Evolv Technologies Holdings, Inc.EVLV

Evolv Technologies Holdings, Inc. Earnings Per Share Disclosure

10-KFiled Apr 28, 20251 min read
Net Loss per Share
Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands, except share and per share amounts):
Year Ended December 31,
202420232022
(Restated)(Restated)
Numerator:  
Net loss attributable to common stockholders – basic and diluted$(54,017)$(108,048)$(86,795)
  
Denominator:  
Weighted average common shares outstanding - basic and diluted156,573,886149,168,105143,858,668
Net loss per share attributable to common stockholders – basic and diluted$(0.34)$(0.72)$(0.60)
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:
Year Ended December 31,
202420232022
Options issued and outstanding18,125,937 20,324,528 20,396,824 
Public Warrants to purchase common stock14,324,893 14,324,893 14,324,994 
Warrants to purchase common stock (Finback)117,423 1,317,327 2,421,200 
Unvested restricted stock units12,115,657 13,046,679 7,501,945 
Unvested performance stock units— 380,000 864,000 
Earn-out shares*15,000,000 15,000,000 15,000,000 
Contingently issuable common stock*1,897,500 1,897,500 1,897,500 
61,581,410 66,290,927 62,406,463 
*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.

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

Other Available Disclosures

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