In the latest trading session, Enovix Corporation (ENVX) closed at $9.42, marking a +1.18% move from the previous day. The stock's performance was behind the S&P 500's daily gain of 1.25%. Meanwhile, the Dow experienced a rise of 0.97%, and the technology-dominated Nasdaq saw an increase of 1.3%.The company's shares have seen a decrease of 20.56% over the last month, not keeping up with the Oils-Energy sector's loss of 1.82% and the S&P 500's gain of 1.58%.Analysts and investors alike will be keeping a clos ...

FREMONT, Calif., Jan. 30, 2024 (GLOBE NEWSWIRE) -- Enovix Corporation (“Enovix”) (Nasdaq: ENVX), an advanced silicon battery company, today announced it will release financial results for the fourth quarter and full year 2023 on Tuesday, February 20, 2024, after the close of the market. Enovix will hold a live video call at 2:00 PM PT / 5:00 PM ET on February 20, 2024, to discuss the company’s business updates, key milestones, and financial results. To join the call, participants must use the following link ...

FREMONT, Calif., Jan. 30, 2024 (GLOBE NEWSWIRE) -- Enovix Corporation ("Enovix") (NASDAQ:ENVX), an advanced silicon battery company, today announced it will release financial results for the fourth quarter and full year 2023 on Tuesday, February 20, 2024, after the close of the market. Enovix will hold a live video call at 2:00 PM PT / 5:00 PM ET on February 20, 2024, to discuss the company's business updates, key milestones, and financial results. To join the call, participants must use the following link ...

