Enovix Corp Files 10-Q for Q3 2024

Ticker: ENVX · Form: 10-Q · Filed: 2024-10-30T00:00:00.000Z

Sentiment: neutral

Topics: 10-Q, financials, reporting

TL;DR

Enovix 10-Q filed: Latest financials for Q3 2024 are in. Check it out.

AI Summary

Enovix Corp filed its 10-Q for the period ending September 29, 2024. The filing covers financial information for the nine months ended September 29, 2024, and the third quarter of 2024. Key financial data and disclosures related to the company's operations and financial position are included.

Why It Matters

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

Risk Assessment

Risk Level: medium — 10-Q filings are standard disclosures for public companies, but the specific financial details within can reveal varying levels of risk.

Key Players & Entities

FAQ

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

The conformed period of report is for the period ending September 29, 2024.

What is the company's primary business classification?

Enovix Corp is classified under MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES [3690].

When was Enovix Corp formerly known as?

The company was formerly known as Rodgers Silicon Valley Acquisition Corp.

What is the filing date of this 10-Q?

The filing date is October 30, 2024.

What is the fiscal year end for Enovix Corp?

The fiscal year end for Enovix Corp is December 29.

Filing Stats: 4,697 words · 19 min read · ~16 pages · Grade level 20 · Accepted 2024-10-30 08:39:33

Key Financial Figures

Filing Documents

Financial Statements (unaudited)

Financial Statements (unaudited) 1 Condensed Consolidated Balance Sheets as of September 29, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Operations for the quarters and fiscal years-to-date ended September 29, 2024 and October 1, 2023 2 Condensed Consolidated Statements of Comprehensive Income (Loss) for the quarters and fiscal years-to-date ended September 29, 2024 and October 1, 2023 3 Condensed Consolidated Statements of Changes in Stockholders' Equity for the quarters and fiscal years-to-date ended September 29, 2024 and October 1, 2023 4 Condensed Consolidated Statements of Cash Flows for the fiscal years-to-date ended September 29, 2024 and October 1, 2023 7 Notes to Condensed Consolidated Financial Statements 9 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 28 Item 3. Quantitative and Qualitative Disclosure about Market Risks 38 Item 4.

Controls and Procedures

Controls and Procedures 39 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 39 Item 1A.

Risk Factors

Risk Factors 39 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds from Registered Securities 71 Item 3 Defaults Upon Senior Securities 71 Item 4 Mine Safety Disclosures 72 Item 5 Other Information 72 Item 6. Exhibits 73

Signatures

Signatures 75 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 completion of site acceptance testing of our High-Volume Line, as well as production and commercialization timelines; ability to meet milestones and execute on our product development strategy, including our ability to ship batteries from our Agility Line to customers, our expectations regarding EX-1M production and market readiness, and the effectiveness of our product design team; expectations and estimations of the total addressable market for our batteries, including the demand for more energy dense batteries and the suitability of our products to address this demand, and the impact of artificial intelligence features 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

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) September 29, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 200,912 $ 233,121 Short-term investments — 73,694 Accounts receivable, net 1,911 909 Notes receivable, net — 1,514 Inventory 9,564 8,737 Prepaid expenses and other current assets 11,598 5,202 Total current assets 223,985 323,177 Property and equipment, net 157,680 166,471 Customer relationship intangibles and other intangibles, net 37,583 42,168 Operating lease, right-of-use assets 13,810 15,290 Goodwill 12,217 12,098 Other assets, non-current 2,746 5,100 Total assets $ 448,021 $ 564,304 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 15,046 $ 21,251 Accrued expenses 13,855 13,976 Accrued compensation 8,038 10,731 Short-term debt 11,555 5,917 Deferred revenue 6,206 6,708 Other liabilities 4,760 2,435 Total current liabilities 59,460 61,018 Long-term debt, net 168,744 169,099 Warrant liability 23,265 42,900 Operating lease liabilities, non-current 14,346 15,594 Deferred revenue, non-current 3,774 3,774 Deferred tax liability 8,178 10,803 Other liabilities, non-current 12 13 Total liabilities 277,779 303,201 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 177,591,877 and 167,392,315 as of September 29, 2024 and December 31, 2023, respectively 18 17 Additional paid-in-capital 951,237 857,037 Accumulated other comprehensive loss ( 42 ) ( 62 ) Accumulated deficit ( 783,621 ) ( 598,845 ) Total Enovix's stockholders' equity 167,592 258,147 Non-controlling interest 2,650 2,956 Total equity 170,242 261,103 Total liabilities and equity $ 448,021 $ 564,304 See accompanying notes to these condensed consolidated financial statements. 1 Table of C

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