Evolv Technologies (EVLV) 10-Q 10 May 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	May 09, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-39417
Entity Registrant Name	Evolv Technologies Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-4473840
Entity Address, Address Line One	500 Totten Pond Road
Entity Address, Address Line Two	4th Floor
Entity Address, City or Town	Waltham
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02451
City Area Code	(781)
Local Phone Number	374-8100
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		148,428,761
Entity Central Index Key	0001805385
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A Common Stock
Document Information [Line Items]
Title of 12(b) Security	Class A common stock, par value $0.0001 per share
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

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 180,996	$ 229,783
Restricted cash	1,000	0
Accounts receivable, net	23,156	31,920
Inventory	8,816	10,257
Current portion of contract assets	3,265	2,852
Current portion of commission asset	3,293	3,384
Prepaid expenses and other current assets	14,413	14,388
Total current assets	234,939	292,584
Restricted cash, noncurrent	275	275
Contract assets, noncurrent	715	1,386
Commission asset, noncurrent	6,390	5,655
Property and equipment, net	59,789	44,707
Operating lease right-of-use assets	1,459	1,673
Other assets	1,965	1,835
Total assets	305,532	348,115
Current liabilities:
Accounts payable	19,192	18,194
Accrued expenses and other current liabilities	6,477	11,545
Current portion of deferred revenue	23,977	18,273
Current portion of long-term debt	0	10,000
Current portion of operating lease liabilities	1,122	1,114
Total current liabilities	50,768	59,126
Deferred revenue, noncurrent	20,748	17,695
Long-term debt, noncurrent	0	19,683
Operating lease liabilities, noncurrent	630	892
Contingent earn-out liability	17,536	14,218
Contingently issuable common stock liability	4,134	3,392
Public warrant liability	7,874	6,124
Total liabilities	101,690	121,130
Commitments and contingencies (Note 13)
Stockholders’ equity:
Preferred stock, $0.0001 par value; 100,000,000 authorized at March 31, 2023 and December 31, 2022; no shares issued and outstanding at March 31, 2023 and December 31, 2022	0	0
Common stock, $0.0001 par value; 1,100,000,000 shares authorized at March 31, 2023 and December 31, 2022; 147,977,034 and 145,204,974 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	15	15
Additional paid-in capital	424,672	419,190
Accumulated other comprehensive loss	(26)	(10)
Accumulated deficit	(220,819)	(192,210)
Stockholders’ equity	203,842	226,985
Total liabilities and stockholders’ equity	$ 305,532	$ 348,115

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	1,100,000,000	1,100,000,000
Common stock, shares issued	147,977,034	145,204,974
Common stock, shares outstanding	147,977,034	145,204,974

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue:
Revenue:	$ 18,581	$ 8,710
Cost of revenue:
Total cost of revenue	13,816	7,813
Gross profit	4,765	897
Operating expenses:
Research and development	5,389	4,175
Sales and marketing	12,804	9,672
General and administrative	8,926	10,817
Loss from impairment of property and equipment	137	96
Total operating expenses	27,256	24,760
Loss from operations	(22,491)	(23,863)
Other income (expense), net:
Interest expense	(654)	(142)
Interest income	953	68
Other expense, net	19	0
Loss on extinguishment of debt	(626)	0
Change in fair value of contingent earn-out liability	3,318	(3,078)
Change in fair value of contingently issuable common stock liability	742	(1,472)
Change in fair value of public warrant liability	(1,750)	5,586
Total other income (expense), net	(6,118)	10,062
Net loss	$ (28,609)	$ (13,801)
Weighted average common shares outstanding - basic (in shares)	146,433,378	142,878,406
Weighted average common shares outstanding - diluted (in shares)	146,433,378	142,878,406
Net loss per share - basic (in dollars per share)	$ (0.20)	$ (0.10)
Net loss per share - diluted (in dollars per share)	$ (0.20)	$ (0.10)
Net loss	$ (28,609)	$ (13,801)
Other comprehensive loss
Cumulative translation adjustment	(16)	0
Total other comprehensive loss	(16)	0
Total comprehensive loss	(28,625)	(13,801)
Product revenue
Revenue:
Revenue:	8,754	5,194
Cost of revenue:
Total cost of revenue	10,578	5,206
Subscription revenue
Revenue:
Revenue:	6,466	3,004
Cost of revenue:
Total cost of revenue	2,351	1,542
Service revenue
Revenue:
Revenue:	3,361	512
Cost of revenue:
Total cost of revenue	$ 887	$ 1,065

CONDENSED CONSOLIDATED STATEM_2

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
Cumulative translation adjustment	0
Net 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, 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	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 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)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)
Cash flows from operating activities:
Net loss	$ (28,609)	$ (13,801)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,815	1,086
Write-off of inventory and change in inventory reserve	214	324
Adjustment to property and equipment for sales type leases	0	(625)
Loss from impairment of property and equipment	137	96
Stock-based compensation	5,043	3,927
Non-cash interest expense	22	5
Non-cash lease expense	214	197
Change in allowance for expected credit losses	124	0
Loss on extinguishment of debt	626	0
Change in fair value of contingent earn-out liability	3,318	(3,078)
Change in fair value of contingently issuable common stock liability	742	(1,472)
Change in fair value of public warrant liability	1,750	(5,586)
Changes in operating assets and liabilities
Accounts receivable	8,640	(2,112)
Inventory	1,418	(1,310)
Commission assets	(644)	(351)
Contract assets	258	108
Other assets	(130)	141
Prepaid expenses and other current assets	(25)	(5,571)
Accounts payable	(2,213)	(855)
Deferred revenue	8,757	2,577
Accrued expenses and other current liabilities	(4,637)	(2,433)
Operating lease liability	(254)	(697)
Net cash used in operating activities	(3,434)	(29,430)
Cash flows from investing activities:
Development of internal-use software	(733)	(728)
Purchases of property and equipment	(13,365)	(6,689)
Proceeds from sale of property and equipment	60	0
Net cash used in investing activities	(14,038)	(7,417)
Cash flows from financing activities:
Proceeds from exercise of stock options	33	227
Proceeds from long-term debt	1,876	0
Repayment of principal on long-term debt	(31,876)	0
Payment of debt issuance costs and prepayment penalty	(332)	0
Net cash provided by (used in) financing activities	(30,299)	227
Effect of exchange rate changes on cash and cash equivalents	(16)	0
Net increase (decrease) in cash, cash equivalents and restricted cash	(47,787)	(36,620)
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	182,271	271,547
Supplemental disclosure of cash flow information
Cash paid for interest	710	133
Supplemental disclosure of non-cash activities
Transfer of property and equipment to inventory	191	0
Capital expenditures incurred but not yet paid	10,648	2,391
Capitalization of stock compensation	91	25
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	180,996	270,872
Restricted cash	1,000	400
Restricted cash, noncurrent	275	275
Total cash, cash equivalents and restricted cash shown in the statements of cash flows	$ 182,271	$ 271,547

