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Jul 03, 2022
Enovix Q2 2022 Earnings Report
Reported first revenue and completed technology qualifications with three Strategic Accounts.
Key Takeaways
Enovix reported its first revenue of $5.1 million in Q2 2022, primarily from service revenue and a small contribution from commercial battery cells. The company shipped Fab-1 cells to 10 OEMs and four distributors globally. Technology qualifications were completed with three Strategic Accounts, and a follow-on evaluation contract was awarded for the U.S. Army's Conformal Wearable Battery program.
First revenue reported, totaling $5.1 million, with $5.0 million from a single customer.
Completed technology qualifications with three Strategic Accounts.
Awarded a follow-on evaluation contract for the U.S. Army's Conformal Wearable Battery program.
Active designs and design wins in the revenue funnel increased to $414 million.
Forward Guidance
The company now expects between $6 million and $8 million of revenue for full-year 2022 and expects to use between $160 million and $180 million of cash.
Positive Outlook
- Prioritizing improvement activities in Fab-1 during the current quarter over shipments.
- Continue to expect revenue to consist of product and service revenue, with service revenue being a significant factor.
- Lowering cash use guidance primarily due to the timing of capital equipment orders.
- Well positioned to provide a domestic supply of batteries for the military.
- Actively pursuing partnership strategies with leading automotive OEMs and various U.S. Department of Energy programs.
Challenges Ahead
- Prioritizing manufacturing improvements over shipments in Q3.
- Equipment depreciation and idle costs are expected to increase.
- Need to increase manufacturing throughput and yield metrics.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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