Slide 1: Special Presentation to Shareholders
Exhibit 99.1 SPECIAL PRESENTATION to SHAREHOLDERS T.J. Rodgers Executive Chairman January 3, 2023
Slide 2: Disclaimer
Disclaimer This presentation (this “Presentation”) is provided solely for information purposes only and does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation to purchase any equity or debt. Enovix assumes no obligation to update the information in this Presenta
Slide 3: Q3 Shareholder Letter and shareholder quote
Q3 Shareholder Letter: “We expect Fab-1 improvement activities to extend into 2023, but at a slower rate given the decision to redirect resources to Gen2. Given this, we expect to exit 2023 at a run rate of under one million battery cells produced from the Gen1 equipment at Fab-1. There is opportuni
Slide 4: People are openly questioning if the product is manufacturable
“People are openly questioning if the product is manufacturable.” “We’re lucky to be at $10. Revenue in 2023 was supposed to be $176 million. Now it’s $8 million.” “When you can’t name where Fab-2 is going to be it appears that you have no plan.” “This should be like a biotech. There’s a set schedul
Slide 5: Silicon-industry mindset for Enovix
We are silicon and Moore’s Law operations people and comprehend the sea-change opportunity Enovix and its technology offer. We are going to infuse Enovix with a silicon-industry mindset. 5 TJR 1/3/2023
Slide 6: T.J. Rodgers Appointed Enovix Executive Chairman
ENSVIX T.J. Rodgers Appointed Enovix Executive Chairman Problem 1: The lack of clear and I have worked with the Enovix team for ten years. it ‘nas always been honest. Yet, we must improve the clarity of our communications. Problem 2: The delay and projected underperformance of Fab-1. We have poorly
Slide 7: Cumulative cells shipped
That’s the first time we ever said how many cells we have shipped! Why? The cumulative number is now 8,812 shipped (Q4) and we expect to at least double our shipments in every quarter of 2023. 7 TJR 1/3/2023
Slide 8: We took Enovix public with a SPAC
We took Enovix public with a SPAC Rodgers Silicon Valley Acquisition Corp. Investor Presentation SPAC November 30, 2020 Rev. 9 12/2/20 The crash to $10.74 is our fault, too. We control the board. Our SPAC sold stock at $10, and although it’s still up, investors are unhappy for good reasons. 8 Rodger
Slide 9: Our SPAC bragged about Enphase
Our SPAC bragged about Enphase Reward So Far >100:1 TJR on board Jan. 10, 2017 Invest $5 million New COO, April 10, 2017 Badri Kothandaraman New CEO, Sept. 3, 2017 Badri Kothandaraman 9 Rodgers Silicon Valley Acquisition Corp. TJR 1/3/2023 9
Slide 10: We bragged about the Cypress chip autolines
We bragged about the Cypress chip autolines Cypress Autoline 2000 – TJR’s Personal Project TJR’s personal project Line 1: 3,600 UPH . . . Line 10: 10,000 UPH 10 Rodgers Silicon Valley Acquisition Corp. TJR 1/3/2023 10
Slide 11: We bragged about SunPower
We bragged about SunPower Cypress Acquires SunPower Invest in entrepreneurs… Dick Swanson T.J. Rodgers CEO SunPower CEO Cypress 11 Rodgers Silicon Valley Acquisition Corp. TJR 1/3/2023 11
Slide 12: The SunPower Autoline
And the SunPower Autoline: 5 months install-to-silicon; 11 months 10% to 90% yield Autoline: Continuous River of Silicon 12 Rodgers Silicon Valley Acquisition Corp. TJR 1/3/2023 12
