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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 29, 2024
Enovix Corporation
(Exact Name of Registrant as Specified in Its Charter)
 
Delaware001-3975385-3174357
(State or Other Jurisdiction
of Incorporation)		(Commission
File Number)		(IRS Employer
Identification No.)
3501 W Warren Avenue
Fremont, California
 94538
(Address of Principal Executive Offices) (Zip Code)
Registrant’s Telephone Number, Including Area Code: (510) 695-2350
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.0001 per shareENVXThe Nasdaq Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02 Results of Operations and Financial Condition.
On October 29, 2024, Enovix Corporation issued a press release announcing the release of its financial results for the third fiscal quarter ended September 29, 2024. A copy of the press release is attached as Exhibit 99.1 to this report.
The information in this current report on Form 8-K and the exhibits attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit
Number
 
 
Description
99.1 
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).


SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
   Enovix Corporation
    
Date:
October 29, 2024
By:/s/ Arthi Chakravarthy
   Arthi Chakravarthy
Chief Legal Officer




 Exhibit 99.1 
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Enovix Announces Third Quarter 2024 Financial Results
FREMONT, Calif., October 29, 2024 -- Enovix Corporation (“Enovix”) (Nasdaq: ENVX), a global high-performance battery company, announced today financial results for third quarter 2024, which included the summary below from its President and CEO, Dr. Raj Talluri.

Fellow Shareholders,

In the third quarter of 2024, we made significant progress on our journey to scale. The unveiling of Fab2 was a major boost in confidence with multiple customers now indicating a desire to launch products with us starting from late 2025.

Other recent highlights include:

•Revenue growth: Revenues were $4.3 million in the third quarter, above our guidance midpoint and up from $3.8 million in the second quarter.
•Manufacturing: The Company formally opened Fab2 in Malaysia and within weeks commenced shipping battery cells to customers.
•Commercialization: A leading smartphone OEM signed a development agreement for qualification of our battery product and mass production launch in late 2025.
•Cost reduction: We are on track to further reduce cash consumption by leveraging our new Malaysia operations which will provide runway into 2026.

We are laser-focused on execution as we see increasing demand across our target markets. The strategy we established early last year prioritized large, high-value segments, such as smartphones and AR/VR headsets, where the need for higher energy density commands a premium. This approach has proven to be visionary, with the recent surge in AI-enabled smartphones further validating our strategy and driving significant pull for our products. We are confident that our go-to-market strategy positions Enovix on an expedient path to profitability while maintaining a competitive edge in innovation.

Our analysis of recent smartphone launches highlights a critical shortfall in conventional batteries. Energy density improvements in flagship devices released in 2024 have stagnated, with a mere 1% year-over-year increase. We believe this trajectory is insufficient to meet escalating demands of modern devices, especially those powered by AI.

In contrast, our battery technology roadmap offers a generational leap in energy density. With our Malaysia Fab now gearing up for production, we are in a full sprint to commercialize this transformative technology and meet the pressing needs of the industry. Our focus on rapid execution will enable us to offer substantial benefits to our customers and consumers alike, positioning us as a leader in next-generation battery solutions.

Business Update

Manufacturing. We formally opened Fab2 in Malaysia with various stakeholders including several leading smartphone OEMs that provided decidedly positive feedback on ramp quality and speed, as well as the level of automation. A total of 11 customers have now inspected our new facility. The Agility Line is fully operational with initial yields comparable to final levels we achieved with our first manufacturing line in California, with expected improvements on the horizon. Consistent with our plans, we commenced shipping EX-1M cells to customers in the third quarter, supporting their qualification and mass production timelines. We are on track to complete Site Acceptance Testing (SAT) of the High-Volume Line in Q4 2024.
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Commercialization. Our business team has made significant progress toward profitability by securing demand across multiple high-growth markets. We are excited to announce that we have formalized a strategic partnership with a second leading smartphone OEM. This agreement outlines key milestones, and upon meeting them, we are poised to enter the smartphone market in late 2025 with high-volume production from our Fab2 facility. This marks a major step forward in our journey to scale.

