(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Exhibit No. | Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Evolv Technologies Holdings, Inc. | ||||||||
Date: | By: | /s/ Peter George | ||||||
Name: | Peter George | |||||||
Title: | Chief Executive Officer |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | % Change | 2023 | 2022 | % Change | ||||||||||||||||||||||||||||||
Recurring revenue | $ | 17,350 | $ | 7,388 | 135 | % | $ | 52,491 | $ | 21,372 | 146 | % | |||||||||||||||||||||||
Non-recurring revenue | 4,471 | 13,497 | (67) | % | 27,927 | 33,823 | (17) | % | |||||||||||||||||||||||||||
Total revenue | $ | 21,821 | $ | 20,885 | 4 | % | $ | 80,418 | $ | 55,195 | 46 | % |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net loss | $ | (16,890) | $ | (28,304) | $ | (106,254) | $ | (86,406) | |||||||||||||||
Non-cash expense | 7,970 | 12,928 | 59,754 | 17,331 | |||||||||||||||||||
Changes in operating assets and liabilities | 5,777 | 10,069 | 36,699 | (5,653) | |||||||||||||||||||
Net cash used in operating activities | $ | (3,143) | $ | (5,307) | $ | (9,801) | $ | (74,728) |
2024 Business Outlook | ||||||||||||||
Estimate (In millions) | Issued November 9, 2023 | Issued February 29, 2024 | ||||||||||||
Total Revenue | ~$115 | Reaffirmed | ||||||||||||
ARR1 (ARR) at 12/31/24 | $108-$112 | Reaffirmed | ||||||||||||
Adjusted Gross Margin3 | ~60% | Reaffirmed | ||||||||||||
Adjusted EBITDA3 | Improve by 40%+ | Reaffirmed |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Product revenue | $ | 2,789 | $ | 12,806 | $ | 21,977 | $ | 31,985 | |||||||||||||||
Subscription revenue | 12,586 | 5,361 | 37,247 | 17,569 | |||||||||||||||||||
Service revenue | 5,015 | 2,094 | 16,141 | 4,331 | |||||||||||||||||||
License fee and other revenue | 1,431 | 624 | 5,053 | 1,310 | |||||||||||||||||||
Total revenue | 21,821 | 20,885 | 80,418 | 55,195 | |||||||||||||||||||
Cost of revenue: | |||||||||||||||||||||||
Cost of product revenue | 5,214 | 18,062 | 26,667 | 41,575 | |||||||||||||||||||
Cost of subscription revenue | 5,003 | 1,739 | 14,991 | 7,469 | |||||||||||||||||||
Cost of service revenue | 1,166 | 548 | 3,982 | 2,200 | |||||||||||||||||||
Cost of license fee and other revenue | 177 | 482 | 949 | 2,222 | |||||||||||||||||||
Total cost of revenue | 11,560 | 20,831 | 46,589 | 53,466 | |||||||||||||||||||
Gross profit | 10,261 | 54 | 33,829 | 1,729 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Research and development | 6,262 | 4,824 | 24,455 | 18,771 | |||||||||||||||||||
Sales and marketing | 14,887 | 13,470 | 55,223 | 46,639 | |||||||||||||||||||
General and administrative | 11,018 | 8,451 | 42,091 | 37,719 | |||||||||||||||||||
Loss from impairment of property and equipment | — | 123 | 322 | 1,161 | |||||||||||||||||||
Total operating expenses | 32,167 | 26,868 | 122,091 | 104,290 | |||||||||||||||||||
Loss from operations | (21,906) | (26,814) | (88,262) | (102,561) | |||||||||||||||||||
Other income (expense), net: | |||||||||||||||||||||||
Interest expense | — | (223) | (654) | (712) | |||||||||||||||||||
Interest income | 1,630 | 1,554 | 6,227 | 3,165 | |||||||||||||||||||
Other expense, net | (17) | (7) | (84) | (64) | |||||||||||||||||||
Loss on extinguishment of debt | — | — | (626) | — | |||||||||||||||||||
Change in fair value of contingent earn-out liability | 2,452 | (2,766) | (14,901) | 6,988 | |||||||||||||||||||
Change in fair value of contingently issuable common stock liability | 422 | (657) | (3,138) | 1,872 | |||||||||||||||||||
Change in fair value of public warrant liability | 580 | 609 | (4,765) | 4,906 | |||||||||||||||||||
Total other income (expense), net | $ | 5,067 | $ | (1,490) | $ | (17,941) | $ | 16,155 | |||||||||||||||
Loss before income taxes | (16,839) | (28,304) | (106,203) | (86,406) | |||||||||||||||||||
Provision for income taxes | (51) | — | (51) | — | |||||||||||||||||||
Net loss | $ | (16,890) | $ | (28,304) | $ | (106,254) | $ | (86,406) | |||||||||||||||
