Enovix Q1 revenue $5.3M beats guidance; non-GAAP gross profit positive for first time

Enovix Corp

2024-Q1 EPS reported -$0.28 revenue$5,272,000

Revenue of $5.3M (up from $21K YoY) exceeded guidance of $3.5-4.5M; non-GAAP gross profit turned positive.
GAAP EPS loss $0.28; non-GAAP EPS loss $0.31; Adjusted EBITDA loss $26.3M.
Fab2 Gen2 Agility Line FAT complete; EX-1M sampling in Q2; development deal with top-5 smartphone OEM.
Targeting >$35M annual fixed cost cut by year-end; cash $262.4M at quarter-end.
Q2 2024 guidance: revenue $3-4M, adjusted EBITDA loss $26-32M, non-GAAP EPS loss $0.22-0.28.

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 0.95

Enovix Corp reported first fiscal quarter ended March 31, 2024 results: revenue $5.3 million.

Period: first fiscal quarter ended March 31, 2024
Revenue: $5.3 million
Result: reported results

Exact text from the filing

collaborating with leading customers ahead of shipping first samples of our breakthrough EX-1M battery. Our recent highlights include: • Strong top-line growth: Revenue of $5.3 million in the first quarter of 2024, up from $21,000 in the first quarter of 2023 and above our forecast of $3.5 million to $4.5 million due to outperformance from batteries sold to IoT

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Source: SEC EDGAR

accession 0001828318-24-000062

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