Enovix Corporation (“Enovix”) (Nasdaq: ENVX), a global
high-performance battery company, announced today financial results
for first quarter 2024, which included the summary below from its
President and CEO, Dr. Raj Talluri.
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:
- Strong top-line growth: Revenue of $5.3 million in the first
quarter of 2024, up from $21,000 in the first quarter of 2023 and
above our forecast of $3.5 million to $4.5 million due to
outperformance from batteries sold to IoT customers. Stronger
revenues and favorable product mix helped the company achieve
positive non-GAAP gross margins for the first time in our
history.
- Malaysia factory buildout: Factory Acceptance Testing (“FAT”)
is complete for our Gen2 Agility Line and nearly complete for our
high-volume Gen2 Autoline. Site Acceptance Testing (“SAT”) is well
underway on both our Gen2 Agility line and Gen2 Autoline, enabling
the production of first samples of our breakthrough EX-1M battery
in the second quarter of 2024 and the capacity to support
qualifications for multiple leading customers.
- Decisive actions to reduce cash burn: We are accelerating plans
to identify additional efficiencies as we scale. We are targeting a
reduction of more than one-third of our fixed costs, or more than
$35 million annualized, by the end of this year. A more efficient
cost structure significantly reduces our capital needs and
accelerates our path to profitability.
- Smartphone customer progress: Leading smartphone OEMs are
excited by our product roadmap and looking to formalize
relationships to be among the first using our battery. To that end,
we recently reached a development agreement with a top 5 smartphone
OEM by unit volume. We are building EX-1M battery cells in Fremont
aligned with specifications received from leading smartphone
customers. Six of the top eight smartphone OEMs in the world by
unit volume (who collectively represent approximately $7 billion of
total addressable market) will receive samples, which we will begin
shipping in the second quarter of 2024.
- IoT customer progress: In addition to near-term revenue
contribution from IoT, our commercial team is selectively focused
on IoT product design-in opportunities from key customers with
product launches over the next two years for EX-1M and EX-2M high
energy density batteries.
Looking forward, we are approaching key milestones on our
Journey to Scale in the second quarter of 2024 with production
beginning in Fab2 and the first EX-1M samples being shipped to
customers.
None of this would be possible without the collective success of
our global teams, from the operations team in Malaysia readying
Gen2/Fab2, to the team in India that has been able to reduce
R&D cycle times, to the team in Korea enhancing our coating
capabilities. The success of our global operations is a key enabler
that allows us to reduce cash burn.
Our mission is to deliver high performance batteries that unlock
the full potential of technology products and enrich people’s
lives. Our long-term opportunity remains extremely attractive, and
we see immense potential to generate long-term value for our
shareholders.
Business Update
Manufacturing. We prioritized FAT/SAT for the
Gen2 Agility Line in Malaysia given that it is well-suited to
handle the volume of samples needed at this stage in the customer
qualification process for our EX-1M battery. We completed FAT for
the Agility Line in April and have most of the tools now in
Malaysia as we finalize SAT and prepare to produce first batteries
out of this line this quarter.
Additionally, we are far along on both FAT and SAT for the
high-volume Gen2 Autoline and expect to produce batteries from it
in the third quarter of 2024. As a reminder, the Gen2 Autoline is
based on the same tools as the Agility Line but with higher
throughput. Thus, clearing FAT for the Agility Line is a
significant de-risking event for manufacturing our battery.
Commercialization. We are highly engaged with
most of the leading smartphone OEMs globally and have begun
building EX-1M samples in Fremont aligned to their rigorous
specifications.
Our thesis with a Mobile-first approach to product development
is that the smartphone sets the standard for battery technology in
consumer electronics broadly, which should also allow us to
translate success in smartphones to other areas. During our
customer visits in the first quarter of 2024, including at the
Mobile World Congress trade show, we received positive feedback of
this approach as we saw interest in EX-1M for not only smartphones,
but IoT products as well. As noted earlier, we have identified
multiple IoT design-in opportunities for product launches as we
scale during 2025 and 2026. While we expect smartphone batteries to
constitute most of our revenue when we ramp EX-1M next year, we
also expect a material revenue contribution from batteries for IoT
products.
In Automotive, we continue to see interest from leading OEMs due
the unique thermal and mechanical advantages of our cell
architecture to enable fast charge and higher performance in the EV
market.
