Enovix Corporation Investigation - Block & Leviton is investigating Enovix Corporation for potential securities law violations [1] - Investors who lost money in Enovix investments may be eligible to recover losses [3] - The investigation focuses on whether the company committed securities law violations [4] Enovix Stock Performance and CFO Departure - Enovix shares dropped over 6% on December 16, 2024, following the sudden departure of CFO Farhan Ahmad [2] - Analysts raised concerns about the timing of the company's $100 million public offering announcement in early November, which came shortly after management stated no immediate capital needs during the Q3 2024 earnings call [2] Block & Leviton's Role and Actions - Block & Leviton is a leading securities class action firm, having recovered billions of dollars for defrauded investors [7] - The firm may file an action to recover losses on behalf of affected investors [4] - Investors are encouraged to contact Block & Leviton via their case website, email, or phone for further information [5][7] Whistleblower Information - Individuals with non-public information about Enovix Corporation are encouraged to assist in the investigation or file a report with the SEC under the whistleblower program [6] - Whistleblowers may receive rewards of up to 30% of any successful recovery [6]

FREMONT, Calif., Dec. 16, 2024 (GLOBE NEWSWIRE) -- Enovix Corporation ("Enovix") (NASDAQ:ENVX), a global leader in high-performance batteries, today announced that CFO Farhan Ahmad has left the company and that it is searching for a new CFO. CEO Raj Talluri said, "We thank Farhan for his service, which left us with a healthy balance sheet with over $250 million of cash, a reduced cost structure, a strong global finance team, and a clear financial runway to ramp the production of our high-energy battery in o ...

FREMONT, Calif., Nov. 06, 2024 (GLOBE NEWSWIRE) -- Enovix Corporation (“Enovix”) (Nasdaq: ENVX), a global high-performance battery company, announced today its participation in the following upcoming investor events: Oppenheimer Fireside Chat with Enovix CEO Dr. Raj Talluri Date: Monday, November 11, 2024 J.P. Morgan Equity Opportunities Forum Date: Thursday, November 14, 2024 Location: Miami Beach, Florida Portfolio managers and analysts who wish to request a meeting should contact their sales representat ...

FREMONT, Calif., Nov. 05, 2024 (GLOBE NEWSWIRE) -- Enovix Corporation (“Enovix”) (Nasdaq: ENVX), a global high-performance battery company, announced today that it completed a secondary equity offering. On Friday November 1, the Company received approximately $96 million dollars net of fees related to the transaction. As a result, the Company now expects to close 2024 with cash levels of approximately $245 million, compared to the prior expectation of $150 million. Enovix’s CEO Raj Talluri commented, “As we ...

Shares of Enovix Corporation (ENVX) have been struggling lately and have lost 17.2% over the past week. However, a hammer chart pattern was formed in its last trading session, which could mean that the stock found support with bulls being able to counteract the bears. So, it could witness a trend reversal down the road.The formation of a hammer pattern is considered a technical indication of nearing a bottom with likely subsiding of selling pressure. But this is not the only factor that makes a bullish case ...