In parallel, we have aligned on a production schedule with a leading IoT customer, which includes a mass production purchase order also slated for 2025. This partnership underscores our ability to diversify into high-value sectors beyond smartphones. Further, we are aggressively expanding our pipeline by engaging with strategic IoT customers to unlock high-growth opportunities and accelerate top-of-the-funnel momentum.

In the EV space, we are advancing our targeted strategy of developing customized products with two of the world’s largest automotive OEMs. In Q4, we expect to complete our first milestone pursuant to the agreement with one of the major automakers in the EV market, which is a major milestone in our efforts to enter and grow within the EV market. Looking ahead, we are focused on expanding these relationships in 2025, leveraging a capital-efficient, licensing-based business model in the EV space that aligns with the long-term scalability of our technology.

Products: Our product development team is advancing toward the 2025 mass production of EX-1M, which will highlight the capabilities of our breakthrough active silicon technology. In Q3, we successfully achieved UN38.3 certification, marking a critical milestone for market entry and a strong validation of our products’ safety.

In addition, we are on track to sample EX-2M to select customers in Q4. We’re now making samples and have identified the product’s advanced electrochemistry. These early samples will be instrumental in accelerating the timeline to full-scale production. Finally, we have made progress on the comprehensive product definition of EX-3M, reaffirming our commitment to pushing the boundaries of innovation and delivering industry-leading solutions to customers across a range of industries.
Financials: Revenue was $4.3 million in the third quarter of 2024, near the high end of our guidance range and up from $3.8 million in the second quarter of 2024.

Our GAAP cost of revenue was $5.0 million in the third quarter of 2024 representing a slight reduction sequentially as a percentage of sales and leading to a similar gross income level.

Our GAAP operating expenses of $48.6 million in the third quarter of 2024 were down from $88.1 million in the second quarter, due largely to lower restructuring costs which were concentrated in the previous quarter as the Company shifted our manufacturing operations from the U.S. to Malaysia. Our non-GAAP operating expenses were $27.2 million in the third quarter of 2024, down 12% from $30.9 million in the second quarter of 2024.

Our GAAP net loss attributable to Enovix of $22.5 million in the third quarter of 2024 was down from $115.9 million in the second quarter of 2024 due to lower restructuring costs. Our GAAP net loss attributable to Enovix for the third quarter of 2024 also included $29.9 million of income due to a decrease in the fair value of our common stock warrants during the quarter.

Adjusted EBITDA in the third quarter of 2024 was a loss of $21.6 million compared to an adjusted EBITDA loss of $23.1 million in the second quarter of 2024.

Earnings per share loss in the third quarter of 2024 was $0.30 on a GAAP basis and $0.17 on a non-GAAP basis compared to second quarter earnings per share loss of $0.67 on a GAAP basis and $0.14 on a non-GAAP basis.

We exited the third quarter of 2024 with $200.9 million of cash, cash equivalents, and short-term investments due to cash used in operating activities of $30.7 million and capital expenditures of $19.5 million during the quarter.
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A full reconciliation of our GAAP to non-GAAP results is available later in this report.

Outlook

For the fourth quarter of 2024, we expect revenue between $8.0 million and $10.0 million, a GAAP EPS loss of $0.23 to $0.29, an adjusted EBITDA loss of $19.0 million to $25.0 million, and a non-GAAP EPS loss of $0.15 to $0.21.

Summary

We are very pleased with our accomplishments in the third quarter. Fab2 is now operational and shipping samples to customers. We secured a 2025 launch commitment from a major smartphone OEM. And we made progress on our product roadmap for EX-2M and beyond. For the remaining months of 2024, the key objectives are completing SAT for the High-Volume Line and shipping EX-2M samples.

