Evolv Technologies Holdings, Inc.EVLV

Evolv Technologies Holdings, Inc. Segments Disclosure

10-KFiled Apr 28, 20252 min read
Segment Information
The Company determined that it has one operating and reporting segment after considering the Company’s organizational structure and the information regularly reviewed and evaluated by the Company’s CODM in deciding how to allocate resources and assess performance. The Company has determined that its CODM is its President and Chief Executive Officer. The CODM evaluates the performance of our segment based upon consolidated net income and considers budget-to-actual or forecast-to-actual variances to assess performance and make decisions about allocating resources. The CODM evaluates segment assets based on total assets on the consolidated balance sheets. Asset information is not presented here because its presentation here would be duplicative of the consolidated balance sheets. On the basis of these factors, the Company determined that it operates and manages its business as one operating and reporting segment, that develops, manufactures, markets and sells security screening products and specific services, and accordingly has one reportable segment for financial reporting purposes.
Information by reportable segment is as follows (in thousands):
Twelve Months Ended
December 31,
202420232022
Segment revenue$103,865 $79,565 $52,719 
Less:
Employee expense66,847 61,287 45,663 
Travel and expense6,043 6,159 3,863 
Capitalized R&D expense(6,027)(3,963)(1,706)
Stock-based compensation expense24,756 24,129 22,520 
Other one-time expenses18,072 4,141 3,250 
Consulting and contract staffing12,732 11,651 9,499 
Software subscriptions6,814 4,541 2,655 
Depreciation and amortization17,375 9,702 5,443 
Other cost of revenue18,320 31,347 43,798 
Other operating expenses21,240 20,627 20,684 
Other segment items1
(28,290)17,941 (16,155)
Provision for income taxes— 51 — 
Segment net loss$(54,017)$(108,048)$(86,795)
1 Refer to Total other income (expense), net in the Consolidated Statements of Operations and Comprehensive Loss.
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About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

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