Enovix Q1 production beats plan at 12,500 units; GAAP net loss $73.6M, non-GAAP loss $0.20/share

Enovix Corp

2023-Q1 EPS reported -$0.47 revenue$21,000

Produced 12,500 full-qual units, beating plan of 9,000; 2.8x over Q4 2022's 4,442 units.
Revenue $21,000 from 3,000 qual samples; GAAP net loss $73.6M including $29.2M stock-based comp.
Non-GAAP net loss $31.6M ($0.20 diluted EPS); adjusted EBITDA loss $28.0M.
Closed $172.5M convertible debenture post-quarter; cash $293.8M plus ~$148.4M net proceeds.
Signed non-binding LOI with YBS for Fab 2 in Malaysia; seeking at least $70M non-dilutive financing.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Enovix Corp reported the first fiscal quarter ended April 2, 2023 results: revenue $21,000, net income $73.6 million, EPS $0.20 per share.

Period: the first fiscal quarter ended April 2, 2023
Revenue: $21,000
Net income: $73.6 million
EPS: $0.20 per share
Result: reported results

Exact text from the filing

First quarter total revenue was $21,000 which consisted entirely of product revenue from shipping 3,000 new qual samples, which for the first time, fulfills our sample backlog, at least for wearables. Our non-GAAP cost of revenue of $11.3 million in Q1 2023 was up from $9.6 million in Q4 2022, while Non-GAAP Q1 2023 operating expenses of $22.8 million were down from $23.5 million in Q4 2022. Our first quarter GAAP loss of $73.6 million was driven by 1) stock-based compensation expenses of $29.2 million, up from $8.3 million in Q4 2022, due to one-time charges associated with recent management changes and 2) a $12.8 million loss from the quarterly change in the fair value of our private placement warrant liability. On a non-GAAP basis, our first quarter net loss was $31.6 million or a fully diluted loss of $0.20 per share.

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Source: SEC EDGAR

accession 0001628280-23-013227

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