Company: EVLVW
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001805385-25-000009
Chunk: 238

Company: Evolv Technologies Holdings, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 238
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olv Express system and new product offerings. The decrease in professional fees primarily relates to a decrease in consulting costs incurred for product development and engineering of $0.5 million. The decrease in other expense is primarily due to a decrease in IT and software subscription and supplies costs of $0.2 million.

15

Sales and Marketing Expenses

Six Months Ended June 30,20252024$ Change% ChangePersonnel related (including stock-based compensation)$17,638 $23,825 $(6,187)(26)%Advertising and direct marketing1,276 1,854 (578)(31)%Travel and entertainment1,200 2,658 (1,458)(55)%Professional fees1,229 1,839 (610)(33)%Other1,436 2,040 (604)(30)%$22,779 $32,216 $(9,437)(29)%

The decrease in personnel related expenses is due to a decrease in payroll costs and stock-based compensation of $6.5 million, which resulted primarily from the reductions in force in May 2024 and January 2025, partially offset by an increase in severance cost of $0.5 million. Stock compensation expense included in sales and marketing expenses was $2.8 million for the six months ended June 30, 2025 compared to $5.7 million for the six months ended June 30, 2024. The decrease in advertising and direct marketing expense is primarily due to a decrease in sponsorship fees of $0.4 million. The decrease in travel and entertainment expense of $1.5 million is due to a decrease in travel costs for in-person sales meetings as a result of our reductions in force. Professional fees decreased due to a decrease in marketing consulting costs of $0.6 million. Other expense decreased primarily due to reduction in shipping costs related to demo units of $0.3 million and supplies costs of $0.2 million.

General and Administrative Expenses

Six Months Ended June 30,20252024$ Change% ChangePersonnel related (including stock-based compensation)$11,510 $13,123 $(1,613)(12)%Professional fees4,849 4,212 637 15 %Insurance costs1,506 1,508 (2)— %Non-recurring professional and other expense14,345 7,024 7,321 104 %$32,210 $25,867 $6