展示99.1
Enovixは2024年第3四半期の財務結果を発表
カリフォルニア州フリーモント、2024年10月29日 -- エノビックス・コーポレーション（「エノビックス」）（ナスダック：ENVX）、世界的な高性能バッテリー会社は、2024年第3四半期の財務結果を発表しました。この中には、社長兼CEO、ラジ・タルーリ博士からの以下のサマリーが含まれています。
株主の皆さまへ
2024年第3四半期には、スケール拡大の旅路で重要な進展を遂げました。Fab2の発表は、信頼感向上に大きな後押しとなり、複数の顧客が2025年後半から製品の立ち上げを希望することを示しています。
その他の最近のハイライトには:
•売上高成長: 第三四半期の売上高は$430万であり、当初のガイダンスの中間点を上回り、第二四半期の$380万から増加しました。
•製造業: 会社はマレーシアにFab2を正式にオープンし、数週間でバッテリーセルを顧客に出荷を開始しました。
•商品化： 大手のスマートフォン OEM 私たちのバッテリー製品の開発契約を締結し、2025年後半に量産開始を予定しています。
•コスト削減: 新たなマレーシア拠点を活用して現金消費をさらに削減し、2026年までの資金調達を確保する予定です。
私たちは、ターゲット市場全体で需要が増加していることを受け、実行に焦点を当てています。昨年初めに確立した戦略は、スマートフォンやAR / VRヘッドセットなどの大規模で高付加価値なセグメントを優先し、より高いエネルギー密度の必要性がプレミアムを占める領域です。このアプローチは先見の明があり、最近の人工知能搭載スマートフォンの急増は、当社の戦略をさらに裏付け、当社の製品に対する大きな引き寄せを促しています。当社の市場参入戦略が、急速に利益を上げる道筋を作り、革新において競争力を維持する位置にEnovixを確信しています。
最近のスマートフォンの発売の分析によると、従来のバッテリーには深刻な不足があります。2024年に発売されたフラッグシップデバイスのエネルギー密度の向上は停滞しており、年間わずか1%しか増加していません。この軌道では、特に人工知能によって動作する現代のデバイスのエネルギー需要の急増を満たすには不十分だと考えています。
逆に、当社のバッテリーテクノロジーのロードマップはエネルギー密度において世代を超えた飛躍を提供しています。マレーシアのファブが本格的な生産に向けて準備を進めている今、我々はこの革新的なテクノロジーを事業化し、業種の緊急なニーズに応えるために全力で取り組んでいます。迅速な実行に焦点を当てることで、お客様と消費者の双方に実質的な利益を提供し、次世代のバッテリーソリューションのリーダーとしての地位を確立します。
ビジネスアップデート
製造業。 マレーシアにおいてFab2を正式にオープンし、いくつかの主要スマートフォンOEM企業を含む関係者と共に、リャンプの品質とスピード、自動化レベルに関して明確に好意的なフィードバックを受けました。合計11社の顧客が新しい施設を検査しました。アジリティラインは最終的にカリフォルニアの最初の製造ラインで達成した最終水準と同等の初期出荷量を備えた、期待通りに完全に稼働しています。当社の計画と一致して、第3四半期にお客様にEX-100万セルの出荷を開始し、お客様の適合性および量産計画をサポートしています。2024年第4四半期に、大量生産ラインのサイト受入テスト（SAT）を完了する予定です。
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商業化。 私たちのビジネスチームは、複数の急成長市場で需要を確保し、収益性に向けて大きな進展を遂げました。喜んでお知らせいたしますが、第2位のスマートフォンOEmと戦略的なパートナーシップを締結しました。この契約には主要なマイルストーンが明記されており、これらを達成すれば、2025年後半にFab2施設からの高い出来高生産でスマートフォン市場に参入する体制が整います。これは、スケール拡大に向けた私たちの旅路で大きな前進となります。
同時に、トップのiot顧客との生産スケジュールを調整し、2025年にも予定されている大量生産の注文を含んでいます。このパートナーシップは、スマートフォン以外の高付加価値セクターに多様化する能力を強調しています。さらに、戦略的iot顧客と協力して、高成長の機会を開拓し、トップ・オブ・ザ・ファネルの勢いを加速させるために、当社はパイプラインを積極的に拡大しています。
EV空間では、世界最大の自動車OEMメーカーの2つとカスタマイズ製品を開発する戦略を進めています。第4四半期には、EV市場の主要自動車メーカーとの合意に基づく最初のマイルストーンを達成することを期待しており、EV市場への参入と成長に向けた取り組みの重要なマイルストーンです。将来に目を向けると、2025年にこれらの関係を拡大し、テクノロジーの長期的なスケーラビリティに合致する、キャピタル効率の良いライセンスベースのビジネスモデルを活用してEV空間で事業を展開しています。