Slide 13: Complexity of the SunPower Autoline
And about the complexity of the SunPower Autoline Rodgers Silicon Valley Acquisition Corp. 13 Rodgers Silicon Valley Acquisition Corp. TJR 1/3/2023 13
Slide 14: SunPower's low-cost plant built in Manila
And about SunPower’s new low-cost plant built in Manila Cypress-SunPower Manila Solar Plant Greg Reichow Minh Pham Manny Hernandez 14 TJR 1/3/2023
Slide 15: Four silicon-industry executives deployed to watch over Enovix
We deployed four Silicon-industry executives to watch over Enovix Rodgers Silicon Valley Acquisition Corp. Enovix Board IPO by SPAC: Our Criteria for the Initial Business Combination TJR ETH JDM SG JM GR LH SPAC S1 filing Target Company Criteria 1.?Public company readiness. This does not necessarily
Slide 16: IPO by SPAC: High Reward but with High Risk
Rodgers Silicon Valley Acquisition Corp. IPO by SPAC: High Reward but with High Risk – Mitigation Matrix TJR ETH JDM SG JM GR LH X X 7. A formal plan to grow rapidly by taking a dominant share of a growing medium-sized market versus a small share of a huge market, as explained by Peter Thiel in his
Slide 17: A formal plan to meet street expectations
A formal plan to meet street expectations Created fear of failure: slow decisions defensive communication 17
Slide 18: Our PIPE plan to investors
Our PIPE plan to investors Financials 1 Competitor Data Fully owned Fab-1 and Fab-2 (All $M unless noted) 2021 2022 2023 2024 2025 Low High 2 Revenue 7 11 176 410 801 NRE Mix Four lines running in Fab1 GM% 14% 46% 52% 20% 35% 80 Operating Expense 35 34 47 83 157 Manual lines Opex% 194 operators 26%
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19 19 TJR 1/3/2023
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21 21 TJR 1/3/2023
Slide 22: The SPAC provided a board with relevant knowledge
The SPAC provided a board with relevant knowledge Greg Reichow – Advisor (manufacturing, quality) • General partner of Eclipse Ventures • SunPower: built and ran automated solar-cell plant • Built and ran Tesla Fremont plant 22 TJR 1/3/2023
Slide 23: Dan McCranie – Director
Dan McCranie – Director (board governance, restructuring, M&A, strategic planning) • 1966-2000: Multiple semiconductor EVP & CEO positions • 2000-2020: Served on 10 semiconductor boards, avg 6.4 years • Chairman of the two boards of Motorola, both Freescale and ON • Six board positions involved sign
Slide 24: Manny Hernandez – CFO, Director
Manny Hernandez – CFO, Director (financial controls, SEC, SOX) • CFO of both Cypress Semiconductor and SunPower • Ran SunPower IPO and created financial infrastructure • Chairman of audit committee, ON Semiconductor • Chairman of BrainChip Inc. (an AI company) 24 TJR 1/3/2023
Slide 25: TJ Rodgers – CEO
TJ Rodgers – CEO (quality, culture, strategic planning, technology) • Dartmouth: Trustee Emeritus (‘04-’12); Hazeltine Award, Physics & Chemistry MSEE, PhDEE Stanford 1975 • Founded Cypress Semiconductor; IPO 37 months after Series A funding • Cypress CEO 34 years (1982-2016): sold to Infineon in 20
Slide 26: The Board Was Active
The Board Was Active We started to address the PIPE plan miss in August 2022: 8/5 Board discusses CEO change; I informed Harrold Rust 8/24 Launch of COO hiring (Minh Pham) 10/3 Board discusses mechanism for CEO change; I informed Harrold Rust 11/1 TJR took over COO search to address No. 1 problem 11