During the quarter, we also identified incremental industrial
IoT opportunities for our graphite-based battery business in Korea
due to product advantages such as high discharge rates (up to 30C)
and the ability to manufacture large cells (up to 12.5 Ah).
Technology and Products. During the first
quarter of 2024, we aligned on our EX-1M product specification with
two leading smartphone OEMs that are positioning to be first to
market with our battery in 2025. And in April, we produced our
first internal samples of EX-1M at Fab1.
Critical to our product development efforts has been work led by
our team in India to use advanced modeling to reduce internal
battery cell qualification from 14 weeks in 2023 down to six weeks
in the first quarter of 2024.
In parallel, we are moving quickly to improve the conventional
graphite battery product portfolio we acquired late last year by
leveraging our global R&D teams and access to advanced
materials, including silicon-carbon anode blends to increase energy
density. This work has also highlighted for us the limits of
silicon in a conventional architecture, which increases our
confidence in the uniqueness of our core battery architecture and
its potential to be the industry’s best solution to maximize
silicon and battery performance.
Financials. Total revenue in the first quarter
of 2024 was $5.3 million, down from $7.4 million in the fourth
quarter of 2023.
Our GAAP cost of revenue of $7.1 million in the first quarter of
2024 was down from $19.8 million in the fourth quarter of 2023. Our
non-GAAP cost of revenue of $5.2 million in the first quarter of
2024 was down from $17.1 million in the fourth quarter of 2023 and
drove a positive non-GAAP gross profit for the first time in the
company’s history.
Our GAAP operating expenses of $68.3 million in the first
quarter of 2024 were up from $52.4 million in the fourth quarter of
2023. Our non-GAAP operating expenses of $54.4 million in the first
quarter of 2024 were up from $40.3 million in the fourth quarter of
2023. Both our GAAP and non-GAAP operating expenses in the first
quarter of 2024 included accelerated depreciation of $18.5 million
associated with the strategic realignment of Fab1 and was
recognized in R&D expenses. We expect our GAAP and non-GAAP
operating expenses to return to normalized levels in the second
quarter of 2024.
Adjusted EBITDA in the first quarter of 2024 was a loss of $26.3
million compared to an adjusted EBITDA loss of $23.0 million in the
fourth quarter of 2023.
Earnings per share in the first quarter of 2024 were a loss of
$0.28 on a GAAP basis and a loss of $0.31 on a non-GAAP basis
compared to a loss of $0.36 on a GAAP basis and a loss of $0.28 on
a non-GAAP basis in the fourth quarter of 2023.
We exited the first quarter of 2024 with $262.4 million of cash,
cash equivalents, and short-term investments due to cash used in
operating activities of $35.0 million and capital expenditures of
$15.1 million.
A full reconciliation of our GAAP to non-GAAP results is
available later in this report.
Outlook
For the second quarter of 2024, we expect revenue between $3.0
million and $4.0 million, an adjusted EBITDA loss of $26 million to
$32 million, and a non-GAAP EPS loss of $0.22 to $0.28.
Summary
We are off to a strong start in 2024, with Fab2 scheduled to
begin battery production and final EX-1M batteries ready for
sampling in the second quarter. Our customer relationships have
grown even stronger as leading OEMs are eager to be first to market
with a high energy battery cell capable of using a 100% active
silicon anode.
Conference Call Information
Enovix will hold a video conference call at 2:00 PM PT / 5:00 PM
ET today, May 1, 2024, to discuss the company’s business updates
and financial results. To join the call, participants must use the
following link to register:
https://enovix-q12024.open-exchange.net/. This link will also be
available via the Investor Relations section of Enovix’s website
at https://ir.enovix.com. An archived version of the call will
be available on the Enovix website for one year
at https://ir.enovix.com.
About EnovixEnovix is on a mission to deliver
high-performance batteries that unlock the full potential of
technology products. Everything from IoT, mobile, and computing
devices, to the vehicle you drive, needs a better battery. Enovix
partners with OEMs worldwide to usher in a new era of user
experiences. Our innovative, materials-agnostic approach to
building a higher performing battery without compromising safety
keeps us flexible and on the cutting-edge of battery technology
innovation.
Enovix is headquartered in Silicon Valley with facilities in
India, Korea and Malaysia. For more information visit
www.enovix.com and follow us on LinkedIn.