製品：製品開発チームは、2025年に向けてEX-100万の量産を進めており、当社の画期的なアクティブシリコンテクノロジーの能力を強調します。 Q3では、UN38.3認証を成功裏に取得し、市場参入の重要なマイルストーンを達成し、製品の安全性を強力に裏付けました。
さらに、私たちはQ4に一部の選定顧客にEX-200万をサンプリングする予定です。現在、サンプルを作成中で、製品の先進的な電気化学を特定しました。これらの初期サンプルは、大規模生産に向けたスケジュールを加速する上で重要です。最後に、EX-300万の包括的な製品定義に進展があり、革新の限界を広げ、幅広い業種の顧客に業界をリードするソリューションを提供するという当社のコミットメントを再確認しました。
財務情報： 2024年第3四半期の売上高は430万ドルで、私たちの範囲内である上位に位置し、2024年の第3四半期の380万ドルから増加しました。 注意が必要です:もしあなたがボーイングを運営するシリアル製造エースではないCEOを選ばない場合、必ずしも必要ではありません。 2024年の第4四半期から2024年の第4四半期へ。
2024年第3四半期の売上高に対する弊社のGAAP原価は500万ドルであり、売上高に対する割合としては前期比わずかに低下し、同様の総収益水準につながりました。
2024年第3四半期の当社のGAAP営業費用は、$4,860万であり、前四半期の$8,810万から低下しました。, 主に前四半期に集中し、当社は製造業務をアメリカからマレーシアにシフトしたことによる、低いリストラコストの影響で、2024年第3四半期の当社の非GAAP営業費用は$2,720万であり、下落しました。 12% 2024年第3四半期の当社の非GAAP営業費用は、$3,090万から減少しました。
2024年第3四半期における当社のエノビックスに帰するGAAP純損失は、再編成費用の減少により、2024年第2四半期の11590万ドルから2250万ドル減少しました。. 2024年第3四半期における当社のエノビックスに帰するGAAP純損失には、当四半期に普通株式の warrants の公正価値が減少したことによる2990万ドルの収益も含まれていました。
2024年第3四半期の調整後EBITDAは、2024年第2四半期の調整後EBITDAの損失$2310万に比べて、$2160万の損失でした。
2024年第3四半期の1株当たりの損失は、米国会計基準（GAAP）で$0.30、非GAAPベースでは$0.17であり、第2四半期の1株当たりの損失は、GAAPベースで$0.67、非GAAPベースでは$0.14と比較しています。
2024年の第3四半期を終えた時点で、現金、現金同等物、及び新規売40億9000万ドルがあり、四半期中の営業活動による現金使用が30億7000万ドル、資本的支出が19億5000万ドルでした。
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GAAPと非GAAPの結果の完全な調整は、レポートの後半で確認できます。
展望
のために 四番目 2024年の四半期には、売上高が800万ドルから1000万ドルの間になり、GAAP EPSは0.23ドルから0.29ドルの損失、調整後EBITDAは1900万ドルから2500万ドルの損失、非GAAP EPSは0.15ドルから0.21ドルの損失を見込んでいます。
概要
第三四半期の成果に非常に満足しています。Fab2は現在稼働しており、顧客にサンプルを出荷しています。主要なスマートフォンOEMから2025年の発売コミットメントを確保しました。また、EX-200万とそれ以降の製品ロードマップにおいても進展を遂げました。2024年の残りの月における主要な目標は、高出来高ラインのSATを完成させ、EX-200万のサンプルを出荷することです。
カンファレンスコール情報
エノビックスは、2024年10月29日、午後2時（太平洋時間）/ 午後5時（東部標準時間）にビデオコールを開催し、会社のビジネスの最新情報と財務結果について議論します。コールに参加するには、参加者は次のリンクを使用して登録する必要があります： https://enovix-q3-2024.open-exchange.net/registrationこのリンクは、エノビックスのウェブサイトの投資家関係セクションでも利用可能です https://ir.enovix.comコールのアーカイブ版は、エノビックスのウェブサイトで1年間利用可能です：https:////ir.enovix.com.
