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Enovix Announces First Quarter 2024 Financial Results
FREMONT, Calif., May 01, 2024 (GLOBE NEWSWIRE) -- Enovix Corporation (“Enovix”) (Nasdaq: ENVX), a global high-performance battery company, announced today
About this update from Enovix Corporation
[{"type":"text","content":"FREMONT, Calif., May 01, 2024 (GLOBE NEWSWIRE) -- 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 addi...