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents Enovix Corporation's unaudited condensed consolidated financial statements, including balance sheets, statements of operations, and cash flows, for the quarter and nine months ended October 1, 2023 [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to $519.9 million, driven by property and equipment and new short-term investments, while total liabilities rose to $267.5 million due to new long-term debt Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | Oct 1, 2023 | Jan 1, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $270,817 | $322,851 | | Short-term investments | $100,522 | $0 | | Property and equipment, net | $136,713 | $103,868 | | **Total Assets** | **$519,942** | **$440,586** | | **Liabilities & Equity** | | | | Total current liabilities | $44,126 | $23,029 | | Long-term debt, net | $167,080 | $0 | | Total liabilities | $267,467 | $84,159 | | Accumulated deficit | ($538,868) | ($384,774) | | **Total stockholders' equity** | **$252,475** | **$356,427** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For Q3 2023, revenue was $0.2 million with a net loss of $16.2 million, significantly improved from prior year due to warrant fair value changes, while YTD net loss widened to $154.1 million Quarterly Statement of Operations Highlights (in thousands) | Account | Q3 2023 | Q3 2022 | | :--- | :--- | :--- | | Revenue | $200 | $8 | | Cost of revenue | $16,809 | $6,629 | | **Gross margin** | **($16,609)** | **($6,621)** | | Total operating expenses | $33,774 | $27,058 | | **Loss from operations** | **($50,383)** | **($33,679)** | | Change in fair value of common stock warrants | $31,320 | ($50,160) | | **Net loss** | **($16,185)** | **($82,013)** | | Net loss per share, basic | ($0.10) | ($0.53) | Year-to-Date Statement of Operations Highlights (in thousands) | Account | YTD 2023 | YTD 2022 | | :--- | :--- | :--- | | Revenue | $263 | $5,109 | | Cost of revenue | $43,292 | $12,883 | | **Gross margin** | **($43,029)** | **($7,774)** | | Total operating expenses | $122,449 | $79,051 | | **Loss from operations** | **($165,478)** | **($86,825)** | | **Net loss** | **($154,094)** | **($40,441)** | | Net loss per share, basic | ($0.98) | ($0.27) | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities was $77.4 million, investing activities used $132.0 million, and financing activities provided $157.4 million, resulting in a $52.0 million decrease in cash Year-to-Date Cash Flow Summary (in thousands) | Category | YTD Ended Oct 1, 2023 | YTD Ended Oct 2, 2022 | | :--- | :--- | :--- | | Net cash used in operating activities | ($77,408) | ($60,903) | | Net cash used in investing activities | ($132,015) | ($31,366) | | Net cash provided by financing activities | $157,389 | $55,983 | | **Change in cash, cash equivalents, and restricted cash** | **($52,034)** | **($36,286)** | [Notes to Condensed Consolidated Financial Statements](index=13&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Key disclosures include the issuance of $172.5 million Convertible Senior Notes, the pending acquisition of Routejade, the creation of a VIE for Malaysia operations, and the Fab1 restructuring plan - In April 2023, the company issued **$172.5 million** in 3.0% Convertible Senior Notes due 2028, raising net proceeds of approximately **$166.6 million** to fund the Fab2 build-out in Malaysia and for general corporate purposes[37](index=37&type=chunk)[77](index=77&type=chunk)[79](index=79&type=chunk) - On September 18, 2023, the company entered into an agreement to acquire Routejade, Inc. for approximately **$15.8 million** in cash and **5.9 million shares** of common stock, with the transaction closing on October 31, 2023[132](index=132&type=chunk)[133](index=133&type=chunk) - The company initiated a strategic realignment of its Fab1 facility on October 3, 2023, recording **$3.0 million** in restructuring costs for Q3 2023 and expecting to recognize an additional **$36 million** in accelerated depreciation for Gen1 equipment[135](index=135&type=chunk)[136](index=136&type=chunk)[137](index=137&type=chunk) - The company entered into a manufacturing agreement with YBS International Berhad in Malaysia and determined that YBS's subsidiary, OSSB, is a Variable Interest Entity (VIE) for which Enovix is the primary beneficiary, requiring consolidation[126](index=126&type=chunk)[131](index=131&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q3 2023 strategic shifts, including Fab1 realignment, Gen2 equipment progress, and the Routejade acquisition, detailing increased operating losses and sufficient liquidity for the next 12 months [Q3 2023 Highlights](index=29&type=section&id=Q3%202023%20Highlights) Q3 2023 highlights include commencing Gen2 equipment FAT, agreeing to acquire Routejade for vertical integration, and realigning Fab1 to an innovation center, reducing cash burn by $22 million annually - Initiated a strategic realignment of the Fab1 production line to a 'Center for Innovation,' reducing annualized cash burn by approximately **$22 million** and incurring **$3.0 million** in restructuring costs[143](index=143&type=chunk) - Entered into a stock purchase agreement to acquire Routejade, which closed on October 31, 2023, expected to reduce costs, enhance manufacturability, and add **$3 to $4 million** in revenue for Q4 2023[143](index=143&type=chunk) - Commenced and recently completed Factory Acceptance Testing (FAT) for one of the four zones of the second-generation (Gen2) manufacturing equipment production line[143](index=143&type=chunk) [Results of Operations](index=33&type=section&id=Results%20of%20Operations) Q3 2023 revenue was $0.2 million, with operating loss increasing to $50.4 million due to higher cost of revenue and restructuring, while YTD operating loss grew to $165.5 million from increased production costs Comparison of Quarterly Results (in thousands) | Account | Q3 2023 | Q3 2022 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | $200 | $8 | $192 | N/M | | Cost of revenue | $16,809 | $6,629 | $10,180 | 154% | | Loss from operations | ($50,383) | ($33,679) | ($16,704) | 50% | | Net loss | ($16,185) | ($82,013) | $65,828 | N/M | Comparison of Year-to-Date Results (in thousands) | Account | YTD 2023 | YTD 2022 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | $263 | $5,109 | ($4,846) | N/M | | Cost of revenue | $43,292 | $12,883 | $30,409 | 236% | | Loss from operations | ($165,478) | ($86,825) | ($78,653) | 91% | | Net loss | ($154,094) | ($40,441) | ($113,653) | N/M | [Liquidity and Capital Resources](index=38&type=section&id=Liquidity%20and%20Capital%20Resources) As of October 1, 2023, the company held $371.5 million in cash and investments, bolstered by $166.6 million net proceeds from Convertible Senior Notes, deemed sufficient for the next twelve months - As of October 1, 2023, the company had cash, cash equivalents, restricted cash, and short-term investments totaling **$371.5 million** and working capital of **$331.6 million**[208](index=208&type=chunk) - In April 2023, the company raised approximately **$166.6 million** in net proceeds from the issuance of Convertible Senior Notes, which will be used to build out the Fab2 facility in Malaysia and for general corporate purposes[212](index=212&type=chunk) Year-to-Date Cash Flow Summary (in thousands) | Category | YTD Ended Oct 1, 2023 | YTD Ended Oct 2, 2022 | | :--- | :--- | :--- | | Net cash used in operating activities | ($77,408) | ($60,903) | | Net cash used in investing activities | ($132,015) | ($31,366) | | Net cash provided by financing activities | $157,389 | $55,983 | [Item 3. Quantitative and Qualitative Disclosure about Market Risks](index=42&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosure%20about%20Market%20Risks) The company faces market risks from interest rates, foreign currency, and inflation, with interest rate risk being minimal, foreign currency risk growing with international operations, and inflation risk not yet material - Interest rate risk is not considered material due to the short-term nature of the company's **$371.5 million** in cash and investments and the fixed **3.0%** annual interest rate on its **$172.5 million** of Convertible Senior Notes[238](index=238&type=chunk)[239](index=239&type=chunk) - Foreign currency risk was immaterial for the quarter as operations were primarily in the U.S., but this risk may become more significant as international operations in Malaysia and Korea grow[240](index=240&type=chunk)[241](index=241&type=chunk) - Inflation risk has not been material to date but is a concern, as significant inflationary pressures on equipment or material costs may not be fully offset by increased revenue[242](index=242&type=chunk) [Item 4. Controls and Procedures](index=42&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of October 1, 2023, with no material changes to internal control over financial reporting during the quarter - Based on an evaluation as of October 1, 2023, the Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective[244](index=244&type=chunk) - No changes to the company's internal control over financial reporting occurred during the quarter ended October 1, 2023, that have materially affected, or are reasonably likely to materially affect, internal controls[245](index=245&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=43&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in a securities class action and two wage and hour class action lawsuits, against which it intends to vigorously defend - The company is defending against a securities class action complaint filed on January 6, 2023, alleging material misstatements regarding manufacturing scale-ups and equipment testing, with a motion to dismiss filed on September 15, 2023[98](index=98&type=chunk)[327](index=327&type=chunk) - Two separate putative wage and hour class action lawsuits have been filed by former employees alleging violations of the California Labor Code, for which the company is seeking resolution[96](index=96&type=chunk)[97](index=97&type=chunk) [Item 1A. Risk Factors](index=43&type=section&id=Item%201A.%20Risk%20Factors) Significant risks include challenges in scaling complex manufacturing, reliance on third-party manufacturers, controlling operational costs, and intense competition, alongside product performance, capital needs, and litigation - The company relies on a new, complex manufacturing process and faces significant risks in achieving volume production, yield, and cost targets, particularly with the build-out of its Fab2 facility in Malaysia[251](index=251&type=chunk)[254](index=254&type=chunk) - There is a significant reliance on a third-party contract manufacturer, YBS, in Malaysia, which introduces risks related to manufacturing control, quality, financing, and geopolitical factors[263](index=263&type=chunk)[267](index=267&type=chunk) - The company may be unable to adequately control operational costs, and its forecasted cost advantages depend on achieving throughput and yield goals that have not yet been met[251](index=251&type=chunk)[280](index=280&type=chunk) - Servicing the company's debt, including the Convertible Senior Notes, requires significant cash, and future business performance may not generate sufficient cash flow to meet these obligations[252](index=252&type=chunk)[334](index=334&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds from Registered Securities](index=71&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds%20from%20Registered%20Securities) This section discloses the unregistered issuance of $172.5 million in Convertible Senior Notes in April 2023 and 5.9 million common shares for the Routejade acquisition in October 2023 - On April 20, 2023, the company issued **$172.5 million** aggregate principal amount of 3.0% Convertible Senior Notes due 2028 in a private placement exempt from registration under Section 4(a)(2) of the Securities Act[420](index=420&type=chunk) - On October 31, 2023, the company issued **5,923,521 shares** of common stock to Rene Limited as partial consideration for the acquisition of Routejade, exempt from registration under Section 4(a)(2) of the Securities Act[421](index=421&type=chunk) [Item 5. Other Information](index=72&type=section&id=Item%205.%20Other%20Information) Director Betsy Atkins adopted a Rule 10b5-1 trading plan on August 29, 2023, for the potential sale of 35,506 shares of common stock, expiring December 26, 2024 - Director Betsy Atkins adopted a Rule 10b5-1 trading plan on August 29, 2023, covering the sale of **35,506 shares** of common stock[427](index=427&type=chunk) [Item 6. Exhibits](index=73&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO/CFO certifications and new agreements like the Cash Deposit Agreement and the Routejade Stock Purchase Agreement

