Financial Data and Key Metrics Changes - The company reported Q1 2025 revenue of $5.1 million, exceeding the midpoint of guidance [8][19] - Adjusted EBITDA loss was $22.2 million, near the high end of the guidance range [19] - Non-GAAP net loss per share was $0.15, at the high end of the guidance range [19] - The company ended the quarter with approximately $248 million in cash and equivalents [19] Business Line Data and Key Metrics Changes - The company commenced development of a custom smartphone cell for a lead customer, indicating progress in the smartphone segment [8][12] - Significant strides were made in operations, including ISO 9001 certification and yield improvements at Fab Two in Malaysia [9][13] - The company delivered its first smart eyewear customer samples in Q1 [14] Market Data and Key Metrics Changes - The company noted no material impact from recent global trade developments, with planned near-term sales concentrated in Asia [10] - Increased interest from U.S. customers seeking to diversify supply chains towards Malaysia and South Korea was observed [30] Company Strategy and Development Direction - The company is focusing on the smartphone market as a strategic priority, leveraging its technology to meet high energy density demands [14][56] - The acquisition of manufacturing assets in South Korea is aimed at expanding capacity and supporting defense and industrial applications [9][11] - The company is actively engaged with multiple smartphone OEMs to ensure rapid ramp-up once products are established in the market [12][60] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's growth trajectory, citing strong customer engagement and technological advantages [18][19] - The company anticipates that successful qualification of samples will lead to meaningful orders in the defense sector [105] - Management highlighted the importance of meeting stringent requirements in the smartphone market to facilitate entry into adjacent markets [58][60] Other Important Information - The company will no longer provide guidance for GAAP EPS due to estimation difficulties but will continue with non-GAAP EPS guidance [20] - A new financial supplement document compiling historical financial information has been published for transparency [21] Q&A Session Summary Question: Updates on EX3M energy density and sampling timelines - The company expects to sample EX3M by the end of the year, with defined chemistry and anodes locked in [22][24] Question: Status of the first major OEM cell phone development agreement - The company is on track to deliver cells to the first customer in June, with ongoing collaboration and feedback [25][26] Question: Customer conversations post-tariff implementation - No concerns from Chinese customers were reported, and increased interest from U.S. customers was noted [29][30] Question: Importance of the coating line from the SolarEdge acquisition - The acquisition enhances coating capacity and supports the ramp-up of new materials for battery production [40][41] Question: Financial metrics around the South Korea acquisition - The acquisition was an asset purchase for $10 million, significantly expanding manufacturing capacity [52] Question: Revenue profile expectations for 2026 - The company aims to target multiple markets, including smartphones and defense, while being cautious about market entry [60] Question: Milestones for Fab Two and customer samples - Key milestones include delivering samples in June and passing customer qualifications by August [110][112] Question: Competitive positioning in energy density and cycle life - The company is competitive in the 800 watt-hour per liter range, with ongoing improvements in cycle life and energy density [95][101]

FREMONT, Calif., April 30, 2025 (GLOBE NEWSWIRE) -- Enovix Corporation (“Enovix”) (Nasdaq: ENVX), a global high-performance battery company, announced today financial results for the first quarter 2025, which included the summary below from its President and CEO, Dr. Raj Talluri. Fellow Shareholders, In the first quarter of 2025, Enovix advanced across critical milestones with our lead smartphone customer, keeping us on track for a customer product launch later this year. We also strengthened our leadership ...