Conference Call Information

Enovix will hold a video conference call at 2:00 PM PT / 5:00 PM ET today, October 29, 2024, to discuss the company’s business updates and financial results. To join the call, participants must use the following link to register: https://enovix-q3-2024.open-exchange.net/registration. This link will also be available via the Investor Relations section of the Enovix website at https://ir.enovix.com. An archived version of the call will be available on the Enovix website for one year at https://ir.enovix.com.
About Enovix
Enovix is on a mission to deliver high-performance batteries that unlock the full potential of technology products. Everything from IoT, mobile, and computing devices, to the vehicle you drive, needs a better battery. Enovix partners with OEMs worldwide to usher in a new era of user experiences. Our innovative, materials-agnostic approach to building a higher performing battery without compromising safety keeps us flexible and on the cutting-edge of battery technology innovation.

Enovix is headquartered in Silicon Valley with facilities in India, Korea and Malaysia. For more information visit www.enovix.com and follow us on LinkedIn.

Non-GAAP Financial Measures
EBITDA, Adjusted EBITDA, and other non-GAAP measures are intended as supplemental financial measures of our performance that provide an additional tool for investors to use in evaluating ongoing operating results, trends, and in comparing our financial measures with those of comparable companies.
However, you should be aware that other companies may calculate similar non-GAAP measures differently. Non-GAAP financial measures have limitations, including that they exclude certain expenses that are required under GAAP, which adjustments reflect the exercise of judgment by management. Reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure can be found in the tables at the end of this shareholder letter.
While Enovix provides fourth quarter 2024 guidance for adjusted EBITDA loss and non-GAAP EPS loss, we are unable to provide without unreasonable effort a GAAP to non-GAAP reconciliation of these projected non-GAAP measures. Such qualitative reconciliation to the corresponding GAAP financial measure cannot be provided without unreasonable effort because of the inherent difficulty in accurately forecasting the occurrence and financial impact of the various adjustments that have not yet occurred, are out of our control, or cannot be reasonably predicted, including but not limited to warrant liabilities and stock-based compensation. For the same reasons, we are unable to assess the probable significance of the unavailable information, which could have a material impact on our future GAAP financial results.

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Forward-Looking Statements
This letter to shareholders contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or our future financial or operating performance and can be identified by words such as anticipate, believe, continue, could, estimate, expect, intend, may, might, plan, possible, potential, predict, project, should, would and similar expressions that convey uncertainty about future events or outcomes. Forward-looking statements in this letter to shareholders include, without limitation, our expectations regarding, and our ability to respond to, market and customer demand; our expectations regarding the level of customers’ interest in our batteries, the demand for more energy dense batteries and the suitability of our products to address this demand, and the impact of artificial intelligence (“AI”) features on the foregoing; our financial and business performance; projected improvements in our manufacturing and commercialization and R&D activities at Fab2, including the ability of the sales team to support the path to profitability by attracting demand across high-growth markets ; our achievement of the milestones under our strategic partnership with a second leading smartphone OEM and our ability to enter into the smartphone market in 2025 with high-volume production from our Fab2 facility; our expectations regarding EX-1M production and mass production purchase order with a leading IoT customer in 2025, completion of site acceptance testing for our High-Volume Line, and the shipment of EX-2M samples in Q4; our ability to meet goals for yield and throughput; our expectations regarding Fab2 in and its capacity to support multiple customer qualifications; the anticipated contributions of our R&D teams to support product innovation; our revenue funnel; our efforts in the portable electronics and EV markets, including the IoT, smartphone and virtual reality categories; our ability to meet milestones and deliver on our objectives and expectations, including achieving certain safety certifications for our products and our ability sample batteries from our Agility Line to customers; the implementation and expected success of our business model and growth strategy, including our focus on the addressable market categories in which we believe an improved battery drives a high value to the product and premium pricing for our solutions; our ability to manage our expenses and realize our annual cost savings goals; our ability to manage and achieve the benefits of our restructuring efforts; and forecasts of our financial and performance metrics.
Actual results could differ materially from these forward-looking statements as a result of certain risks and uncertainties, including, without limitation, our ability to improve energy density among our products, establish sufficient manufacturing operations and optimize manufacturing processes to meet demand, source materials and establish supply relationships, and secure adequate funds to execute on our operational and strategic goals; the safety hazards associated with our batteries and the manufacturing process; a concentration of customers in the military market; certain unfavorable terms in our commercial agreements that may limit our ability to market our products; market acceptance of our products; changes in consumer preferences or demands; changes in industry standards; the impact of technological development and competition; and global economic conditions, including inflationary and supply chain pressures, and political, social, and economic instability, including as a result of armed conflict, war or threat of war, or trade and other international disputes that could disrupt supply or delivery of, or demand for, our products.
For additional information on these risks and uncertainties and other potential factors that could cause actual results to differ from the results predicted, please refer to our filings with the Securities and Exchange Commission (“SEC”), including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our annual report on Form 10-K and quarterly reports on Form 10-Q and other documents that we have filed, or will file, with the SEC. Any forward-looking statements in this letter to shareholders speak only as of the date on which they are made. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