エノヴィックスについて
Enovixは、テクノロジー製品の真の可能性を引き出す高性能バッテリーを提供する使命を持っています。IoT、モバイル、コンピューティングデバイスから、あなたが運転する車両に至るまで、すべてがより良いバッテリーを必要としています。Enovixは、世界中のOEMと提携し、ユーザー体験の新しい時代を迎え入れています。安全性を損なうことなくより高性能なバッテリーを構築するための革新的で素材に依存しないアプローチにより、柔軟性を保ち、バッテリーテクノロジーの革新の最前線にあります。
エノヴィックスはシリコンバレーに本社を置き、インド、韓国、マレーシアに施設があります。 詳細についてはwww.enovix.comを訪問し、私たちをフォローしてください LinkedIn.
非GAAP財務指標
EBITDA、調整後EBITDA、その他の非GAAP指標は、私たちの業績を評価するための補足的な財務指標として意図されており、投資家が継続的な運営結果やトレンドを評価し、私たちの財務指標を類似企業と比較する際に使用する追加のツールを提供します。
ただし、その他の企業は類似の非GAAP指標を異なる方法で計算する可能性があることを認識しておく必要があります。非GAAP財務指標には限界があり、GAAPに基づいて求められる特定の費用を除外しているため、調整は経営陣の判断を反映していることになります。各非GAAP財務指標を最も直接的に比較可能なGAAP財務指標に調整したものは、この株主レターの最後の表に記載されています。
While Enovix provides fourth quarter 2024 guidance for adjusted EBITDA loss and non-GAAP EPS loss, we are unable to provide without unreasonable effort a GAAP to non-GAAP reconciliation of these projected non-GAAP measures. Such qualitative reconciliation to the corresponding GAAP financial measure cannot be provided without unreasonable effort because of the inherent difficulty in accurately forecasting the occurrence and financial impact of the various adjustments that have not yet occurred, are out of our control, or cannot be reasonably predicted, including but not limited to warrant liabilities and stock-based compensation. For the same reasons, we are unable to assess the probable significance of the unavailable information, which could have a material impact on our future GAAP financial results.
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Forward-Looking Statements
This letter to shareholders contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or our future financial or operating performance and can be identified by words such as anticipate, believe, continue, could, estimate, expect, intend, may, might, plan, possible, potential, predict, project, should, would and similar expressions that convey uncertainty about future events or outcomes. Forward-looking statements in this letter to shareholders include, without limitation, our expectations regarding, and our ability to respond to, market and customer demand; our expectations regarding the level of customers’ interest in our batteries, the demand for more energy dense batteries and the suitability of our products to address this demand, and the impact of artificial intelligence (“AI”) features on the foregoing; our financial and business performance; projected improvements in our manufacturing and commercialization and R&D activities at Fab2, including the ability of the sales team to support the path to profitability by attracting demand across high-growth markets ; our achievement of the milestones under our strategic partnership with a second leading smartphone OEM and our ability to enter into the smartphone market in 2025 with high-volume production from our Fab2 facility; our expectations regarding EX-1M production and mass production purchase order with a leading IoT customer in 2025, completion of site acceptance testing for our High-Volume Line, and the shipment of EX-2M samples in Q4; our ability to meet goals for yield and throughput; our expectations regarding Fab2 in and its capacity to support multiple customer qualifications; the anticipated contributions of our R&D teams to support product innovation; our revenue funnel; our efforts in the portable electronics and EV markets, including the IoT, smartphone and virtual reality categories; our ability to meet milestones and deliver on our objectives and expectations, including achieving certain safety certifications for our products and our ability sample batteries from our Agility Line to customers; the implementation and expected success of our business model and growth strategy, including our focus on the addressable market categories in which we believe an improved battery drives a high value to the product and premium pricing for our solutions; our ability to manage our expenses and realize our annual cost savings goals; our ability to manage and achieve the benefits of our restructuring efforts; and forecasts of our financial and performance metrics.
Actual results could differ materially from these forward-looking statements as a result of certain risks and uncertainties, including, without limitation, our ability to improve energy density among our products, establish sufficient manufacturing operations and optimize manufacturing processes to meet demand, source materials and establish supply relationships, and secure adequate funds to execute on our operational and strategic goals; the safety hazards associated with our batteries and the manufacturing process; a concentration of customers in the military market; certain unfavorable terms in our commercial agreements that may limit our ability to market our products; market acceptance of our products; changes in consumer preferences or demands; changes in industry standards; the impact of technological development and competition; and global economic conditions, including inflationary and supply chain pressures, and political, social, and economic instability, including as a result of armed conflict, war or threat of war, or trade and other international disputes that could disrupt supply or delivery of, or demand for, our products.
