General form of registration statement for all companies including face-amount certificate companies

Income Taxes (Tables)

v3.21.2
Income Taxes (Tables) - Evolv Technologies Holdings, Inc.
12 Months Ended
Dec. 31, 2020
Summary of components of the Company's loss before income tax expense

The components of the Company’s loss before income tax expense are as follows (in thousands):

Year Ended December 31, 

    

2020

    

2019

United States

$

(27,066)

$

(19,238)

Foreign

 

(326)

 

(619)

Loss before income tax provision

$

(27,392)

$

(19,857)

Summary of reconciliation of the U.S. federal statutory income tax rate to the Company's effective income tax rate

Year Ended December 31, 

    

2020

    

2019

 

Federal statutory income tax rate

 

21.0

%  

21.0

%

State income taxes, net of federal benefit

 

3.9

 

1.9

Federal and state research and development tax credits

 

7.3

 

5.0

Change in valuation allowance

 

(33.7)

 

(23.2)

Change in tax rate

 

1.3

 

(3.0)

Permanent differences

 

(0.3)

 

(1.4)

Other

 

0.5

 

(0.3)

Effective income tax rate

 

0.0

%  

0.0

%

Summary of net deferred tax assets

Net deferred tax assets consisted of the following (in thousands):

December 31, 

    

2020

    

2019

Deferred tax assets:

 

  

 

  

Net loss carryforwards

$

13,996

$

10,404

Research and development tax credit carryforwards

 

3,857

 

1,861

Capitalized research and development costs

 

7,274

 

4,146

Accrued expenses

 

334

 

56

Deferred revenue

 

1,049

 

434

Other

 

304

 

40

Total deferred tax assets

 

26,814

 

16,941

Valuation allowance

 

(26,005)

 

(16,767)

Total deferred tax assets, net of valuation allowance

 

809

 

174

Deferred tax liabilities:

 

  

 

  

Depreciation

 

(542)

 

(174)

Other

 

(267)

 

  

Total deferred tax liabilities

 

(809)

 

(174)

Net deferred tax assets

$

$

Summary of changes in the valuation allowance for deferred tax assets

Changes in the valuation allowance for deferred tax assets related primarily to the increase in net operating loss carryforwards, research and development tax credit carryforwards, and capitalized R&D costs and were as follows (in thousands):

December 31, 

    

2020

    

2019

Valuation allowance as of beginning of year

 

$

16,767

$

12,157

Additions (deductions) charged to provision for income taxes

 

9,233

 

4,611

Currency translation and other

 

5

 

(1)

Valuation allowance as of end of year

$

26,005

$

16,767