Financial Performance - Enovix Corporation reported revenue of $4.317 million for the quarter ended September 29, 2024, a significant increase of $4.117 million compared to $200 in the prior year[147]. - The net loss for the quarter was $22.638 million, an increase of 40% compared to a net loss of $16.185 million in the prior year[147]. - Revenue for the quarter ended September 29, 2024 was $4.3 million, primarily from product shipments, including $1.4 million to a South Korea military contractor[148]. - For the fiscal year-to-date ended September 29, 2024, revenue was $13.4 million, including $4.5 million to a South Korea military contractor, compared to immaterial revenue for the prior year[158]. - The net loss for the fiscal year-to-date ended September 29, 2024, was $185.1 million, adjusted for non-cash items including stock-based compensation of $48.6 million and changes in working capital[172]. Cost and Expenses - The cost of revenue decreased by 70% to $4.959 million from $16.809 million year-over-year, resulting in a gross margin improvement[147]. - Cost of revenue for the quarter ended September 29, 2024 was $5.0 million, a decrease of $11.9 million or 70% compared to $16.8 million for the quarter ended October 1, 2023[149]. - Cost of revenue for the fiscal year-to-date ended September 29, 2024 was $16.5 million, a decrease of $26.8 million or 62% compared to $43.3 million for the prior year[159]. - Research and development expenses rose by 79% to $24.220 million from $13.508 million, reflecting increased investment in technology development[147]. - Research and development expenses for the quarter ended September 29, 2024 were $24.2 million, an increase of $10.7 million or 79% compared to $13.5 million for the quarter ended October 1, 2023[150]. - Research and development expenses for the fiscal year-to-date ended September 29, 2024 were $102.1 million, an increase of $48.3 million or 90% compared to $53.8 million for the prior year[160]. - Selling, general and administrative expenses increased by 20% to $20.744 million from $17.245 million, driven by personnel expansion[147]. - Selling, general and administrative expenses for the quarter ended September 29, 2024 were $20.7 million, an increase of $3.5 million or 20% compared to $17.2 million for the quarter ended October 1, 2023[152]. - The company recorded pre-tax restructuring charges of $3.7 million for the quarter ended September 29, 2024, related to the relocation of manufacturing operations from Fab1 in California to Malaysia[153]. Cash and Investments - As of September 29, 2024, the company had cash, cash equivalents, and short-term investments totaling $202.9 million, with an accumulated deficit of $783.6 million[167]. - As of September 29, 2024, the company had cash, cash equivalents, restricted cash, and short-term investments totaling $202.9 million[168]. - For the fiscal year-to-date ended September 29, 2024, net cash used in operating activities was $92.7 million, an increase of $15.3 million compared to $77.4 million for the prior year[172]. - Net cash provided by investing activities was $15.0 million for the fiscal year-to-date ended September 29, 2024, primarily from maturities of $106.6 million in short-term investments[173]. - Net cash provided by financing activities was $44.2 million for the fiscal year-to-date ended September 29, 2024, mainly from $40.0 million in proceeds from common stock issuance[174]. Operational Developments - Enovix achieved UN38.3 certification for its EX-1M product in September 2024, marking a critical milestone for market entry[126]. - The company opened its high-volume production facility ("Fab2") in Penang, Malaysia, and commenced shipping batteries to customers[126]. - Enovix signed a collaboration agreement with a Fortune 200 company for silicon batteries in the IoT product category in July 2024[126]. - The company anticipates completing Site Acceptance Testing of its second-generation high-volume manufacturing line by the end of 2024[126]. - Enovix plans to focus on expanding relationships with major automakers in the EV battery market, with a milestone expected in Q4 2024[131]. Financial Position and Risks - As of September 29, 2024, the company had $172.5 million in Convertible Senior Notes outstanding, maturing on May 1, 2028[175]. - The company has approximately $24.6 million in open purchase orders, including equipment purchase orders, as of September 29, 2024[177]. - The company does not believe it is exposed to material interest rate risk due to the fixed interest rates on most borrowings[180]. - The company has not entered into derivative or hedging transactions for foreign currency risks but may do so in the future as international operations grow[182].

Enovix Corporation (ENVX) came out with a quarterly loss of $0.17 per share versus the Zacks Consensus Estimate of a loss of $0.20. This compares to loss of $0.19 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 15%. A quarter ago, it was expected that this company would post a loss of $0.22 per share when it actually produced a loss of $0.14, delivering a surprise of 36.36%. Over the last four quarters, the company has surpas ...

Market Opportunity - Smartphone battery leadership opens up a $12 billion+ opportunity[7] - Winning in smartphones opens up an incremental $12 billion TAM in IoT and Computing, with '26 Battery TAM of $8 billion for IoT and $4 billion for Computing[9] - The EV battery TAM is projected to reach $523 billion by 2040[11] Technology and Performance - Enovix offers a multi-generational jump in battery performance with a 30%+ higher energy and faster charge compared to leading 2023 smartphone batteries[14] - Enovix's cell architecture maximizes silicon use, offering a significant advantage over incumbents with only 3-7% active silicon content[16, 17] - Enovix's BrakeFlow™ technology enhances battery safety[19] - Enovix's EV test cells achieved 0-80% state-of-charge in 5.2 minutes[61] - Demonstrated development cell cycle life >1,500 cycles and >10-year projected lifetime with 88% capacity retention after 1,500 cycles[64] Manufacturing and Production - Fab2 in Malaysia opened in 2024 with Agility Line, with capacity for 3 additional high volume lines[6] - Target smartphone production line unit economics include a cash gross margin of 50%+ and an estimated payback period of less than 1 year, with a CapEx per line of $60 million and revenue per line of ~$150 million[23] Financial Performance - Revenue for the quarter ended September 29, 2024, was $4.317 million, compared to $200 thousand for the quarter ended October 1, 2023[36] - Net loss attributable to Enovix for the quarter ended September 29, 2024, was $(22.536) million, compared to $(16.185) million for the quarter ended October 1, 2023[36] - Free Cash Flow for the fiscal year-to-date ended September 29, 2024, was $(152.505) million, compared to $(110.387) million for the fiscal year-to-date ended October 1, 2023[44]

Exhibit 99.1 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 ...

Core Insights - Enovix Corporation has entered into a development agreement with a leading global smartphone OEM, aiming to create a 100% active silicon anode battery for specific smartphone models, targeted for launch in Q4 2025 [1][2] - The company has now secured agreements with two major smartphone OEMs and is experiencing growing sales momentum in the IoT and EV markets [1] Company Overview - Enovix is focused on delivering high-performance batteries that enhance the capabilities of various technology products, including IoT, mobile, and computing devices [2] - The company employs a materials-agnostic approach to battery development, ensuring high performance without compromising safety [2] - Enovix operates facilities in Silicon Valley, India, Korea, and Malaysia, with plans for high-volume production from its Fab2 facility in Malaysia starting in 2025 [3][2]