For additional information on these risks and uncertainties and other potential factors that could cause actual results to differ from the results predicted, please refer to our filings with the Securities and Exchange Commission (“SEC”), including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our annual report on Form 10-K and quarterly reports on Form 10-Q and other documents that we have filed, or will file, with the SEC. Any forward-looking statements in this letter to shareholders speak only as of the date on which they are made. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
For media and investor inquiries, please contact:
Enovix Corporation
Robert Lahey
Email: ir@enovix.com
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Enovix Corporation
Condensed Consolidated Balance Sheets
(Unaudited)
(In Thousands, Except Share and per Share Amounts)
| September 29, 2024 | December 31, 2023 | ||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 200,912 | $ | 233,121 | |||||||
| Short-term investments | — | 73,694 | |||||||||
| Accounts receivable, net | 1,911 | 909 | |||||||||
| Notes receivable, net | — | 1,514 | |||||||||
| Inventory | 9,564 | 8,737 | |||||||||
| Prepaid expenses and other current assets | 11,598 | 5,202 | |||||||||
| Total current assets | 223,985 | 323,177 | |||||||||
| Property and equipment, net | 157,680 | 166,471 | |||||||||
| Customer relationship intangibles and other intangibles, net | 37,583 | 42,168 | |||||||||
| Operating lease, right-of-use assets | 13,810 | 15,290 | |||||||||
| Goodwill | 12,217 | 12,098 | |||||||||
| Other assets, non-current | 2,746 | 5,100 | |||||||||
| Total assets | $ | 448,021 | $ | 564,304 | |||||||
| Liabilities and Stockholders’ Equity | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 15,046 | $ | 21,251 | |||||||
| Accrued expenses | 13,855 | 13,976 | |||||||||
| Accrued compensation | 8,038 | 10,731 | |||||||||
| Short-term debt | 11,555 | 5,917 | |||||||||
| Deferred revenue | 6,206 | 6,708 | |||||||||
| Other liabilities | 4,760 | 2,435 | |||||||||
| Total current liabilities | 59,460 | 61,018 | |||||||||
| Long-term debt, net | 168,744 | 169,099 | |||||||||
| Warrant liability | 23,265 | 42,900 | |||||||||
| Operating lease liabilities, non-current | 14,346 | 15,594 | |||||||||
| Deferred revenue, non-current | 3,774 | 3,774 | |||||||||
| Deferred tax liability | 8,178 | 10,803 | |||||||||
| Other liabilities, non-current | 12 | 13 | |||||||||
| Total liabilities | 277,779 | 303,201 | |||||||||
| Commitments and Contingencies | |||||||||||
| Stockholders’ equity: | |||||||||||
| Common stock, $0.0001 par value; authorized shares of 1,000,000,000; issued and outstanding shares of $177,591,877 and $167,392,315 as of September 29, 2024 and December 31, 2023, respectively | 18 | 17 | |||||||||
| Additional paid-in-capital | 951,237 | 857,037 | |||||||||
| Accumulated other comprehensive loss | (42) | (62) | |||||||||
| Accumulated deficit | (783,621) | (598,845) | |||||||||
| Total Enovix's stockholders’ equity | 167,592 | 258,147 | |||||||||
| Non-controlling interest | 2,650 | 2,956 | |||||||||
| Total equity | 170,242 | 261,103 | |||||||||
| Total liabilities and equity | $ | 448,021 | $ | 564,304 | |||||||
Enovix Corporation
Condensed Consolidated Statements of Operations
(Unaudited)
(In Thousands, Except Share and per Share Amounts)
| Quarters Ended | Fiscal Years-to-Date Ended | ||||||||||||||||||||||
| September 29, 2024 | October 1, 2023 | September 29, 2024 | October 1, 2023 | ||||||||||||||||||||
| Revenue | $ | 4,317 | $ | 200 | $ | 13,357 | $ | 263 | |||||||||||||||
| Cost of revenue | 4,959 | 16,809 | 16,454 | 43,292 | |||||||||||||||||||
| Gross margin | (642) | (16,609) | (3,097) | (43,029) | |||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
| Research and development | 24,220 | 13,508 | 102,073 | 53,810 | |||||||||||||||||||
| Selling, general and administrative | 20,744 | 17,245 | 61,176 | 61,207 | |||||||||||||||||||
| Impairment of equipment | — | — | — | 4,411 | |||||||||||||||||||