Nature of the Business and Basi

Nature of the Business and Basis of Presentation	3 Months Ended
	Mar. 31, 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 March 31, 2023, and for the three months ended March 31, 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 March 31, 2023 and the results of its operations for the three months ended March 31, 2023 and 2022 and cash flows for the three months ended March 31, 2023 and 2022. The results for the three months ended March 31, 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”). Revision of Prior Period Financial Statements In preparing the condensed consolidated financial statements as of and for the three and six months ended June 30, 2022, the Company identified errors in its previously issued financial statements whereby (a) certain expenses that were cost of subscription revenue related and cost of service revenue related were inaccurately classified as sales and marketing expenses on the consolidated statements of operations and comprehensive loss, (b) certain equipment under lease or held for lease was inaccurately classified as inventory on the consolidated balance sheets and a portion of the cash outflows related to the equipment under lease or held for lease were misclassified between operating and investing cash flows on the consolidated statements of cash flows, and (c) the vesting of warrants related to the Business Development Agreement

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 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. There have been no material changes to the Company’s significant accounting policies during the three months ended March 31, 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. 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.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 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 March 31, 2023 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 17 $ — $ — $ 17 $ 17 $ — $ — $ 17 Liabilities: Contingent earn-out liability $ — $ — $ 17,536 $ 17,536 Contingently issuable common stock liability — — 4,134 4,134 Public Warrant liability 7,874 — — 7,874 $ 7,874 $ — $ 21,670 $ 29,544 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. 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 months ended March 31, 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 shareholders, 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 March 31, 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 March 31, 2023 were as follows: 90% expected stock price volatility, a risk-free rate of return of 3.8%, a 25% likelihood of change in control and a remaining term of 2.9 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 3,318 Balance at March 31, 2023 $ 17,536 Valuation of Contingently Issuable Common Stock Prior to the Merger, certain NHIC shareholders 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 March 31, 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 March 31, 2023 were as follows: 90% expected stock price volatility, a risk-free rate of return of 3.8%, a 25% likelihood of change in control and a remaining term of 3.3 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 742 Balance at March 31, 2023 $ 4,134 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. None of the Public Warrants have been exercised as of March 31, 2023. The following table provides a rollforward of the public warrant liability (in thousands): Balance at December 31, 2022 $ 6,124 Change in fair value 1,750 Balance at March 31, 2023 $ 7,874

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 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 and (3) professional services. 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 March 31, 2023. Less than 1 year Greater than 1 year Total Product revenue $ 5,435 $ — $ 5,435 Subscription revenue 31,659 67,413 99,072 Service revenue 15,930 41,376 57,306 Total revenue $ 53,024 $ 108,789 $ 161,813 The amount of minimum future leases is based on expected income recognition. As of March 31, 2023, future minimum payments on noncancelable leases are as follows (in thousands): Year Ending December 31: 2023 (nine months remaining) $ 23,898 2024 30,446 2025 26,586 2026 16,060 2027 2,065 Thereafter 17 $ 99,072 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 March 31, 2023 and December 31, 2022, the Company had $3.3 million and $2.9 million in current portion of contract assets and $0.7 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 $6.9 million during the three months ended March 31, 2023 that was included in the December 31, 2022 deferred revenue balance. The Company recognized revenue of $2.5 million during the three months ended March 31, 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 (6,887) Revenue deferred 15,644 Balance at March 31, 2023 $ 44,725 The following table presents the Company’s components of lease revenue (in thousands): Three Months Ended 2023 2022 Revenue from sales-type leases $ — $ 1,106 Interest income on lease receivables 53 49 Lease income - operating leases 6,466 3,004 Total lease revenue $ 6,519 $ 4,159 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 as other income (expense), net 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 $0.2 million and $0.1 million during the three months ended March 31, 2023 and 2022, respectively. Disaggregated Revenue The following table presents the Company’s revenue by revenue stream (in thousands): Three Months Ended 2023 2022 Product revenue $ 8,754 $ 5,194 Leased equipment 6,466 3,004 SaaS, maintenance, and other revenue 2,778 368 Professional services 583 144 Total revenue $ 18,581 $ 8,710 Contract Acquisition Costs

Accounts Receivable

Accounts Receivable	3 Months Ended
	Mar. 31, 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 (124) Write-offs, net of recoveries — Balance at March 31, 2023 $ (324)

Inventory

Inventory	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Inventory	Inventory Inventory consisted of the following (in thousands): March 31, December 31, Raw materials $ 2,406 $ 2,334 Finished goods 6,410 7,923 Total $ 8,816 $ 10,257

Property and Equipment, Net

Property and Equipment, Net	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): March 31, December 31, Computers and telecom equipment $ 843 $ 599 Lab equipment 902 871 Furniture and fixtures 111 111 Leasehold improvements 542 542 Leased equipment 44,147 35,983 Capitalized software 5,013 4,150 Sales demo equipment 2,411 2,340 Equipment held for lease 1 15,322 7,826 Construction in progress 23 71 69,314 52,493 Less: Accumulated depreciation and amortization (9,525) (7,786) $ 59,789 $ 44,707 1 Represents equipment that has not yet been deployed to a customer and, accordingly, is not being depreciated. As of March 31, 2023 and December 31, 2022, the net book value of capitalized software was $4.2 million and $3.5 million, respectively. These amounts include $0.1 million and $0.2 million of capitalized stock compensation costs, respectively. Depreciation and amortization expense related to property and equipment was $1.8 million and $1.1 million for the three months ended March 31, 2023 and 2022. Leased equipment and the related accumulated depreciation were as follows: March 31, December 31, Leased equipment $ 44,147 $ 35,983 Accumulated depreciation (7,115) (5,802) Leased equipment, net $ 37,032 $ 30,181 Depreciation expense related to leased units was $1.4 million and $0.9 million during the three months ended March 31, 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.

