trade Commission ("FTC") has previously requested information about certain aspects of the Company's marketing practices. The Company has provided, and continues to provide, documentation and information responsive to the FTC inquiry. We currently do not expect such examinations, requests, inquiries or investigations to have a material effect on our results of operations, financial condition or liquidity, either individually or in the aggregate.
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v3.23.3
Summary of Significant Accounting Policies (Policies)
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
Basis of presentation |
Basis of presentation
The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”).
|
Recently Adopted Accounting Pronouncements |
Recently Adopted Accounting Pronouncements
The Company qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 and has elected not to “opt out” to the extended transition related to complying with new or revised accounting standards, which means that when a standard is issued or revised and it has different application dates for public and nonpublic companies, the Company will adopt the new or revised standard at the time nonpublic companies adopt the new or revised standard and will do so until such time that the Company either (1) irrevocably elects to “opt out” of such extended transition period or (2) no longer qualifies as an emerging growth company. The Company may choose to early adopt any new or revised accounting standards whenever such early adoption is permitted for nonpublic companies. Based on our public float as of June 30, 2023, we expect to become a large accelerated filer and lose emerging growth company status as of December 31, 2023. As of December 31, 2023, we will be required to adopt new or revised accounting standards when they are applicable to public companies that are not emerging growth companies. Based on our public float as of June 30, 2023, we also expect to transition out of smaller reporting company status as of December 31, 2023 and will no longer be able to rely on the scaled disclosure requirements allowed for smaller reporting companies.
In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326) (“ASU 2016-13”). The new standard adjusts the accounting for assets held at amortized cost basis, including marketable securities accounted for as available for sale, and trade receivables. The standard eliminates the probable initial recognition threshold and requires an entity to reflect its current estimate of all expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. For public entities except smaller reporting companies, the guidance is effective for annual reporting periods beginning after December 15, 2019 and for interim periods within those fiscal years. In November 2019, the FASB issued ASU No. 2019-10, which deferred the effective date for non-public entities and smaller reporting companies to annual reporting periods beginning after December 15, 2022, including interim periods within those fiscal years. Early application is allowed. The Company adopted this guidance effective January 1, 2023, and the adoption of this guidance did not have a material impact on its consolidated financial statements and related disclosures.
In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which amends ASC 805 to add contract assets and contract liabilities to the list of exceptions to the recognition and measurement principles that apply to business combinations and to require that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. The amendments in ASU 2021-08 are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, and should be applied prospectively to business combinations occurring on or after the effective date of the amendments. Early adoption of the amendments is permitted, including adoption in an interim period. The Company adopted this guidance effective January 1, 2023, and the adoption of this guidance did not have an impact on its consolidated financial statements and related disclosures.
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v3.23.3
Fair Value Measurements (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Fair Value Disclosures [Abstract] |
|
Schedule of financial assets and liabilities measured at fair value on a recurring basis |
The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy used to determine such fair values (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at September 30, 2023 | | Level 1 | | Level 2 | | Level 3 | | Total | Assets: | | | | | | | | Money market funds | $ | 73,171 | | | $ | — | | | $ | — | | | $ | 73,171 | | Treasury bills | — | | | 49,372 | | | — | | | 49,372 | | | $ | 73,171 | | | $ | 49,372 | | | $ | — | | | $ | 122,543 | | Liabilities: | | | | | | | | Contingent earn-out liability | $ | — | | | $ | — | | | $ | 31,571 | | | $ | 31,571 | | Contingently issuable common stock liability | — | | | — | | | 6,952 | | | 6,952 | | Public Warrant liability | 11,469 | | | — | | | — | | | 11,469 | | | $ | 11,469 | | | $ | — | | | $ | 38,523 | | | $ | 49,992 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements as of December 31, 2022 | | Level 1 | | Level 2 | | Level 3 | | Total | Assets: | | | | | | | | Money market funds | $ | 149,971 | | | $ | — | | | $ | — | | | $ | 149,971 | | | $ | 149,971 | | | $ | — | | | $ | — | | | $ | 149,971 | | Liabilities: | | | | | | | | Contingent earn-out liability | $ | — | | | $ | — | | | $ | 14,218 | | | $ | 14,218 | | Contingently issuable common stock liability | — | | | — | | | 3,392 | | | 3,392 | | Public Warrant liability | 6,124 | | | — | | | — | | | 6,124 | | | $ | 6,124 | | | $ | — | | | $ | 17,610 | | | $ | 23,734 | |
|
Schedule of common stock warrant liability |
The following table provides a rollforward of the contingent earn-out liability (in thousands): | | | | | | Balance at December 31, 2022 | $ | 14,218 | | Change in fair value | 17,353 | | Balance at September 30, 2023 | $ | 31,571 | |
The following table provides a rollforward of the contingently issuable common shares (in thousands): | | | | | | Balance at December 31, 2022 | $ | 3,392 | | Change in fair value | 3,560 | | Balance at September 30, 2023 | $ | 6,952 | |
The following table provides a rollforward of the public warrant liability (in thousands): | | | | | | Balance at December 31, 2022 | $ | 6,124 | | Change in fair value | 5,345 | | Balance at September 30, 2023 | $ | 11,469 | |
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v3.23.3
Revenue Recognition (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Revenue Recognition and Deferred Revenue [Abstract] |
|
Schedule of performance obligations |
The following table includes estimated revenues expected to be recognized in the future related to performance obligations that are unsatisfied (or partially satisfied) as of September 30, 2023. | | | | | | | | | | | | | | | | | | | Less than 1 year | | Greater than 1 year | | Total | Product revenue | $ | 2,469 | | | $ | — | | | $ | 2,469 | | Subscription revenue | 51,258 | | | 108,942 | | | 160,200 | | Service revenue | 18,173 | | | 40,284 | | | 58,457 | | Total revenue | $ | 71,900 | | | $ | 149,226 | | | $ | 221,126 | |
|
Schedule of minimum future payments on noncancelable leases |
As of September 30, 2023, future minimum payments on noncancelable leases are as follows (in thousands): | | | | | | Year Ending December 31: | | 2023 (three months remaining) | $ | 12,988 | | 2024 | 50,800 | | 2025 | 46,632 | | 2026 | 35,489 | | 2027 | 14,291 | | | | | $ | 160,200 | |
|
Summary of rollforward of deferred revenue |
The following table provides a rollforward of deferred revenue (in thousands): | | | | | | Balance at December 31, 2022 | $ | 35,968 | | Revenue recognized in relation to the beginning of the year contract liability balance | (16,507) | | Revenue deferred | 53,058 | | Balance at September 30, 2023 | $ | 72,519 | |
|
Schedule of components of lease revenue |
The following table presents the Company’s components of lease revenue (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2023 | | 2022 | | 2023 | | 2022 | Revenue from sales-type leases | $ | — | | | $ | 29 | | | $ | — | | | $ | 1,135 | | Interest income on lease receivables | 49 | | | 60 | | | 153 | | | 170 | | Lease income - operating leases | 10,231 | | | 5,198 | | | 24,661 | | | 12,208 | | Total lease revenue | $ | 10,280 | | | $ | 5,287 | | | $ | 24,814 | | | $ | 13,513 | |
|
Summary of company's revenue by revenue stream |
The following table presents the Company’s revenue by revenue stream (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2023 | | 2022 | | 2023 | | 2022 | Product revenue | $ | 3,191 | | | $ | 9,839 | | | $ | 19,188 | | | $ | 19,179 | | Leased equipment | 10,231 | | | 5,198 | | | 24,661 | | | 12,208 | | SaaS, maintenance, and other revenue | 4,397 | | | 1,180 | | | 11,296 | | | 2,277 | | Professional services | 360 | | | 313 | | | 1,440 | | | 646 | | License fee and other revenue | 2,012 | | | — | | | 2,012 | | | — | | Total revenue | $ | 20,191 | | | $ | 16,530 | | | $ | 58,597 | | | $ | 34,310 | |
|
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- DefinitionTabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability.
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v3.23.3
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- DefinitionTabular disclosure of allowance for credit loss on accounts receivable.
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v3.23.3
Inventory (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Inventory Disclosure [Abstract] |
|
Summary of inventory |
Inventory consisted of the following (in thousands): | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | Raw materials | $ | 1,323 | | | $ | 2,334 | | Finished goods | 6,503 | | | 7,923 | | Total | $ | 7,826 | | | $ | 10,257 | |
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v3.23.3
Property and Equipment, Net (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
Schedule of property and equipment, net |
Property and equipment, net consisted of the following (in thousands): | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | Computers and telecom equipment | $ | 1,256 | | | $ | 599 | | Lab equipment | 981 | | | 871 | | Furniture and fixtures | 111 | | | 111 | | Leasehold improvements | 566 | | | 542 | | Leased equipment | 69,129 | | | 35,983 | | Capitalized software | 7,041 | | | 4,150 | | Sales demo equipment | 2,720 | | | 2,340 | | Equipment held for lease1 | 25,656 | | | 7,826 | | Construction in progress | 638 | | | 71 | | | 108,098 | | | 52,493 | | Less: Accumulated depreciation and amortization | (14,103) | | | (7,786) | | | $ | 93,995 | | | $ | 44,707 | |