| Restructuring cost | 3,661 | 3,021 | 41,807 | 3,021 | |||||||||||||||||||
| Total operating expenses | 48,625 | 33,774 | 205,056 | 122,449 | |||||||||||||||||||
| Loss from operations | (49,267) | (50,383) | (208,153) | (165,478) | |||||||||||||||||||
| Other income (expense): | |||||||||||||||||||||||
| Change in fair value of common stock warrants | 29,899 | 31,320 | 17,359 | 4,140 | |||||||||||||||||||
| Interest income | 2,859 | 4,326 | 9,745 | 9,942 | |||||||||||||||||||
| Interest expense | (1,718) | (1,557) | (5,068) | (2,827) | |||||||||||||||||||
| Other income (loss), net | (2,217) | 109 | (1,509) | 129 | |||||||||||||||||||
| Total other income, net | 28,823 | 34,198 | 20,527 | 11,384 | |||||||||||||||||||
| Loss before income tax benefit | (20,444) | (16,185) | (187,626) | (154,094) | |||||||||||||||||||
| Income tax expense (benefit) | 2,194 | — | (2,544) | — | |||||||||||||||||||
| Net loss | (22,638) | (16,185) | (185,082) | (154,094) | |||||||||||||||||||
| Net loss attributable to non-controlling interests | (102) | — | (306) | — | |||||||||||||||||||
| Net loss attributable to Enovix | $ | (22,536) | $ | (16,185) | $ | (184,776) | $ | (154,094) | |||||||||||||||
| Net loss per share attributable to Enovix shareholders, basic | $ | (0.13) | $ | (0.10) | $ | (1.07) | $ | (0.98) | |||||||||||||||
| Weighted average number of common shares outstanding, basic | 176,680,578 | 159,829,716 | 172,393,869 | 157,559,138 | |||||||||||||||||||
| Net loss per share attributable to Enovix shareholders, diluted | $ | (0.30) | $ | (0.29) | $ | (1.07) | $ | (1.00) | |||||||||||||||
| Weighted average number of common shares outstanding, diluted | 176,872,382 | 161,371,417 | 172,393,869 | 158,260,393 | |||||||||||||||||||
Enovix Corporation
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In Thousands)
| Fiscal Years-to-Date Ended | |||||||||||
| September 29, 2024 | October 1, 2023 | ||||||||||
| Cash flows used in operating activities: | |||||||||||
| Net loss | $ | (185,082) | $ | (154,094) | |||||||
| Adjustments to reconcile net loss to net cash used in operating activities | |||||||||||
| Depreciation, accretion and amortization | 37,417 | 10,000 | |||||||||
| Stock-based compensation | 48,630 | 57,832 | |||||||||
| Changes in fair value of common stock warrants | (17,359) | (4,140) | |||||||||
| Impairment and loss on disposals of long-lived assets | 38,249 | 4,411 | |||||||||
| Others | 174 | — | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Accounts and notes receivables | 494 | 169 | |||||||||
| Inventory | (827) | 418 | |||||||||
| Prepaid expenses and other assets | (3,913) | 546 | |||||||||
| Accounts payable | (10,018) | 4,338 | |||||||||
| Accrued expenses and compensation | 3,175 | 3,113 | |||||||||
| Deferred revenue | (502) | — | |||||||||
| Deferred tax liability | (3,303) | — | |||||||||
| Other liabilities | 190 | (1) | |||||||||
| Net cash used in operating activities | (92,675) | (77,408) | |||||||||
| Cash flows from investing activities: | |||||||||||
| Purchase of property and equipment | (59,830) | (32,979) | |||||||||
| Purchases of investments | (31,812) | (115,736) | |||||||||
| Maturities of investments | 106,621 | 16,700 | |||||||||
| Net cash provided by (used in) investing activities | 14,979 | (132,015) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Proceeds from issuance of Convertible Senior Notes and loans | 4,572 | 172,500 | |||||||||
| Repayment of debt | (180) | — | |||||||||
| Payments of debt issuance costs | — | (5,251) | |||||||||
| Purchase of Capped Calls | — | (17,250) | |||||||||
| Payroll tax payments for shares withheld upon vesting of RSUs | (5,601) | (2,988) | |||||||||
| Proceeds from the exercise of stock options and issuance of common stock, net of issuance costs | 44,285 | 9,232 | |||||||||
| Proceeds from issuance of common stock under employee stock purchase plan | 1,145 | 1,169 | |||||||||
| Repurchase of unvested restricted common stock | (4) | (23) | |||||||||
