Company: EVLVW
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001628280-25-026845
Chunk: 219

Company: Evolv Technologies Holdings, Inc.
Filing Date: 2025-05-20
Form: 10-Q
Item: Part I, Item 1
Chunk 219
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(314)(33)%Other767 974 (207)(21)%$11,043 $15,859 $(4,816)(30)%

The decrease in personnel related expenses is due to a decrease in payroll costs and stock-based compensation of $3.2 million, which resulted primarily from the reductions in force in May 2024 and January 2025. Stock compensation expense included in sales and marketing expenses was $1.0 million for the three months ended March 31, 2025 compared to $3.0 million for the three months ended March 31, 2024. The decrease in advertising and direct marketing expense is primarily due to a decrease in sponsorship fees of $0.2 million. The decrease in travel and entertainment expense of $0.7 million is due to a decrease in travel costs for in-person sales personnel meetings as our sales and marketing headcount decreased as a result of our reductions in force. Professional fees decreased due to a decrease in marketing consulting costs of $0.3 million. 

General and Administrative Expenses

Three Months Ended March 31,20252024$ Change% Change(Restated)Personnel related (including stock-based compensation)$5,304 $6,192 $(888)(14)%Professional fees2,658 2,558 100 4 %Insurance costs731 742 (11)(1)%Non-recurring professional and other expense6,279 2,314 3,965 171 %$14,972 $11,806 $3,166 27 %

The decrease in personnel related expenses is due to an decrease in payroll costs and stock-based compensation of $0.8 million, which resulted primarily from the reduction in force in January 2025. Stock compensation expense included in general and administrative expenses was $2.0 million for the three months ended March 31, 2025 compared to $2.4 million for the three months ended March 31, 2024. Non-recurring professional fees and other expense increased primarily due to a $6.9 million increase in consulting and legal fees related to the Investigation (as defined in Note 2 in the notes to the condensed consolidated financial statements in this Quarterly Report on Form 10-Q) and related matters, partially offset by estimated insurance recoveries of $3.9 million, as well as additional audit fees incurred in connection with the restatement of prior period financial statements, an increase in rent of $0.