Investor Presentation February 2025 Safe Harbor Statement Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, including, without limitation, statements regarding our ability to build and scale our advanced silicon-anode lithium-ion battery; our production and commercialization timeline; our ability to meet milestones and deliver on our objectives and expectations; our ability to maintain a comp ...

Financial Performance - Fourth quarter 2024 revenues reached a record $9.7 million, up 30% year-over-year, with full year revenues of $23.1 million, a 202% increase from $7.6 million in 2023[4] - Revenue for Q4 2024 was $9.717 million, an increase of 31.5% compared to $7.381 million in Q4 2023[38] - Revenue for fiscal year 2024 was $23,074,000, significantly up from $7,644,000 in fiscal year 2023, indicating a growth of approximately 201%[47] - The GAAP net loss attributable to the company was $37.5 million in Q4 2024, compared to $22.5 million in the previous quarter[17] - Net loss attributable to Enovix for Q4 2024 was $37.465 million, compared to a loss of $59.977 million in Q4 2023[38] - Net loss attributable to Enovix for fiscal year 2024 was $222,241,000, compared to $214,071,000 in fiscal year 2023, representing an increase in loss of approximately 5.5%[45] - The company reported a GAAP net loss per share of $1.27 for fiscal year 2024, compared to $1.35 for fiscal year 2023, reflecting an improvement of approximately 5.9%[48] Operational Highlights - The company shipped early engineering samples of smartphone batteries to its lead OEM, confirming successful safety tests and expanding engagements to 7 of the top 8 smartphone OEMs[4] - A landmark prepaid purchase order was secured from a global AI technology leader for next-generation smart eyewear batteries, indicating strong demand in the emerging market[4] - The company completed Site Acceptance Testing for its High-Volume Manufacturing line in Malaysia, a key milestone for scaling production[4] - The company is focused on mass production of smartphone batteries by late 2025, supported by strategic partnerships and purchase orders[9] - The company anticipates commercial shipments of batteries for smart eyewear and other IoT products by mid-2025[30] - Enovix expects to commence mass production in 2025 and achieve full utilization of the first HVM line in 2026[30] - The company plans to finalize the EX-3M design in Q1 2025, with expectations for improved energy density and cycle life[30] Financial Metrics - Year-end cash and cash equivalents totaled $272.9 million, following approximately $107 million in net proceeds from an equity offering[20] - Cash and cash equivalents increased to $272.869 million as of December 29, 2024, up from $233.121 million as of December 31, 2023[36] - Cash and cash equivalents at the end of the period increased to $274,691,000 from $235,123,000, marking a rise of approximately 17%[40] - Net cash used in operating activities for fiscal year 2024 was $(108,633,000), slightly higher than $(104,636,000) in fiscal year 2023, indicating a 3.8% increase in cash outflow[40] - Free Cash Flow for fiscal year 2024 was $(184,821,000), compared to $(166,431,000) in fiscal year 2023, showing an increase in cash outflow of approximately 11%[46] Cost Management - Adjusted EBITDA loss improved to $11.7 million in Q4 2024, compared to a loss of $21.6 million in the previous quarter[18] - Adjusted EBITDA for fiscal year 2024 was $(82,794,000), an improvement from $(102,415,000) in fiscal year 2023, reflecting a reduction in losses of about 19.2%[45] - Stock-based compensation expense for fiscal year 2024 was $57,621,000, down from $69,093,000 in fiscal year 2023, indicating a decrease of about 16.7%[48] - The company aims to manage expenses effectively to realize annual cost savings goals while capitalizing on industry trends[30] - Total operating expenses for Q4 2024 were $35.568 million, down from $52.389 million in Q4 2023[38] Asset Management - Total assets decreased to $527.169 million as of December 29, 2024, from $564.304 million as of December 31, 2023[36] - The company incurred capital expenditures of $76,188,000 in fiscal year 2024, compared to $61,795,000 in fiscal year 2023, representing an increase of approximately 23%[46] - GAAP gross margin for fiscal year 2024 was $(2,045,000), an improvement from $(55,417,000) in fiscal year 2023, indicating a significant reduction in losses[47] - Gross margin improved to $1.052 million in Q4 2024 from a loss of $12.388 million in Q4 2023[38] Market Outlook - The smart eyewear market is projected to reach multiple tens of millions of units by 2028, presenting a significant growth opportunity for the company[4] - For Q1 2025, the company expects revenue between $3.5 million and $5.5 million, with a GAAP EPS loss projected between $0.23 and $0.29[21]

