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Enovix Announces Second Quarter 2024 Financial Results
FREMONT, Calif., July 31, 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., July 31, 2024 (GLOBE NEWSWIRE) -- Enovix Corporation (“Enovix”) (Nasdaq: ENVX), a global high-performance battery company, announced today financial results for second quarter 2024, which included the summary below from its President and CEO, Dr. Raj Talluri. Fellow Shareholders, In the second quarter of 2024 we began producing our first batteries in Malaysia and demonstrated strong commercial progress with a handful of leading customers. Our recent highlights include: Strong top-line growth: Revenue of $3.8 million in the second quarter of 2024, up from $42,000 in the second quarter of 2023 and above the mid-point of our forecast of $3.0 million to $4.0 million. We expect significant revenue growth from the first half of 2024 to the second half of 2024.Commercial progress: We signed an agreement in the second quarter of 2024 with a leading California-based technology company to provide silicon batteries and packs for a mixed reality headset. In addition, we recently signed a collaboration agreement with a Fortune 200 company to provide silicon batteries for a fast-growing IoT product that already has tens of millions of users globally.Second deal in Automotive: We signed a memorandum of understanding (“MOU”) with a high-performance global automotive OEM aimed at scaling the Enovix architecture for the automotive market. This is our second agreement signed in 2024 with a leading automotive OEM.Malaysia factory buildout: We began production of first batteries in Malaysia on our Agility Line, which recently completed site acceptance testing (“SAT”). Additionally, we completed factory acceptance testing (“FAT”) for our high-volume Gen2 Autoline for all key modules.Extended runway: We are on track to execute upon our goal of over $35 million in annualized savings based on relocating our high-cost California manufacturing to Malaysia. We additionally took actions to strengthen our balance sheet through an at-the-market (“ATM”) offering, completed in the second quarter, giving us a strong runway. We enter the third quarter of 2024 beginning to scale up in Malaysia and we are excited to show off our Fab2 at a grand opening ceremony next week. We have already begun production of first batteries from our Agility Line in Malaysia and plan to sample these EX-1M cells to customers once we complete testing. Customer interest...