Enovix cuts workforce by 185; shifts Fab1 from manufacturing to R&D; misses Q3 cell production guidance

Enovix Corp

Workforce reduction of ~185 personnel (including over 125 contractors) with restructuring charge of ~$2.5M.
Accelerated depreciation of $36M for Gen1 equipment in Q4 2023–Q1 2024; annualized savings of $22M from restructuring.
Q3 2023 small cell production cut to 24,000 units vs. guidance of 36,000; expected Q3 revenue only ~$0.2M.
Fab1 becomes 'Center for Innovation' for R&D; high-volume manufacturing to shift to Asia.
Strategy pivots from standard cells to custom cells for large customers like smartphone OEMs and U.S. Army.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Enovix Corp reported third quarter of 2023 results: revenue approximately $200,000 of total revenue.

Period: third quarter of 2023
Revenue: approximately $200,000 of total revenue
Result: preliminary results

Exact text from the filing

Enovix did produce enough custom cells in the third quarter, primarily for the U.S. Army program, that it expects to recognize approximately $200,000 of total revenue.

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Enovix Corp filing history →

Source: SEC EDGAR

accession 0001828318-23-000198

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