Core Insights - Enovix Corporation reported record revenues for Q4 2024 at $9.7 million, a 202% increase from $7.6 million in 2023, and full-year revenues reached $23.1 million [5][13] - The company is focused on launching its first smartphone battery and converting its IoT pipeline into contracted backlog, with strong demand for high-energy-density solutions [1][2] - Enovix is strategically investing in the AI-enabled smart eyewear market, anticipating significant growth driven by advancements in hardware and software ecosystems [3] Financial Performance - Q4 2024 revenues were $9.7 million, up more than 30% year-over-year, with a gross margin of $1.1 million, marking the company's first positive gross margin [5][13] - Full-year 2024 revenues were $23.1 million, a significant increase from $7.6 million in 2023 [5][13] - The company ended 2024 with cash and cash equivalents of $272.9 million, following net proceeds of approximately $107 million from an equity offering [18] Manufacturing and Product Development - Enovix completed Site Acceptance Testing (SAT) for its High-Volume Manufacturing (HVM) line in Malaysia, a key milestone for scaling production [7] - The company shipped early engineering samples of its EX-2M battery to customers, confirming successful safety tests [5][11] - Enovix is on track for commercial smartphone battery launches in 2025, with engagements expanding to 7 of the top 8 smartphone OEMs [5][8] Market Trends and Opportunities - The demand for batteries with capacities near 7,000 milliamp-hours is increasing among OEMs to support next-generation AI applications [4] - The smart eyewear market is projected to reach tens of millions of units by 2028, presenting a significant opportunity for Enovix [3] - There is a growing interest from defense sector customers seeking battery solutions that comply with supply chain requirements, contributing to revenue growth [6] Strategic Partnerships and Customer Engagement - Enovix has secured a landmark prepaid purchase order from a global technology leader in AI for next-generation smart eyewear [5] - The company is actively pursuing customer opportunities in IoT, focusing on segments where its technology has a competitive advantage [9] - Enovix is advancing development agreements with major automotive OEMs, aligning with its capital-efficient strategy [10]

Group 1 - Michael Wiggins De Oliveira is an inflection investor, focusing on buying undervalued companies at pivotal moments when their profitability is expected to improve significantly over the next year [1] - The investment strategy emphasizes technology and the Great Energy Transition, including uranium, with a concentrated portfolio of approximately 15 to 20 stocks and an average holding period of 18 months [1] - Michael has over 10 years of experience in analyzing companies, particularly in the tech and energy sectors, and has built a following of over 40,000 on Seeking Alpha [2] Group 2 - Michael leads the investing group Deep Value Returns, which offers insights through a concentrated portfolio of value stocks, timely updates on stock picks, and a weekly webinar for live advice [2] - The Deep Value Returns group provides support for both new and experienced investors, fostering an active and vibrant community accessible via chat [2]

