Evolv Technologies Says Accounting Issues Involved 'Misconduct' Among Personnel; CFO Resigns

MT Newswires Live11-21 22:54

Evolv Technologies (EVLV) said Thursday its near-complete internal probe has found that accounting for certain transactions has been inaccurate and has involved "misconduct" among certain employees.

The ad hoc committee conducting the investigation found that "among other things, revenue was prematurely or incorrectly recognized in connection with financial statements prepared for the periods between the second quarter of 2022 and the second quarter of 2024."

Chief Financial Officer Mark Donohue has resigned in connection with the investigation and four other employees have either resigned or were terminated, Evolv said.

The company said it expects to report one or more additional material weaknesses in internal control over financial reporting as it continues to evaluate the impacts in this area.

The committee reaffirmed its previous estimate of $4 million to $6 million of revenue that was prematurely or incorrectly recognized through June 30 this year. "It is still the case that the vast majority of such revenue was prematurely rather than incorrectly recognized and is expected to be recognized in future periods," the company added.

The company said it cash position of $56 million as of Sept. 30 was consistent with internal forecasts.

After an initial plunge in premarket trading, Evolv shares were recently 9% higher in regular trading.

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