Property and Equipment, Net |
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| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property and Equipment, Net | Property and Equipment, Net Property and equipment, net consisted of the following (in thousands):
1 Represents equipment that has not yet been deployed to a customer and, accordingly, is not being depreciated.
As of June 30, 2024 and December 31, 2023, the net book value of capitalized software was $10.1 million and $7.0 million, respectively. These amounts include $1.2 million and $0.7 million of capitalized stock compensation costs, respectively. Depreciation and amortization expense related to property and equipment was $4.0 million and $2.3 million for the three months ended June 30, 2024 and 2023, respectively, which included amortization expense of capitalized software of $0.3 million and $0.2 million, respectively. Depreciation and amortization expense related to property and
equipment was $7.4 million and $4.1 million for the six months ended June 30, 2024 and 2023, respectively, which included amortization expense of capitalized software of $0.6 million and $0.4 million for the six months ended June 30, 2024 and 2023, respectively.
Leased equipment and the related accumulated depreciation were as follows:
Depreciation expense related to leased units was $3.2 million and $1.8 million during the three months ended June 30, 2024 and 2023, respectively, and $6.1 million and $3.2 million during the six months ended June 30, 2024 and 2023, respectively. Depreciable lives are generally 7 years, consistent with the Company’s planned and historical usage of the equipment subject to operating leases. The Company did not record any loss from impairment of property and equipment during the three and six months ended June 30, 2024 and recorded $0.2 million and $0.3 million of loss from impairment of property and equipment during the three and six months ended June 30, 2023, respectively. This primarily related to the removal of Evolv Edge units and Evolv Express prototypes from service, resulting in an impairment of the remaining economic value of such units.
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