secwatch.observer — SEC 8-K summary
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Issuer:     Enovix Corp (ENVX)
CIK:        0001828318
Form:       8-K
Filed at:   2024-05-01T23:59:59+00:00
Accession:  0001828318-24-000062
Event type: earnings
Sentiment:  neutral
Materiality: 0.65
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1828318/000182831824000062/0001828318-24-000062-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1828318/000182831824000062/envx-20240501.htm
  HTML page:      https://secwatch.observer/filing/0001828318-24-000062

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer