Company: EVLVW
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001805385-25-000017
Chunk: 398

Company: Evolv Technologies Holdings, Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 2
Chunk 398
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 to a decrease in consulting costs incurred for product development and engineering of $0.5 million. 

15

Sales and Marketing Expenses

Nine Months Ended September 30,20252024$ Change% ChangePersonnel related (including stock-based compensation)$26,773 $34,171 $(7,398)(22)%Advertising and direct marketing1,722 3,170 (1,448)(46)%Travel and entertainment1,907 3,963 (2,056)(52)%Professional fees1,706 2,754 (1,048)(38)%Other2,386 3,124 (738)(24)%$34,494 $47,182 $(12,688)(27)%

The decrease in personnel related expenses is due to a decrease in payroll costs and stock-based compensation of $7.2 million, which resulted primarily from the reductions in force in May 2024 and January 2025. Stock-based compensation expense included in sales and marketing expenses was $4.2 million for the nine months ended September 30, 2025 compared to $8.2 million for the nine months ended September 30, 2024. The decrease in advertising and direct marketing expense is primarily due to a decrease in expenses related to trade shows and events of $0.6 million and a decrease in sponsorship fees of $0.5 million. The decrease in travel and entertainment expense is due to a decrease in travel costs for in-person sales meetings of $2.1 million as a result of our reductions in force. Professional fees decreased due to a decrease in marketing consulting costs of $1.0 million. Other expense decreased primarily due to reduction in shipping costs related to demonstration units of $0.4 million and supplies costs of $0.3 million.

General and Administrative Expenses

Nine Months Ended September 30,20252024$ Change% ChangePersonnel related (including stock-based compensation)$18,648 $19,912 $(1,264)(6)%Professional fees7,042 5,653 1,389 25 %Insurance costs2,447 2,338 109 5 %Non-recurring professional fees and other expenses16,652 11,940 4,712 39 %$44,789 $39,843 $4,946 12 %

The decrease in personnel related expenses is due to a decrease in stock-based compensation of $2.5 million, which resulted primarily