Enovix reported third-quarter revenue of $8,000, driven by shipments of qualification batteries from Fab-1 while focusing on yield improvement activities. They also made progress with Strategic Accounts, including a new design win and a cooperation agreement with a major consumer electronics company.
Shipped production cells to 25 OEMs, including three Strategic Accounts.
Announced a non-binding Memorandum of Understanding with a Strategic Account for wearable, mobile, and computing applications.
Grew the design win portion of the revenue funnel by 20%+ QoQ due to progress on a program with a Strategic Account.
Continued to optimize the first production line in Fab-1 for higher yield and throughput, and completed learnings for Gen2.
Enovix expects revenue between $6 million and $8 million for full-year 2022. They now expect to use between $130 million and $150 million of cash for full-year 2022 and nominally expect to exit the year with $300 million of cash.
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