Management’s Use of Non-GAAP Financial
Measures
EBITDA, Adjusted EBITDA, Free Cash Flow and
other non-GAAP measures are intended as supplemental financial
measures of our performance that are neither required by, nor
presented in accordance with GAAP. We believe that the use of
non-GAAP measures provides an additional tool for investors to use
in evaluating ongoing operating results, trends, and in comparing
our financial measures with those of comparable companies, which
may present similar non-GAAP financial measures to investors.
However, you should be aware that when
evaluating the non-GAAP measures, we may incur future expenses
similar to those excluded when calculating these measures. In
addition, the presentation of these measures should not be
construed as an inference that our future results will be
unaffected by unusual or nonrecurring items. Our computation of
EBITDA, Adjusted EBITDA, Free Cash Flow and other non-GAAP measures
may not be comparable to other similarly titled measures computed
by other companies, because all companies may not calculate the
non-GAAP measures in the same fashion.
Forward-Looking Statements
This letter to shareholders contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking
statements generally relate to future events or our future
financial or operating performance and can be identified by words
such as anticipate, believe, continue, could, estimate, expect,
intend, may, might, plan, possible, potential, predict, project,
should, would and similar expressions that convey uncertainty about
future events or outcomes. Forward-looking statements in this
letter to shareholders include, without limitation, our
expectations regarding, and our ability to respond to, market and
customer demand; our customers’ releases of products using our
batteries; our financial and business performance; projected
improvements in our manufacturing, commercialization and R&D
activities, including operational efficiencies as a result of
reduced R&D cycle times in India; our expectations regarding
FAT and SAT for the Gen2 Agility and Autolines in Malaysia; our
ability to meet goals for yield and throughput; our expectations
regarding the Malaysia factory buildout and its capacity to support
multiple customer qualifications; the anticipated contributions of
and benefits from personnel, including our operations teams in
Malaysia and India; our revenue funnel; our efforts in the portable
electronics and EV markets, including IoT, Mobile, and Computing
categories; our ability to meet milestones and deliver on our
objectives and expectations, including our ability to manufacture
and ship EX-IM samples to smartphone customers; the implementation
and success of our business model and growth strategy, including
targeting various addressable markets and our Mobile-first approach
to product development; our ability to manage our expenses and
identify additional efficiencies on our Journey to Scale; our
ability to effectively integrate our graphite-based battery
business acquired from Routejade; and our forecasts of our
financial and performance guidance and metrics. Actual results
could differ materially from these forward-looking statements as a
result of certain risks and uncertainties, including, without
limitation, our ability to improve energy density among our
products, our ability to establish sufficient manufacturing and
optimize manufacturing processes to meet demand, sourcing or
establishing supply relationships, adequate funds to acquire our
next manufacturing facility, set up and creation of manufacturing
facility in Malaysia, ability to obtain financing in Malaysia,
market acceptance of our products, changes in consumer preferences
or demands, changes in industry standards, the impact of
technological development and competition, and global economic
conditions, including inflationary and supply chain pressures, and
political, social, and economic instability, including as a result
of armed conflict, war or threat of war, terrorist activity or
other security concerns or trade and other international disputes
that could disrupt supply or delivery of, or demand for, our
products. For additional information on these risks and
uncertainties and other potential factors that could affect our
business and financial results or cause actual results to differ
from the results predicted, please refer to our filings with the
Securities and Exchange Commission (“SEC”), including in the “Risk
Factors” and “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” sections of our most recently
filed annual report on Form 10-K and quarterly report on Form 10-Q
and other documents that we have filed, or that we will file, with
the SEC. Any forward-looking statements in this letter to
shareholders speak only as of the date on which they are made. We
undertake no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by law.
