Enovix Corporation
(NASDAQ:ENVX)

Enovix Corporation designs, develops, and manufactures lithium-ion batteries. The company was founded in 2007 and is headquartered in Fremont, California.

Website: https://www.enovix.com

Founded: 2007

Full Time Employees: 215

Co-Founder: Harrold Rust

CEO: Raj Talluri

Sector: Industrials

Industry: Electrical Equipment & Parts

Lithium Battery

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At a glance:

Bull Thesis:

Bear Thesis:

Main Competitors:

Moat:

Income Statements:

Quarterly

Annual

Unit: USD	2026-04-05	2025-12-28	2025-09-28	2025-06-29	2025-03-30	2024-12-29	2024-09-29	2024-06-30	2024-03-31	2023-12-31	2023-10-01	2023-07-02	2023-04-02	2023-01-01	2022-10-02	2022-07-03	2022-04-03	2022-01-02	2021-10-03

revenue	7,600,000	11,265,000	7,990,000	7,468,000	5,098,000	9,717,000	4,317,000	3,768,000	5,272,000	7,381,000	200,000	42,000	21,000	1,093,000	8,000	5,101,000
yoy	49.08%	15.93%	85.08%	98.20%	-3.30%	31.65%	2058.50%	8871.43%	25004.76%	575.30%	2400.00%	-99.18%
qoq	-32.53%	40.99%	6.99%	46.49%	-47.54%	125.09%	14.57%	-28.53%	-28.57%	3590.50%	376.19%	100.00%	-98.08%	13562.50%	-99.84%
cost of revenue	6,048,000	8,764,000	6,589,000	5,526,000	4,837,000	8,665,000	4,959,000	4,423,000	7,072,000	19,769,000	16,809,000	14,235,000	12,248,000	10,356,000	6,629,000	5,739,000	515,000	-415,000	104,000
gross profit	1,552,000	2,501,000	1,401,000	1,942,000	261,000
yoy	494.64%
qoq	-37.94%	78.52%	-27.86%	644.06%
gross margin %	20.42%	22.20%	17.53%	26.00%	5.12%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	NaN%	NaN%	NaN%
operating expenses:
research and development	26,528,000	28,074,000	28,180,000	28,148,000	25,929,000	22,433,000	24,220,000	29,065,000	48,788,000	34,582,000	13,508,000	16,553,000	23,749,000	15,545,000	13,948,000	15,827,000	12,731,000	28,408,000	10,301,000
selling, general and administrative	18,919,000	18,415,000	20,194,000	17,527,000	16,892,000	13,135,000	20,744,000	20,884,000	19,548,000	17,807,000	17,245,000	16,688,000	27,274,000	15,425,000	13,110,000	11,566,000	11,869,000	25,939,000	8,791,000
total operating expenses	45,447,000	46,489,000	48,374,000	45,675,000	42,821,000	35,568,000	48,625,000	88,095,000	68,336,000	52,389,000	33,774,000	37,652,000	51,023,000	35,891,000	27,058,000	27,393,000	25,115,000	53,932,000	19,196,000
income from operations	-43,895,000	-43,988,000	-46,973,000	-43,733,000	-42,560,000	-34,516,000	-49,267,000	-88,750,000	-70,136,000	-64,777,000	-50,383,000	-51,845,000	-63,250,000	-45,154,000	-33,679,000	-28,031,000	-25,115,000	-53,932,000	-19,196,000
yoy	3.14%	27.44%	-4.66%	-50.72%	-39.32%	-46.72%	-2.22%	71.18%	10.89%	43.46%	49.60%	84.96%	151.84%	-16.28%	75.45%
qoq	-0.21%	-6.35%	7.41%	2.76%	23.31%	-29.94%	-44.49%	26.54%	8.27%	28.57%	-2.82%	-18.03%	40.08%	34.07%	20.15%	11.61%	-53.43%	180.95%
operating margin %	-577.57%	-390.48%	-587.90%	-585.61%	-834.84%	-355.21%	-1141.23%	-2355.36%	-1330.35%	-877.62%	-25191.50%	-123440.48%	-301190.48%	-4131.20%	-420987.50%	-549.52%	-Infinity%	-Infinity%	-Infinity%
other income:
change in fair value of common stock warrants	6,397,000	10,054,000	1,867,000	-5,885,000	15,796,000	-5,115,000	29,899,000	-33,660,000	21,120,000	1,035,000	31,320,000	-14,340,000
interest income	5,776,000	5,597,000	2,540,000	2,427,000	2,434,000	2,587,000	2,859,000	3,326,000	3,560,000	4,128,000	4,326,000	3,150,000	2,466,000