For media and investor inquiries, please contact:

Enovix Corporation
Robert Lahey
Email: ir@enovix.com
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Enovix Corporation
Condensed Consolidated Balance Sheets
(Unaudited)
(In Thousands, Except Share and per Share Amounts)
September 29,
2024		December 31,
2023
Assets
Current assets:
Cash and cash equivalents $200,912 $233,121 
Short-term investments— 73,694 
Accounts receivable, net1,911 909 
Notes receivable, net— 1,514 
Inventory9,564 8,737 
Prepaid expenses and other current assets 11,598 5,202 
Total current assets 223,985 323,177 
Property and equipment, net 157,680 166,471 
Customer relationship intangibles and other intangibles, net37,583 42,168 
Operating lease, right-of-use assets 13,810 15,290 
Goodwill12,217 12,098 
Other assets, non-current 2,746 5,100 
Total assets $448,021 $564,304 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $15,046 $21,251 
Accrued expenses 13,855 13,976 
Accrued compensation 8,038 10,731 
Short-term debt11,555 5,917 
Deferred revenue 6,206 6,708 
Other liabilities 4,760 2,435 
Total current liabilities 59,460 61,018 
Long-term debt, net168,744 169,099 
Warrant liability23,265 42,900 
Operating lease liabilities, non-current 14,346 15,594 
Deferred revenue, non-current 3,774 3,774 
Deferred tax liability8,178 10,803 
Other liabilities, non-current 12 13 
Total liabilities 277,779 303,201 
Commitments and Contingencies
Stockholders’ equity:
Common stock, $0.0001 par value; authorized shares of 1,000,000,000; issued and outstanding shares of $177,591,877 and $167,392,315 as of September 29, 2024 and December 31, 2023, respectively 18 17 
Additional paid-in-capital 951,237 857,037 
Accumulated other comprehensive loss(42)(62)
Accumulated deficit (783,621)(598,845)
Total Enovix's stockholders’ equity 167,592 258,147 
Non-controlling interest2,650 2,956 
Total equity170,242 261,103 
Total liabilities and equity $448,021 $564,304 


Enovix Corporation
Condensed Consolidated Statements of Operations
(Unaudited)
(In Thousands, Except Share and per Share Amounts)

 
Quarters EndedFiscal Years-to-Date Ended
September 29, 2024October 1, 2023September 29, 2024October 1, 2023
Revenue $4,317 $200 $13,357 $263 
Cost of revenue4,959 16,809 16,454 43,292 
Gross margin(642)(16,609)(3,097)(43,029)
Operating expenses:
Research and development 24,220 13,508 102,073 53,810 
Selling, general and administrative 20,744 17,245 61,176 61,207 
Impairment of equipment— — — 4,411 
Restructuring cost 3,661 3,021 41,807 3,021 
Total operating expenses 48,625 33,774 205,056 122,449 
Loss from operations (49,267)(50,383)(208,153)(165,478)
Other income (expense):
Change in fair value of common stock warrants29,899 31,320 17,359 4,140 
Interest income2,859 4,326 9,745 9,942 
Interest expense(1,718)(1,557)(5,068)(2,827)
Other income (loss), net (2,217)109 (1,509)129 
Total other income, net 28,823 34,198 20,527 11,384 
Loss before income tax benefit(20,444)(16,185)(187,626)(154,094)
Income tax expense (benefit)2,194 — (2,544)— 
Net loss(22,638)(16,185)(185,082)(154,094)
Net loss attributable to non-controlling interests(102)— (306)— 
Net loss attributable to Enovix$(22,536)$(16,185)$(184,776)$(154,094)
Net loss per share attributable to Enovix shareholders, basic$(0.13)$(0.10)$(1.07)$(0.98)
Weighted average number of common shares outstanding, basic176,680,578 159,829,716 172,393,869 157,559,138 
Net loss per share attributable to Enovix shareholders, diluted$(0.30)$(0.29)$(1.07)$(1.00)
Weighted average number of common shares outstanding, diluted176,872,382 161,371,417 172,393,869 158,260,393 