Slide 27: CEO Harrold Rust
CEO Harrold Rust B.S. Mech. Eng. UC Davis, MSME Stanford FormFactor: VP Operations 2002-07, IPO 2003, $369M revenue 2006 IBM: 17 yrs operations, ran disk-drive fab 94 patents, plus 63 pending Co-founded Enovix: Raised $789 million Created $1.9 billion market valuation 27 TJR 1/3/2023
Slide 28: Guiding Principles 2023 AOP
Guiding Principles 2023 AOP (Rev. A, 11/27/22) st nd The AOP is Late: It needs to be wrapped up: 1 draft, 12/1; 2 draft, 12/22; final draft, 1/19; presentation, 1/26 board meeting The major assumptions in the AOP must be clearly stated in writing AOP financials and milestones should have 80%-plus ac
Slide 29: COO Ajay Marathe
COO Ajay Marathe M.S. Industrial Engineering (Texas Tech) AMD (23 years) Thailand plant manager (6M units/wk) VP Ops: Computation Products (2,500 people) VP Ops: Asian Assy & Test (4 plants) CEO: AMD, India LLC Lumileds (10 years) COO ($1.4B lighting company) Western Digital ($17B data storage compa
Slide 30: COO Ajay Marathe Initiatives
COO Ajay Marathe Initiatives (First 49 days) Ownership & accountability — every rejected unit; every down machine has an “owner” Machine-centric yield plans – specific actions with co-owners (maintenance, engineering, operations) Cost of Non-quality program — detect problems earlier; drive down valu
Slide 31: 2023 Manufacturing Guiding Principles
2023 Manufacturing Guiding Principles PoC Proof of Concept: process to make equipment “heads” to be validated (for stacking, etc.) and then automated R&D line Existing manual Fremont line that makes 20 batteries per day with Line 1 PoC equipment Line 1 Existing Fremont wearables line using PoC equip
Slide 32: Fab-1 Will Make a 3D Battery Every 2.0 Seconds
1 Fab-1 Will Make a 3D Battery Every 2.0 Seconds (4 lines) 4.1 2 lines @ 550 UPH, 80% OEE “The real problem is execution. By my math Fab-1 is doing less 22.5 2 lines @ 100 UPH, 80% OEE than 10% of what it should be doing.” – Shareholder 72.0 2 lines @ 100 UPH, 25% OEE Industry Standard Enovix 3D Cel
Slide 33: Anode PoC Stacker Head
Anode PoC Stacker Head 33 TJR 1/3/2023
Slide 34: Stacker PoC Head (Side View)
Stacker PoC Head (Side View) 34 TJR 1/3/2023
Slide 35: Stacker Battery Fixture
Stacker Battery Fixture 35 TJR 1/3/2023
Slide 36: Heads are what make the battery
Subsequent Steps Electrode Stacking Constraint Application Interconnect Heads are what make the battery: Gen 2 vs. Gen 1 is about how many heads there are and how they are transported, not redesigning the heads. 36 TJR 1/3/2023
Slide 37: Stacker Battery Transport Gen 1 Conveyor Belt
Stacker Battery Transport Gen 1 Conveyor Belt ‒ 100-micron Precision 37 TJR 1/3/2023
Slide 38: Gen 1 vs. Gen 2 Lines
Gen 2 vs. Gen 1 Lines Parameter Gen 1 Gen 2 Placement Conveyor belt (100µ) Linear motors (20µ) Parallelism 3x wide (laser) Up to 12x wide (vacuum bake) Metrology 7 stations 30 stations Cost $30M $55M UPH 550 (200 achievable) 1350 1 Depr./unit $1.12 ($3.08) $0.84 Heads 45 120 Heads redesigned 13 (3 t
Slide 39: Gen 2 Heads Are Mostly Reused