interest expense	-7,008,000	-6,411,000	-11,765,000	-1,705,000	-1,716,000	-1,719,000	-1,718,000	-1,691,000	-1,659,000	-1,629,000	-1,557,000	-1,270,000						-80,000	-52,000
other income	343,000	-160,000	140,000	-992,000	2,353,000	2,463,000	-2,217,000	242,000	466,000	-433,000	109,000	-1,000	21,000	-2,398,000	1,826,000	496,000	22,000	-67,000	-50,000
total other income	5,508,000	9,080,000	-7,218,000	-1,394,000	18,867,000	-1,784,000	28,823,000		23,487,000	4,106,000	34,198,000	-12,461,000	-10,353,000	33,973,000	-48,334,000	26,896,000	67,822,000	-2,679,500	8,358,000
loss before income tax benefit	-38,387,000			-45,127,000	-23,693,000	-36,300,000	-20,444,000	-120,533,000	-46,649,000
income tax benefit	-129,000			-861,000	-162,000			-4,586,000	-152,000
net income	-38,258,000	-35,041,000	-53,769,000	-44,266,000	-23,531,000	-37,452,000	-22,638,000	-115,947,000	-46,497,000	-60,038,000	-16,185,000	-64,306,000		-10,110,250	-82,013,000	-1,135,000	42,707,000	-99,566,000	-10,838,000
yoy	62.59%	-6.44%	137.52%	-61.82%	-49.39%	-37.62%	39.87%	80.31%		493.83%	-80.27%	5565.73%		-89.85%	656.72%
qoq	9.18%	-34.83%	21.47%	88.12%	-37.17%	65.44%	-80.48%	149.36%	-22.55%	270.95%	-74.83%			-87.67%	7125.81%	-102.66%	-142.89%	818.68%
net income margin %	-503.39%	-311.06%	-672.95%	-592.74%	-461.57%	-385.43%	-524.39%	-3077.15%	-881.96%	-813.41%	-8092.50%	-153109.52%	0%	-925.00%	-1025162.50%	-22.25%	Infinity%	-Infinity%	-Infinity%
net gain attributable to non-controlling interest	2,000
net loss attributable to enovix	-38,260,000	-34,990,000	-53,713,000	-44,528,000	-23,510,000	-37,465,000	-22,536,000	-115,872,000	-46,368,000
net income per share	-0.18	-0.16	-0.26	-0.22	-0.12	-0.2	-0.13	-0.67	-0.28	-0.37	-0.1	-0.41	-0.47	-0.07	-0.53	-0.01	0.28	-0.72	-0.08
weighted-average number of common shares outstanding, basic and diluted	217,371,926			204,819,119	191,304,975			172,399,172										117,218,893
restructuring cost							3,661,000	38,146,000			3,021,000
gain on bargain purchase of assets				4,761,000
loss before income tax expense		-30,752,750	-54,191,000
income tax expense		-361,250	-422,000			-636,000	2,194,000
net gain attributable to non-controlling interests		-51,000	-56,000	262,000
weighted-average number of common shares outstanding, basic		207,635,870	206,458,846			175,038,107	176,680,578		168,144,918	159,065,697	159,829,716	157,151,386	155,626,977	152,918,287	153,332,007	152,521,389	151,648,439		133,492,216
weighted-average number of common shares outstanding, diluted		207,635,870	206,811,315			175,038,107	176,872,382		168,144,918	159,575,555	161,371,417	157,151,386	155,626,977	154,149,367	153,332,007	152,521,389	153,338,462		135,052,128
net loss attributable to non-controlling interests					-21,000	13,000	-102,000	-75,000	-129,000
gross margin						1,052,000	-642,000	-655,000	-1,800,000	-12,388,000	-16,609,000	-14,193,000	-12,227,000	-9,263,000	-6,621,000	-638,000
impairment of equipment												4,411,000
total other expense								-31,783,000
change in fair value of convertible preferred stock warrants and common stock warrants													-12,840,000	31,140,000	-50,160,000	26,400,000	67,800,000	-49,385,000	8,460,000
net income and comprehensive income													-73,603,000
issuance of convertible preferred stock warrants																		-369,000
change in fair value of convertible promissory notes																		-605,500