For investor and media inquiries, please
contact:
Enovix CorporationCharles AndersonPhone: +1 (612) 229-9729Email:
canderson@enovix.com
For media inquiries, please
contact:
Enovix CorporationKristin AtkinsPhone: +1 (650)
815-6934Email: katkins@enovix.com
Enovix
CorporationCondensed Consolidated Balance
Sheets (Unaudited)(In Thousands, Except Share and per
Share Amounts)
|
March 31,2024 |
|
December 31,2023 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
222,150 |
|
|
$ |
233,121 |
|
Short-term investments |
|
40,243 |
|
|
|
73,694 |
|
Accounts receivable, net |
|
1,728 |
|
|
|
909 |
|
Notes receivable, net |
|
144 |
|
|
|
1,514 |
|
Inventory |
|
6,536 |
|
|
|
8,737 |
|
Prepaid expenses and other current assets |
|
7,207 |
|
|
|
5,202 |
|
Total current assets |
|
278,008 |
|
|
|
323,177 |
|
Property and equipment,
net |
|
159,164 |
|
|
|
166,471 |
|
Customer relationship
intangibles and other intangibles, net |
|
39,963 |
|
|
|
42,168 |
|
Operating lease, right-of-use
assets |
|
14,851 |
|
|
|
15,290 |
|
Goodwill |
|
12,217 |
|
|
|
12,098 |
|
Other assets, non-current |
|
4,700 |
|
|
|
5,100 |
|
Total assets |
$ |
508,903 |
|
|
$ |
564,304 |
|
Liabilities and
Stockholders’ Equity |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
19,277 |
|
|
$ |
21,251 |
|
Accrued expenses |
|
11,677 |
|
|
|
13,976 |
|
Accrued compensation |
|
9,281 |
|
|
|
10,731 |
|
Short-term debt |
|
8,488 |
|
|
|
5,917 |
|
Deferred revenue |
|
5,306 |
|
|
|
6,708 |
|
Other liabilities |
|
2,855 |
|
|
|
2,435 |
|
Total current liabilities |
|
56,884 |
|
|
|
61,018 |
|
Long-term debt, net |
|
168,275 |
|
|
|
169,099 |
|
Warrant liability |
|
21,780 |
|
|
|
42,900 |
|
Operating lease liabilities,
non-current |
|
14,813 |
|
|
|
15,594 |
|
Deferred revenue,
non-current |
|
3,774 |
|
|
|
3,774 |
|
Deferred tax liability |
|
11,259 |
|
|
|
10,803 |
|
Other liabilities,
non-current |
|
13 |
|
|
|
13 |
|
Total liabilities |
|
276,798 |
|
|
|
303,201 |
|
Commitments and
Contingencies |
|
|
|
Stockholders’ equity: |
|
|
|
Common stock, $0.0001 par value; authorized shares of
$1,000,000,000; issued and outstanding shares of $169,738,474 and
$167,392,315 as of March 31, 2024 and December 31, 2023,
respectively |
|
17 |
|
|
|
17 |
|
Additional paid-in-capital |
|
874,527 |
|
|
|
857,037 |
|
Accumulated other comprehensive loss |
|
(53 |
) |
|
|
(62 |
) |
Accumulated deficit |
|
(645,213 |
) |
|
|
(598,845 |
) |
Total Enovix's stockholders’ equity |
|
229,278 |
|
|
|
258,147 |
|
Non-controlling interest |
|
2,827 |
|
|
|
2,956 |
|
Total equity |
|
232,105 |
|
|
|
261,103 |
|
Total liabilities and equity |
$ |
508,903 |
|
|
$ |
564,304 |
|
Enovix
CorporationCondensed Consolidated Statements of
Operations(Unaudited)(In Thousands, Except Share and per
Share Amounts)
|
Quarters Ended |
|
|
March 31, 2024 |
|
April 2, 2023 |
|
Revenue |
$ |
5,272 |
|
|
$ |
21 |
|
|
Cost of revenue |
|
7,072 |
|
|
|
12,248 |
|
|
Gross margin |
|
(1,800 |
) |
|
|
(12,227 |
) |
|
Operating expenses: |
|
|
|
|
Research and development |
|
48,788 |
|
|
|
23,749 |
|
|
Selling, general and administrative |
|
19,548 |
|
|
|
27,274 |
|
|
Total operating expenses |
|
68,336 |
|
|
|
51,023 |
|
|
Loss from operations |
|
(70,136 |
) |
|
|
(63,250 |
) |
|
Other income (expense): |
|
|
|
|
Change in fair value of common stock warrants |
|
21,120 |
|
|
|
(12,840 |
) |
|
Interest income |
|
3,560 |
|
|
|
2,466 |
|
|
Interest expense |
|
(1,659 |
) |
|
|
— |
|
|
Other income, net |
|
466 |
|
|
|
21 |
|
|
Total other income (expense),
net |
|
23,487 |
|
|
|
(10,353 |
) |
|
