Enovix Corp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Enovix Corp filed its Q1 2024 10-Q report on May 7, 2024.</b>

AI Summary

Enovix Corp (ENVX) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Enovix Corp filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of the fiscal year. The company's fiscal year ends on December 29. The filing was made on May 7, 2024. The company's principal business address is in Fremont, CA.

Why It Matters

For investors and stakeholders tracking Enovix Corp, this filing contains several important signals. This filing provides investors with the latest financial performance and operational updates for Enovix Corp. Understanding the Q1 results is crucial for assessing the company's trajectory and making informed investment decisions.

Risk Assessment

Risk Level: — Enovix Corp shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant new risks or disclosures beyond routine financial reporting.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to understand Enovix Corp's Q1 2024 performance and outlook.

Key Players & Entities

• Enovix Corp (company) — Filer
• Fremont (location) — Business Address City
• CA (location) — Business Address State
• Rodgers Silicon Valley Acquisition Corp (company) — Former Company Name

FAQ

Industry Context

Enovix Corp operates in the advanced battery technology sector, focusing on innovative silicon anode lithium-ion batteries.

Regulatory Implications

The filing is a standard 10-Q, adhering to SEC regulations for quarterly financial reporting by public companies.

What Investors Should Do

1. Analyze the financial statements for revenue, expenses, and profitability trends.
2. Review the Management's Discussion and Analysis (MD&A) section for insights into operational performance and future outlook.
3. Check for any new risk factors or legal proceedings disclosed in the report.

Key Dates

• 2024-03-31: End of Reporting Period — First quarter of fiscal year 2024
• 2024-05-07: Filing Date — Date the 10-Q was officially submitted to the SEC

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal quarter ending March 31, 2024, following the previous 10-K filing for the fiscal year ending December 29, 2023.

Key Financial Figures

• $0.0001 — ich registered Common Stock, par value $0.0001 per share ENVX The Nasdaq Global Select

Filing Documents

• envx-20240331.htm (10-Q) — 1262KB
• envx10q-q120240331ex101.htm (EX-10.1) — 19KB
• envx-q120240331ex102prsugr.htm (EX-10.2) — 59KB
• envx10q-q120240331ex311.htm (EX-31.1) — 11KB
• envx10q-q120240331exx312.htm (EX-31.2) — 11KB
• envx10q-q120240331ex321.htm (EX-32.1) — 6KB
• envx10q-q120240331exx322.htm (EX-32.2) — 6KB
• 0001828318-24-000066.txt (&nbsp;) — 6986KB
• envx-20240331.xsd (EX-101.SCH) — 45KB
• envx-20240331_cal.xml (EX-101.CAL) — 99KB
• envx-20240331_def.xml (EX-101.DEF) — 237KB
• envx-20240331_lab.xml (EX-101.LAB) — 645KB
• envx-20240331_pre.xml (EX-101.PRE) — 460KB
• envx-20240331_htm.xml (XML) — 841KB

Financial Statements (unaudited)

Financial Statements (unaudited) 1 Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Operations for the quarters ended March 31, 2024 and April 2, 2023 2 Condensed Consolidated Statements of Comprehensive Income for the quarters ended March 31, 2024 and April 2, 2023 3 Condensed Consolidated Statements of Changes in Stockholders' Equity for the quarters ended March 31, 2024 and April 2, 2023 4 Condensed Consolidated Statements of Cash Flows for the quarters ended March 31, 2024 and April 2, 2023 5 Notes to Condensed Consolidated Financial Statements 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3. Quantitative and Qualitative Disclosure about Market Risks 30 Item 4.

Controls and Procedures

Controls and Procedures 31 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 32 Item 1A.

Risk Factors

Risk Factors 32 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds from Registered Securities 63 Item 3 Defaults Upon Senior Securities 63 Item 4 Mine Safety Disclosures 63 Item 5 Other Information 64 Item 6. Exhibits 65

Signatures

Signatures 67 Table of Contents

FORWARD LOOKING STATEMENTS

FORWARD LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The statements contained in this Quarterly Report on Form 10-Q that are not purely historical are forward-looking statements. 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. In addition, any statements that refer to projections, forecasts, management's expectations, hopes, beliefs, intentions or strategies regarding the future, are forward-looking statements. Examples of forward-looking statements in this Quarterly Report on Form 10-Q include, without limitation, statements about our: ability to build and scale manufacturing lines for our lithium-ion batteries, including production and commercialization timelines; ability to meet milestones and execute on our product development strategy, including the delivery of EX-1M samples of our high cycle life smartphone batteries to customers beginning in the second quarter of 2024; expectations and estimations of the total addressable market for lithium-ion batteries in the portable electronics markets; products, technologies, business model and growth strategy, including potential total addressable markets, market opportunity and the expansion of our customer base; expectations regarding the synergies to be realized from our acquisition of Routejade in October 2023, such as complementary products and the vertical integration of electrode coating and battery pack manufacturing; product strategy for Routejade's portfolio of c

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements ENOVIX CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share and par value amounts) (Unaudited) 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 (Note 9) 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 See accompanying notes to these condensed consolidated financial statements. 1 Table of Con