v3.26.1
Property and Equipment, Net
 3 Months Ended
Mar. 31, 2026
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,
2026		December 31,
2025
Computers and telecom equipment$2,251 $2,350 
Lab equipment6,274 6,274 
Furniture and fixtures111 111 
Leasehold improvements590 607 
Leased equipment148,616 140,981 
Capitalized software22,676 20,889 
Sales demo equipment3,038 3,038 
Vehicles604 604 
Equipment held for lease1
8,125 10,628 
Construction in progress179 35 
192,464 185,517 
Less: Accumulated depreciation and amortization(64,625)(57,995)
$127,839 $127,522 
1 Represents equipment that has not yet been deployed to a customer and, accordingly, is not being depreciated.
As of March 31, 2026 and December 31, 2025, the net book value of capitalized software was $14.1 million and $13.6 million, respectively. These amounts include $3.1 million and $2.8 million of cumulative capitalized stock-based compensation costs, respectively. Depreciation and amortization expense related to property and equipment was $6.8 million and $5.5 million for the three months ended March 31, 2026 and 2025, respectively, which included amortization expense of capitalized software of $1.2 million and $0.8 million for the three months ended March 31, 2026 and 2025, respectively.
Leased equipment and the related accumulated depreciation were as follows:
March 31,
2026		December 31,
2025
Leased equipment$148,616 $140,981 
Accumulated depreciation(49,681)(44,653)
Leased equipment, net$98,935 $96,328 
Depreciation expense related to leased equipment was $5.0 million and $4.1 million during the three months ended March 31, 2026 and 2025, 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 recorded losses of $0.2 million from disposals of property and equipment during the three months ended March 31, 2026 related to the disposal of previously leased Evolv Express systems primarily in connection with customer upgrades to the second generation of Express systems, which were recorded in cost of subscription revenue. The Company recorded losses of $0.3 million from disposal of property and equipment during the three months ended March 31, 2025 primarily related to the disposal of leased Evolv Express systems, which were recorded in cost of product revenue.