Long-term Debt

Long-term Debt	3 Months Ended
	Mar. 31, 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): March 31, December 31, 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

Stock Based Compensation

Stock Based Compensation	3 Months Ended
	Mar. 31, 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 three months ended March 31, 2023 and 2022: Three Months Ended March 31, 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 Weighted Outstanding as of December 31, 2022 20,396,824 $ 0.73 Granted 2,840,421 3.12 Exercised (100,587) 0.33 Forfeited — — Outstanding as of March 31, 2023 23,136,658 1.03 Restricted Stock Units The following table summarizes the Company's restricted stock units activity since December 31, 2022: Number of Grant Date Fair Outstanding as of December 31, 2022 7,501,945 $ 3.54 Granted 6,491,541 3.10 Vested (1,409,257) 3.54 Forfeited (188,696) 3.95 Outstanding as of March 31, 2023 12,395,533 $ 3.30 Performance Stock Units The following table summarizes the Company's performance stock units activity since December 31, 2022: Number of Grant Date Fair Outstanding as of December 31, 2022 864,000 $ 2.65 Granted — — Vested (432,000) 2.65 Forfeited (17,500) 2.65 Outstanding as of March 31, 2023 414,500 $ 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 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 shareholders. 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 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 months ended March 31, 2023, 830,216 Finback Common Stock Warrants were exercised. As of March 31, 2023, 79,677 Finback Common Stock Warrants were exercisable at a total aggregate intrinsic value of $0.2 million, and 1,511,307 Finback Common Stock Warrants are unvested and have a total unrecognized grant date fair value of $11.5 million. During the three months ended March 31, 2023 and 2022, the Company recorded $0.6 million and $0.2 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 March 31, 2023 2022 Cost of revenue $ 145 $ 108 Research and development 837 548 Sales and marketing 1,998 1,484 General and administrative 2,063 1,787 Total stock-based compensation expense $ 5,043 $ 3,927

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThere is no provision for income taxes for the three months ended March 31, 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.

Net Loss per Share

Net Loss per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Net Loss per Share	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): Three Months Ended March 31, 2023 2022 Numerator: Net income (loss) attributable to common stockholders – basic and diluted $ (28,609) $ (13,801) Denominator: Weighted average common shares outstanding - basic and diluted 146,433,378 142,878,406 Net loss per share attributable to common stockholders – basic and diluted $ (0.20) $ (0.10) 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 2023 2022 Options issued and outstanding 23,136,658 21,964,309 Public Warrants to purchase common stock 14,324,994 14,324,993 Warrants to purchase common stock (Finback)** 1,590,984 2,421,200 Unvested restricted stock units 12,395,533 6,251,002 Unvested performance stock units 414,500 934,000 Earn-out shares* 15,000,000 15,000,000 Contingently issuable common stock* 1,897,500 1,897,500 68,760,169 62,793,004 * Issuance of Earn-out shares and Contingently issuable common stock are contingent upon the satisfaction of certain conditions, which were not satisfied by the end of the period

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 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 9. 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 March 31, 2023 and 2022, revenue from Motorola's distributor services was $3.2 million and $0.8 million, respectively. As of March 31, 2023 and December 31, 2022, accounts receivable related to Motorola’s distributor services was $4.7 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 March 31, 2023 and 2022, revenue from Securitas' reseller services was $0.4 million and less than $0.1 million, respectively. As of March 31, 2023 and December 31, 2022, accounts receivable related to Securitas' reseller services was $0.6 million and $2.2 million, respectively.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 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 March 31, 2023 or December 31, 2022. Legal Proceedings 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.

Revision of Prior Period Financ

Revision of Prior Period Financial Statements	3 Months Ended
	Mar. 31, 2023
Accounting Changes and Error Corrections [Abstract]
Revision of Prior Period Financial Statements	Revision of Prior Period Financial StatementsAs discussed in Note 1, in preparing the condensed consolidated financial statements as of and for the three and six months ended June 30, 2022, the Company identified errors in its previously issued financial statements whereby (a) certain expenses that were cost of subscription revenue related and cost of service revenue related were inaccurately classified as sales and marketing expenses on the consolidated statements of operations and comprehensive loss, (b) certain equipment under lease or held for lease was inaccurately classified as inventory on the consolidated balance sheets and a portion of the cash outflows related to the equipment under lease or held for lease were misclassified between operating and investing cash flows on the consolidated statements of cash flows, and (c) the vesting of warrants related to the Business Development Agreement disclosed in Note 16 were not accounted for accurately. The identified errors impacted the Company's previously issued 2020 annual financial statements, 2021 quarterly and annual financial statements, and quarterly financial statements for the three months ended March 31, 2022. The Company has made adjustments to the prior period amounts presented in these financial statements accordingly. Additionally, the Company has made adjustments to correct for other previously identified immaterial errors. The Company evaluated the errors and determined that the related impacts were not material to any previously issued annual or interim financial statements. The impact of the revisions to the quarterly period ending March 31, 2022 is presented as follows (in thousands): Revised Condensed Consolidated Statement of Operations and Comprehensive Loss Three Months Ended As Previously Reported Adjustment As Revised Revenue: Product revenue $ 5,194 $ — $ 5,194 Subscription revenue 3,020 (16) 3,004 Service revenue 501 11 512 Total revenue 8,715 (5) 8,710 Cost of revenue: Cost of product revenue 5,576 (370) 5,206 Cost of subscription revenue 1,065 477 1,542 Cost of service revenue 448 617 1,065 Total cost of revenue 7,089 724 7,813 Gross profit 1,626 (729) 897 Operating expenses: Research and development 4,286 (111) 4,175 Sales and marketing expense 12,053 (2,381) 9,672 General and administrative 11,093 (276) 10,817 Loss from impairment of property and equipment 96 — 96 Total operating expenses 27,528 (2,768) 24,760 Loss from operations (25,902) 2,039 (23,863) Other income (expense), net: Interest expense (142) — (142) Interest income 209 (141) 68 Change in fair value of contingent earn-out liability 4,226 (1,148) 3,078 Change in fair value of contingently issuable common stock liability 1,472 — 1,472 Change in fair value of public warrant liability 5,586 — 5,586 Total other income (expense), net 11,351 (1,289) 10,062 Net loss $ (14,551) $ 750 $ (13,801) Weighted average common shares outstanding - basic and diluted 142,878,406 — 142,878,406 Net loss per share - basic and diluted $ (0.10) $ — $ (0.10) Revised Condensed Consolidated Statement of Cash Flows Three Months Ended As Previously Reported Adjustment As Revised Cash flows from operating activities: Net loss $ (14,551) $ 750 $ (13,801) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 948 138 1,086 Write-off of inventory 324 — 324 Adjustment to property and equipment for sales type leases (321) (304) (625) Loss from impairment of property and equipment 96 — 96 Stock-based compensation 5,190 (1,263) 3,927 Non-cash interest expense 5 — 5 Non-cash lease expense 197 — 197 Change in fair value of earn-out liability (4,226) 1,148 (3,078) Change in fair value of contingently issuable common stock (1,472) — (1,472) Change in fair value of public warrant liability (5,586) — (5,586) Changes in operating assets and liabilities Accounts receivable (2,112) — (2,112) Inventory (6,985) 5,675 (1,310) Commission assets (351) — (351) Contract assets 108 — 108 Other assets — 141 141 Prepaid expenses and other current assets (5,280) (291) (5,571) Accounts payable (1,867) 1,012 (855) Deferred revenue 2,778 (201) 2,577 Deferred rent (468) 468 — Accrued expenses and other current liabilities (2,065) (368) (2,433) Operating lease liability (229) (468) (697) Net cash used in operating activities (35,867) 6,437 (29,430) Cash flows from investing activities: Development of internal-use software (646) (82) (728) Purchases of property and equipment (323) (6,366) (6,689) Net cash used in investing activities (969) (6,448) (7,417) Cash flows from financing activities: Proceeds from exercise of stock options 216 11 227 Net cash provided by financing activities 216 11 227 Net increase (decrease) in cash, cash equivalents and restricted cash (36,620) — (36,620) Cash, cash equivalents and restricted cash Cash, cash equivalents and restricted cash at beginning of period 308,167 — 308,167 Cash, cash equivalents and restricted cash at end of period $ 271,547 $ — $ 271,547 Supplemental disclosure of non-cash activities Transfer of inventory to property and equipment $ 4,620 $ (4,620) $ — Capital expenditures incurred but not yet paid 1,693 698 2,391

