Company: EVLVW
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001805385-25-000009
Chunk: 398

Company: Evolv Technologies Holdings, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 2
Chunk 398
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 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 $6,343 25 %

The decrease in personnel related expenses is due to a decrease in payroll costs and stock-based compensation of $1.7 million, which resulted primarily from the termination of certain executives and the reduction in force in January 2025, partially offset by an increase in severance costs of $0.2 million. Stock compensation expense included in general and administrative expenses was $4.4 million for the six months ended June 30, 2025 compared to $5.7 million for the six months ended June 30, 2024. Professional fees increased primarily due to an increase in outsourced accounting consultancy of $1.3 million, partially offset by a decrease in audit and tax fees of $0.7 million. Non-recurring professional fees and other expense increased primarily due to a $11.5 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, as well as additional audit fees incurred in connection with the restatement of prior period financial statements, $1.0 million of estimated net losses related to ongoing legal matters, and an increase in rent of $0.7 million for additional leased space, partially offset by insurance recoveries of $