Enovix (US:ENVX)2025-02-19 21:14Financial 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]