Weighted average common shares outstanding – basic and diluted | 151,087,430 | 144,856,047 | 149,168,105 | 143,858,668 | |||||||||||||||||||
Net loss per share - basic and diluted | $ | (0.11) | $ | (0.20) | $ | (0.71) | $ | (0.60) | |||||||||||||||
Net loss | $ | (16,890) | $ | (28,304) | $ | (106,254) | $ | (86,406) | |||||||||||||||
Other comprehensive loss | |||||||||||||||||||||||
Cumulative translation adjustment | (44) | (45) | (43) | (10) | |||||||||||||||||||
Total other comprehensive loss | (44) | (45) | (43) | (10) | |||||||||||||||||||
Total comprehensive loss | $ | (16,934) | $ | (28,349) | $ | (106,297) | $ | (86,416) |
December 31, 2023 | December 31, 2022 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 67,162 | $ | 229,783 | |||||||
Restricted cash | 275 | — | |||||||||
Marketable securities | 51,289 | — | |||||||||
Accounts receivable, net | 22,611 | 31,920 | |||||||||
Inventory | 9,507 | 10,257 | |||||||||
Current portion of contract assets | 3,707 | 2,852 | |||||||||
Current portion of commission asset | 4,339 | 3,384 | |||||||||
Prepaid expenses and other current assets | 16,954 | 14,388 | |||||||||
Total current assets | 175,844 | 292,584 | |||||||||
Restricted cash, noncurrent | — | 275 | |||||||||
Contract assets, noncurrent | 451 | 1,386 | |||||||||
Commission asset, noncurrent | 7,107 | 5,655 | |||||||||
Property and equipment, net | 112,921 | 44,707 | |||||||||
Operating lease right-of-use assets | 1,195 | 1,673 | |||||||||
Other assets | 1,202 | 1,835 | |||||||||
Total assets | $ | 298,720 | $ | 348,115 | |||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 17,400 | $ | 18,194 | |||||||
Accrued expenses and other current liabilities | 15,578 | 11,545 | |||||||||
Current portion of deferred revenue | 47,677 | 18,273 | |||||||||
Current portion of long-term debt | — | 10,000 | |||||||||
Current portion of operating lease liabilities | 1,391 | 1,114 | |||||||||
Total current liabilities | 82,046 | 59,126 | |||||||||
Deferred revenue, noncurrent | 23,813 | 17,695 | |||||||||
Long-term debt, noncurrent | — | 19,683 | |||||||||
Operating lease liabilities, noncurrent | — | 892 | |||||||||
Contingent earn-out liability | 29,119 | 14,218 | |||||||||
Contingently issuable common stock liability | 6,530 | 3,392 | |||||||||
Public warrant liability | 10,889 | 6,124 | |||||||||
Total liabilities | 152,397 | 121,130 | |||||||||
Stockholders’ equity: | |||||||||||
Preferred stock, $0.0001 par value; 100,000,000 authorized at December 31, 2023 and December 31, 2022; no shares issued and outstanding at December 31, 2023 and December 31, 2022 | — | — | |||||||||
Common stock, $0.0001 par value; 1,100,000,000 shares authorized at December 31, 2023 and December 31, 2022, 151,310,080 and 145,204,974 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively | 15 | 15 | |||||||||
Additional paid-in capital | 444,825 | 419,190 | |||||||||
Accumulated other comprehensive loss | (53) | (10) | |||||||||
Accumulated deficit | (298,464) | (192,210) | |||||||||
Stockholders’ equity | 146,323 | 226,985 | |||||||||
Total liabilities and stockholders’ equity | $ | 298,720 | $ | 348,115 |
Twelve Months Ended December 31, | |||||||||||
2023 | 2022 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net loss | $ | (106,254) | $ | (86,406) | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Depreciation and amortization | 9,932 | 5,465 | |||||||||
Write-off of inventory and change in inventory reserve | 1,612 | 1,582 | |||||||||
Adjustment to property and equipment for sales type leases | — | (625) | |||||||||
Loss from impairment of property and equipment | 322 | 1,161 | |||||||||
Stock-based compensation | 24,151 | 22,498 | |||||||||
Non-cash interest expense | 22 | 55 | |||||||||
Accretion of discount on marketable securities | (575) | — | |||||||||
Non-cash lease expense | 478 | 811 | |||||||||
Change in allowance for expected credit losses | 382 | 150 | |||||||||
Loss on extinguishment of debt | 626 | — | |||||||||
Change in fair value of earn-out liability | 14,901 | (6,988) | |||||||||
Change in fair value of contingently issuable common stock | 3,138 | (1,872) | |||||||||
Change in fair value of public warrant liability | 4,765 | (4,906) | |||||||||
Changes in operating assets and liabilities | |||||||||||
Accounts receivable | 8,927 | (25,593) | |||||||||
Inventory | (644) | (8,495) | |||||||||
Commission assets | (2,407) | (3,675) | |||||||||
Contract assets | 80 | 639 | |||||||||
Other assets | 633 | (419) | |||||||||
Prepaid expenses and other current assets | (2,566) | (3,174) | |||||||||
Accounts payable | (5,963) | 7,661 | |||||||||
Deferred revenue | 35,522 | 26,887 | |||||||||
Accrued expenses and other current liabilities | 3,732 | 1,462 | |||||||||
Operating lease liability | (615) | (946) | |||||||||
Net cash used in operating activities | (9,801) | (74,728) | |||||||||
Cash flows from investing activities: | |||||||||||
Development of internal-use software | (3,535) | (2,720) | |||||||||
Purchases of property and equipment | (69,134) | (21,473) | |||||||||
Proceeds from sale of property and equipment | 270 | 312 | |||||||||
Purchases of marketable securities | (89,898) | — | |||||||||
Proceeds from maturities of marketable securities | 39,184 | — | |||||||||
Net cash used in investing activities | (123,113) | (23,881) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from exercise of stock options | 668 | 827 | |||||||||
Proceeds from long-term debt | 1,876 | 29,683 | |||||||||
Repayment of principal on long-term debt | (31,876) | (10,000) | |||||||||
Payment of debt issuance costs and prepayment penalty | (332) | — | |||||||||
Net cash provided by (used in) financing activities | (29,664) | 20,510 | |||||||||
Effect of exchange rate changes on cash and cash equivalents | (43) | (10) | |||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | (162,621) | (78,109) | |||||||||
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 | $ | 67,437 | $ | 230,058 |
Three Months Ended or as of, | ||||||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | March 31, 2022 | June 30, 2022 | September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||
New customers | 44 | 53 | 92 | 106 | 61 | 74 | 70 | 75 | ||||||||||||||||||||||||||||||||||||||||||
Annual recurring revenue | $ | 16,641 | $ | 20,865 | $ | 28,741 | $ | 34,120 | $ | 42,021 | $ | 54,339 | $ | 65,774 | $ | 74,989 | ||||||||||||||||||||||||||||||||||
Recurring revenue | $ | 3,159 | $ | 4,604 | $ | 6,221 | $ | 7,388 | $ | 9,075 | $ | 11,689 | $ | 14,377 | $ | 17,350 | ||||||||||||||||||||||||||||||||||
Remaining performance obligation | $ | 63,750 | $ | 80,978 | $ | 109,407 | $ | 144,561 | $ | 161,813 | $ | 198,296 | $ | 221,126 | $ | 240,513 | ||||||||||||||||||||||||||||||||||
Net additions | 207 | 237 | 545 | 575 | 520 | 599 | 628 | 491 | ||||||||||||||||||||||||||||||||||||||||||
Ending deployed units | 910 | 1,147 | 1,692 | 2,267 | 2,787 | 3,386 | 4,014 | 4,505 |
Three Months Ended, | ||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2022 | June 30, 2022 | September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||
Operating expenses, GAAP | $ | 24,760 | $ | 25,835 | $ | 26,827 | $ | 26,868 | $ | 27,256 | $ | 31,039 | $ | 31,629 | $ | 32,167 | ||||||||||||||||||||||||||||||||||
Stock-based compensation | (3,819) | (4,781) | (6,298) | (6,771) | (4,898) | (6,505) | (5,454) | (6,711) | ||||||||||||||||||||||||||||||||||||||||||
Restructuring expenses | (324) | 13 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Loss on impairment of lease equipment | (96) | (316) | (626) | (123) | (137) | (157) | (28) | — | ||||||||||||||||||||||||||||||||||||||||||
Other one-time expenses | (1,107) | (2,298) | (69) | (41) | (53) | (683) | (945) | (535) | ||||||||||||||||||||||||||||||||||||||||||
