---
schema_version: "secwatch.filing_event.v1"
accession: "0001828318-23-000198"
form_type: "8-K"
ticker: "ENVX"
cik: "0001828318"
company_name: "Enovix Corp"
filed_at: "2023-10-03T23:59:59+00:00"
generated_at: "2026-06-10T05:36:59.745151+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001828318-23-000198
- form_type: 8-K
- ticker: ENVX
- cik: 0001828318
- company_name: Enovix Corp
- filed_at: 2023-10-03T23:59:59+00:00
- event_type: other_material
- 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/1828318/000182831823000198/0001828318-23-000198-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1828318/000182831823000198/envx-20231003.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001828318-23-000198
- JSON: https://secwatch.observer/filing/0001828318-23-000198.json
- Plain text: https://secwatch.observer/filing/0001828318-23-000198.txt

## Key facts
- Earnings Releases
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1828318/000182831823000198/0001828318-23-000198-index.htm

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