1 Represents equipment that has not yet been deployed to a customer and, accordingly, is not being depreciated.
|
Schedule of leased equipment |
Leased equipment and the related accumulated depreciation were as follows: | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | Leased equipment | $ | 69,129 | | | $ | 35,983 | | Accumulated depreciation | (10,698) | | | (5,802) | | Leased equipment, net | $ | 58,431 | | | $ | 30,181 | |
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v3.23.3
Long-term Debt (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Debt Disclosure [Abstract] |
|
Summary of components of long-term debt |
The components of the Company’s long-term debt consisted of the following (in thousands): | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | Term loans payable | $ | — | | | $ | 30,000 | | Less: Unamortized discount | — | | | (317) | | | — | | | 29,683 | | Less: Current portion of long-term debt | — | | | 10,000 | | Long-term debt, net of discount | $ | — | | | $ | 19,683 | |
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v3.23.3
Stock-Based Compensation (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
Schedule of fair value weighted-average assumptions |
The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted during the nine months ended September 30, 2023 and 2022: | | | | | | | | | | | | | Nine Months Ended September 30, | | 2023 | | 2022 | Risk-free interest rate | 4.2 | % | | 1.6 | % | Expected term (in years) | 6.1 | | 6.1 | Expected volatility | 87.5 | % | | 75.0 | % | Expected dividend yield | 0.0 | % | | 0.0 | % |
|
Summary of stock option activity |
The following table summarizes the Company’s stock option activity since December 31, 2022 (in thousands, except for share and per share data): | | | | | | | | | | | | | Number of Shares | | Weighted Average Exercise Price | | | | | Outstanding as of December 31, 2022 | 20,396,824 | | $ | 0.73 | | Granted | 2,840,421 | | 3.12 | | Exercised | (1,607,650) | | 0.38 | | Forfeited | (566,551) | | | 1.23 | | Outstanding as of September 30, 2023 | 21,063,044 | | 1.07 | |
|
Summary of restricted stock unit activity |
The following table summarizes the Company's restricted stock units activity since December 31, 2022: | | | | | | | | | | | | | Number of Shares | | Grant Date Fair Value | | | | | Outstanding as of December 31, 2022 | 7,501,945 | | | $ | 3.54 | | Granted | 7,917,033 | | | 3.33 | | Vested | (2,586,184) | | | 3.47 | | Forfeited | (735,686) | | | 3.62 | | Outstanding as of September 30, 2023 | 12,097,108 | | | $ | 3.41 | |
|
Summary of performance stock unit activity |
The following table summarizes the Company's performance stock units activity since December 31, 2022: | | | | | | | | | | | | | Number of Shares | | Grant Date Fair Value | | | | | Outstanding as of December 31, 2022 | 864,000 | | | $ | 2.65 | | Granted | — | | | — | | Vested | (432,000) | | | 2.65 | | Forfeited | (46,000) | | | 2.66 | | Outstanding as of September 30, 2023 | 386,000 | | | $ | 2.65 | |
|
Schedule of allocation of share based compensation expense |
Stock-based compensation expense was classified in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2023 | | 2022 | | 2023 | | 2022 | Cost of revenue | $ | 117 | | $ | 227 | | $ | 446 | | $ | 615 | Research and development | 1,171 | | 1,664 | | 3,246 | | 3,143 | Sales and marketing | 1,790 | | 2,482 | | 6,296 | | 6,310 | General and administrative | 2,493 | | 2,152 | | 7,315 | | 5,445 | Total stock-based compensation expense | $ | 5,571 | | $ | 6,525 | | $ | 17,303 | | $ | 15,513 |
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v3.23.3
Net Income (Loss) per Share (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Earnings Per Share [Abstract] |
|
Schedule of basic and diluted net income (loss) per share |
Basic and diluted net income (loss) per share attributable to common stockholders are calculated as follows (in thousands, except share and per share amounts): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2023 | | 2022 | | 2023 | | 2022 | Numerator: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net Income (loss) | $ | 5,999 | | $ | (18,615) | | $ | (89,364) | | $ | (58,102) | Reallocation of net income attributable to participating securities | (74) | | — | | — | | — | Net income (loss) attributable to common stockholders – basic and diluted | $ | 5,925 | | $ | (18,615) | | $ | (89,364) | | $ | (58,102) | | | | | | | | | Denominator: | | | | | | | | Weighted average common shares outstanding – basic | 150,206,893 | | 144,117,273 | | 148,521,299 | | 143,522,555 | Weighted average effect of potentially dilutive securities: | | | | | | | | | | | | | | | | Stock options | 16,528,407 | | — | | — | | — | Restricted stock units | 6,674,985 | | — | | — | | — | Performance stock units | 356,780 | | — | | — | | — | Finback Common Stock Warrants | 209,310 | | — | | — | | — | Total potentially dilutive securities | 23,769,482 | | — | | — | | — | Weighted average common shares outstanding — diluted | 173,976,375 | | 144,117,273 | | 148,521,299 | | 143,522,555 | Net income (loss) per share attributable to common stockholders - basic | $ | 0.04 | | $ | (0.13) | | $ | (0.60) | | $ | (0.40) | Net income (loss) per share attributable to common stockholders - diluted | $ | 0.03 | | $ | (0.13) | | $ | (0.60) | | $ | (0.40) | | | | | | | | | | | | | | | | | | | | | | | | |
|
Schedule of potential common shares excluded from the computation of diluted net loss per share |
The following potentially dilutive outstanding securities were excluded from the computation of diluted net loss per share attributable to common stockholders because their effect would have been anti-dilutive or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2023 | | 2022 | | 2023 | | 2022 | Options issued and outstanding | — | | | 21,027,840 | | | 21,063,044 | | 21,027,840 | | Public Warrants to purchase common stock | 14,324,893 | | | 14,324,994 | | | 14,324,893 | | | 14,324,994 | | | | | | | | | | | | | | | | | | | | | | | | | | Warrants to purchase common stock (Finback)** | 1,317,327 | | | 2,421,200 | | | 1,590,984 | | | 2,421,200 | | Unvested restricted stock units | 397,771 | | | 7,336,179 | | | 12,097,108 | | | 7,336,179 | | Unvested performance stock units | — | | | 889,000 | | | 386,000 | | | 889,000 | | Earn-out shares* | 15,000,000 | | | 15,000,000 | | | 15,000,000 | | | 15,000,000 | | Contingently issuable common stock* | 1,897,500 | | | 1,897,500 | | | 1,897,500 | | | 1,897,500 | | | | | | | | | | | 32,937,491 | | | 62,896,713 | | | 66,359,529 | | | 62,896,713 | |
*Issuance of Earn-out shares and Contingently issuable common stock is contingent upon the satisfaction of certain conditions, which were not satisfied by the end of the period **Includes 273,657 vested warrants and 1,317,327 unvested warrants as of September 30, 2023
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v3.23.3
X |
- DefinitionAmortized cost of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).
