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Property and Equipment, Net | 12 Months Ended
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Dec. 31, 2023
Property, Plant and Equipment [Abstract] |
Property and Equipment, Net | Property and Equipment, Net Property and equipment, net consisted of the following (in thousands):
| December 31,
| 2023 |  | 2022
Computers and telecom equipment | $ | 1,331 |  |  | $ | 599 |
Lab equipment | 1,171 |  |  | 871 |
Furniture and fixtures | 111 |  |  | 111 |
Leasehold improvements | 566 |  |  | 542 |
Leased equipment | 80,206 |  |  | 35,983 |
Capitalized software | 8,629 |  |  | 4,150 |
Sales demo equipment | 2,758 |  |  | 2,340 |
Equipment held for lease 1 | 32,910 |  |  | 7,826 |
Construction in progress | 2,493 |  |  | 71 |
| 130,175 |  |  | 52,493 |
Less: Accumulated depreciation and amortization | (17,254) |  |  | (7,786) |
| $ | 112,921 |  |  | $ | 44,707 |
(1) Represents equipment that has not yet been deployed to a customer and, accordingly, is not being depreciated. As of December 31, 2023 and 2022, the net book value of capitalized software was $7.0 million and $3.5 million, respectively. These amounts include $0.7 million and approximately $0.2 million of capitalized stock compensation costs, respectively. Depreciation expense and amortization expense related to property and equipment was $9.9 million and $5.5 million for the years ended December 31, 2023 and 2022, respectively, which included amortization expense of capitalized software of $1.0 million and $0.6 million for the years ended December 31, 2023 and 2022, respectively. Leased equipment and the related accumulated depreciation were as follows:
| December 31,
| 2023 |  | 2022
Leased equipment | $ | 80,206 |  |  | $ | 35,983 |
Accumulated depreciation | (13,283) |  |  | (5,802) |
Leased equipment, net | $ | 66,923 |  |  | $ | 30,181 |
Depreciation expense related to leased units was $8.0 million and $4.3 million during the years ended December 31, 2023 and 2022, respectively. Depreciable lives are generally 7 years, consistent with the Company’s planned and historical usage of the equipment subject to operating leases. Loss from impairment of property and equipment was $0.3 million and $1.2 million during the years ended December 31, 2023 and 2022, 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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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-7 + Details
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