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 2, 2023 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from__________to __________ Enovix Corporation (Exact Name of Registrant as Specified in Charter) (Successor to RODGERS SILICON VALLEY ACQUISITION CORP.) (State or Other Jurisd ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 2, 2023 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from__________to __________ Enovix Corporation (Exact Name of Registrant as Specified in Charter) (Successor to RODGERS SILICON VALLEY ACQUISITION CORP.) (State or Other Juris ...

Technology and Product - Enovix's roadmap targets significant energy density increases for smartphone-sized batteries, including EX-1 at 900 Wh/l, EX-1.5 at 965 Wh/l, EX-2 at 1,030 Wh/l, and EX-3 at 1,255 Wh/l[6, 23] - Enovix EX-1 batteries offer capacity increases ranging from 32% to 133% and energy density improvements from 21% to 113% compared to existing batteries in various products[8] - Enovix's BrakeFlow™ technology enhances battery safety by regulating current flux during internal shorts, preventing overheating and thermal runaway[6, 15, 18, 32] Market and Commercialization - The mobile computing battery market is estimated at $13 billion by 2025[10] - Enovix has a $14 billion revenue funnel, representing the potential value of a full production year for all projects[11, 23] - Enovix has secured nine design wins in targeted areas, including wearables, industrial/medical, computing, and AR/VR[13] Manufacturing and Financials - Enovix is targeting a long-term operating model with over $1 billion in revenue run-rate, 50% gross margin, and 30% EBIT[20] - The company had $349 million in net cash at the end of Q3 2022[23] - Gen-2 production line is designed to scale with target economics of $50 million - $70 million CapEx per line and >9 million units produced annually at 80% OEE[20] Regulatory - The Inflation Reduction Act includes a $35/kWh battery cell manufacturing tax credit and a $10/kWh battery module manufacturing tax credit, potentially benefiting Enovix[22]