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 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”).
Revision of Prior Period Financial Statements	Revision of Prior Period Financial Statements In preparing the condensed consolidated financial statements as of and for the three and six months ended June 30, 2022, the Company identified errors in its previously issued financial statements whereby (a) certain expenses that were cost of subscription revenue related and cost of service revenue related were inaccurately classified as sales and marketing expenses on the consolidated statements of operations and comprehensive loss, (b) certain equipment under lease or held for lease was inaccurately classified as inventory on the consolidated balance sheets and a portion of the cash outflows related to the equipment under lease or held for lease were misclassified between operating and investing cash flows on the consolidated statements of cash flows, and (c) the vesting of warrants related to the Business Development Agreement
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. 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.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 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 March 31, 2023 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 17 $ — $ — $ 17 $ 17 $ — $ — $ 17 Liabilities: Contingent earn-out liability $ — $ — $ 17,536 $ 17,536 Contingently issuable common stock liability — — 4,134 4,134 Public Warrant liability 7,874 — — 7,874 $ 7,874 $ — $ 21,670 $ 29,544 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 3,318 Balance at March 31, 2023 $ 17,536 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 742 Balance at March 31, 2023 $ 4,134 The following table provides a rollforward of the public warrant liability (in thousands): Balance at December 31, 2022 $ 6,124 Change in fair value 1,750 Balance at March 31, 2023 $ 7,874

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 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 March 31, 2023. Less than 1 year Greater than 1 year Total Product revenue $ 5,435 $ — $ 5,435 Subscription revenue 31,659 67,413 99,072 Service revenue 15,930 41,376 57,306 Total revenue $ 53,024 $ 108,789 $ 161,813
Schedule of minimum future payments on noncancelable leases	As of March 31, 2023, future minimum payments on noncancelable leases are as follows (in thousands): Year Ending December 31: 2023 (nine months remaining) $ 23,898 2024 30,446 2025 26,586 2026 16,060 2027 2,065 Thereafter 17 $ 99,072
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 (6,887) Revenue deferred 15,644 Balance at March 31, 2023 $ 44,725
Schedule of components of lease revenue	The following table presents the Company’s components of lease revenue (in thousands): Three Months Ended 2023 2022 Revenue from sales-type leases $ — $ 1,106 Interest income on lease receivables 53 49 Lease income - operating leases 6,466 3,004 Total lease revenue $ 6,519 $ 4,159
Summary of company's revenue by revenue stream	The following table presents the Company’s revenue by revenue stream (in thousands): Three Months Ended 2023 2022 Product revenue $ 8,754 $ 5,194 Leased equipment 6,466 3,004 SaaS, maintenance, and other revenue 2,778 368 Professional services 583 144 Total revenue $ 18,581 $ 8,710

Accounts Receivable (Tables)

Accounts Receivable (Tables)	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Schedule of changes in allowance for doubtful accounts	Changes in the allowance for expected credit losses were as follows (in thousands): Allowance for Doubtful Accounts Balance at December 31, 2022 $ (200) Provisions (124) Write-offs, net of recoveries — Balance at March 31, 2023 $ (324)

Inventory (Tables)

Inventory (Tables)	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Summary of inventory	Inventory consisted of the following (in thousands): March 31, December 31, Raw materials $ 2,406 $ 2,334 Finished goods 6,410 7,923 Total $ 8,816 $ 10,257

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of property and equipment, net	Property and equipment, net consisted of the following (in thousands): March 31, December 31, Computers and telecom equipment $ 843 $ 599 Lab equipment 902 871 Furniture and fixtures 111 111 Leasehold improvements 542 542 Leased equipment 44,147 35,983 Capitalized software 5,013 4,150 Sales demo equipment 2,411 2,340 Equipment held for lease 1 15,322 7,826 Construction in progress 23 71 69,314 52,493 Less: Accumulated depreciation and amortization (9,525) (7,786) $ 59,789 $ 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: March 31, December 31, Leased equipment $ 44,147 $ 35,983 Accumulated depreciation (7,115) (5,802) Leased equipment, net $ 37,032 $ 30,181

Long-term Debt (Tables)

Long-term Debt (Tables)	3 Months Ended
	Mar. 31, 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): March 31, December 31, 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

Stock Based Compensation (Table

Stock Based Compensation (Tables)	3 Months Ended
	Mar. 31, 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 three months ended March 31, 2023 and 2022: Three Months Ended March 31, 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 Weighted Outstanding as of December 31, 2022 20,396,824 $ 0.73 Granted 2,840,421 3.12 Exercised (100,587) 0.33 Forfeited — — Outstanding as of March 31, 2023 23,136,658 1.03
Summary of restricted stock unit activity	The following table summarizes the Company's restricted stock units activity since December 31, 2022: Number of Grant Date Fair Outstanding as of December 31, 2022 7,501,945 $ 3.54 Granted 6,491,541 3.10 Vested (1,409,257) 3.54 Forfeited (188,696) 3.95 Outstanding as of March 31, 2023 12,395,533 $ 3.30
Summary of performance stock unit activity	The following table summarizes the Company's performance stock units activity since December 31, 2022: Number of Grant Date Fair Outstanding as of December 31, 2022 864,000 $ 2.65 Granted — — Vested (432,000) 2.65 Forfeited (17,500) 2.65 Outstanding as of March 31, 2023 414,500 $ 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 March 31, 2023 2022 Cost of revenue $ 145 $ 108 Research and development 837 548 Sales and marketing 1,998 1,484 General and administrative 2,063 1,787 Total stock-based compensation expense $ 5,043 $ 3,927