Gen 2 Heads Are Mostly Reused Gen 1 Heads Zone Process Gen 1 Gen 2 Comments same vendor, up to 1KW Cathode 3 5 Gen2 5 laser heads same vendor, up to 1KW Anode 3 5 Gen2 5 laser heads no/small change Zone 1 same vendor, up to 1KW Separator 1 3 Gen2 3 laser heads minor redesign Laminator 1 1 major rede
Slide 40: Gen 2 Line Changes
Gen 2 Line Changes Zone Process Gen 1 Gen 2 Comments Vac Bake 3 4 Gen 2 smaller bake Tab Weld 1 4 PPL 1 6 no/small change Li Flag 1 6 minor redesign Pouching 1 2 Zone 3 Major redesign E-Fill 1 4 Flag-pull 1 4 Degas 1 4 Trim 1 4 “You could have a slide that shows that all Glue & Fold 1 4 the steps ar
Slide 41: Our (new) Chief Designer
Our (new) Chief Designer Former member Romanian Naval Special Forces “The Right Stuff” (Russians beat the first U.S. astronaut to space) “He had to keep smiling and aw-shucking and playing Mr. Modest, just as if it might, in fact, be he who was going up on top of the rocket on May 2 as the first man
Slide 42: Gen 2 Line Milestones
Gen 2 Line Milestones (changes in green) 2023 2024 Milestone Number Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 EDR2—Design Apv’d 34 17 17 1 PO—Purchase Order 7 7 7 FAT—Factory Test 34 12 4 18 Installation 34 16 18 SAT—Site Test 34 24 10 PCR2—Line Functionality 34 34 ES10—Samples 1,000 1K PCR3—Line Production 34 34 QS1
Slide 43: FAB Weekly Yield Executive Review Meeting
FAB 1 Weekly Yield Executive Review Meeting Kim Han Lee Yield/Integration 2022 WW52 Confidential │ ©2021 ENOVIX
Slide 44: Module Weekly Yield
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Slide 45: Scrap by Code and cause_step pareto graphs
Scrap by Code and cause_step last 7 days 10 pareto graphs (each module) 10 teams x8 people, cross-functional 45 TJR 1/3/2023
Slide 46: 10-Panel Module Charts
10-Panel Module Charts–6 / 10 modules meets or exceed Q4 yield target 46 TJR 1/3/2023
Slide 47: Yield learning rate accelerated in Q4
Yield Yield learning rate accelerated in Q4 0% 40% Classic “S” curve 100% 47 TJR 1/3/2023
Slide 48: FAB Weekly Yield Executive Review Meeting
FAB 1 Weekly Yield Executive Review Meeting Our yield team is very competent and making good progress Kim Han Lee Yield/Integration 2022 WW52 Confidential │ ©2021 ENOVIX
Slide 49: Our Fab Quality Return Rate is 0/8812
Our Fab 1 Quality Return Rate is 0/8812 49 TJR 1/3/2023
Slide 50: Safety and Accelerated Lifetime (ALT) Testing
Safety and Accelerated Lifetime (ALT) Testing Other specified tests: Safety and accelerated lifetime 595 Safety/lifetime margin 200 These tests must be repeated UN38.3 (airplane shipping) 40 every time a cell changes. UL1642 (consumer-US) 70 IEC-62133 (consumer-Europe) 125 (Various other country spe
Slide 51: SVP Sales and Business Development Ralph Schmitt
SVP Sales and Business Development Ralph Schmitt B.S. Electrical Eng. (Rutgers) Joined Enovix 2021 Turnaround CEO (16 Years) Exar-Sipex – Power Analog PLX Technology – Networking (acquired by Broadcom) OCZ Technology – Solid State Drives (acquired by Toshiba) Sensera – IoT MEMS Sensors Cypress Semic
Slide 52: Customer Funnel – Dec '21
Customer Funnel – Dec ‘21 “Design wins translating to Customer Purchase contracts would be useful value drivers – which give investors a better line of sight on revenue path forward.” – Shareholder 52 TJR 1/3/2023
Slide 53: Customer Funnel – Dec '21