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v3.23.3
Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value On Recurring Basis (Details) - Recurring Basis - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Assets: |
|
|
Total assets measured at fair value |
$ 122,543
|
$ 149,971
|
Liabilities: |
|
|
Liabilities of fair value |
49,992
|
23,734
|
Money market funds |
|
|
Assets: |
|
|
Total assets measured at fair value |
73,171
|
149,971
|
Treasury bills |
|
|
Assets: |
|
|
Total assets measured at fair value |
49,372
|
|
Contingent earn-out liability |
|
|
Liabilities: |
|
|
Liabilities of fair value |
31,571
|
14,218
|
Contingently issuable common stock liability |
|
|
Liabilities: |
|
|
Liabilities of fair value |
6,952
|
3,392
|
Public Warrant liability |
|
|
Liabilities: |
|
|
Liabilities of fair value |
11,469
|
6,124
|
Level 1 |
|
|
Assets: |
|
|
Total assets measured at fair value |
73,171
|
149,971
|
Liabilities: |
|
|
Liabilities of fair value |
11,469
|
6,124
|
Level 1 | Money market funds |
|
|
Assets: |
|
|
Total assets measured at fair value |
73,171
|
149,971
|
Level 1 | Treasury bills |
|
|
Assets: |
|
|
Total assets measured at fair value |
0
|
|
Level 1 | Contingent earn-out liability |
|
|
Liabilities: |
|
|
Liabilities of fair value |
0
|
0
|
Level 1 | Contingently issuable common stock liability |
|
|
Liabilities: |
|
|
Liabilities of fair value |
0
|
0
|
Level 1 | Public Warrant liability |
|
|
Liabilities: |
|
|
Liabilities of fair value |
11,469
|
6,124
|
Level 2 |
|
|
Assets: |
|
|
Total assets measured at fair value |
49,372
|
0
|
Liabilities: |
|
|
Liabilities of fair value |
0
|
0
|
Level 2 | Money market funds |
|
|
Assets: |
|
|
Total assets measured at fair value |
0
|
0
|
Level 2 | Treasury bills |
|
|
Assets: |
|
|
Total assets measured at fair value |
49,372
|
|
Level 2 | Contingent earn-out liability |
|
|
Liabilities: |
|
|
Liabilities of fair value |
0
|
0
|
Level 2 | Contingently issuable common stock liability |
|
|
Liabilities: |
|
|
Liabilities of fair value |
0
|
0
|
Level 2 | Public Warrant liability |
|
|
Liabilities: |
|
|
Liabilities of fair value |
0
|
0
|
Level 3 |
|
|
Assets: |
|
|
Total assets measured at fair value |
0
|
0
|
Liabilities: |
|
|
Liabilities of fair value |
38,523
|
17,610
|
Level 3 | Money market funds |
|
|
Assets: |
|
|
Total assets measured at fair value |
0
|
0
|
Level 3 | Treasury bills |
|
|
Assets: |
|
|
Total assets measured at fair value |
0
|
|
Level 3 | Contingent earn-out liability |
|
|
Liabilities: |
|
|
Liabilities of fair value |
31,571
|
14,218
|
Level 3 | Contingently issuable common stock liability |
|
|
Liabilities: |
|
|
Liabilities of fair value |
6,952
|
3,392
|
Level 3 | Public Warrant liability |
|
|
Liabilities: |
|
|
Liabilities of fair value |
$ 0
|
$ 0
|
X |
- DefinitionFair value portion of probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.
