Evolv Technologies Holdings Inc., a company specializing in weapons-screening technology, has announced that it will restate its financial statements for two years.

This decision comes after an internal investigation into the company's sales and revenue accounting practices. It was discovered that certain sales to major partners were dependent on undisclosed conditions, which were not communicated to the accounting team or external auditors. As a result of this misconduct, the company will need to make adjustments to its financial statements.

This situation raises concerns about the accuracy of the company's financial reporting and could potentially impact investor confidence as Evolv deals with the consequences of these findings.