---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-23-013227"
form_type: "8-K"
ticker: "ENVX"
cik: "0001828318"
company_name: "Enovix Corp"
filed_at: "2023-04-26T23:59:59+00:00"
generated_at: "2026-06-16T13:33:27.649721+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001628280-23-013227
- form_type: 8-K
- ticker: ENVX
- cik: 0001828318
- company_name: Enovix Corp
- filed_at: 2023-04-26T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1828318/000162828023013227/0001628280-23-013227-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1828318/000162828023013227/envx-20230426.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-23-013227
- JSON: https://secwatch.observer/filing/0001628280-23-013227.json
- Plain text: https://secwatch.observer/filing/0001628280-23-013227.txt

## Key facts
- Earnings Releases
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1828318/000162828023013227/0001628280-23-013227-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.