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-04-05	2025-12-28	2025-09-28	2025-06-29	2025-03-30	2024-12-29	2024-09-29	2024-06-30	2024-03-31	2023-12-31	2023-10-01	2023-07-02	2023-04-02	2023-01-01	2022-10-02	2022-07-03	2022-04-03	2022-01-02	2021-10-03	2021-06-30	2021-03-31

assets
current assets:
cash and cash equivalents	88,751,000	106,014,000	335,502,000	135,978,000	189,874,000	272,869,000	200,912,000	235,103,000	222,150,000	233,121,000	270,817,000	343,152,000	293,751,000	322,851,000	349,007,000	384,730,000	408,178,000	385,293,000	338,746,000
short-term investments	439,985,000	406,026,000	223,316,000	67,434,000	58,281,000			14,826,000	40,243,000	73,694,000	100,522,000	66,092,000
accounts receivable	3,943,000	4,421,000	4,631,000	4,244,000	2,897,000	4,566,000	1,911,000	1,665,000	1,728,000	909,000	1,000	42,000	21,000	170,000	6,000	102,000
notes receivable		4,012,000	2,412,000	1,110,000	1,255,000	4,000		3,000	144,000	1,514,000
inventory	16,451,000	13,617,000	15,224,000	13,385,000	10,483,000	7,664,000	9,564,000	9,508,000	6,536,000	8,737,000	215,000	796,000	815,000	634,000	452,000	669,000
prepaid expenses and other current assets	9,366,000	8,120,000	7,547,000	6,189,000	7,382,000	9,903,000	11,598,000	8,844,000	7,207,000	5,202,000	4,182,000	2,932,000	5,857,000	5,193,000	4,507,000	2,026,000	2,824,000	8,274,000	3,771,000
total current assets	558,496,000	542,210,000	588,632,000	228,340,000	270,172,000	295,006,000	223,985,000	269,949,000	278,008,000	323,177,000	375,737,000	413,814,000	301,244,000	329,648,000	355,511,000	388,867,000	415,549,000	398,121,000	346,888,000	278,193	485,081
property and equipment	164,952,000	170,263,000	174,585,000	177,880,000	165,775,000	167,947,000	157,680,000	151,024,000	159,164,000	166,471,000	136,713,000	118,257,000	102,275,000	103,868,000	103,991,000	90,932,000	83,102,000	76,613,000	61,596,000
long-term investments	52,104,000	106,810,000	89,451,000
customer relationship intangibles and other intangibles	30,357,000	31,638,000	32,827,000	34,015,000	35,205,000	36,394,000	37,583,000	38,774,000	39,963,000	42,168,000
operating lease, right-of-use assets	11,613,000	11,682,000	11,774,000	12,353,000	12,921,000	13,479,000	13,810,000	14,333,000	14,851,000	15,290,000	5,912,000	6,059,000	6,205,000	6,133,000	6,270,000	6,407,000	6,535,000	6,669,000	6,796,000
goodwill	12,217,000	12,217,000	12,217,000	12,217,000	12,217,000	12,217,000	12,217,000	12,217,000	12,217,000	12,098,000
other assets, non-current	4,154,000	4,155,000	4,223,000	4,307,000	2,755,000	2,126,000	2,746,000	2,691,000	4,700,000	5,100,000	780,000	825,000	881,000	937,000	1,787,000	1,049,000	1,105,000	1,162,000	141,000
total assets	833,893,000	878,975,000	913,709,000	469,112,000	499,045,000	527,169,000	448,021,000	488,988,000	508,903,000	564,304,000	519,942,000	538,955,000	410,605,000	440,586,000	467,559,000	487,255,000	506,291,000	482,565,000	415,421,000	230,289,640	230,501,182
liabilities and equity
current liabilities:
accounts payable	14,938,000	17,818,000	21,311,000	13,906,000	20,610,000	9,492,000	15,046,000	19,431,000	19,277,000	21,251,000	18,272,000	13,341,000	4,751,000	7,077,000	6,816,000	6,133,000	1,535,000	3,144,000	1,713,000
accrued expenses	8,761,000	13,992,000	8,928,000	6,216,000	8,540,000	19,843,000	13,855,000	16,530,000	11,677,000	13,976,000	15,784,000	12,634,000	8,685,000	7,089,000	2,476,000	3,357,000	4,620,000	7,109,000	4,520,000		187,708
accrued compensation	7,631,000	6,219,000	7,214,000	8,301,000	6,481,000	8,228,000	8,038,000	8,856,000	9,281,000	10,731,000	9,126,000	10,116,000	10,400,000	8,097,000	6,169,000	6,579,000	4,850,000	4,101,000	3,107,000
short-term debt	9,436,000	9,865,000	10,151,000	10,407,000	10,367,000	9,452,000	11,555,000	10,989,000	8,488,000	5,917,000
deferred revenue	4,279,000	5,015,000	7,689,000	8,074,000	6,630,000	3,650,000	6,206,000	7,007,000	5,306,000	6,708,000		350,000	350,000	50,000	1,373,000	275,000	5,575,000	5,575,000	5,495,000
warrant liability	181,000	6,578,000	16,632,000	18,469,000	12,584,000	28,380,000	23,265,000	55,440,000	21,780,000	42,900,000	44,940,000	76,260,000	61,920,000	49,080,000	80,220,000	30,060,000	56,460,000	124,260,000	64,440,000	188,110,000	70,625,000
other liabilities	5,668,000	5,529,000	5,281,000	5,371,000	5,161,000	3,036,000	4,760,000	5,090,000	2,855,000	2,435,000	944,000	942,000	916,000	716,000	695,000	722,000	875,000	707,000	660,000
total current liabilities	50,894,000	65,016,000	60,574,000	52,275,000	57,789,000	53,701,000	59,460,000	67,903,000	56,884,000	61,018,000	44,126,000	37,383,000	25,102,000	23,029,000	17,529,000	17,066,000	17,455,000	20,636,000	15,495,000	196,790,205	78,862,708
long-term debt	520,160,000	519,271,000	518,348,000	169,441,000	169,185,000	169,820,000	168,744,000	168,500,000	168,275,000	169,099,000	167,080,000	166,805,000
operating lease liabilities, non-current	10,906,000	11,244,000	11,413,000	12,182,000	12,638,000	13,293,000	14,346,000	14,182,000	14,813,000	15,594,000	7,538,000	7,775,000	8,010,000	8,234,000	8,449,000	8,661,000	8,870,000	9,071,000	9,263,000
deferred revenue, non-current	300,000	300,000	300,000	300,000	300,000	3,774,000	3,774,000	3,774,000	3,774,000	3,774,000	3,774,000	3,424,000	3,424,000	3,724,000	2,964,000	2,590,000	2,290,000	2,290,000	2,290,000
deferred tax liability	8,889,000	9,119,000	9,325,000	9,778,000	8,751,000	8,784,000	8,178,000	6,115,000	11,259,000	10,803,000
other liabilities, non-current	14,000	14,000	14,000	15,000	14,000	14,000	12,000	11,000	13,000	13,000	9,000	24,000	38,000	92,000	114,000	138,000	162,000	191,000	227,000
total liabilities	591,163,000	604,964,000	616,606,000	262,460,000	261,261,000	277,766,000	277,779,000	315,925,000	276,798,000	303,201,000	267,467,000	291,671,000	98,494,000	84,159,000	109,276,000	58,515,000	85,237,000	156,448,000	91,715,000	196,790,205
commitments and contingencies
stockholders’ equity:
common stock, 0.0001 par value...	22,000	22,000	22,000	19,000	19,000	19,000	18,000	18,000	17,000	17,000	16,000	16,000	16,000	15,000	15,000	15,000	15,000	15,000	14,000	2,590	1,409