| Net cash provided by financing activities | 44,217 | 157,389 | |||||||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 1,303 | — | |||||||||
| Change in cash, cash equivalents, and restricted cash | (32,176) | (52,034) | |||||||||
| Cash and cash equivalents and restricted cash, beginning of period | 235,123 | 322,976 | |||||||||
| Cash and cash equivalents, and restricted cash, end of period | $ | 202,947 | $ | 270,942 | |||||||
Net Loss Attributable to Enovix to Adjusted EBITDA Reconciliation
While we prepare our consolidated financial statements in accordance with GAAP, we also utilize and present certain financial measures that are not based on GAAP. We refer to these financial measures as “non-GAAP” financial measures. In addition to our financial results determined in accordance with GAAP, we believe that EBITDA and Adjusted EBITDA are useful measures in evaluating its financial and operational performance distinct and apart from financing costs, certain non-cash expenses and non-operational expenses.
These non-GAAP financial measures should be considered in addition to results prepared in accordance with GAAP but should not be considered a substitute for or superior to GAAP. We endeavor to compensate for the limitation of the non-GAAP financial measures presented by also providing the most directly comparable GAAP measures.
We use non-GAAP financial information to evaluate our ongoing operations and for internal planning, budgeting and forecasting purposes. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors in assessing its operating performance and comparing its performance with competitors and other comparable companies. You should review the reconciliations below but not rely on any single financial measure to evaluate our business.
“EBITDA” is defined as earnings (net loss) attributable to Enovix adjusted for interest expense, income tax benefit, depreciation and amortization expense. “Adjusted EBITDA” includes additional adjustments to EBITDA such as stock-based compensation expense, change in fair value of common stock warrants, inventory step-up, impairment of equipment and other special items as determined by management which it does not believe to be indicative of its underlying business trends.
Below is a reconciliation of net loss attributable to Enovix on a GAAP basis to the non-GAAP EBITDA and Adjusted EBITDA financial measures for the periods presented below (in thousands):
| Quarters Ended | Fiscal Years-to-Date Ended | ||||||||||||||||||||||
| September 29, 2024 | October 1, 2023 | September 29, 2024 | October 1, 2023 | ||||||||||||||||||||
| Net loss attributable to Enovix | $ | (22,536) | $ | (16,185) | $ | (184,776) | $ | (154,094) | |||||||||||||||
| Interest expense | 1,718 | 1,557 | 5,068 | 2,827 | |||||||||||||||||||
| Income tax expense (benefit) | 2,194 | — | (2,544) | — | |||||||||||||||||||
| Depreciation and amortization | 6,500 | 2,900 | 37,417 | 10,000 | |||||||||||||||||||
| EBITDA | (12,124) | (11,728) | (144,835) | (141,267) | |||||||||||||||||||
Stock-based compensation expense (1) | 16,722 | 13,274 | 47,414 | 57,473 | |||||||||||||||||||
| Change in fair value of common stock warrants | (29,899) | (31,320) | (17,359) | (4,140) | |||||||||||||||||||
| Inventory step-up | — | — | 1,907 | — | |||||||||||||||||||
| Impairment of equipment | — | — | — | 4,411 | |||||||||||||||||||
Restructuring cost (1) | 3,661 | 3,021 | 41,807 | 3,021 | |||||||||||||||||||
| Acquisition cost | — | 1,115 | — | 1,115 | |||||||||||||||||||
| Adjusted EBITDA | $ | (21,640) | $ | (25,638) | $ | (71,066) | $ | (79,387) | |||||||||||||||
(1) $0.1 million and $1.2 million of stock-based compensation expense are included in the restructuring cost line of the table above for the quarter and fiscal year-to-date ended September 29, 2024, respectively. $0.4 million of stock-based compensation expense is included in the restructuring cost line of the table above for the quarter and fiscal year-to-date ended October 1, 2023.