Loss before income tax
benefit |
|
(46,649 |
) |
|
|
(73,603 |
) |
|
Income tax benefit |
|
(152 |
) |
|
|
— |
|
|
Net loss |
|
(46,497 |
) |
|
|
(73,603 |
) |
|
Net loss attributable to
non-controlling interests |
|
(129 |
) |
|
|
— |
|
|
Net loss attributable to
Enovix |
$ |
(46,368 |
) |
|
$ |
(73,603 |
) |
|
|
|
|
|
|
Net loss per share
attributable to Enovix shareholders, basic |
$ |
(0.28 |
) |
|
$ |
(0.47 |
) |
|
Weighted average number of
common shares outstanding, basic |
|
168,144,918 |
|
|
|
155,626,977 |
|
|
Net loss per share
attributable to Enovix shareholders, diluted |
$ |
(0.28 |
) |
|
$ |
(0.47 |
) |
|
Weighted average number of
common shares outstanding, diluted |
|
168,144,918 |
|
|
|
155,626,977 |
|
|
Enovix
CorporationCondensed Consolidated Statements of
Cash Flows (Unaudited)(In Thousands)
|
Quarters Ended |
|
March 31, 2024 |
|
April 2, 2023 |
Cash flows used in
operating activities: |
|
|
|
Net loss |
$ |
(46,497 |
) |
|
$ |
(73,603 |
) |
Adjustments to reconcile net
loss to net cash used in operating activities |
|
|
|
Depreciation, accretion and amortization |
|
24,974 |
|
|
|
3,598 |
|
Stock-based compensation |
|
12,760 |
|
|
|
29,157 |
|
Changes in fair value of common stock warrants |
|
(21,120 |
) |
|
|
12,840 |
|
Others |
|
173 |
|
|
|
— |
|
Changes in operating assets and liabilities: |
|
|
|
Accounts and notes receivables |
|
505 |
|
|
|
149 |
|
Inventory |
|
2,202 |
|
|
|
(181 |
) |
Prepaid expenses and other assets |
|
(1,809 |
) |
|
|
364 |
|
Accounts payable |
|
(7,281 |
) |
|
|
(1,792 |
) |
Accrued expenses and compensation |
|
2,845 |
|
|
|
3,858 |
|
Deferred revenue |
|
(1,402 |
) |
|
|
— |
|
Deferred tax liability |
|
(222 |
) |
|
|
— |
|
Other liabilities |
|
(172 |
) |
|
|
(1 |
) |
Net cash used in operating
activities |
|
(35,044 |
) |
|
|
(25,611 |
) |
Cash flows from
investing activities: |
|
|
|
Purchase of property and
equipment |
|
(15,088 |
) |
|
|
(3,032 |
) |
Purchases of investments |
|
(17,066 |
) |
|
|
— |
|
Maturities of investments |
|
51,260 |
|
|
|
— |
|
Net cash provided by (used in)
investing activities |
|
19,106 |
|
|
|
(3,032 |
) |
Cash flows from
financing activities: |
|
|
|
Proceeds from loan
borrowing |
|
1,800 |
|
|
|
— |
|
Payroll tax payments for
shares withheld upon vesting of RSUs |
|
(2,222 |
) |
|
|
(777 |
) |
Proceeds from the exercise of
stock options and issuance of common stock, net of issuance
costs |
|
5,852 |
|
|
|
329 |
|
Repurchase of unvested
restricted common stock |
|
— |
|
|
|
(9 |
) |
Net cash provided by (used in)
financing activities |
|
5,430 |
|
|
|
(457 |
) |
Effect of exchange rate
changes on cash, cash equivalents and restricted cash |
|
(541 |
) |
|
|
— |
|
Change in cash, cash
equivalents, and restricted cash |
|
(11,049 |
) |
|
|
(29,100 |
) |
Cash and cash equivalents and
restricted cash, beginning of period |
|
235,123 |
|
|
|
322,976 |
|
Cash and cash equivalents, and
restricted cash, end of period |
$ |
224,074 |
|
|
$ |
293,876 |
|
|
|
|
|
Net Loss Attributable to Enovix to Adjusted
EBITDA
While we prepare our consolidated financial
statements in accordance with GAAP, we also utilize and present
certain financial measures that are not based on GAAP. We refer to
these financial measures as “non-GAAP” financial measures. In
addition to our financial results determined in accordance with
GAAP, we believe that EBITDA and Adjusted EBITDA are useful
measures in evaluating its financial and operational performance
distinct and apart from financing costs, certain non-cash expenses
and non-operational expenses.