additional paid-in-capital	1,316,363,000	1,307,912,000	1,296,114,000	1,093,245,000	1,079,904,000	1,067,951,000	951,237,000	931,363,000	874,527,000	857,037,000	791,340,000	769,975,000	770,472,000	741,186,000	731,861,000	720,305,000	711,484,000	659,254,000	572,276,000
treasury stock	-58,385,000	-58,385,000	-58,385,000
accumulated other comprehensive loss	-1,241,000	-508,000	-658,000	-391,000	-184,000	-143,000	-42,000		-53,000	-62,000	-13,000	-24,000
accumulated deficit	-1,016,087,000	-977,827,000	-942,837,000	-889,124,000	-844,596,000	-821,086,000	-783,621,000	-761,085,000	-645,213,000	-598,845,000	-538,868,000	-522,683,000	-458,377,000	-384,774,000	-373,593,000	-291,580,000	-290,445,000	-333,152,000	-248,584,000	-171,985,670	-53,846,631
total enovix's stockholders’ equity	240,672,000	271,214,000				246,741,000	167,592,000	170,311,000	229,278,000	258,147,000
non-controlling interest	2,058,000	2,797,000	2,847,000	2,903,000	2,641,000	2,662,000	2,650,000	2,752,000	2,827,000	2,956,000
total equity	242,730,000	274,011,000	297,103,000	206,652,000	237,784,000	249,403,000	170,242,000	173,063,000	232,105,000	261,103,000
total liabilities and equity	833,893,000	878,975,000	913,709,000	469,112,000	499,045,000	527,169,000	448,021,000	488,988,000	508,903,000	564,304,000
liabilities and stockholders’ equity
warrant liability, non-current
total enovix stockholders’ equity			294,256,000	203,749,000	235,143,000
preferred stock, 0.0001 par value...
accumulated other comprehensive gain								15,000
deferred contract costs												800,000	800,000	800,000	1,539,000	1,340,000	4,547,000	4,554,000	4,371,000
deferred contract costs, non-current											800,000
total stockholders’ equity											252,475,000	247,284,000	312,111,000	356,427,000	358,283,000	428,740,000	421,054,000	326,117,000	323,706,000
total liabilities and stockholders’ equity											519,942,000	538,955,000	410,605,000	440,586,000	467,559,000	487,255,000	506,291,000
liabilities, convertible preferred stock and stockholders’ equity
deferred rent, non-current
total liabilities, convertible preferred stock and stockholders’ equity																		482,565,000	415,421,000
current assets
cash																				142,943	305,093
prepaid expenses																				135,250	179,988
cash held in trust account																				230,011,447
liabilities and stockholders' equity
current liabilities
accounts payable and accrued expenses																				630,205
deferred underwriting fee payable																				8,050,000	8,050,000
common stock subject to possible redemption; 2,849,943 shares at redemption value																				28,499,426
stockholders' equity
additional paid in capital																				176,983,089	58,845,226
total stockholders' equity																				5,000,009	5,000,004
total liabilities and stockholders' equity																				230,289,640	230,501,182
cash and securities held in trust account																					230,016,101
common stock subject to possible redemption; 14,663,874 shares at redemption value																					146,638,470