Net Loss per Share (Tables)

Net Loss per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of basic and diluted net income (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): Three Months Ended March 31, 2023 2022 Numerator: Net income (loss) attributable to common stockholders – basic and diluted $ (28,609) $ (13,801) Denominator: Weighted average common shares outstanding - basic and diluted 146,433,378 142,878,406 Net loss per share attributable to common stockholders – basic and diluted $ (0.20) $ (0.10)
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 2023 2022 Options issued and outstanding 23,136,658 21,964,309 Public Warrants to purchase common stock 14,324,994 14,324,993 Warrants to purchase common stock (Finback)** 1,590,984 2,421,200 Unvested restricted stock units 12,395,533 6,251,002 Unvested performance stock units 414,500 934,000 Earn-out shares* 15,000,000 15,000,000 Contingently issuable common stock* 1,897,500 1,897,500 68,760,169 62,793,004 * Issuance of Earn-out shares and Contingently issuable common stock are contingent upon the satisfaction of certain conditions, which were not satisfied by the end of the period

Revision of Prior Period Fina_2

Revision of Prior Period Financial Statements (Tables)	3 Months Ended
	Mar. 31, 2023
Accounting Changes and Error Corrections [Abstract]
Summary of impacts of the error on the consolidated financial statements	The impact of the revisions to the quarterly period ending March 31, 2022 is presented as follows (in thousands): Revised Condensed Consolidated Statement of Operations and Comprehensive Loss Three Months Ended As Previously Reported Adjustment As Revised Revenue: Product revenue $ 5,194 $ — $ 5,194 Subscription revenue 3,020 (16) 3,004 Service revenue 501 11 512 Total revenue 8,715 (5) 8,710 Cost of revenue: Cost of product revenue 5,576 (370) 5,206 Cost of subscription revenue 1,065 477 1,542 Cost of service revenue 448 617 1,065 Total cost of revenue 7,089 724 7,813 Gross profit 1,626 (729) 897 Operating expenses: Research and development 4,286 (111) 4,175 Sales and marketing expense 12,053 (2,381) 9,672 General and administrative 11,093 (276) 10,817 Loss from impairment of property and equipment 96 — 96 Total operating expenses 27,528 (2,768) 24,760 Loss from operations (25,902) 2,039 (23,863) Other income (expense), net: Interest expense (142) — (142) Interest income 209 (141) 68 Change in fair value of contingent earn-out liability 4,226 (1,148) 3,078 Change in fair value of contingently issuable common stock liability 1,472 — 1,472 Change in fair value of public warrant liability 5,586 — 5,586 Total other income (expense), net 11,351 (1,289) 10,062 Net loss $ (14,551) $ 750 $ (13,801) Weighted average common shares outstanding - basic and diluted 142,878,406 — 142,878,406 Net loss per share - basic and diluted $ (0.10) $ — $ (0.10) Revised Condensed Consolidated Statement of Cash Flows Three Months Ended As Previously Reported Adjustment As Revised Cash flows from operating activities: Net loss $ (14,551) $ 750 $ (13,801) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 948 138 1,086 Write-off of inventory 324 — 324 Adjustment to property and equipment for sales type leases (321) (304) (625) Loss from impairment of property and equipment 96 — 96 Stock-based compensation 5,190 (1,263) 3,927 Non-cash interest expense 5 — 5 Non-cash lease expense 197 — 197 Change in fair value of earn-out liability (4,226) 1,148 (3,078) Change in fair value of contingently issuable common stock (1,472) — (1,472) Change in fair value of public warrant liability (5,586) — (5,586) Changes in operating assets and liabilities Accounts receivable (2,112) — (2,112) Inventory (6,985) 5,675 (1,310) Commission assets (351) — (351) Contract assets 108 — 108 Other assets — 141 141 Prepaid expenses and other current assets (5,280) (291) (5,571) Accounts payable (1,867) 1,012 (855) Deferred revenue 2,778 (201) 2,577 Deferred rent (468) 468 — Accrued expenses and other current liabilities (2,065) (368) (2,433) Operating lease liability (229) (468) (697) Net cash used in operating activities (35,867) 6,437 (29,430) Cash flows from investing activities: Development of internal-use software (646) (82) (728) Purchases of property and equipment (323) (6,366) (6,689) Net cash used in investing activities (969) (6,448) (7,417) Cash flows from financing activities: Proceeds from exercise of stock options 216 11 227 Net cash provided by financing activities 216 11 227 Net increase (decrease) in cash, cash equivalents and restricted cash (36,620) — (36,620) Cash, cash equivalents and restricted cash Cash, cash equivalents and restricted cash at beginning of period 308,167 — 308,167 Cash, cash equivalents and restricted cash at end of period $ 271,547 $ — $ 271,547 Supplemental disclosure of non-cash activities Transfer of inventory to property and equipment $ 4,620 $ (4,620) $ — Capital expenditures incurred but not yet paid 1,693 698 2,391

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value On Recurring Basis (Details) - Recurring Basis - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets:
Total assets measured at fair value	$ 17	$ 149,971
Liabilities:
Liabilities of fair value	29,544	23,734
Money market funds
Assets:
Total assets measured at fair value	17	149,971
Contingent earn-out liability
Liabilities:
Liabilities of fair value	17,536	14,218
Contingently issuable common stock liability
Liabilities:
Liabilities of fair value	4,134	3,392
Public Warrant liability
Liabilities:
Liabilities of fair value	7,874	6,124
Level 1
Assets:
Total assets measured at fair value	17	149,971
Liabilities:
Liabilities of fair value	7,874	6,124
Level 1 | Money market funds
Assets:
Total assets measured at fair value	17	149,971
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	7,874	6,124
Level 2
Liabilities:
Liabilities of fair value	0	0
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
Liabilities:
Liabilities of fair value	21,670	17,610
Level 3 | Contingent earn-out liability
Liabilities:
Liabilities of fair value	17,536	14,218
Level 3 | Contingently issuable common stock liability
Liabilities:
Liabilities of fair value	4,134	3,392
Level 3 | Public Warrant liability
Liabilities:
Liabilities of fair value	$ 0	$ 0

Fair Value Measurements - Conti

Fair Value Measurements - Contingent Earn-Out and Contingently Issuable Common Shares (Details) $ in Thousands	3 Months Ended
	Mar. 31, 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	3,318
Balance at ending	17,536
Contingently issuable common stock liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning	3,392
Change in fair value	742
Balance at ending	$ 4,134

