Company: EVLVW
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001805385-25-000009
Chunk: 232

Company: Evolv Technologies Holdings, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 232
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9,134 $11,979 $(2,845)(24)%Advertising and direct marketing693 1,044 (351)(34)%Travel and entertainment656 1,388 (732)(53)%Professional fees584 880 (296)(34)%Other669 1,066 (397)(37)%$11,736 $16,357 $(4,621)(28)%

The decrease in personnel related expenses is due to a decrease in payroll costs and stock-based compensation of $3.3 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 $1.7 million for the three months ended June 30, 2025 compared to $2.7 million for the three months ended June 30, 2024. The decrease in advertising and direct marketing expense is primarily due to a decrease in sponsorship fees of $0.2 million. The decrease in travel and entertainment expense of $0.7 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. Other expense decreased primarily due to reduction in shipping costs related to demo units of $0.2 million.

General and Administrative Expenses

Three Months Ended June 30,20252024$ Change% Change(Restated)Personnel related (including stock-based compensation)$6,206 $6,931 $(725)(10)%Professional fees2,191 1,654 537 32 %Insurance costs775 766 9 1 %Non-recurring professional and other expense8,066 4,710 3,356 71 %$17,238 $14,061 $3,177 23 %

The decrease in personnel related expenses is due to a decrease in stock-based compensation of $0.9 million, which resulted primarily from the termination of certain executives as well as 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 $2.4 million for the three months ended June 30, 2025 compared to $3.3 million for the three months ended June 30, 2024. Professional fees increased primarily