Customer Funnel – Dec ‘21 Funnel Milestone ES10 CS10 QS100 P1K P10K FM$ Production Product Product Pre Technology Custom Cell Production Customer Milestone Integration Production Qual Development Cell Qual Milestone Duration 3-9 Months 6-9 Months 4-6 Months 2-6 Months 12-36 Months 3-6 Months 53 TJR
Slide 54: Customer Funnel – Dec '21
Customer Funnel – Dec ‘21 S25 S24 K23 Account Code K22 S: Strategic – Top 3 V21 K49 S*: Mega-cap – $200B Mkt Cap 43 Accounts sampled from Pilot Line K20 K48 K: Key – Top 10 K19 K47 L: Lead – First application K18 V46 V: Venture – Innovative product K17 K45 K16 K44 Market Classification L15 K43 Samsu
Slide 55: Customer Funnel – Dec '21
Customer Funnel – Dec ‘21 S25 OPPO S24 K23 Genius Account Code K22 BBRaun S: Strategic – Top 3 V21 K49 S*: Mega-cap – $200B Mkt Cap 43 Accounts sampled from Pilot Line K20 K48 Nintendo K: Key – Top 10 K19 K47 Casio L: Lead – First application K18 V46 V: Venture – Innovative product K17 K45 Sonos K16
Slide 56: Customer Funnel – Dec '22
Customer Funnel – Dec ‘22 Fab1 Enabled Progression to QS100, P1K and P10K Account Code K42 S: Strategic – Top 3 78 Accounts From Sampled to Pre-Production K41 K60 V78 S*: Mega-cap – $200B Mkt Cap K: Key – Top 10 K40 K59 V77 K62 L: Lead – First application K39 K58 V76 V35 V: Venture – Innovative prod
Slide 57: Customer Funnel Plan 2023
Customer Funnel Plan 2023 Account Code S: Strategic – Top 3 V78 S*: Mega-cap – $200B Mkt Cap K41 K59 V77 K47 K: Key – Top 10 K40 K58 V76 K45 L: Lead – First application K39 V57 V75 K41 K48 V: Venture – Innovative product K38 V56 V74 K40 L15 K37 K55 V73 V66 K39 V67 Market Classification K36 V54 K72 K
Slide 58: 2022 Fab1: 8812 Cell Shipments to Customers
2022 Fab1: 8812 Cell Shipments to Customers Shipments by customer code Customer # of Cells Customer # of Cells D01 3000 K29 30 L05 1608 K31 30 S24 1125 K32 30 S*09 730 S*03 26 K33 300 V91 24 K34 300 K38 18 S*06 300 K23 15 X1 275 S25 15 K01 250 X3 12 K17 100 X4 11 S*11 100 V35 10 S*14 100 X6 10 V21 1
Slide 59: Funnel Statistics – Dec '22
Funnel Statistics – Dec ‘22 1 $13B Mobile Computing Battery TAM 2025E ES10= $754M Engaged Opportunities CS10+QS100+P1K= $669M Active Designs + Design Wins $1.42B Revenue Funnel (11% TAM) 2 Gross Value of Full Production Year for all Projects 1 IDC, Trendforce, company estimates as of January 2021 59
Slide 60: CEO Raj Talluri
CEO Raj Talluri (1/18/23) Ph.D. Electrical Eng. (U.T. Austin) Micron (2018-2022) SVP/GM; Mobile Business Unit ($6B/yr) Qualcom (2009-2018) SVP: Qualcomm IoT (>$1B/yr) SVP: Qualcomm CDMA T.I. (1993-2009) GM: OMAP and wireless product lines GM: Imaging and audio BU Mgr: Digital still cameras Mgr: Vide
Slide 61: Conclusion
Conclusion Fab 1 is finally working 8812 Units shipped – zero quality returns Yields improved to 40% and rising Experienced new COO: Ajay Marathe Will ship 180,000 units in 2023 Gen 2 will be board-approved 3/15/23 Common PoC heads, faster automation (1350 UPH) Gen 2 will be installed in Fab 2 in SE
Slide 62: 62 62 TJR 1/3/2023
62 62 TJR 1/3/2023
Slide 63: Appendix
Appendix Final 63 63 TJR 1/3/2023
Slide 64: Ajay M. Marathe
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Slide 69: Raj Talluri, Ph.D
Raj Talluri, Ph.D EnSvix UR 1/3/2023
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71 71 TJR 1/3/2023
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74 74 TJR 1/3/2023