Fair Value Measurements - Warra

Fair Value Measurements - Warrant Liability (Details) - Public Warrant $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning	$ 6,124
Change in fair value	1,750
Balance at ending	$ 7,874

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - $ / shares			3 Months Ended
	Jul. 16, 2021	Jul. 15, 2021	Mar. 31, 2023
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
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			90%
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			3.80%
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%
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 10 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	1,897,500
Outstanding shares expected to vest			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			90%
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			3.80%
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%
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			3 years 3 months 18 days

Revenue Recognition - Schedule

Revenue Recognition - Schedule of performance obligations (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Disaggregation of Revenue [Line Items]
Total revenue	$ 161,813
Less than 1 year
Disaggregation of Revenue [Line Items]
Total revenue	53,024
Greater than 1 year
Disaggregation of Revenue [Line Items]
Total revenue	108,789
Product revenue
Disaggregation of Revenue [Line Items]
Total revenue	5,435
Product revenue | Less than 1 year
Disaggregation of Revenue [Line Items]
Total revenue	5,435
Product revenue | Greater than 1 year
Disaggregation of Revenue [Line Items]
Total revenue	0
Subscription revenue
Disaggregation of Revenue [Line Items]
Total revenue	99,072
Subscription revenue | Less than 1 year
Disaggregation of Revenue [Line Items]
Total revenue	31,659
Subscription revenue | Greater than 1 year
Disaggregation of Revenue [Line Items]
Total revenue	67,413
Service revenue
Disaggregation of Revenue [Line Items]
Total revenue	57,306
Service revenue | Less than 1 year
Disaggregation of Revenue [Line Items]
Total revenue	15,930
Service revenue | Greater than 1 year
Disaggregation of Revenue [Line Items]
Total revenue	$ 41,376

Revenue Recognition - Schedul_2

Revenue Recognition - Schedule of minimum future payments on noncancelable leases (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Revenue Recognition and Deferred Revenue [Abstract]
2023 (nine months remaining)	$ 23,898
2024	30,446
2025	26,586
2026	16,060
2027	2,065
Thereafter	17
Lessor, operating lease, payments to be received	$ 99,072

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Revenue Recognition and Deferred Revenue [Abstract]
Current portion of contract assets	$ 3,265		$ 2,852
Contract assets, noncurrent	715		1,386
Revenue recognized from prior year deferred revenue balance	6,887	$ 2,500
Revenue related to leases with related parties	200	100
Deferred asset related to commissions	9,700		$ 9,000
Amortized commissions	$ 1,600	$ 400

Revenue Recognition - Summary o

Revenue Recognition - Summary of rollforward of deferred revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 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	(6,887)	$ (2,500)
Revenue deferred	15,644
Balance at end of period	$ 44,725

Revenue Recognition - Schedul_3

Revenue Recognition - Schedule of components of lease revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue Recognition and Deferred Revenue [Abstract]
Revenue from sales-type leases	$ 0	$ 1,106
Interest income on lease receivables	53	49
Lease income - operating leases	6,466	3,004
Total lease revenue	$ 6,519	$ 4,159

Revenue Recognition - Summary_2

Revenue Recognition - Summary of company's revenue by revenue stream (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Total revenue	$ 18,581	$ 8,710
Product revenue
Disaggregation of Revenue [Line Items]
Total revenue	8,754	5,194
Leased equipment
Disaggregation of Revenue [Line Items]
Total revenue	6,466	3,004
SaaS, maintenance, and other revenue
Disaggregation of Revenue [Line Items]
Total revenue	2,778	368
Professional services
Disaggregation of Revenue [Line Items]
Total revenue	$ 583	$ 144

Accounts Receivable (Details)

Accounts Receivable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at December 31, 2022	$ (200)
Change in allowance for expected credit losses	(124)	$ 0
Write-offs, net of recoveries	0
Balance at March 31, 2023	$ (324)

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 2,406	$ 2,334
Finished goods	6,410	7,923
Total	$ 8,816	$ 10,257

Property and Equipment, Net - S

Property and Equipment, Net - Schedule of property and equipment, net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 69,314	$ 52,493
Less: Accumulated depreciation and amortization	(9,525)	(7,786)
Total property, plant and equipment, net	59,789	44,707
Computers and telecom equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	843	599
Lab equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	902	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	542	542
Leased equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	44,147	35,983
Less: Accumulated depreciation and amortization	(7,115)	(5,802)
Total property, plant and equipment, net	37,032	30,181
Capitalized software
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	5,013	4,150
Total property, plant and equipment, net	4,200	3,500
Sales demo equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	2,411	2,340
Equipment held for lease
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	15,322	7,826
Construction in progress
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 23	$ 71

Property and Equipment, Net - N

Property and Equipment, Net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 59,789		$ 44,707
Total stock-based compensation expense	5,043	$ 3,927
Depreciation and amortization	1,815	1,086
Capitalized software
Property, Plant and Equipment [Line Items]
Property and equipment, net	4,200		3,500
Total stock-based compensation expense	100		200
Leased equipment
Property, Plant and Equipment [Line Items]
Property and equipment, net	37,032		$ 30,181
Depreciation	$ 1,400	$ 900
Depreciable lives	7 years

Property and Equipment, Net -_2

Property and Equipment, Net - Schedule of leased equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Leased equipment	$ 69,314	$ 52,493
Accumulated depreciation	(9,525)	(7,786)
Total property, plant and equipment, net	59,789	44,707
Leased equipment
Property, Plant and Equipment [Line Items]
Leased equipment	44,147	35,983
Accumulated depreciation	(7,115)	(5,802)
Total property, plant and equipment, net	$ 37,032	$ 30,181

Long-term Debt - Summary of com

Long-term Debt - Summary of components of long-term debt (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Less: Unamortized discount	$ 0	$ (317)
Total debt	0	29,683
Less: Current portion of long-term debt	0	10,000
Long-term debt, noncurrent	0	19,683
Term loans payable
Debt Instrument [Line Items]
Term loans payable	$ 0	$ 30,000

Long-term Debt - Narrative (Det

Long-term Debt - Narrative (Details) - USD ($) $ in Thousands		1 Months Ended		3 Months Ended
	Mar. 31, 2023	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Debt Instrument [Line Items]
Loss on extinguishment of debt				$ 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		$ 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]
Interest rate			1%

Stock Based Compensation - Gran

Stock Based Compensation - Grant date fair value of stock options (Details)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Payment Arrangement [Abstract]
Risk-free interest rate	4.20%	1.60%
Expected term (in years)	6 years 1 month 6 days	6 years 1 month 6 days
Expected volatility	87.50%	75%
Expected dividend yield	0%	0%

