Enovix Corp Files Q2 2024 10-Q

Ticker: ENVX · Form: 10-Q · Filed: 2024-08-05T00:00:00.000Z

Sentiment: neutral

Topics: 10-Q, financials, quarterly-report

TL;DR

Enovix Q2 10-Q filed. Financials out.

AI Summary

Enovix Corp filed its 10-Q for the period ending June 30, 2024. The company reported financial results for the second quarter and first half of 2024, detailing its balance sheet, income statement, and cash flow activities. Specific figures for revenue, net loss, and cash reserves are presented within the filing.

Why It Matters

This filing provides investors and stakeholders with the latest financial performance and position of Enovix Corp, crucial for understanding the company's operational health and future prospects.

Risk Assessment

Risk Level: medium — As a 10-Q filing, it contains detailed financial information that can reveal significant operational or financial risks for the company.

Key Numbers

Key Players & Entities

FAQ

What is the reporting period for this 10-Q filing?

The reporting period for this 10-Q filing is the quarter ended June 30, 2024.

When was this 10-Q filed with the SEC?

This 10-Q was filed on August 5, 2024.

What is Enovix Corp's primary business address?

Enovix Corp's primary business address is 3501 W. Warren Avenue, Fremont, CA 94538.

What was the previous company name before Enovix Corp?

The previous company name was Rodgers Silicon Valley Acquisition Corp, with a date of name change on October 14, 2020.

What is the Standard Industrial Classification (SIC) code for Enovix Corp?

The SIC code for Enovix Corp is 3690, categorized under MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES.

Filing Stats: 4,616 words · 18 min read · ~15 pages · Grade level 20 · Accepted 2024-08-02 18:39:00

Key Financial Figures

Filing Documents

Financial Statements (unaudited)

Financial Statements (unaudited) 1 Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Operations for the quarters and fiscal year s-to-date ended June 30, 2024 and July 2, 2023 2 Condensed Consolidated Statements of Comprehensive Income (Loss) for the quarters and fiscal years-to-date ended June 30, 2024 and July 2, 2023 3 Condensed Consolidated Statements of Changes in Stockholders' Equity for the quarters and fiscal yea rs-to -date ended June 30, 2024 and July 2, 2023 4 Condensed Consolidated Statements of Cash Flows for the fiscal years-to-date ended June 30, 2024 and July 2, 2023 6 Notes to Condensed Consolidated Financial Statements 8 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 26 Item 3. Quantitative and Qualitative Disclosure about Market Risks 36 Item 4.

Controls and Procedures

Controls and Procedures 37 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 37 Item 1A.

Risk Factors

Risk Factors 37 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds from Registered Securities 69 Item 3 Defaults Upon Senior Securities 69 Item 4 Mine Safety Disclosures 69 Item 5 Other Information 70 Item 6. Exhibits 71

Signatures

Signatures 74 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 our ability to test and sample batteries from our Agility Line to customers; expectations and estimations of the total addressable market for lithium-ion batteries in the portable electronics markets, including the impact of artificial intelligence on the demand for energy dense batteries and the suitability of our products to address this demand; ability to manage our expenses and realize our annual cost savings goals; ability to manage and achieve the benefits of our ongoing restructuring efforts; products, technologies, business model and growth strategy, including commercialization opportunities, market opportunity and the expansion of our customer base; ability to ef

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) June 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 235,103 $ 233,121 Short-term investments 14,826 73,694 Accounts receivable, net 1,665 909 Notes receivable, net 3 1,514 Inventory 9,508 8,737 Prepaid expenses and other current assets 8,844 5,202 Total current assets 269,949 323,177 Property and equipment, net 151,024 166,471 Customer relationship intangibles and other intangibles, net 38,774 42,168 Operating lease, right-of-use assets 14,333 15,290 Goodwill 12,217 12,098 Other assets, non-current 2,691 5,100 Total assets $ 488,988 $ 564,304 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 19,431 $ 21,251 Accrued expenses 16,530 13,976 Accrued compensation 8,856 10,731 Short-term debt 10,989 5,917 Deferred revenue 7,007 6,708 Other liabilities 5,090 2,435 Total current liabilities 67,903 61,018 Long-term debt, net 168,500 169,099 Warrant liability 55,440 42,900 Operating lease liabilities, non-current 14,182 15,594 Deferred revenue, non-current 3,774 3,774 Deferred tax liability 6,115 10,803 Other liabilities, non-current 11 13 Total liabilities 315,925 303,201 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 175,302,694 and 167,392,315 as of June 30, 2024 and December 31, 2023, respectively 18 17 Additional paid-in-capital 931,363 857,037 Accumulated other comprehensive gain (loss) 15 ( 62 ) Accumulated deficit ( 761,085 ) ( 598,845 ) Total Enovix's stockholders' equity 170,311 258,147 Non-controlling interest 2,752 2,956 Total equity 173,063 261,103 Total liabilities and equity $ 488,988 $ 564,304 See accompanying notes to these condensed consolidated financial statements. 1 Table of Cont

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