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Mar 31, 2024
Enovix Q1 2024 Earnings Report
Enovix demonstrated strong top-line growth and made progress toward readying Fab2 in Malaysia to begin production.
Key Takeaways
Enovix reported revenue of $5.3 million, exceeding their forecast due to strong performance from IoT batteries and achieved positive non-GAAP gross margins for the first time. The company is also reducing cash burn and making progress with smartphone and IoT customers.
Revenue of $5.3 million, up from $21,000 in Q1 2023, driven by IoT customers.
Completed Factory Acceptance Testing for Gen2 Agility Line and nearly completed for Gen2 Autoline in Malaysia.
Accelerating plans to reduce fixed costs by more than $35 million annualized.
Reached a development agreement with a top 5 smartphone OEM and building EX-1M battery cells aligned with customer specifications.
Forward Guidance
For the second quarter of 2024, Enovix expects revenue between $3.0 million and $4.0 million, an adjusted EBITDA loss of $26 million to $32 million, and a non-GAAP EPS loss of $0.22 to $0.28.
Positive Outlook
- Fab2 scheduled to begin battery production
- Final EX-1M batteries ready for sampling
- Customer relationships have grown even stronger
- Leading OEMs are eager to be first to market with a high energy battery cell capable of using a 100% active silicon anode.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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