Evolv plunges as accounting probe shows inaccuracies, CFO resigns

seekingalpha11-21 21:42

putilich/iStock via Getty Images Evolv Technologies (NASDAQ:EVLV) was down as much as 12% in premarket trading on Thursday after it reported the resignation of its CFO Mark Donohue and the results of ...

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Donohue will not receive any severance payments or benefits in connection with his departure, and his exit comes as the internal probe uncovered inaccurate accounting for certain transactions and incorrect revenue reported between the second quarters of 2022 and 2024. Evolv has hired AlixPartners, a business advisory firm, to provide interim finance and accounting resources. AlixPartners’ Dave Rawden has been named interim CFO.  The results of the investigation to date showed transactions, including sales to one of the company’s largest channel partners, were inaccurate and revenue was prematurely or incorrectly recognized in financial statements. Revenue amounting to $4M-$6M was largely prematurely recognized through June 30, 2024. The errors in revenue recognition did not impact the company’s cash position, which included around $56M in cash and cash equivalents and no debt at the end of September. The investigation also found certain accounting personnel were aware of the issues and related allegations were raised internally in July 2024, but were not escalated to the board's audit committee or PwC. Apart from Donohue, four other employees from the sales, accounting and finance departments have also resigned or been fired. 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