Core Viewpoint - Enovix Corporation (ENVX) is anticipated to report a year-over-year increase in earnings driven by higher revenues, with the actual results being a significant factor influencing its near-term stock price [1][2]. Earnings Expectations - The earnings report is scheduled for February 19, 2025, with expectations of a quarterly loss of $0.17 per share, reflecting a year-over-year improvement of +39.3%. Revenues are projected to reach $8.95 million, marking a 21.3% increase from the previous year [3][2]. Estimate Revisions - The consensus EPS estimate has been revised 3.85% higher in the last 30 days, indicating a collective reassessment by analysts regarding the company's earnings outlook [4]. Earnings Surprise Prediction - The Zacks Earnings ESP model indicates a positive Earnings ESP of +15.15% for Enovix Corporation, suggesting a strong likelihood of beating the consensus EPS estimate. The company currently holds a Zacks Rank of 2 (Buy) [11][10]. Historical Performance - In the last reported quarter, Enovix Corporation was expected to post a loss of $0.20 per share but actually reported a loss of $0.17, resulting in a surprise of +15%. Over the past four quarters, the company has exceeded consensus EPS estimates twice [12][13]. Conclusion - Enovix Corporation is positioned as a compelling candidate for an earnings beat, although investors should consider additional factors beyond earnings expectations when making investment decisions [16][14].

Company Overview - Enovix Corporation is a global high-performance battery company focused on delivering innovative battery solutions for various technology products [4] - The company is headquartered in Silicon Valley and has facilities in India, Korea, and Malaysia [5] Financial Results Announcement - Enovix will release its financial results for the fourth quarter and full year 2024 on February 19, 2025, after the market closes [1] - A live video call will be held on the same day at 2:00 PM PT / 5:00 PM ET to discuss business updates, key milestones, and financial results [2] Investor Engagement - Participants can register for the live call through a provided link, which will also be available on the Investor Relations section of Enovix's website [2] - Investors have the opportunity to submit questions for management to address during the call [2] Archived Information - An archived version of the call will be accessible on the Enovix investor website for one year [3]

SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Enovix Corporation - ENVX ...

Enovix Corporation (ENVX) recently stated that it has secured a significant pre-paid purchase order from a Silicon Valley-based global technology leader in artificial intelligence (AI) and immersive technologies. The order is for a cutting-edge battery solution designed specifically for next-generation head-worn Mixed Reality (MR) wearables. These batteries will power the revolution in smart glasses, augmented reality devices and other cutting-edge MR products. According to the terms of the deal, Enovix is ...

Enovix Corporation (ENVX) Milestone and Market Performance - Enovix Corporation successfully completed Site Acceptance Testing (SAT) for its High Volume Manufacturing (HVM) line at Fab2 in Malaysia, marking a significant step toward mass production commencement in 2025 [1] - SAT confirms the readiness of manufacturing equipment, following Factory Acceptance Testing (FAT) achieved in 2024, ensuring Fab2's capability to produce high-performance silicon batteries at scale [2] - Enovix's shares gained 5.9% over the past year, underperforming the industry's 70.4% rise [3] Enovix's Manufacturing and Technology Advancements - The completion of SAT demonstrates Enovix's ability to commercialize its patented manufacturing process, with early battery samples already sent to customers [7] - Fab2 will enable large-scale production of high energy density battery solutions, meeting global customer demands while maintaining high-quality standards [7] - Enovix's advanced battery technology is attracting significant customer interest, positioning the company to empower next-generation devices with superior performance and durability [7] Comparative Performance of Oil Energy Stocks - DT Midstream Inc (DTM) holds a Zacks Rank 1 (Strong Buy), with shares soaring 94.3% over the past year and an average earnings surprise of 10.5% in the last four quarters [5] - TechnipFMC plc (FTI) also carries a Zacks Rank 1, delivering an average earnings surprise of 39.3% and a 72.7% share price rally over the past year [6] - National Fuel Gas Company (NFG) has a Zacks Rank 1, with a 22.5% share price gain and an average earnings surprise of 9.5% in the last four quarters [6]

FREMONT, Calif., Jan. 07, 2025 (GLOBE NEWSWIRE) -- Enovix Corporation (“Enovix”) (Nasdaq: ENVX), a Silicon Valley high-performance battery manufacturing company, today announced it received a sizable pre-paid purchase order from a Silicon Valley-based global technology leader in Artificial Intelligence (AI) and immersive technologies. The order is for a cutting-edge battery solution tailored for next-generation head-worn Mixed Reality (MR) wearables. These batteries will support the revolution of smart glas ...