Enovix Corporation
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In Thousands)
Fiscal Years-to-Date Ended
September 29, 2024October 1, 2023
Cash flows used in operating activities:
Net loss$(185,082)$(154,094)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation, accretion and amortization37,417 10,000 
Stock-based compensation48,630 57,832 
Changes in fair value of common stock warrants(17,359)(4,140)
Impairment and loss on disposals of long-lived assets38,249 4,411 
Others174 — 
Changes in operating assets and liabilities:
Accounts and notes receivables494 169 
Inventory(827)418 
Prepaid expenses and other assets(3,913)546 
Accounts payable(10,018)4,338 
Accrued expenses and compensation3,175 3,113 
Deferred revenue(502)— 
Deferred tax liability(3,303)— 
Other liabilities190 (1)
Net cash used in operating activities(92,675)(77,408)
Cash flows from investing activities:
Purchase of property and equipment(59,830)(32,979)
Purchases of investments(31,812)(115,736)
Maturities of investments106,621 16,700 
Net cash provided by (used in) investing activities14,979 (132,015)
Cash flows from financing activities:
Proceeds from issuance of Convertible Senior Notes and loans4,572 172,500 
Repayment of debt(180)— 
Payments of debt issuance costs— (5,251)
Purchase of Capped Calls— (17,250)
Payroll tax payments for shares withheld upon vesting of RSUs(5,601)(2,988)
Proceeds from the exercise of stock options and issuance of common stock, net of issuance costs44,285 9,232 
Proceeds from issuance of common stock under employee stock purchase plan1,145 1,169 
Repurchase of unvested restricted common stock(4)(23)
Net cash provided by financing activities44,217 157,389 
Effect of exchange rate changes on cash, cash equivalents and restricted cash1,303 — 
Change in cash, cash equivalents, and restricted cash(32,176)(52,034)
Cash and cash equivalents and restricted cash, beginning of period235,123 322,976 
Cash and cash equivalents, and restricted cash, end of period$202,947 $270,942 


