Enovix Announces First Quarter 2022 Financial Results

Rhea-AI Summary

Enovix Corporation (Nasdaq: ENVX) released its quarterly shareholder letter for Q1 2022, detailing advancements in technology, production, and commercial progress. The company announced the initiation of commercial production from Fab-1 and introduced BrakeFlow™ technology, enhancing lithium-ion battery safety. An initial order from a major consumer electronics company was confirmed, alongside plans for equipment procurement for the Gen2 production line at Fab-2. A conference call to discuss further developments is scheduled for today.

Positive

• Moved towards commercial production from Fab-1.
• Introduced BrakeFlow™ technology enhancing lithium-ion battery safety.
• Secured an initial order from a leading consumer electronics company.
• Started ordering equipment for the Gen2 production line at Fab-2.

Negative

• None.

FREMONT, Calif., May 11, 2022 (GLOBE NEWSWIRE) -- Enovix Corporation (“Enovix”) (Nasdaq: ENVX), the leader in the design and manufacture of next generation 3D Silicon™ Lithium-ion batteries, today posted to its website at https://ir.enovix.com a quarterly shareholder letter containing the financial results for the first quarter of 2022, ending April 3, 2022, and a new investor presentation.

The shareholder letter and investor presentation provide business updates that detail progress made in the quarter along several key areas including technology, production, and commercialization.

“In the first quarter, we moved toward commercial production out of Fab-1 and announced our latest advancement, BrakeFlow™ technology, which ushers in a new level of safety in lithium-ion batteries,” said Harrold Rust, President, Chief Executive Officer and Co-Founder of Enovix. “We also recently announced an initial order from one of the world’s largest consumer electronics companies, and have begun ordering equipment for our Gen2 production line for Fab-2.”

Enovix will hold a conference call at 2:00 PM PT / 5:00 PM ET today, May 11, 2022, to discuss the company’s business updates and financial results.

Live Dial-in Details:
North America (toll-free): +1 (833) 865-1567
International: +1 (574) 990-9731
Conference ID: 1892656

A simultaneous live webcast will be available via the investor relations section of the Company’s website at https://ir.enovix.com. An archived version of the webcast will be available for one year at https://ir.enovix.com.

About Enovix

Enovix is the leader in advanced silicon-anode lithium-ion battery development and production. The company's proprietary 3D cell architecture increases energy density and maintains high cycle life. Enovix is building an advanced silicon-anode lithium-ion battery production facility in the U.S. for volume production. The company's initial goal is to provide designers of category-leading mobile devices with a high-energy battery so they can create more innovative and effective portable products. Enovix is also developing its 3D cell technology and production process for the electric vehicle and energy storage markets to help enable widespread utilization of renewable energy. For more information, go to www.enovix.com.

Forward Looking Statements
This press release 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, about us and our industry that involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “believe”, “will”, “may”, “estimate”, “continue”, “anticipate”, “intend”, “should”, “plan”, “expect”, “predict”, “could”, “potentially", “target”, “project”, “believe”, “continue” or the negative of these terms or similar expressions. Actual results could differ materially from these forward-looking statements as a result of certain risks and uncertainties, including, without limitation, the risks set forth under the caption “Risk Factors” in the Form 10-K that we filed with the Securities and Exchange Commission (the “SEC”) on March 25, 2022 and other documents we have filed, or that we will file, with the SEC. Any forward-looking statements made by us in this press release speak only as of the date on which they are made and subsequent events may cause these expectations to change. We disclaim any obligations to update or alter these forward-looking statements in the future, whether as a result of new information, future events or otherwise, except as required by law.

For investor and media inquiries, please contact:

Enovix Corporation
Charles Anderson
Phone: +1 (612) 229-9729
Email: canderson@enovix.com

Or

The Blueshirt Group
Gary Dvorchak, CFA
Phone: (323) 240-5796
Email: gary@blueshirtgroup.com

For media inquiries, please contact:

Enovix Corporation
Kristin Atkins
Phone: +1 (650) 815-6934
Email: katkins@enovix.com

FAQ

What were the financial results for Enovix in Q1 2022?

Enovix posted its financial results on May 11, 2022, highlighting advancements in technology and production.

What is BrakeFlow™ technology?

BrakeFlow™ is a new technology by Enovix that enhances the safety of lithium-ion batteries.

Who is the major client that placed an order with Enovix?

Enovix announced an initial order from one of the world's largest consumer electronics companies.

When will Enovix discuss its business updates and financial results?

A conference call is scheduled for May 11, 2022, at 2:00 PM PT / 5:00 PM ET.

What are the future plans for Enovix's production facilities?

Enovix plans to procure equipment for its Gen2 production line at Fab-2 to enhance production capabilities.