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v3.23.3
Fair Value Measurements - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands |
|
|
9 Months Ended |
|
Jul. 16, 2021 |
Jul. 15, 2021 |
Sep. 30, 2023 |
Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Marketable securities |
|
|
$ 39,487
|
$ 0
|
Recurring Basis | Treasury bills |
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
U.S. treasury bills with maturities less than three months |
|
|
$ 9,900
|
|
Public Warrant |
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Warrant exercisable (in shares) |
|
|
14,325,000
|
|
Warrants exercise price (in dollars per share) |
|
|
$ 11.50
|
|
Warrants outstanding (in shares) |
|
|
14,324,893
|
|
Contingent earn-out liability | Measurement Input, Price Volatility |
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Contingent consideration, measurement input |
|
|
87.50%
|
|
Contingent earn-out liability | Measurement Input, Risk Free Interest Rate |
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Contingent consideration, measurement input |
|
|
4.90%
|
|
Contingent earn-out liability | Change in control |
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Contingent consideration, measurement input |
|
|
25.00%
|
|
Contingent earn-out liability | Measurement Input, Expected Term |
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Contingent consideration term |
|
|
2 years 4 months 24 days
|
|
Contingently issuable common stock liability |
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Issuance of common stock in connection with the consummation of the PIPE Investment (in shares) |
517,500
|
4,312,500
|
|
|
Shares vested (in shares) |
1,897,500
|
|
|
|
Outstanding shares expected to vest (in shares) |
|
|
1,897,500
|
|
Contingently issuable common stock liability | Measurement Input, Price Volatility |
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Contingent consideration, measurement input |
|
|
87.50%
|
|
Contingently issuable common stock liability | Measurement Input, Risk Free Interest Rate |
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Contingent consideration, measurement input |
|
|
4.80%
|
|
Contingently issuable common stock liability | Change in control |
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Contingent consideration, measurement input |
|
|
25.00%
|
|
Contingently issuable common stock liability | Measurement Input, Expected Term |
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Contingent consideration term |
|
|
2 years 9 months 18 days
|
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Fair Value Measurements - Contingent Earn-Out and Contingently Issuable Common Shares (Details) $ in Thousands |
9 Months Ended |
Sep. 30, 2023
USD ($)
|
Contingent earn-out liability |
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
Balance at beginning |
$ 14,218
|
Change in fair value |
17,353
|
Balance at ending |
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|
Contingently issuable common stock liability |
|
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v3.23.3
Revenue Recognition - Schedule of performance obligations (Details) $ in Thousands |
Sep. 30, 2023
USD ($)
|
Disaggregation of Revenue [Line Items] |
|
Total revenue |
$ 221,126
|
Less than 1 year |
|
Disaggregation of Revenue [Line Items] |
|
Total revenue |
71,900
|
Greater than 1 year |
|
Disaggregation of Revenue [Line Items] |
|
Total revenue |
149,226
|
Product revenue |
|
Disaggregation of Revenue [Line Items] |
|
Total revenue |
2,469
|
Product revenue | Less than 1 year |
|
Disaggregation of Revenue [Line Items] |
|
Total revenue |
2,469
|
Product revenue | Greater than 1 year |
|
Disaggregation of Revenue [Line Items] |
|
Total revenue |
0
|
Subscription revenue |
|
Disaggregation of Revenue [Line Items] |
|
Total revenue |
160,200
|
Subscription revenue | Less than 1 year |
|
Disaggregation of Revenue [Line Items] |
|
Total revenue |
51,258
|
Subscription revenue | Greater than 1 year |
|
Disaggregation of Revenue [Line Items] |
|
Total revenue |
108,942
|
Service revenue |
|
Disaggregation of Revenue [Line Items] |
|
Total revenue |
58,457
|
Service revenue | Less than 1 year |
|
Disaggregation of Revenue [Line Items] |
|
Total revenue |
18,173
|
Service revenue | Greater than 1 year |
|
Disaggregation of Revenue [Line Items] |
|
Total revenue |
$ 40,284
|
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v3.23.3
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3 Months Ended |
9 Months Ended |
|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Disaggregation of Revenue [Line Items] |
|
|
|
|
|
Current portion of contract assets |
$ 3,667
|
|
$ 3,667
|
|
$ 2,852
|
Contract assets, noncurrent |
496
|
|
496
|
|
1,386
|
Revenue recognized from prior year deferred revenue balance |
4,400
|
$ 1,300
|
16,507
|
$ 6,000
|
|
Lease revenue (less than) |
10,280
|
5,287
|
24,814
|
13,513
|
|
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10,800
|
|
10,800
|
|
$ 9,000
|
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1,300
|
1,200
|
4,400
|
2,400
|
|
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|
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
|
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$ 300
|
$ 200
|
$ 500
|
$ 400
|
|
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v3.23.3
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3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Movement in Deferred Revenue [Roll Forward] |
|
|
|
|
Balance at beginning of period |
|
|
$ 35,968
|
|
Revenue recognized in relation to the beginning of the year contract liability balance |
$ (4,400)
|
$ (1,300)
|
(16,507)
|
$ (6,000)
|
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|
|
53,058
|
|
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|
|
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|
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Revenue Recognition - Schedule of components of lease revenue (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Revenue Recognition and Deferred Revenue [Abstract] |
|
|
|
|
Revenue from sales-type leases |
$ 0
|
$ 29
|
$ 0
|
$ 1,135
|
Interest income on lease receivables |
49
|
60
|
153
|
170
|
Lease income - operating leases |
10,231
|
5,198
|
24,661
|
12,208
|
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|