Stock Based Compensation - Stoc

Stock Based Compensation - Stock options activity (Details)	3 Months Ended
	Mar. 31, 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	(100,587)
Forfeited (in shares) | shares	0
Ending balance (in shares) | shares	23,136,658
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	0.33
Forfeited (in dollars per share) | $ / shares	0
Ending balance (in dollars per share) | $ / shares	$ 1.03

Stock Based Compensation - Rest

Stock Based Compensation - Restricted stock units activity (Details) - Unvested restricted stock units - $ / shares	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Number of Shares
Outstanding, beginning balance (in shares)	7,501,945
Granted (in shares)	6,491,541
Vested (in shares)	(1,409,257)
Cancelled (in shares)	(188,696)
Outstanding, ending balance (in shares)	12,395,533
Grant Date Fair Value
Outstanding, beginning balance (in dollars per share)	$ 3.30	$ 3.54
Granted (in dollars per share)	3.10
Vested (in dollars per share)	3.54
Cancelled (in dollars per share)	3.95
Outstanding, ending balance (in dollars per share)	$ 3.30	$ 3.54

Stock Based Compensation - Perf

Stock Based Compensation - Performance stock units activity (Details) - Unvested performance stock units - $ / shares	3 Months Ended
	Mar. 31, 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)	(17,500)
Outstanding, ending balance (in shares)	414,500
Grant Date Fair Value
Outstanding, beginning balance (in dollars per share)	$ 2.65	$ 2.65
Granted (in dollars per share)	0
Vested (in dollars per share)	2.65
Cancelled (in dollars per share)	2.65
Outstanding, ending balance (in dollars per share)	$ 2.65	$ 2.65

Stock Based Compensation - Narr

Stock Based Compensation - Narrative (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) shares	Mar. 31, 2022 USD ($)	Jan. 31, 2021 Vote $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 5,043	$ 3,927
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 1,998	$ 1,484
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 excercised (in shares) | shares	830,216
Shares issuable upon exercise of warrant (in shares) | shares	79,677
Aggregate intrinsic value of warrants exercisable	$ 200
Unvested warrants (in shares) | shares	1,511,307
Intrinsic value of warrants unvested	$ 11,500
Finback BDA | Measurement Input, Expected Term
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Measurement input | Vote			3
Finback BDA | Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	200
Maximum | Finback BDA | Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 600

Stock Based Compensation - St_2

Stock Based Compensation - Stock based compensation expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 5,043	$ 3,927
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	145	108
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	837	548
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	1,998	1,484
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 2,063	$ 1,787

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Components of the Company's loss before income tax expense
Provision for income taxes	$ 0	$ 0

Net Loss per Share - Schedule o

Net Loss per Share - Schedule of basic and diluted net income (loss) per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net loss attributable to common stockholders - basic	$ (28,609)	$ (13,801)
Net loss attributable to common stockholders - diluted	$ (28,609)	$ (13,801)
Denominator:
Weighted average common shares outstanding - basic (in shares)	146,433,378	142,878,406
Weighted average common shares outstanding - diluted (in shares)	146,433,378	142,878,406
Net loss per share - basic (in dollars per share)	$ (0.20)	$ (0.10)
Net loss per share - diluted (in dollars per share)	$ (0.20)	$ (0.10)

Net Loss per Share - Antidiluti

Net Loss per Share - Antidilutive effect (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 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)	68,760,169	62,793,004
Finback BDA
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares issuable upon exercise of warrant (in shares)	79,677
Unvested warrants (in shares)	1,511,307
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)	23,136,658	21,964,309
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)	14,324,994	14,324,993
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)	1,590,984	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)	12,395,533	6,251,002
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)	414,500	934,000
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
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

Related Party Transactions -Nar

Related Party Transactions -Narrative (Details) $ in Millions	1 Months Ended	3 Months Ended		12 Months Ended
	Dec. 31, 2020 partner	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Related Party Transaction [Line Items]
Revenue related to leases with related parties		$ 0.2	$ 0.1
Distribution Agreement With Motorola Member
Related Party Transaction [Line Items]
Number of resellers and integration partners | partner	2,000
Revenue related to leases with related parties		3.2	$ 0.8
Accounts receivable, related parties, current		4.7		$ 12.5
Reseller Agreement
Related Party Transaction [Line Items]
Revenue related to leases with related parties		0.4		0.1
Accounts receivable, related parties, current		$ 0.6		$ 2.2

Revision of Prior Period Fina_3

Revision of Prior Period Financial Statements - Revised Condensed Consolidated Statements of Operations and Comprehensive Loss (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue:
Revenue:	$ 18,581	$ 8,710
Cost of revenue:
Total cost of revenue	13,816	7,813
Gross profit	4,765	897
Operating expenses:
Research and development	5,389	4,175
Sales and marketing	12,804	9,672
General and administrative	8,926	10,817
Loss from impairment of property and equipment	137	96
Total operating expenses	27,256	24,760
Loss from operations	(22,491)	(23,863)
Other income (expense), net:
Interest expense	(654)	(142)
Interest income	953	68
Change in fair value of contingent earn-out liability	(3,318)	3,078
Change in fair value of contingently issuable common stock liability	(742)	1,472
Change in fair value of public warrant liability	(1,750)	5,586
Total other income (expense), net	(6,118)	10,062
Net loss	$ (28,609)	$ (13,801)
Weighted average common shares outstanding - basic (in shares)	146,433,378	142,878,406
Weighted average common shares outstanding - diluted (in shares)	146,433,378	142,878,406
Net loss per share - basic (in dollars per share)	$ (0.20)	$ (0.10)
Net loss per share - diluted (in dollars per share)	$ (0.20)	$ (0.10)
As Previously Reported
Revenue:
Revenue:		$ 8,715
Cost of revenue:
Total cost of revenue		7,089
Gross profit		1,626
Operating expenses:
Research and development		4,286
Sales and marketing		12,053
General and administrative		11,093
Loss from impairment of property and equipment		96
Total operating expenses		27,528
Loss from operations		(25,902)
Other income (expense), net:
Interest expense		(142)
Interest income		209
Change in fair value of contingent earn-out liability		4,226
Change in fair value of contingently issuable common stock liability		1,472
Change in fair value of public warrant liability		5,586
Total other income (expense), net		11,351
Net loss		$ (14,551)
Weighted average common shares outstanding - basic (in shares)		142,878,406
Weighted average common shares outstanding - diluted (in shares)		142,878,406
Net loss per share - basic (in dollars per share)		$ (0.10)
Net loss per share - diluted (in dollars per share)		$ (0.10)
Adjustment
Revenue:
Revenue:		$ (5)
Cost of revenue:
Total cost of revenue		724
Gross profit		(729)
Operating expenses:
Research and development		(111)
Sales and marketing		(2,381)
General and administrative		(276)
Loss from impairment of property and equipment		0
Total operating expenses		(2,768)
Loss from operations		2,039
Other income (expense), net:
Interest expense		0
Interest income		(141)
Change in fair value of contingent earn-out liability		(1,148)
Change in fair value of contingently issuable common stock liability		0
Change in fair value of public warrant liability		0
Total other income (expense), net		(1,289)
Net loss		$ 750
Weighted average common shares outstanding - basic (in shares)		0
Weighted average common shares outstanding - diluted (in shares)		0
Net loss per share - basic (in dollars per share)		$ 0
Net loss per share - diluted (in dollars per share)		$ 0
Product revenue
Revenue:
Revenue:	$ 8,754	$ 5,194
Cost of revenue:
Total cost of revenue	10,578	5,206
Product revenue | As Previously Reported
Revenue:
Revenue:		5,194
Cost of revenue:
Total cost of revenue		5,576
Product revenue | Adjustment
Revenue:
Revenue:		0
Cost of revenue:
Total cost of revenue		(370)
Subscription revenue
Revenue:
Revenue:	6,466	3,004
Cost of revenue:
Total cost of revenue	2,351	1,542
Subscription revenue | As Previously Reported
Revenue:
Revenue:		3,020
Cost of revenue:
Total cost of revenue		1,065
Subscription revenue | Adjustment
Revenue:
Revenue:		(16)
Cost of revenue:
Total cost of revenue		477
Service revenue
Revenue:
Revenue:	3,361	512
Cost of revenue:
Total cost of revenue	$ 887	1,065
Service revenue | As Previously Reported
Revenue:
Revenue:		501
Cost of revenue:
Total cost of revenue		448
Service revenue | Adjustment
Revenue:
Revenue:		11
Cost of revenue:
Total cost of revenue		$ 617