These non-GAAP financial measures should be
considered in addition to results prepared in accordance with GAAP
but should not be considered a substitute for or superior to GAAP.
We endeavor to compensate for the limitation of the non-GAAP
financial measures presented by also providing the most directly
comparable GAAP measures.
We use non-GAAP financial information to
evaluate our ongoing operations and for internal planning,
budgeting and forecasting purposes. We believe that non-GAAP
financial information, when taken collectively, may be helpful to
investors in assessing its operating performance and comparing its
performance with competitors and other comparable companies. You
should review the reconciliations below but not rely on any single
financial measure to evaluate our business.
“EBITDA” is defined as earnings (net loss)
attributable to Enovix adjusted for interest expense, income tax
benefit, depreciation and amortization expense. “Adjusted EBITDA”
includes additional adjustments to EBITDA such as stock-based
compensation expense, change in fair value of common stock
warrants, inventory step-up, impairment of equipment and other
special items as determined by management which it does not believe
to be indicative of its underlying business trends.
Below is a reconciliation of net loss
attributable to Enovix on a GAAP basis to the non-GAAP EBITDA and
Adjusted EBITDA financial measures for the periods presented below
(in thousands):
|
Quarters Ended |
|
|
March 31, 2024 |
|
April 2, 2023 |
|
Net loss attributable to Enovix |
$ |
(46,368 |
) |
|
$ |
(73,603 |
) |
|
Interest expense |
|
1,659 |
|
|
|
— |
|
|
Income tax benefit |
|
(152 |
) |
|
|
— |
|
|
Depreciation and amortization |
|
24,974 |
|
|
|
3,598 |
|
|
EBITDA |
|
(19,887 |
) |
|
|
(70,005 |
) |
|
Stock-based compensation expense |
|
12,760 |
|
|
|
29,157 |
|
|
Change in fair value of common stock warrants |
|
(21,120 |
) |
|
|
12,840 |
|
|
Inventory step-up |
|
1,907 |
|
|
|
— |
|
|
Adjusted EBITDA |
$ |
(26,340 |
) |
|
$ |
(28,008 |
) |
|
Free Cash Flow
We define “Free Cash Flow” as (i) net cash from
operating activities less (ii) capital expenditures, net of
proceeds from disposals of property and equipment, all of which are
derived from our Consolidated Statements of Cash Flow. The
presentation of non-GAAP Free Cash Flow is not intended as an
alternative measure of cash flows from operations, as determined in
accordance with GAAP. We believe that this financial measure is
useful to investors because it provides investors to view our
performance using the same tool that we use to gauge our progress
in achieving our goals and it is an indication of cash flow that
may be available to fund investments in future growth initiatives.
Below is a reconciliation of net cash used in operating activities
to the Free Cash Flow financial measures for the periods presented
below (in thousands):
|
Quarters Ended |
|
March 31, 2024 |
|
April 2, 2023 |
Net cash used in operating activities |
$ |
(35,044 |
) |
|
$ |
(25,611 |
) |
Capital expenditures |
|
(15,088 |
) |
|
|
(3,032 |
) |
Free Cash Flow |
$ |
(50,132 |
) |
|
$ |
(28,643 |
) |
Other Non-GAAP Financial Measures
Reconciliation (In Thousands, Except Share and per Share
Amounts)
|
|
Quarters Ended |
|
|
|
March 31, 2024 |
|