$ 5,287
|
$ 24,814
|
$ 13,513
|
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3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Disaggregation of Revenue [Line Items] |
|
|
|
|
|
Total revenue |
[1] |
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|
$ 16,530
|
$ 58,597
|
$ 34,310
|
Product revenue |
|
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
|
Total revenue |
|
3,191
|
9,839
|
19,188
|
19,179
|
Leased equipment |
|
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
|
Total revenue |
|
10,231
|
5,198
|
24,661
|
12,208
|
SaaS, maintenance, and other revenue |
|
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
|
Total revenue |
|
4,397
|
1,180
|
11,296
|
2,277
|
Professional services |
|
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
|
Total revenue |
|
360
|
313
|
1,440
|
646
|
License fee and other revenue |
|
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
|
Total revenue |
|
$ 2,012
|
$ 0
|
$ 2,012
|
$ 0
|
|
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v3.23.3
Property and Equipment, Net - Schedule of property and equipment, net (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] |
|
|
Total property, plant and equipment |
$ 108,098
|
$ 52,493
|
Less: Accumulated depreciation and amortization |
(14,103)
|
(7,786)
|
Total property, plant and equipment, net |
93,995
|
44,707
|
Computers and telecom equipment |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total property, plant and equipment |
1,256
|
599
|
Lab equipment |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total property, plant and equipment |
981
|
871
|
Furniture and fixtures |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total property, plant and equipment |
111
|
111
|
Leasehold improvements |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total property, plant and equipment |
566
|
542
|
Leased equipment |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total property, plant and equipment |
69,129
|
35,983
|
Less: Accumulated depreciation and amortization |
(10,698)
|
(5,802)
|
Total property, plant and equipment, net |
58,431
|
30,181
|
Capitalized software |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total property, plant and equipment |
7,041
|
4,150
|
Total property, plant and equipment, net |
5,700
|
3,500
|
Sales demo equipment |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total property, plant and equipment |
2,720
|
2,340
|
Equipment held for lease |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total property, plant and equipment |
25,656
|
7,826
|
Construction in progress |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total property, plant and equipment |
$ 638
|
$ 71
|
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Property and Equipment, Net - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
12 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Property and equipment, net |
$ 93,995
|
|
$ 93,995
|
|
$ 44,707
|
Total stock-based compensation expense |
5,571
|
$ 6,525
|
17,303
|
$ 15,513
|
|
Depreciation and amortization |
2,700
|
1,400
|
6,781
|
3,782
|
|
Capitalized software |
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Property and equipment, net |
5,700
|
|
5,700
|
|
3,500
|
Total stock-based compensation expense |
|
|
500
|
|
200
|
Leased equipment |
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Property and equipment, net |
58,431
|
|
58,431
|
|
$ 30,181
|
Depreciation |
$ 2,200
|
$ 1,100
|
$ 5,400
|
$ 3,000
|
|
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7 years
|
|
7 years
|
|
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v3.23.3
Property and Equipment, Net - Schedule of leased equipment (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] |
|
|
Leased equipment |
$ 108,098
|
$ 52,493
|
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(14,103)
|
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|
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93,995
|
44,707
|
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|
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|
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69,129
|
35,983
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v3.23.3
Long-term Debt - Narrative (Details) - USD ($) $ in Thousands |
|
1 Months Ended |
3 Months Ended |
9 Months Ended |
Mar. 31, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Loss on extinguishment of debt |
|
|
|
$ 0
|
$ 0
|
$ 626
|
$ 0
|
2022 SVB Term Loan |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Face amount of debt |
|
|
$ 30,000
|
|
|
|
|
Debt instrument, term |
|
|
18 months
|
|
|
|
|
Interest rate, prepayment premium |
|
|
0.010
|
|
|
|
|
Loss on extinguishment of debt |
$ 600
|
|
|
|
|
|
|
Prepayment premium |
$ 300
|
$ 300
|
|
|
|
|
|
Unamortized debt issuance cost |
|
$ 300
|
|
|
|
|
|
2022 SVB Term Loan Two |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Face amount of debt |
|
|
$ 20,000
|
|
|
|
|
Debt instrument increase |
|
|
$ 25,000
|
|
|
|
|
Maximum | 2022 SVB Term Loan |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Interest rate |
|
|
7.25%
|
|
|
|
|
Maximum | Wall Street Journal Prime Rate | 2022 SVB Term Loan |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
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Interest rate |
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1.00%
|
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v3.23.3
Stock-Based Compensation - Stock options activity (Details)
|
9 Months Ended |
Sep. 30, 2023
$ / shares
shares
|
Number of Shares |
|
Beginning balance (in shares) | shares |
20,396,824
|
Granted (in shares) | shares |
2,840,421
|
Exercised (in shares) | shares |
(1,607,650)
|
Forfeited (in shares) | shares |
(566,551)
|
Ending balance (in shares) | shares |
21,063,044
|
Weighted Average Exercise Price |
|
Beginning balance (in dollars per share) | $ / shares |
$ 0.73
|
Granted (in dollars per share) | $ / shares |
3.12
|
Exercised (in dollars per share) | $ / shares |
0.38
|
Forfeited (in dollars per share) | $ / shares |
1.23
|
Ending balance (in dollars per share) | $ / shares |
$ 1.07
|
X |
- DefinitionThe number of shares under options that were cancelled during the reporting period as a result of occurrence of a terminating event specified in contractual agreements pertaining to the stock option plan.