Adjusted operating expenses | $ | 19,414 | $ | 18,453 | $ | 19,834 | $ | 19,933 | $ | 22,168 | $ | 23,694 | $ | 25,202 | $ | 24,921 |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenue | $ | 21,821 | $ | 20,885 | $ | 80,418 | $ | 55,195 | |||||||||||||||
Cost of revenue | 11,560 | 20,831 | 46,589 | 53,466 | |||||||||||||||||||
Gross profit, GAAP | 10,261 | 54 | 33,829 | 1,729 | |||||||||||||||||||
Stock-based compensation | 137 | 214 | 583 | 829 | |||||||||||||||||||
Amortization of capitalized stock-based compensation | 14 | 9 | 47 | 24 | |||||||||||||||||||
Other one-time expenses | 1,925 | — | 1,925 | — | |||||||||||||||||||
Adjusted gross profit | $ | 12,337 | $ | 277 | $ | 36,384 | $ | 2,582 | |||||||||||||||
Gross margin % | 47.0 | % | 0.3 | % | 42.1 | % | 3.1 | % | |||||||||||||||
Adjusted gross margin % | 56.5 | % | 1.3 | % | 45.2 | % | 4.7 | % |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Operating loss, GAAP | $ | (21,906) | $ | (26,814) | $ | (88,262) | $ | (102,561) | |||||||||||||||
Stock-based compensation | 6,848 | 6,985 | 24,151 | 22,498 | |||||||||||||||||||
Amortization of capitalized stock-based compensation | 14 | 9 | 47 | 24 | |||||||||||||||||||
Restructuring expenses | — | — | — | 311 | |||||||||||||||||||
Loss on impairment of lease equipment | — | 123 | 322 | 1,161 | |||||||||||||||||||
Other one-time expenses | 2,460 | 41 | 4,141 | 3,515 | |||||||||||||||||||
Adjusted operating loss | $ | (12,584) | $ | (19,656) | $ | (59,601) | $ | (75,052) |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net loss | $ | (16,890) | $ | (28,304) | $ | (106,254) | $ | (86,406) | |||||||||||||||
Depreciation & amortization | 3,151 | 1,683 | 9,932 | 5,465 | |||||||||||||||||||
Stock-based compensation | 6,848 | 6,985 | 24,151 | 22,498 | |||||||||||||||||||
Interest expense (income) | (1,630) | (1,331) | (5,573) | (2,453) | |||||||||||||||||||
Provision for income taxes | 51 | — | 51 | — | |||||||||||||||||||
Loss on extinguishment of debt | — | — | 626 | — | |||||||||||||||||||
Change in fair value of contingent earn-out liability | (2,452) | 2,766 | 14,901 | (6,988) | |||||||||||||||||||
Change in fair value of contingently issuable common stock liability | (422) | 657 | 3,138 | (1,872) | |||||||||||||||||||
Change in fair value of public warrant liability | (580) | (609) | 4,765 | (4,906) | |||||||||||||||||||
Restructuring expenses | — | — | — | 311 | |||||||||||||||||||
Loss on impairment of lease equipment | — | 123 | 322 | 1,161 | |||||||||||||||||||
Other one-time expenses | 2,460 | 41 | 4,141 | 3,515 | |||||||||||||||||||
Adjusted EBITDA | $ | (9,464) | $ | (17,989) | $ | (49,800) | $ | (69,675) |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net loss | $ | (16,890) | $ | (28,304) | $ | (106,254) | $ | (86,406) | |||||||||||||||
Stock-based compensation | 6,848 | 6,985 | 24,151 | 22,498 | |||||||||||||||||||
Amortization of capitalized stock-based compensation | 14 | 9 | 47 | 24 | |||||||||||||||||||
Loss on extinguishment of debt | — | — | 626 | — | |||||||||||||||||||
Change in fair value of contingent earn-out liability | (2,452) | 2,766 | 14,901 | (6,988) | |||||||||||||||||||
Change in fair value of contingently issuable common stock liability | (422) | 657 | 3,138 | (1,872) | |||||||||||||||||||
Change in fair value of public warrant liability | (580) | (609) | 4,765 | (4,906) | |||||||||||||||||||
Restructuring expenses | — | — | — | 311 | |||||||||||||||||||
Loss on impairment of lease equipment | — | 123 | 322 | 1,161 | |||||||||||||||||||
Other one-time expenses | 2,460 | 41 | 4,141 | 3,515 | |||||||||||||||||||
Adjusted loss | $ | (11,022) | $ | (18,332) | $ | (54,163) | $ | (72,663) | |||||||||||||||
Weighted average common shares outstanding – diluted | 151,087,430 | 144,856,047 | 149,168,105 | 143,858,668 | |||||||||||||||||||
Adjusted loss per share – diluted | $ | (0.07) | $ | (0.13) | $ | (0.36) | $ | (0.51) |
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