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-04-05	2025-12-28	2025-03-30	2024-12-29	2024-03-31	2023-12-31	2023-04-02	2023-01-01	2022-04-03	2022-01-01	2021-10-03	2021-06-30	2021-03-31

cash flows from operating activities:
net loss	-38,258,000	-35,041,000	-23,531,000	-37,452,000	-46,497,000	-60,038,000		-11,181,000
adjustments to reconcile net loss to net cash from operating activities
depreciation, accretion and amortization	9,370,000	8,437,000	8,448,000	7,544,000	24,974,000
stock-based compensation expense	11,765,000								5,238,000
change in fair value of common stock warrants	-6,397,000
others	-386,000	-601,000	479,000	274,000	173,000
changes in operating assets and liabilities:
accounts and notes receivables	4,359,000	-1,576,000	430,000	-2,959,000	505,000
inventory	-2,834,000	1,737,000	-2,826,000	1,900,000	2,202,000	4,091,000	-181,000	-182,000
prepaid expenses and other assets	-1,252,000	-530,000	2,440,000	1,702,000	-1,809,000	-1,172,000	364,000	-824,000	-51,000	-1,183,000
accounts payable	-3,600,000	-1,849,000	4,420,000	2,048,000	-7,281,000	1,758,000	-1,792,000	2,464,000	-959,000	2,629,000
accrued expenses and compensation	-4,058,000	4,335,000	-4,167,000	-159,000	2,845,000	-1,136,000	3,858,000	2,669,000	555,000	-626,000
deferred revenue	-736,000	-2,689,000	-457,000	-2,556,000	-1,402,000			-564,000		-6,381,000
deferred tax liability	-241,000	-170,000	-33,000	606,000	-222,000
other liabilities	-804,000	-392,000	1,672,000	-2,237,000	-172,000	189,000	-1,000	-2,000	165,000	-498,000
net cash from operating activities	-33,072,000	-26,999,000	-16,907,000	-15,958,000	-35,044,000	-27,228,000	-25,611,000	-21,837,000	-19,689,000	-48,226,000	-33,850,011	-173,704	-490,285
capital expenditures	-3,220,000	-1,007,000	-6,272,000	-16,358,000	433,000	-28,816,000	1,708,000	-4,846,000	-8,941,000	-4,703,000	0	0	0
free cash flows	-36,292,000	-28,006,000	-23,179,000	-32,316,000	-34,611,000	-56,044,000	-23,903,000	-26,683,000	-28,630,000	-52,929,000	-33,850,011	-173,704	-490,285
cash flows from investing activities:
purchase of property and equipment	-3,220,000	-1,007,000	-6,272,000	-16,358,000	-15,088,000	-28,816,000	-3,032,000	-4,846,000	-10,451,000	-4,703,000
payment for business acquisition		0
purchases of investments	-103,458,000	-214,805,000	-58,083,000	0	-17,066,000	-22,607,000
maturities of investments	125,008,000	16,747,000		0	51,260,000	50,450,000
net cash from investing activities	18,330,000	-199,065,000	-64,371,000	-16,358,000	19,106,000	-10,941,000	-3,032,000	-4,846,000	-10,451,000	-4,703,000	-31,542,846	11,554	22,292
cash flows from financing activities:
payroll tax payments for shares withheld upon vesting of rsus	-1,663,000	-1,688,000	-1,761,000	-1,478,000	-2,222,000	-943,000	-777,000
purchase of routejade shares from non-controlling interest	-740,000
repayment of debt	-55,000	-125,000		-29,000
proceeds from the exercise of stock options						2,696,000	329,000	327,000	200,000	2,216,000
payments of transaction costs related to common stock issuance			-512,000
net cash from financing activities	-2,458,000	-3,349,000	-1,491,000	106,532,000	5,430,000	2,196,000	-457,000	527,000	53,025,000	-319,166,000
effect of exchange rate changes on cash, cash equivalents and restricted cash	-147,000	-127,000	-228,000	-2,472,000	-541,000
change in cash, cash equivalents, and restricted cash	-17,347,000	-229,540,000	-82,997,000	71,744,000	-11,049,000	-35,819,000	-29,100,000	-26,156,000	22,885,000	-372,095,000
cash and cash equivalents and restricted cash, beginning of period	107,979,000	0	274,691,000	0	235,123,000	0	322,976,000	0	385,418,000	356,200,000
cash and cash equivalents and restricted cash, end of period	90,632,000	-229,540,000							408,303,000
stock-based compensation		11,394,000	12,014,000	10,207,000	12,760,000	11,620,000	29,157,000	8,250,000
gain on bargain purchase of assets		0
impairment and loss on disposal of long-lived assets				9,000
interest expense		0
routejade acquisition, net of cash and restricted cash acquired
proceeds from issuance of common stock, net of issuance costs
proceeds from exercise of common stock warrants		0						0	52,828,000
payments of issuance costs related to common stock and warrant dividends		-1,082,000
proceeds from issuance of convertible senior notes and loan borrowing		0
payments of debt issuance costs		-1,275,000				-666,000
purchase of capped calls		0				0
proceeds from issuance of common stock under employee stock purchase plan		612,000		361,000		1,181,000		788,000
proceeds from the exercise of stock options and issuance of common stock under atm, net of issuance costs		209,000	782,000
repurchase of unvested restricted common stock				0		-3,000	-9,000	-1,000	-3,000	3,000