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v3.23.3
Stock-Based Compensation - Restricted stock units activity (Details) - Unvested restricted stock units - $ / shares
|
9 Months Ended |
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Number of Shares |
|
|
Outstanding, beginning balance (in shares) |
7,501,945
|
|
Granted (in shares) |
7,917,033
|
|
Vested (in shares) |
(2,586,184)
|
|
Cancelled (in shares) |
(735,686)
|
|
Outstanding, ending balance (in shares) |
12,097,108
|
|
Grant Date Fair Value |
|
|
Outstanding, beginning balance (in dollars per share) |
$ 3.41
|
$ 3.54
|
Granted (in dollars per share) |
3.33
|
|
Vested (in dollars per share) |
3.47
|
|
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3.62
|
|
Outstanding, ending balance (in dollars per share) |
$ 3.41
|
$ 3.54
|
X |
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v3.23.3
Stock-Based Compensation - Performance stock units activity (Details) - Unvested performance stock units - $ / shares
|
9 Months Ended |
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Number of Shares |
|
|
Outstanding, beginning balance (in shares) |
864,000
|
|
Granted (in shares) |
0
|
|
Vested (in shares) |
(432,000)
|
|
Cancelled (in shares) |
(46,000)
|
|
Outstanding, ending balance (in shares) |
386,000
|
|
Grant Date Fair Value |
|
|
Outstanding, beginning balance (in dollars per share) |
$ 2.65
|
$ 2.65
|
Granted (in dollars per share) |
0
|
|
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2.65
|
|
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2.66
|
|
Outstanding, ending balance (in dollars per share) |
$ 2.65
|
$ 2.65
|
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v3.23.3
Stock-Based Compensation - Narrative (Details) $ / shares in Units, $ in Thousands |
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2023
USD ($)
shares
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
shares
|
Sep. 30, 2022
USD ($)
|
Jan. 31, 2021
Vote
$ / shares
shares
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
Total stock-based compensation expense |
$ 5,571
|
$ 6,525
|
$ 17,303
|
$ 15,513
|
|
Sales and marketing |
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
Total stock-based compensation expense |
$ 1,790
|
2,482
|
$ 6,296
|
6,310
|
|
Finback BDA |
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
Warrant exercisable (in shares) | shares |
|
|
|
|
2,552,913
|
Warrants exercise price (in dollars per share) | $ / shares |
|
|
|
|
$ 0.42
|
Warrants exercised (in shares) | shares |
|
|
830,216
|
|
|
Shares issuable upon exercise of warrant (in shares) | shares |
273,657
|
|
273,657
|
|
|
Aggregate intrinsic value of warrants exercisable |
$ 1,200
|
|
$ 1,200
|
|
|
Unvested warrants (in shares) | shares |
1,317,327
|
|
1,317,327
|
|
|
Intrinsic value of warrants unvested |
$ 10,000
|
|
$ 10,000
|
|
|
Finback BDA | Measurement Input, Expected Term |
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
Measurement input | Vote |
|
|
|
|
3
|
Maximum | Finback BDA | Sales and marketing |
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
Total stock-based compensation expense |
$ 800
|
$ 1,300
|
$ 2,200
|
$ 2,100
|
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v3.23.3
Stock-Based Compensation - Stock based compensation expenses (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] |
|
|
|
|
Total stock-based compensation expense |
$ 5,571
|
$ 6,525
|
$ 17,303
|
$ 15,513
|
Cost of revenue |
|
|
|
|
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] |
|
|
|
|
Total stock-based compensation expense |
117
|
227
|
446
|
615
|
Research and development |
|
|
|
|
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] |
|
|
|
|
Total stock-based compensation expense |
1,171
|
1,664
|
3,246
|
3,143
|
Sales and marketing |
|
|
|
|
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] |
|
|
|
|
Total stock-based compensation expense |
1,790
|
2,482
|
6,296
|
6,310
|
General and administrative |
|
|
|
|
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] |
|
|
|
|
Total stock-based compensation expense |
$ 2,493
|
$ 2,152
|
$ 7,315
|
$ 5,445
|
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v3.23.3
v3.23.3
Net Income (Loss) per Share - Schedule of basic and diluted net income (loss) per share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Numerator: |
|
|
|
|
|
|
|
|
Net Income (loss) |
$ 5,999
|
$ (66,754)
|
$ (28,609)
|
$ (18,615)
|
$ (25,686)
|
$ (13,801)
|
$ (89,364)
|
$ (58,102)
|
Reallocation of net income attributable to participating securities |
(74)
|
|
|
0
|
|
|
0
|
0
|
Net income (loss) attributable to common stockholders - basic |
5,925
|
|
|
(18,615)
|
|
|
(89,364)
|
(58,102)
|
Net income (loss) attributable to common stockholders - diluted |
$ 5,925
|
|
|
