FREMONT, Calif., May 13, 2024 (GLOBE NEWSWIRE) -- Enovix Corporation ("Enovix") (NASDAQ:ENVX), a global high-performance battery company, today announced that it has begun customer sampling of its breakthrough EX-1M battery. Initial EX-1M samples were built and tested at the company's facility in Fremont for IoT and smartphone customers. Enovix plans to build a larger number of EX-1M samples from its Agility Line at Fab2 in Malaysia later in the second quarter of 2024. "We set out on an ambitious plan last ...

FREMONT, Calif., May 07, 2024 (GLOBE NEWSWIRE) -- Enovix Corporation (“Enovix”) (Nasdaq: ENVX), a global high-performance battery company, today announced its participation in the following investor conferences in May and June: J.P. Morgan 52nd Annual Global Technology, Media, and Communications ConferenceDate: Tuesday, May 21, 2024Location: Boston, Mass.Presentation: 4:25 PM ETWebcast link: Available here B. Riley 23rd Annual Institutional Investor ConferenceDate: Thursday, May 23, 2024Location: Beverly Hi ...

Revenue and Financial Performance - Revenue for Q1 2024 was $5.3 million, with $1.9 million from a South Korean military contractor, compared to immaterial revenue in Q1 2023[151] - The net loss for Q1 2024 was $46.5 million, an improvement of $27.1 million compared to a net loss of $73.6 million in Q1 2023[150] - Deferred revenue as of March 31, 2024, was $9.1 million, down from $10.5 million as of December 31, 2023[151] Expenses - Cost of revenue decreased to $7.1 million in Q1 2024 from $12.2 million in Q1 2023, primarily due to the strategic realignment of Fab1 to focus on new product development[152] - Research and development expenses surged by 105% to $48.8 million in Q1 2024, driven by accelerated depreciation and increased overhead costs[154] - Selling, general and administrative expenses decreased by 28% to $19.5 million in Q1 2024, down from $27.3 million in Q1 2023[150] - Selling, general and administrative expenses decreased by $7.7 million, or 28%, to $19.5 million for the quarter ended March 31, 2024, primarily due to a one-time severance expense of $13.8 million in the prior year[156] Cash Flow and Financing - Net cash used in operating activities was $35.0 million for the quarter ended March 31, 2024, compared to $25.6 million for the quarter ended April 2, 2023, reflecting a net loss of $46.5 million[169][170] - Net cash provided by investing activities was $19.1 million for the quarter ended March 31, 2024, primarily from maturities of $51.3 million in short-term investments[171] - Net cash provided by financing activities was $5.4 million for the quarter ended March 31, 2024, mainly from $5.9 million in proceeds from the issuance of common stock through an ATM offering[172] - As of March 31, 2024, the company had cash, cash equivalents, restricted cash, and short-term investments totaling $264.3 million, with working capital of $221.1 million[161] - The company incurred an accumulated deficit of $645.2 million as of March 31, 2024[161] - The company anticipates that cash will be sufficient to meet funding requirements over the next twelve months, supported by available cash and future debt financings[164] Strategic Initiatives - Enovix plans to begin sampling high cycle life smartphone batteries, called EX-1M, in Q2 2024[126] - The company has built out approximately 250,000 square feet of factory space in Malaysia and received Gen2 production equipment[127] - Enovix entered a development agreement with a leading automaker to validate the advantages of its battery architecture for electric vehicles[127] - The strategic shift to a vertical business strategy aims to focus on larger customers and customized battery solutions for portable electronics[130] Debt and Interest - The company has $172.5 million in Convertible Senior Notes outstanding with a 3.0% interest rate, accounting for approximately 95% of total debt[186] - Interest income increased by $1.1 million to $3.6 million for the quarter ended March 31, 2024, driven by higher dividend and interest income from money market accounts and investments[159]

Enovix Corporation (ENVX) came out with a quarterly loss of $0.31 per share versus the Zacks Consensus Estimate of a loss of $0.28. This compares to loss of $0.20 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -10.71%. A quarter ago, it was expected that this company would post a loss of $0.26 per share when it actually produced a loss of $0.28, delivering a surprise of -7.69%.Over the last four quarters, the company has surp ...

Fellow Shareholders, In the first quarter of 2024 we made tremendous progress toward readying Fab2 in Malaysia to begin production while closely collaborating with leading customers ahead of shipping first samples of our breakthrough EX-1M battery. Our recent highlights include: Exhibit 99.1 Enovix Announces First Quarter 2024 Financial Results FREMONT, Calif., May 1, 2024 -- Enovix Corporation ("Enovix") (Nasdaq: ENVX), a global high-performance battery company, announced today financial results for first ...

FREMONT, Calif., May 01, 2024 (GLOBE NEWSWIRE) -- Enovix Corporation ("Enovix") (NASDAQ:ENVX), a global high-performance battery company, today announced it has reached a development agreement with one of the top five smartphone OEMs in the world by unit volume. "We are thrilled to announce we have advanced our engagement further with one of our top customers by reaching a formal development agreement, underscoring the value and competitive advantage our silicon batteries can provide to the next generation ...

FREMONT, Calif., April 17, 2024 (GLOBE NEWSWIRE) -- Enovix Corporation ("Enovix") (NASDAQ:ENVX), a global high-performance battery company, today announced it will release financial results for the first quarter of 2024 on Wednesday, May 1, 2024, after the close of the market. Enovix will hold a live video call at 2:00 PM PT / 5:00 PM ET on May 1, 2024, to discuss the company's business updates, key milestones, and financial results. To join the call, participants must use the following link to register: ht ...

FREMONT, Calif., April 16, 2024 (GLOBE NEWSWIRE) -- Enovix Corporation ("Enovix") (NASDAQ:ENVX), a global high-performance battery company, today announced it has completed Factory Acceptance Testing ("FAT") for its Gen2 Agility Line and is on track to produce first silicon battery samples from Fab2 in the second quarter of 2024. "I'm proud to announce the team has completed our rigorous FAT process for all machines that make up our Agility Line," said Ajay Marathe, Chief Operating Officer at Enovix. "SAT i ...

Enovix Corporation (ENVX) closed the most recent trading day at $7.73, moving +1.58% from the previous trading session. This move outpaced the S&P 500's daily loss of 1.23%. On the other hand, the Dow registered a loss of 1.36%, and the technology-centric Nasdaq decreased by 1.4%.Heading into today, shares of the company had lost 18.7% over the past month, lagging the Oils-Energy sector's gain of 9.61% and the S&P 500's gain of 1.61% in that time.The investment community will be closely monitoring the perfo ...

I’ve noticed a sense of negativity surrounding battery stocks lately. The general narrative is that battery prices will decrease in time, leading to lower manufacturing profitability.This narrative is somewhat misinterpreted. Although battery prices might taper, so will manufacturing costs. Moreover, lower battery prices will stimulate demand, lending producers the necessary latitude to achieve economies of scale. As such, lower battery prices can add productivity to the battery manufacturing industry inste ...