Net Loss Attributable to Enovix to Adjusted EBITDA Reconciliation
While we prepare our consolidated financial statements in accordance with GAAP, we also utilize and present certain financial measures that are not based on GAAP. We refer to these financial measures as “non-GAAP” financial measures. In addition to our financial results determined in accordance with GAAP, we believe that EBITDA and Adjusted EBITDA are useful measures in evaluating its financial and operational performance distinct and apart from financing costs, certain non-cash expenses and non-operational expenses.
These non-GAAP financial measures should be considered in addition to results prepared in accordance with GAAP but should not be considered a substitute for or superior to GAAP. We endeavor to compensate for the limitation of the non-GAAP financial measures presented by also providing the most directly comparable GAAP measures.
We use non-GAAP financial information to evaluate our ongoing operations and for internal planning, budgeting and forecasting purposes. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors in assessing its operating performance and comparing its performance with competitors and other comparable companies. You should review the reconciliations below but not rely on any single financial measure to evaluate our business.
“EBITDA” is defined as earnings (net loss) attributable to Enovix adjusted for interest expense, income tax benefit, depreciation and amortization expense. “Adjusted EBITDA” includes additional adjustments to EBITDA such as stock-based compensation expense, change in fair value of common stock warrants, inventory step-up, impairment of equipment and other special items as determined by management which it does not believe to be indicative of its underlying business trends.
Below is a reconciliation of net loss attributable to Enovix on a GAAP basis to the non-GAAP EBITDA and Adjusted EBITDA financial measures for the periods presented below (in thousands):
Quarters EndedFiscal Years-to-Date Ended
September 29, 2024October 1, 2023September 29, 2024October 1, 2023
Net loss attributable to Enovix$(22,536)$(16,185)$(184,776)$(154,094)
Interest expense1,718 1,557 5,068 2,827 
Income tax expense (benefit)2,194 — (2,544)— 
Depreciation and amortization6,500 2,900 37,417 10,000 
EBITDA(12,124)(11,728)(144,835)(141,267)
Stock-based compensation expense (1)
16,722 13,274 47,414 57,473 
Change in fair value of common stock warrants(29,899)(31,320)(17,359)(4,140)
Inventory step-up— — 1,907 — 
Impairment of equipment— — — 4,411 
Restructuring cost (1)
3,661 3,021 41,807 3,021 
Acquisition cost— 1,115 — 1,115 
Adjusted EBITDA$(21,640)$(25,638)$(71,066)$(79,387)
(1) $0.1 million and $1.2 million of stock-based compensation expense are included in the restructuring cost line of the table above for the quarter and fiscal year-to-date ended September 29, 2024, respectively. $0.4 million of stock-based compensation expense is included in the restructuring cost line of the table above for the quarter and fiscal year-to-date ended October 1, 2023.


Free Cash Flow Reconciliation
We define “Free Cash Flow” as (i) net cash from operating activities less (ii) capital expenditures, net of proceeds from disposals of property and equipment, all of which are derived from our Consolidated Statements of Cash Flow. The presentation of non-GAAP Free Cash Flow is not intended as an alternative measure of cash flows from operations, as determined in accordance with GAAP. We believe that this financial measure is useful to investors because it provides investors to view our performance using the same tool that we use to gauge our progress in achieving our goals and it is an indication of cash flow that may be available to fund investments in future growth initiatives. Below is a reconciliation of net cash used in operating activities to the Free Cash Flow financial measures for the periods presented below (in thousands):
Fiscal Years-to-Date Ended
September 29, 2024October 1, 2023
Net cash used in operating activities$(92,675)$(77,408)
Capital expenditures(59,830)(32,979)
Free Cash Flow$(152,505)$(110,387)



Other Non-GAAP Financial Measures Reconciliation
(In Thousands, Except Share and per Share Amounts)
Quarters EndedFiscal Years-to-Date Ended
September 29, 2024October 1,
2023		September 29, 2024October 1,
2023
Revenue$4,317 $200 $13,357 $263 
GAAP cost of revenue$4,959 $16,809 $16,454 $43,292 
Stock-based compensation expense(101)(2,396)(196)(5,001)
Inventory step-up— — (1,907)— 
Non-GAAP cost of revenue$4,858 $14,413 $14,351 $38,291 
GAAP gross margin$(642)$(16,609)$(3,097)$(43,029)
Stock-based compensation expense101 2,396 196 5,001 
Inventory step-up— — 1,907 — 
Non-GAAP gross margin$(541)$(14,213)$(994)$(38,028)
GAAP research and development (R&D) expense$24,220 $13,508 $102,073 $53,810 
Stock-based compensation expense(5,914)(4,949)(19,771)(22,072)
Amortization of intangible assets(417)— (1,248)— 
Non-GAAP R&D expense$17,889 $8,559 $81,054 $31,738 
GAAP selling, general and administrative (SG&A) expense$20,744 $17,245 $61,176 $61,207 
Stock-based compensation expense(10,707)(5,929)(27,447)(30,400)
Amortization of intangible assets(774)— (2,304)— 
Acquisition cost— (1,115)— (1,115)
Non-GAAP SG&A expense$9,263 $10,201 $31,425 $29,692 
GAAP operating expenses$48,625 $33,774 $205,056 $122,449 
Stock-based compensation expense included in R&D expense(5,914)(4,949)(19,771)(22,072)
Stock-based compensation expense included in SG&A expense(10,707)(5,929)(27,447)(30,400)
Amortization of intangible assets(1,191)— (3,552)— 
Impairment of equipment— — — (4,411)
Restructuring cost (1)
(3,661)(3,021)(41,807)(3,021)
Acquisition cost— (1,115)— (1,115)
Non-GAAP operating expenses$27,152 $18,760 $112,479 $61,430 
(1) $0.1 million and $1.2 million of stock-based compensation expense is included in the restructuring cost line of the table above for the quarter and fiscal year-to-date ended September 29, 2024, respectively. $0.4 million of stock-based compensation expense is included in the restructuring cost line of the table above for the quarter and fiscal year-to-date ended October 1, 2023.