Free Cash Flow Reconciliation
We define “Free Cash Flow” as (i) net cash from operating activities less (ii) capital expenditures, net of proceeds from disposals of property and equipment, all of which are derived from our Consolidated Statements of Cash Flow. The presentation of non-GAAP Free Cash Flow is not intended as an alternative measure of cash flows from operations, as determined in accordance with GAAP. We believe that this financial measure is useful to investors because it provides investors to view our performance using the same tool that we use to gauge our progress in achieving our goals and it is an indication of cash flow that may be available to fund investments in future growth initiatives. Below is a reconciliation of net cash used in operating activities to the Free Cash Flow financial measures for the periods presented below (in thousands):
| Fiscal Years-to-Date Ended | |||||||||||
| September 29, 2024 | October 1, 2023 | ||||||||||
| Net cash used in operating activities | $ | (92,675) | $ | (77,408) | |||||||
| Capital expenditures | (59,830) | (32,979) | |||||||||
| Free Cash Flow | $ | (152,505) | $ | (110,387) | |||||||
Other Non-GAAP Financial Measures Reconciliation
(In Thousands, Except Share and per Share Amounts)
| Quarters Ended | Fiscal Years-to-Date Ended | |||||||||||||||||||||||||
| September 29, 2024 | October 1, 2023 | September 29, 2024 | October 1, 2023 | |||||||||||||||||||||||
| Revenue | $ | 4,317 | $ | 200 | $ | 13,357 | $ | 263 | ||||||||||||||||||
| GAAP cost of revenue | $ | 4,959 | $ | 16,809 | $ | 16,454 | $ | 43,292 | ||||||||||||||||||
| Stock-based compensation expense | (101) | (2,396) | (196) | (5,001) | ||||||||||||||||||||||
| Inventory step-up | — | — | (1,907) | — | ||||||||||||||||||||||
| Non-GAAP cost of revenue | $ | 4,858 | $ | 14,413 | $ | 14,351 | $ | 38,291 | ||||||||||||||||||
| GAAP gross margin | $ | (642) | $ | (16,609) | $ | (3,097) | $ | (43,029) | ||||||||||||||||||
| Stock-based compensation expense | 101 | 2,396 | 196 | 5,001 | ||||||||||||||||||||||
| Inventory step-up | — | — | 1,907 | — | ||||||||||||||||||||||
| Non-GAAP gross margin | $ | (541) | $ | (14,213) | $ | (994) | $ | (38,028) | ||||||||||||||||||
| GAAP research and development (R&D) expense | $ | 24,220 | $ | 13,508 | $ | 102,073 | $ | 53,810 | ||||||||||||||||||
| Stock-based compensation expense | (5,914) | (4,949) | (19,771) | (22,072) | ||||||||||||||||||||||
| Amortization of intangible assets | (417) | — | (1,248) | — | ||||||||||||||||||||||
| Non-GAAP R&D expense | $ | 17,889 | $ | 8,559 | $ | 81,054 | $ | 31,738 | ||||||||||||||||||
| GAAP selling, general and administrative (SG&A) expense | $ | 20,744 | $ | 17,245 | $ | 61,176 | $ | 61,207 | ||||||||||||||||||
| Stock-based compensation expense | (10,707) | (5,929) | (27,447) | (30,400) | ||||||||||||||||||||||
| Amortization of intangible assets | (774) | — | (2,304) | — | ||||||||||||||||||||||
| Acquisition cost | — | (1,115) | — | (1,115) | ||||||||||||||||||||||
| Non-GAAP SG&A expense | $ | 9,263 | $ | 10,201 | $ | 31,425 | $ | 29,692 | ||||||||||||||||||
| GAAP operating expenses | $ | 48,625 | $ | 33,774 | $ | 205,056 | $ | 122,449 | ||||||||||||||||||
| Stock-based compensation expense included in R&D expense | (5,914) | (4,949) | (19,771) | (22,072) | ||||||||||||||||||||||
| Stock-based compensation expense included in SG&A expense | (10,707) | (5,929) | (27,447) | (30,400) | ||||||||||||||||||||||
| Amortization of intangible assets | (1,191) | — | (3,552) | — | ||||||||||||||||||||||
| Impairment of equipment | — | — | — | (4,411) | ||||||||||||||||||||||
Restructuring cost (1) | (3,661) | (3,021) | (41,807) | (3,021) | ||||||||||||||||||||||
| Acquisition cost | — | (1,115) | — | (1,115) | ||||||||||||||||||||||
| Non-GAAP operating expenses | $ | 27,152 | $ | 18,760 | $ | 112,479 | $ | 61,430 | ||||||||||||||||||
(1) $0.1 million and $1.2 million of stock-based compensation expense is included in the restructuring cost line of the table above for the quarter and fiscal year-to-date ended September 29, 2024, respectively. $0.4 million of stock-based compensation expense is included in the restructuring cost line of the table above for the quarter and fiscal year-to-date ended October 1, 2023.