repurchase of common stock		0
changes in fair value of common stock warrants			-15,796,000		-21,120,000
proceeds from loan borrowing					1,800,000
payment of acquisition costs			-16,000
cash and cash equivalents, and restricted cash, end of period			191,694,000	71,744,000	224,074,000	-35,819,000	293,876,000	-26,156,000		-15,895,000
proceeds from exercise of common stock warrants, net and convertible preferred stock warrants
proceeds from issuance of convertible senior notes and loans
proceeds from loan borrowing and issuance of convertible senior notes
proceeds from the exercise of stock options and issuance of common stock, net of issuance costs					5,852,000
supplemental cash flow disclosure:
cash paid for interest					23,000
cash paid for income taxes					88,000
supplemental non-cash investing and financing activities:
purchase of property and equipment included in liabilities					15,521,000		4,740,000		1,510,000
change in fair value of common stock warrants and convertible preferred stock warrants
impairment of equipment						0
proceeds from business combination and pipe financing
proceeds from issuance of convertible senior notes and secured promissory note
depreciation							3,455,000	3,037,000	314,000	6,751,000
amortization of right-of-use assets							143,000	140,000	134,000	159,000
accretion of discount on investments
amortization of debt issuance costs
accounts receivable							149,000	-164,000
deferred contract costs								739,000	8,000	5,033,000
proceeds from issuance of convertible senior notes
net income							-73,603,000		42,707,000			-118,139,039	-51,352,965
adjustments to reconcile net income to net cash from operating activities
changes in fair value of convertible preferred stock warrants and common stock warrants							12,840,000	-31,140,000	-67,800,000	-71,501,000
supplemental cash flow data
issuance of convertible preferred stock warrants
change in fair value of convertible promissory notes
loss on early debt extinguishment
payments of transaction costs related to business combination and pipe financing
proceeds from issuance of convertible preferred stock
proceeds from secured promissory notes, converted promissory notes and paycheck protection program loan
repayment of secured promissory note
proceeds from exercise of convertible preferred stock warrants
payment of debt issuance costs
net liabilities assumed from business combination
accrued transaction costs
deferred rent
proceeds from paycheck protection program loan
accrued purchase of property and equipment
conversion of promissory notes to convertible preferred stock
settlement of accrued interest expense through conversion of promissory notes to convertible preferred stock
gain on extinguishment of the paycheck protection program loan
gain on early debt extinguishment
accrued purchase of transaction costs
adjustments to reconcile net income to net cash from operating activities:
change in fair value of warrants												117,485,000	50,845,000
interest earned on marketable securities held in trust account												-6,900	-61,910
unrealized gain on marketable securities held in trust account												0	-9,455
prepaid expenses												44,738	-13,909
accounts payable and accrued expenses
cash withdrawn from trust account to pay franchise and income taxes
net change in cash												-162,150	-467,993
cash - beginning of period												0	773,086
cash - end of period												-162,150	305,093
rsvac common stock shares outstanding prior to the merger
less redemption of rsvac common stock shares
rsvac common stock shares
pipe shares issued
merger and pipe shares
legacy enovix common shares
total shares of common stock immediately after the merger
accrued expenses													102,954
cash withdrawn from trust account to pay taxes													22,292
·
common stock subject to possible redemption
numerator: earnings allocable to common stock subject to possible redemption
unrealized loss on marketable securities held in trust account
net income allocable to shares subject to possible redemption
denominator: weighted-average common stock subject to possible redemption
basic and diluted weighted-average shares outstanding
basic and diluted net income per share
non-redeemable common stock
numerator: net income minus net earnings
net income allocable to common stock subject to possible redemption
non-redeemable net income
denominator: weighted-average non-redeemable common stock

Enovix Corporation(NASDAQ:ENVX)

Enovix Corporation designs, develops, and manufactures lithium-ion batteries. The company was founded in 2007 and is headquartered in Fremont, California.

Enovix Corporation
(NASDAQ:ENVX)