Company: EVLVW
Filing Date: 2025-04-28
Form Type: 10-Q
Source: 0001628280-25-020353
Chunk: 384

Company: Evolv Technologies Holdings, Inc.
Filing Date: 2025-04-28
Form: 10-Q
Item: Part I, Item 2
Chunk 384
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 $29,573 $5,252 18 %Advertising and direct marketing3,170 2,807 363 13 %Travel and entertainment3,963 3,648 315 9 %Professional fees2,754 1,810 944 52 %Other3,124 2,804 320 11 %$47,836 $40,642 $7,194 18 %

The increase in personnel related expenses of $5.3 million is due to an increase in payroll costs and stock-based compensation of $5.4 million resulting primarily from new hires in our sales and marketing functions during the past twelve months to support increased sales volume and certain other one-time employee termination costs. Stock compensation expense included in sales and marketing expenses was $8.2 million for the nine months ended September 30, 2024 compared to $6.8 million for the nine months ended September 30, 2023. The increase in advertising and direct marketing expense of $0.4 million is due to an increase in sponsorship fees and expenses related to trade shows and events. The increase in travel and entertainment expenses of $0.3 million is due to an increase in travel costs for in-person sales personnel meetings. Professional fees increased by $0.9 million due primarily to an increase in marketing consulting costs. Other expense increased by $0.3 million primarily due to an increase in IT and software subscription costs.

General and Administrative Expenses

Nine Months Ended September 30,20242023$ Change% Change(Restated)Personnel related (including stock-based compensation)$19,944 $17,250 $2,694 16 %Professional fees5,653 4,673 980 21 %Insurance costs2,338 2,774 (436)(16)%Other11,940 6,357 5,583 88 %$39,875 $31,054 $8,821 28 %

The increase in personnel related expenses is due to an increase in payroll costs and stock-based compensation of $2.8 million resulting from expanding our administrative team during the past twelve months. Stock compensation expense included in general and administrative expenses was $9.2 million for the nine months ended September 30, 2024 compared to $7.3 million for the nine months ended September 30, 2023. The increase in professional fees of $1.0 million was