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Jun 30, 2021
Enovix Q2 2021 Earnings Report
Shared progress in the first quarterly shareholder letter as a public company.
Key Takeaways
Enovix completed its business combination and Nasdaq listing, raising $405 million in gross proceeds and $382 million net. The company is scaling up production facilities to meet customer demands and shipped final technology qualification samples to key customers.
Completed business combination with Rodgers Silicon Valley Acquisition Corp. (RSVAC) and Nasdaq listing (ENVX).
Received approximately $405 million in gross proceeds and $382 million net from the transaction.
Shipped final technology qualification samples from pilot production line to key customers.
Potential value of a full year of production from design wins and active designs reached $292 million.
Forward Guidance
Enovix expects to make meaningful progress toward our goal of starting production in Q1 2022 with product revenue in Q2 2022. With the proceeds from the SPAC merger and associated PIPE offering, we are well-capitalized and remain on track to fund our plan.
Positive Outlook
- Starting production in Q1 2022
- Product revenue in Q2 2022
- Well-capitalized
- On track to fund our plan
- Expanding patent portfolio efforts to further protect our unique 3D architecture globally
Challenges Ahead
- Use between $110 million and $120 million of free cash flow for full-year 2021
- Capital expenditures
- Extended lead times in the supply chain
- Increasing capacity for new designs and custom cell development in response to increasing demand and an expanding customer base
Historical Earnings Impact
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Avg. Return Before/After Earnings
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