Revision of Prior Period Fina_4

Revision of Prior Period Financial Statements - Revised Condensed Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net loss	$ (28,609)	$ (13,801)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,815	1,086
Write-off of inventory	214	324
Adjustment to property and equipment for sales type leases	0	(625)
Loss from impairment of property and equipment	137	96
Stock-based compensation	5,043	3,927
Non-cash interest expense	22	5
Non-cash lease expense	214	197
Change in fair value of contingent earn-out liability	3,318	(3,078)
Change in fair value of contingently issuable common stock liability	742	(1,472)
Change in fair value of public warrant liability	1,750	(5,586)
Changes in operating assets and liabilities
Accounts receivable	8,640	(2,112)
Inventory	1,418	(1,310)
Commission assets	(644)	(351)
Contract assets	258	108
Other assets	(130)	141
Prepaid expenses and other current assets	(25)	(5,571)
Accounts payable	(2,213)	(855)
Deferred revenue	8,757	2,577
Deferred rent		0
Accrued expenses and other current liabilities	(4,637)	(2,433)
Operating lease liability	(254)	(697)
Net cash used in operating activities	(3,434)	(29,430)
Cash flows from investing activities:
Development of internal-use software	(733)	(728)
Purchases of property and equipment	(13,365)	(6,689)
Net cash used in investing activities	(14,038)	(7,417)
Cash flows from financing activities:
Proceeds from exercise of stock options	33	227
Net cash provided by (used in) financing activities	(30,299)	227
Net increase (decrease) in cash, cash equivalents and restricted cash	(47,787)	(36,620)
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	182,271	271,547
Supplemental disclosure of cash flow information
Transfer of property and equipment to inventory	191	0
Capital expenditures incurred but not yet paid	$ 10,648	2,391
As Previously Reported
Cash flows from operating activities:
Net loss		(14,551)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		948
Write-off of inventory		324
Adjustment to property and equipment for sales type leases		(321)
Loss from impairment of property and equipment		96
Stock-based compensation		5,190
Non-cash interest expense		5
Non-cash lease expense		197
Change in fair value of contingent earn-out liability		(4,226)
Change in fair value of contingently issuable common stock liability		(1,472)
Change in fair value of public warrant liability		(5,586)
Changes in operating assets and liabilities
Accounts receivable		(2,112)
Inventory		(6,985)
Commission assets		(351)
Contract assets		108
Other assets		0
Prepaid expenses and other current assets		(5,280)
Accounts payable		(1,867)
Deferred revenue		2,778
Deferred rent		(468)
Accrued expenses and other current liabilities		(2,065)
Operating lease liability		(229)
Net cash used in operating activities		(35,867)
Cash flows from investing activities:
Development of internal-use software		(646)
Purchases of property and equipment		(323)
Net cash used in investing activities		(969)
Cash flows from financing activities:
Proceeds from exercise of stock options		216
Net cash provided by (used in) financing activities		216
Net increase (decrease) in cash, cash equivalents and restricted cash		(36,620)
Cash, cash equivalents and restricted cash
Cash, cash equivalents and restricted cash at beginning of period		308,167
Cash, cash equivalents and restricted cash at end of period		271,547
Supplemental disclosure of cash flow information
Transfer of property and equipment to inventory		4,620
Capital expenditures incurred but not yet paid		1,693
Adjustment
Cash flows from operating activities:
Net loss		750
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		138
Write-off of inventory		0
Adjustment to property and equipment for sales type leases		(304)
Loss from impairment of property and equipment		0
Stock-based compensation		(1,263)
Non-cash interest expense		0
Non-cash lease expense		0
Change in fair value of contingent earn-out liability		1,148
Change in fair value of contingently issuable common stock liability		0
Change in fair value of public warrant liability		0
Changes in operating assets and liabilities
Accounts receivable		0
Inventory		5,675
Commission assets		0
Contract assets		0
Other assets		141
Prepaid expenses and other current assets		(291)
Accounts payable		1,012
Deferred revenue		(201)
Deferred rent		468
Accrued expenses and other current liabilities		(368)
Operating lease liability		(468)
Net cash used in operating activities		6,437
Cash flows from investing activities:
Development of internal-use software		(82)
Purchases of property and equipment		(6,366)
Net cash used in investing activities		(6,448)
Cash flows from financing activities:
Proceeds from exercise of stock options		11
Net cash provided by (used in) financing activities		11
Net increase (decrease) in cash, cash equivalents and restricted cash		0
Cash, cash equivalents and restricted cash
Cash, cash equivalents and restricted cash at beginning of period		0
Cash, cash equivalents and restricted cash at end of period		0
Supplemental disclosure of cash flow information
Transfer of property and equipment to inventory		(4,620)
Capital expenditures incurred but not yet paid		$ 698