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Investor Contact:Enovix CorporationRobert LaheyEmail: ir@enovix.com Media Contact:Bateman Agency for EnovixKaelyn AttridgeEmail: enovix@bateman.agency Enovix CorporationCondensed Consolidated Balance Sheets (Unaudited) (In Thousands, Except Share and per Share Amounts) March 30, 2025 December 29,2024Assets Current assets: Cash and cash equivalents$189,874 $272,869 Short-term investments 58,281 — Accounts receivable, net 2,897 4,566 Notes receivable, net 1,255 4 Inventory 10,483 7,664 Prepaid expenses and other current assets 7,382 9,903 Total current assets 270,172 295,006 Property and equipment, net 165,775 167,947 Customer relationship intangibles and other intangibles, net 35,205 36,394 Operating lease, right-of-use assets 12,921 13,479 Goodwill 12,217 12,217 Other assets, non-current 2,755 2,126 Total assets$499,045 $527,169 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable$20,610 $9,492 Accrued expenses 8,540 19,843 Accrued compensation 6,481 8,228 Short-term debt 10,367 9,452 Deferred revenue 6,630 3,650 Other liabilities 5,161 3,036 Total current liabilities 57,789 53,701 Long-term debt, net 169,185 169,820 Warrant liability 12,584 28,380 Operating lease liabilities, non-current 12,638 13,293 Deferred revenue, non-current 300 3,774 Deferred tax liability 8,751 8,784 Other liabilities, non-current 14 14 Total liabilities 261,261 277,766 Commitments and Contingencies Stockholders’ equity: Common stock, $0.0001 par value; authorized shares of 1,000,000,000; issued and outstanding shares of 191,715,117 and 190,559,335 as of March 30, 2025 and December 29, 2024, respectively 19 19 Additional paid-in-capital 1,079,904 1,067,951 Accumulated other comprehensive loss (184) (143)Accumulated deficit (844,596) (821,086)Total Enovix stockholders’ equity 235,143 246,741 Non-controlling interest 2,641 2,662 Total equity 237,784 249,403 Total liabilities and equity$499,045 $527,169 Enovix CorporationCondensed Consolidated Statements of Operations(Unaudited) (In Thousands, Except Share and per Share Amounts) Fiscal Quarters Ended March 30, 2025 March 31, 2024Revenue$5,098 $5,272 Cost of revenue 4,837 7,072 Gross profit 261 (1,800)Operating expenses: Research and development 25,929 48,788 Selling, general and administrative 16,892 19,548 Total operating expenses 42,821 68,336 Loss from operations (42,560) (70,136)Other income (expense): Change in fair value of common stock warrants 15,796 21,120 Interest income 2,434 3,560 Interest expense (1,716) (1,659)Other income, net 2,353 466 Total other income, net 18,867 23,487 Loss before income tax benefit (23,693) (46,649)Income tax benefit (162) (152)Net loss (23,531) (46,497)Net loss attributable to non-controlling interests (21) (129)Net loss attributable to Enovix$(23,510) $(46,368) Net loss per share attributable to Enovix shareholders, basic and diluted$(0.12) $(0.28)Weighted average number of common shares outstanding, basic and diluted 191,304,975 168,144,918 Enovix CorporationCondensed Consolidated Statements of Cash Flows (Unaudited) (In Thousands) Fiscal Quarters Ended March 30, 2025 March 31, 2024Cash flows used in operating activities: Net loss$(23,531) $(46,497)Adjustments to reconcile net loss to net cash used in operating activities Depreciation, accretion and amortization 8,448 24,974 Stock-based compensation 12,014 12,760 Changes in fair value of common stock warrants (15,796) (21,120)Others 479 173 Changes in operating assets and liabilities: Accounts and notes receivables 430 505 Inventory (2,826) 2,202 Prepaid expenses and other assets 2,440 (1,809)Accounts payable 4,420 (7,281)Accrued expenses and compensation (4,167) 2,845 Deferred revenue (457) (1,402)Deferred tax liability (33) (222)Other liabilities 1,672 (172)Net cash used in operating activities (16,907) (35,044)Cash flows from investing activities: Purchase of property and equipment (6,272) (15,088)Payment of acquisition costs (16) — Purchases of investments (58,083) (17,066)Maturities of investments — 51,260 Net cash provided by (used in) investing activities (64,371) 19,106 Cash flows from financing activities: Proceeds from issuance of Convertible Senior Notes and loans — 1,800 Payments of transaction costs related to common stock issuance (512) — Payroll tax payments for shares withheld upon vesting of RSUs (1,761) (2,222)Proceeds from the exercise of stock options and issuance of common stock under ATM, net of issuance costs 782 5,852 Net cash provided by (used in) financing activities (1,491) 5,430 Effect of exchange rate changes on cash, cash equivalents and restricted cash (228) (541)Change in cash, cash equivalents, and restricted cash (82,997) (11,049)Cash and cash equivalents and restricted cash, beginning of period 274,691 235,123 Cash and cash equivalents, and restricted cash, end of period$191,694 $224,074 EBITDA and Adjusted EBITDA Reconciliation Below we provide a reconciliation of GAAP net loss attributable to Enovix to EBITDA and adjusted EBITDA for the periods presented (preliminary and unaudited) (in thousands).