| Quarters Ended | Fiscal Years-to-Date Ended | |||||||||||||||||||||||||
| September 29, 2024 | October 1, 2023 | September 29, 2024 | October 1, 2023 | |||||||||||||||||||||||
| GAAP loss from operations | $ | (49,267) | $ | (50,383) | $ | (208,153) | $ | (165,478) | ||||||||||||||||||
Stock-based compensation expense (1) | 16,722 | 13,274 | 47,414 | 57,473 | ||||||||||||||||||||||
| Amortization of intangible assets | 1,191 | — | 3,552 | — | ||||||||||||||||||||||
| Inventory step-up | — | — | 1,907 | — | ||||||||||||||||||||||
| Impairment of equipment | — | — | — | 4,411 | ||||||||||||||||||||||
Restructuring cost (1) | 3,661 | 3,021 | 41,807 | 3,021 | ||||||||||||||||||||||
| Acquisition cost | — | 1,115 | — | 1,115 | ||||||||||||||||||||||
| Non-GAAP loss from operations | $ | (27,693) | $ | (32,973) | $ | (113,473) | $ | (99,458) | ||||||||||||||||||
| GAAP net loss attributable to Enovix | $ | (22,536) | $ | (16,185) | $ | (184,776) | $ | (154,094) | ||||||||||||||||||
Stock-based compensation expense (1) | 16,722 | 13,274 | 47,414 | 57,473 | ||||||||||||||||||||||
| Change in fair value of common stock warrants | (29,899) | (31,320) | (17,359) | (4,140) | ||||||||||||||||||||||
| Inventory step-up | — | — | 1,907 | — | ||||||||||||||||||||||
| Amortization of intangible assets | 1,191 | — | 3,552 | — | ||||||||||||||||||||||
| Impairment of equipment | — | — | — | 4,411 | ||||||||||||||||||||||
Restructuring cost (1) | 3,661 | 3,021 | 41,807 | 3,021 | ||||||||||||||||||||||
| Acquisition cost | — | 1,115 | — | 1,115 | ||||||||||||||||||||||
| Non-GAAP net loss attributable to Enovix shareholders | $ | (30,861) | $ | (30,095) | $ | (107,455) | $ | (92,214) | ||||||||||||||||||
| GAAP net loss per share attributable to Enovix, basic | $ | (0.13) | $ | (0.10) | $ | (1.07) | $ | (0.98) | ||||||||||||||||||
| GAAP weighted average number of common shares outstanding, basic | 176,680,578 | 159,829,716 | 172,393,869 | 157,559,138 | ||||||||||||||||||||||
| GAAP net loss per share attributable to Enovix, diluted | $ | (0.30) | $ | (0.29) | $ | (1.07) | $ | (1.00) | ||||||||||||||||||
| GAAP weighted average number of common shares outstanding, diluted | 176,872,382 | 161,371,417 | 172,393,869 | 158,260,393 | ||||||||||||||||||||||
| Non-GAAP net loss per share attributable to Enovix, basic | $ | (0.17) | $ | (0.19) | $ | (0.62) | $ | (0.59) | ||||||||||||||||||
| GAAP weighted average number of common shares outstanding, basic | 176,680,578 | 159,829,716 | 172,393,869 | 157,559,138 | ||||||||||||||||||||||
| Non-GAAP net loss per share attributable to Enovix, diluted | $ | (0.17) | $ | (0.19) | $ | (0.62) | $ | (0.58) | ||||||||||||||||||
| GAAP weighted average number of common shares outstanding, diluted | 176,872,382 | 161,371,417 | 172,393,869 | 158,260,393 | ||||||||||||||||||||||
(1) $0.1 million and $1.2 million of stock-based compensation expense is included in the restructuring cost line of the table above for the quarter and fiscal year-to-date ended September 29, 2024, respectively. $0.4 million of stock-based compensation expense is included in the restructuring cost line of the table above for the quarter and fiscal year-to-date ended October 1, 2023.