Quarters EndedFiscal Years-to-Date Ended
September 29, 2024October 1,
2023		September 29, 2024October 1,
2023
GAAP loss from operations $(49,267)$(50,383)$(208,153)$(165,478)
Stock-based compensation expense (1)
16,722 13,274 47,414 57,473 
Amortization of intangible assets1,191 — 3,552 — 
Inventory step-up— — 1,907 — 
Impairment of equipment— — — 4,411 
Restructuring cost (1)
3,661 3,021 41,807 3,021 
Acquisition cost— 1,115 — 1,115 
Non-GAAP loss from operations $(27,693)$(32,973)$(113,473)$(99,458)
GAAP net loss attributable to Enovix$(22,536)$(16,185)$(184,776)$(154,094)
Stock-based compensation expense (1)
16,722 13,274 47,414 57,473 
Change in fair value of common stock warrants(29,899)(31,320)(17,359)(4,140)
Inventory step-up— — 1,907 — 
Amortization of intangible assets1,191 — 3,552 — 
Impairment of equipment— — — 4,411 
Restructuring cost (1)
3,661 3,021 41,807 3,021 
Acquisition cost— 1,115 — 1,115 
Non-GAAP net loss attributable to Enovix shareholders$(30,861)$(30,095)$(107,455)$(92,214)
GAAP net loss per share attributable to Enovix, basic$(0.13)$(0.10)$(1.07)$(0.98)
GAAP weighted average number of common shares outstanding, basic176,680,578 159,829,716 172,393,869 157,559,138 
GAAP net loss per share attributable to Enovix, diluted$(0.30)$(0.29)$(1.07)$(1.00)
GAAP weighted average number of common shares outstanding, diluted176,872,382 161,371,417 172,393,869 158,260,393 
Non-GAAP net loss per share attributable to Enovix, basic$(0.17)$(0.19)$(0.62)$(0.59)
GAAP weighted average number of common shares outstanding, basic176,680,578 159,829,716 172,393,869 157,559,138 
Non-GAAP net loss per share attributable to Enovix, diluted$(0.17)$(0.19)$(0.62)$(0.58)
GAAP weighted average number of common shares outstanding, diluted176,872,382 161,371,417 172,393,869 158,260,393 
(1) $0.1 million and $1.2 million of stock-based compensation expense is included in the restructuring cost line of the table above for the quarter and fiscal year-to-date ended September 29, 2024, respectively. $0.4 million of stock-based compensation expense is included in the restructuring cost line of the table above for the quarter and fiscal year-to-date ended October 1, 2023.

v3.24.3
Cover
Oct. 29, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Oct. 29, 2024
Entity Registrant Name Enovix Corporation
Entity Incorporation, State or Country Code DE
Entity File Number 001-39753
Entity Tax Identification Number 85-3174357
Entity Address, Address Line One 3501 W Warren Avenue
Entity Address, City or Town Fremont
Entity Address, State or Province CA
Entity Address, Postal Zip Code 94538
City Area Code 510
Local Phone Number 695-2350
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, par value $0.0001 per share
Trading Symbol ENVX
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Entity Central Index Key 0001828318
Amendment Flag false
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