Company: EVLVW
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001805385-25-000017
Chunk: 392

Company: Evolv Technologies Holdings, Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 2
Chunk 392
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including stock-based compensation)$9,135 $10,346 $(1,211)(12)%Advertising and direct marketing446 1,316 (870)(66)%Travel and entertainment707 1,305 (598)(46)%Professional fees477 915 (438)(48)%Other950 1,084 (134)(12)%$11,715 $14,966 $(3,251)(22)%

The decrease in personnel related expenses is due to a decrease in payroll costs and stock-based compensation of $1.1 million, which resulted primarily from the reduction in force in January 2025. Stock-based compensation expense included in sales and marketing expenses was $1.5 million for the three months ended September 30, 2025 compared to $2.5 million for the three 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 $0.5 million and decrease in sponsorship fees of $0.2 million. The decrease in travel and entertainment expense is due to a decrease in travel costs for in-person sales meetings as a result of our reductions in force. Professional fees decreased primarily due to a decrease in marketing consulting costs. 

General and Administrative Expenses

Three Months Ended September 30,20252024$ Change% ChangePersonnel related (including stock-based compensation)$7,138 $6,789 $349 5 %Professional fees2,193 1,441 752 52 %Insurance costs941 830 111 13 %Non-recurring professional fees and other expenses2,307 4,916 (2,609)(53)%$12,579 $13,976 $(1,397)(10)%

Personnel related expenses increased due to a $1.5 million increase in payroll costs, primarily from an increase in accrued bonuses, offset by a decrease in stock-based compensation of $1.1 million, which resulted primarily from the termination of certain executives as well as the reduction in force in January 2025. Stock-based compensation expense included in general and administrative expenses was $2.4 million for the three months ended September 30, 2025 compared to $3.5 million for the three months ended September 30, 2024. Professional fees increased primarily due to an increase in legal fees of $0.4 million and an increase in audit and tax fees of