Enovix Announces Third Quarter 2021 Financial Results

Rhea-AI Summary

Enovix Corporation (Nasdaq: ENVX, ENVXW) recently released its quarterly shareholder letter, detailing financial results for Q3 2021, which ended on October 3. The company reported significant advancements in technology and production, highlighted by the production of its first battery cells on an automated production line. CEO Harrold Rust noted robust demand for their batteries and plans to move into volume production early next year. An investor presentation is available on the company's website, alongside a conference call scheduled for today to discuss these results.

Positive

• Production of first battery cells on an automated production line.
• Plans to move into volume production early in the next year.
• Robust demand for Enovix batteries.

Negative

• None.

FREMONT, Calif., Nov. 08, 2021 (GLOBE NEWSWIRE) -- Enovix Corporation (“Enovix”) (Nasdaq: ENVX, ENVXW), 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 third quarter of 2021, ending October 3 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.

“We made meaningful progress in the third quarter, capped off by producing the first battery cells on our automated production line,” said Harrold Rust, President, Chief Executive Officer and Co-Founder of Enovix. “Our focus as we finish out the year is on qualifying our line which will allow us to move into volume production early next year, consistent with our expectations. The demand for our batteries remains robust and we look forward to powering the industries of the future with our breakthrough technology.”

Enovix will hold a conference call at 2:00 PM PT / 5:00 PM ET today, November 8, 2021, to discuss the company’s business and financial results.

Live Dial-in Details:
North America (toll-free): +1 (833) 865-1567
International: +1 (574) 990-9731
Conference ID: 8849069

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 An archived version of the webcast will be available on the Enovix investor relations website for one year at https://ir.enovix.com.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 regarding future results that involve risks and uncertainties that could cause actual results or events to differ materially from the expectations disclosed in the forward-looking statements. Forward-looking statements are identified by words such as “believe”, “will”, “may”, “estimate”, “continue”, “anticipate”, “intend”, “should”, “plan”, “expect”, “predict”, “could”, “potentially" or the negative of these terms or similar expressions. These include, but are not limited to statements regarding Enovix’s ability to build and scale its factory for volume production of advanced lithium-ion batteries, demand for its products, Enovix’s ability to power future industries with its technology, and the strategies, objectives, expectations, intentions and financial performance and the assumptions that underlie these statements. 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-Q that Enovix filed with the Securities and Exchange Commission (the “SEC”) on August 16, 2021, and additional information that will be set forth on Enovix’s Quarterly Report on Form 10-Q for the quarter ended October 3, 2021, and other documents Enovix has filed, or that Enovix will file, with the SEC. Any forward-looking statements made by Enovix in this press release speak only as of the date on which they are made and subsequent events may cause these expectations to change. Enovix disclaims any obligations to update or alter these forward-looking statements in the future, whether as a result of new information, future events or otherwise.

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 are the financial results for Enovix in Q3 2021?

Enovix reported significant advancements in production and technology, including the production of its first battery cells on an automated line.

When is Enovix's conference call to discuss Q3 2021 results?

The conference call is scheduled for November 8, 2021, at 2:00 PM PT / 5:00 PM ET.

What is the future production plan for Enovix batteries?

Enovix aims to move into volume production early next year, following the qualification of their production line.

What developments did Enovix mention in their latest shareholder letter?

The shareholder letter highlighted progress in technology, production, and commercialization efforts.

How does Enovix plan to meet demand for its batteries?

Enovix is focusing on qualifying its production line to ensure it can meet the robust demand for its advanced lithium-ion batteries.