$ (18,615)
|
|
|
$ (89,364)
|
$ (58,102)
|
Denominator: |
|
|
|
|
|
|
|
|
Weighted average common shares outstanding - basic (in shares) |
150,206,893
|
|
|
144,117,273
|
|
|
148,521,299
|
143,522,555
|
Weighted average effect of potentially dilutive securities: |
|
|
|
|
|
|
|
|
Effect of potentially dilutive stock warrants (in shares) |
209,310
|
|
|
0
|
|
|
0
|
0
|
Total potentially dilutive securities (in shares) |
23,769,482
|
|
|
0
|
|
|
0
|
0
|
Weighted average common shares outstanding - diluted (in shares) |
173,976,375
|
|
|
144,117,273
|
|
|
148,521,299
|
143,522,555
|
Net income (loss) per share attributable to common stockholders- basic (in dollars per share) |
$ 0.04
|
|
|
$ (0.13)
|
|
|
$ (0.60)
|
$ (0.40)
|
Net income (loss) per share attributable to common stockholders - diluted (in dollars per share) |
$ 0.03
|
|
|
$ (0.13)
|
|
|
$ (0.60)
|
$ (0.40)
|
Stock options |
|
|
|
|
|
|
|
|
Weighted average effect of potentially dilutive securities: |
|
|
|
|
|
|
|
|
Effect of potentially securities (in shares) |
16,528,407
|
|
|
0
|
|
|
0
|
0
|
Restricted stock units |
|
|
|
|
|
|
|
|
Weighted average effect of potentially dilutive securities: |
|
|
|
|
|
|
|
|
Effect of potentially securities (in shares) |
6,674,985
|
|
|
0
|
|
|
0
|
0
|
Performance stock units |
|
|
|
|
|
|
|
|
Weighted average effect of potentially dilutive securities: |
|
|
|
|
|
|
|
|
Effect of potentially securities (in shares) |
356,780
|
|
|
0
|
|
|
0
|
0
|
X |
- DefinitionThe amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.
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v3.23.3
Net Income (Loss) per Share - Antidilutive effect (Details) - shares
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Antidilutive securities excluded from the computation of diluted net loss per share (in shares) |
32,937,491
|
62,896,713
|
66,359,529
|
62,896,713
|
Finback BDA |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Shares issuable upon exercise of warrant (in shares) |
273,657
|
|
273,657
|
|
Unvested warrants (in shares) |
1,317,327
|
|
1,317,327
|
|
Options issued and outstanding |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Antidilutive securities excluded from the computation of diluted net loss per share (in shares) |
0
|
21,027,840
|
21,063,044
|
21,027,840
|
Warrants | July 16, 2021 |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Antidilutive securities excluded from the computation of diluted net loss per share (in shares) |
14,324,893
|
14,324,994
|
14,324,893
|
14,324,994
|
Warrants | January 13, 2021 |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Antidilutive securities excluded from the computation of diluted net loss per share (in shares) |
1,317,327
|
2,421,200
|
1,590,984
|
2,421,200
|
Unvested restricted stock units |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Antidilutive securities excluded from the computation of diluted net loss per share (in shares) |
397,771
|
7,336,179
|
12,097,108
|
7,336,179
|
Unvested performance stock units |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Antidilutive securities excluded from the computation of diluted net loss per share (in shares) |
0
|
889,000
|
386,000
|
889,000
|
Earn Out Shares |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Antidilutive securities excluded from the computation of diluted net loss per share (in shares) |
15,000,000
|
15,000,000
|
15,000,000
|
15,000,000
|
Contingently issuable common stock |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Antidilutive securities excluded from the computation of diluted net loss per share (in shares) |
1,897,500
|
1,897,500
|
1,897,500
|
1,897,500
|
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v3.23.3
Related Party Transactions -Narrative (Details) $ in Thousands |
1 Months Ended |
3 Months Ended |
9 Months Ended |
|
Dec. 31, 2020
partner
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Accounts receivable, net |
[1] |
|
$ 29,786
|
|
$ 29,786
|
|
$ 31,920
|
Related Party |
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Accounts receivable, net |
|
|
2,400
|
|
2,400
|
|
14,600
|
Distribution Agreement With Motorola Member |
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Number of resellers and integration partners | partner |
|
2,000
|
|
|
|
|
|
Distribution Agreement With Motorola Member | Related Party |
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Revenue |
|
|
1,700
|
$ 2,300
|
7,900
|
$ 5,000
|
|
Accounts receivable, net |
|
|
2,000
|
|
2,000
|
|
12,500
|
Reseller Agreement | Related Party |
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Revenue |
|
|
400
|
$ 500
|
1,300
|
$ 800
|
|
Accounts receivable, net |
|
|
$ 400
|
|
$ 400
|
|
$ 2,200
|
|
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