April 2, 2023 |
|
Revenue |
|
$ |
5,272 |
|
|
$ |
21 |
|
|
|
|
|
|
|
|
GAAP cost of
revenue |
|
$ |
7,072 |
|
|
$ |
12,248 |
|
|
Stock-based compensation
expense |
|
|
— |
|
|
|
(951 |
) |
|
Inventory step-up |
|
|
(1,907 |
) |
|
|
— |
|
|
Non-GAAP cost of
revenue |
|
$ |
5,165 |
|
|
$ |
11,297 |
|
|
|
|
|
|
|
|
GAAP gross
margin |
|
$ |
(1,800 |
) |
|
$ |
(12,227 |
) |
|
Stock-based compensation
expense |
|
|
— |
|
|
|
951 |
|
|
Inventory step-up |
|
|
1,907 |
|
|
|
— |
|
|
Non-GAAP gross
margin |
|
$ |
107 |
|
|
$ |
(11,276 |
) |
|
|
|
|
|
|
|
GAAP research and
development (R&D) expense |
|
$ |
48,788 |
|
|
$ |
23,749 |
|
|
Stock-based compensation
expense |
|
|
(6,554 |
) |
|
|
(11,667 |
) |
|
Amortization of intangible
assets |
|
|
(416 |
) |
|
|
— |
|
|
Non-GAAP R&D
expense |
|
$ |
41,818 |
|
|
$ |
12,082 |
|
|
|
|
|
|
|
|
GAAP selling, general
and administrative (SG&A) expense |
|
$ |
19,548 |
|
|
$ |
27,274 |
|
|
Stock-based compensation
expense |
|
|
(6,206 |
) |
|
|
(16,539 |
) |
|
Amortization of intangible
assets |
|
|
(756 |
) |
|
|
— |
|
|
Non-GAAP SG&A
expense |
|
$ |
12,586 |
|
|
$ |
10,735 |
|
|
|
|
|
|
|
|
GAAP operating
expenses |
|
$ |
68,336 |
|
|
$ |
51,023 |
|
|
Stock-based compensation
expense included in R&D expense |
|
|
(6,554 |
) |
|
|
(11,667 |
) |
|
Stock-based compensation
expense included in SG&A expense |
|
|
(6,206 |
) |
|
|
(16,539 |
) |
|
Amortization of intangible
assets |
|
|
(1,172 |
) |
|
|
— |
|
|
Non-GAAP operating
expenses |
|
$ |
54,404 |
|
|
$ |
22,817 |
|
|
|
|
|
|
|
|
|
|
Quarters Ended |
|
|
|
March 31, 2024 |
|
April 2, 2023 |
|
GAAP loss from operations |
|
$ |
(70,136 |
) |
|
$ |
(63,250 |
) |
|
Stock-based compensation
expense |
|
|
12,760 |
|
|
|
29,157 |
|
|
Amortization of intangible
assets |
|
|
1,172 |
|
|
|
— |
|
|
Inventory step-up |
|
|
1,907 |
|
|
|
— |
|
|
Non-GAAP loss from
operations |
|
$ |
(54,297 |
) |
|
$ |
(34,093 |
) |
|
|
|
|
|
|
|
GAAP net loss
attributable to Enovix |
|
$ |
(46,368 |
) |
|
$ |
(73,603 |
) |
|
Stock-based compensation
expense |
|
|
12,760 |
|
|
|
29,157 |
|
|
Change in fair value of common
stock warrants |
|
|
(21,120 |
) |
|
|
12,840 |
|
|
Inventory step-up |
|
|
1,907 |
|
|
|
— |
|
|
Amortization of intangible
assets |
|
|
1,172 |
|
|
|
— |
|
|
Non-GAAP net loss
attributable to Enovix shareholders |
|
$ |
(51,649 |
) |
|
$ |
(31,606 |
) |
|
|
|
|
|
|
|
GAAP net loss per
share attributable to Enovix, basic |
|
$ |
(0.28 |
) |
|
$ |
(0.47 |
) |
|
GAAP weighted average number
of common shares outstanding, basic |
|
|
168,144,918 |
|
|
|
155,626,977 |
|
|
|
|
|
|
|
|
GAAP net loss per
share attributable to Enovix, diluted |
|
$ |
(0.28 |
) |
|
$ |
(0.47 |
) |
|
GAAP weighted average number
of common shares outstanding, diluted |
|
|
168,144,918 |
|
|
|
155,626,977 |
|
|
|
|
|
|
|
|
Non-GAAP net loss per
share attributable to Enovix, basic |
|
$ |
(0.31 |
) |
|
$ |
(0.20 |
) |
|
GAAP weighted average number
of common shares outstanding, basic |
|
|
168,144,918 |
|
|
|
155,626,977 |
|
|
|
|
|
|
|
|
Non-GAAP net loss per
share attributable to Enovix, diluted |
|
$ |
(0.31 |
) |
|
$ |
(0.20 |
) |
|
GAAP weighted average number
of common shares outstanding, diluted |
|
|
168,144,918 |
|
|
|
155,626,977 |
|
|
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