Enovix signs YBS manufacturing deal for $70M funding; Q2 rev $42K, units beat plan

Enovix Corp

YBS agreement: $100M equipment investment, Enovix 30%/YBS 70% funded by OCBC; 10-year term.
Secured $70M non-dilutive funding for Fab2 in Malaysia; Gen2 Autoline samples targeted April 2024.
Q2 revenue $42K (10,000 cells); GAAP cost of revenue $14.2M, operating expenses $37.7M.
Fab1 produced 22,502 units (beat 18,000 plan); Q3 guidance ~36,000 units.
CapEx forecast lowered from $120M to $70M; cash $409.2M after $150M convertible debenture offering.

item 1.01 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 financial results for the second quarter of 2023.

Period: the second quarter of 2023
Result: reported results

Exact text from the filing

Enovix Corporation (“Enovix”) (Nasdaq: ENVX), an advanced silicon battery company, announced today financial results for the second quarter of 2023

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Enovix Corp entered into Agreement with YBS International Berhad (including its wholly owned subsidiary, Orifast Solution Sdn Bhd) valued at $100 million (effective 2023-07-26).

Action: entry
Agreement: supply
Counterparty: YBS International Berhad (including its wholly owned subsidiary, Orifast Solution Sdn Bhd)
Value: $100 million
Effective: 2023-07-26

Exact text from the filing

On July 26, 2023, Enovix Corporation and its subsidiary in Malaysia, Enovix Malaysia SDN. BHD. (together, “Enovix”) entered into a manufacturing agreement (the “Agreement”) with YBS International Berhad (“YBS”), a Malaysian corporation, including its wholly owned subsidiary, Orifast Solution Sdn Bhd.

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3 earnings releases filed in the last 30 days. Browse all earnings releases →

Enovix Corp filing history →

Source: SEC EDGAR

accession 0001828318-23-000158

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