Below is a reconciliation of net cash used in operating activities to the Free Cash Flow financial measure for the periods presented (preliminary and unaudited) (in thousands): Fiscal Quarters Ended March 30, 2025 March 31, 2024Net cash used in operating activities$ (16,907) $ (35,044)Capital expenditures (6,272) (15,088)Free Cash Flow$ (23,179) $ (50,132) Other Non-GAAP Financial Measures Reconciliation (In Thousands, Except Share and per Share Amounts) These non-GAAP measures may differ from similarly titled measures used by other companies. Fiscal Quarters Ended March 30, 2025 March 31, 2024Revenue$5,098 $5,272 GAAP cost of revenue$4,837 $7,072 Stock-based compensation expense (121) — Inventory step-up — (1,907)Non-GAAP cost of revenue$4,716 $5,165 GAAP gross profit$261 $(1,800)Stock-based compensation expense 121 — Inventory step-up — 1,907 Non-GAAP gross profit$382 $107 GAAP research and development (R&D) expense$25,929 $48,788 Stock-based compensation expense (6,355) (6,554)Amortization of intangible assets (416) (416)Non-GAAP R&D expense$19,158 $41,818 GAAP selling, general and administrative (SG&A) expense$16,892 $19,548 Stock-based compensation expense (5,538) (6,206)Amortization of intangible assets (774) (756)Non-GAAP SG&A expense$10,580 $12,586 GAAP operating expenses$42,821 $68,336 Stock-based compensation expense included in R&D expense (6,355) (6,554)Stock-based compensation expense included in SG&A expense (5,538) (6,206)Amortization of intangible assets (1,190) (1,172)Non-GAAP operating expenses$29,738 $54,404 Fiscal Quarters Ended March 30, 2025 March 31, 2024GAAP loss from operations $(42,560) $(70,136)Stock-based compensation expense 12,014 12,760 Amortization of intangible assets 1,190 1,172 Inventory step-up — 1,907 Non-GAAP loss from operations $(29,356) $(54,297) GAAP net loss attributable to Enovix $(23,510) $(46,368)Stock-based compensation expense 12,014 12,760 Change in fair value of common stock warrants (15,796) (21,120)Amortization of intangible assets 1,190 1,172 Inventory step-up — 1,907 Import duty forgiveness (2,431) — Non-GAAP net loss attributable to Enovix shareholders $(28,533) $(51,649) GAAP net loss per share attributable to Enovix, basic and diluted $(0.12) $(0.28)GAAP weighted average number of common shares outstanding, basic and diluted 191,304,975 168,144,918 Non-GAAP net loss per share attributable to Enovix, basic and diluted $(0.15) $(0.31)GAAP weighted average number of common shares outstanding, basic and diluted 191,304,975 168,144,918 Fiscal Quarter Ended December 29,2024GAAP net loss attributable to Enovix $ (37,465)Stock-based compensation expense 10,207 Change in fair value of common stock warrants 5,115 Amortization of intangible assets 1,189 Non-GAAP net loss attributable to Enovix shareholders $(20,954) GAAP net loss per share attributable to Enovix, basic and diluted $(0.20)GAAP weighted average number of common shares outstanding, basic and diluted 184,971,942 Non-GAAP net loss per share attributable to Enovix, basic and diluted $(0.
Forward-looking statements in this letter to shareholders include, but are not limited to, statements regarding: (a) our future operating results, financial position, growth opportunities and guidance, and our anticipation that changes in the global trade environment do not pose a material risk to our outlook; (b) our commercialization plans, strategy and product development roadmap, including the readiness, performance, timing, and customer qualification of EX-1M, EX-2M, EX-3M, EX-4M, and other battery nodes; (c) our manufacturing strategy, including scale-up and operational readiness, including at Fab2 in Malaysia, our assets and facility expansion in South Korea and the anticipated benefits of the SolarEdge asset purchase, and our ability to enhance per-zone capacity and reduce switching time between configurations; (d) our internal benchmarking of energy density and competitive positioning, including our ability to maintain and expand a performance lead over other silicon-doped or conventional battery architectures, and our beliefs about our competitors’ inability to achieve further energy density enhancements using these techniques due to swelling; (e) customer interest, qualification activities, and expected adoption of our products across smartphone, smart eyewear, AI-powered devices, XR, handheld computing, defense, drone, IoT, and EV segments; (f) our ability to enter into or expand commercial agreements, including strategic partnerships, design wins, production contracts, and potential expansion of agreements with automotive OEMs; (g) the strategic value and potential for expansion of our acquired South Korea facility, and its role in supporting defense programs and Fab2 capacity; (h) the impact of seasonal purchasing patterns, including defense procurement cycles; (i) the impacts of tariffs, trade policies, and regional market developments on our business strategy and demand outlook; (j) anticipated trends, risks, and opportunities across our addressable markets and the broader economic environment, including interest rates, inflation, currency fluctuations, and global supply chain evolution; (k) the timing and ability to raise additional capital through equity, debt, or other instruments to support operations, growth initiatives, or capital expenditures; (l) the impact of AI feature adoption on demand for energy-dense batteries; (m) the timing and expected success of achieving technical milestones, including audits by OEMs, production ramp-up readiness, and securing purchase orders; and (n) our exposure to and management of global trade risks.
