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Investing.com -- Evolv Technology, a manufacturer of security-screening products, announced on Thursday its plan to cut its workforce by 14%, which is approximately 40 jobs, in an effort to decrease its cash burn.
The company anticipates that these layoffs will result in around $2.3 million in pretax charges. The majority of these charges, approximately $2 million, will be incurred in the first quarter of 2025, and will be allocated towards one-time termination costs. Additional charges will cover certain equity awards and other benefit payments.
Evolv Technology stated that the job cuts are likely to be mostly completed by March 31. The company expects the workforce reduction to provide about $9 million in annualized run-rate cash savings.
In premarket trading following the announcement, shares of Evolv Technology increased by 5.9%, reaching a price of $3.41 per share.
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