$ENVX

Enovix Corp

CIK:0001828318|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jul. 05, 2026

Jun. 29, 2025

Jul. 05, 2026

Jun. 29, 2025

Income Statement [Abstract]

Total

$ 9,024

$ 7,468

$ 16,624

$ 12,566

Cost of revenue

7,722

5,526

13,770

10,363

Gross profit

1,302

1,942

2,854

2,203

Operating expenses:

Research and development

24,444

28,148

50,972

54,077

Selling, general and administrative

20,154

17,527

39,073

34,419

Total operating expenses

44,598

45,675

90,045

88,496

Loss from operations

(43,296)

(43,733)

(87,191)

(86,293)

Other income (expense):

Change in fair value of common stock warrants

181

(5,885)

6,578

9,911

Gain on bargain purchase of assets

4,761

Interest income

5,134

2,427

10,910

4,861

Interest expense

(6,521)

(1,705)

(13,529)

(3,421)

Other income (expense), net

984

(992)

1,327

1,361

Total other income (expense), net

(222)

(1,394)

5,286

17,473

Loss before income tax benefit

(43,518)

(45,127)

(81,905)

(68,820)

Income tax benefit

(441)

(861)

(570)

(1,023)

Net loss

(43,077)

(44,266)

(81,335)

(67,797)

Net gain (loss) attributable to non-controlling interest

(14)

262

(12)

241

Net loss attributable to Enovix

$ (43,063)

$ (44,528)

$ (81,323)

$ (68,038)

Net loss per share attributable to Enovix shareholders, basic (in dollars per share)

^[1]

$ (0.20)

$ (0.22)

$ (0.37)

$ (0.33)

Net loss per share attributable to Enovix shareholders, diluted (in dollars per share)

^[1]

$ (0.20)

$ (0.22)

$ (0.37)

$ (0.33)

Weighted average number of common shares outstanding, basic (in shares)

^[1]

218,502,098

204,819,119

217,908,465

204,086,108

Weighted average number of common shares outstanding, diluted (in shares)

^[1]

218,502,098

204,819,119

217,908,465

204,086,108

[1]	As required by ASC 260, Earnings Per Share, the share and per share amounts presented in the above table for the fiscal quarter and fiscal year-to-date ended June 29, 2025 have been retroactively adjusted to reflect the warrant dividend issued in July 2025.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jul. 05, 2026	Jun. 29, 2025
Cash flows used in operating activities:
Net loss	$ (81,335)	$ (67,797)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation, accretion and amortization	19,406	17,277
Stock-based compensation expense	24,799	26,136
Change in fair value of common stock warrants	(6,578)	(9,911)
Gain on bargain purchase of assets	0	(4,761)
Others	(1,452)	1,405
Changes in operating assets and liabilities:
Accounts and notes receivables	5,125	(552)
Inventory	(4,249)	(5,410)
Prepaid expenses and other assets	(1,369)	1,765
Accounts payable	(3,677)	2,241
Accrued expenses and compensation	(1,660)	(5,001)
Deferred revenue	(1,328)	1,044
Deferred tax liability	(803)	(683)
Other liabilities	(1,732)	1,481
Net cash used in operating activities	(54,853)	(42,766)
Cash flows from investing activities:
Purchase of property and equipment	(12,844)	(14,243)
Payment for business acquisition	0	(10,000)
Purchases of investments	(230,074)	(85,473)
Maturities of investments	227,580	18,627
Net cash used in investing activities	(15,338)	(91,089)
Cash flows from financing activities:
Proceeds from loan borrowing	1,300	0
Proceeds from issuance of common stock under employee stock purchase plan	938	711
Payroll tax payments for shares withheld upon vesting of RSUs	(3,382)	(2,853)
Purchase of Routejade shares from non-controlling interest	(740)	0
Repayment of debt	(108)	(813)
Proceeds from the exercise of stock options	0	782
Payments of transaction costs related to common stock issuance	0	(512)
Net cash used in financing activities	(1,992)	(2,685)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(202)	(102)
Change in cash, cash equivalents, and restricted cash	(72,385)	(136,642)
Cash and cash equivalents and restricted cash, beginning of period	107,979	274,691
Cash and cash equivalents and restricted cash, end of period	35,594	138,049
Supplemental cash flow disclosure:
Cash paid for interest	11,377	2,971
Cash paid for income taxes	103	190
Purchase of property and equipment included in liabilities	$ 6,887	$ 7,072

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jul. 05, 2026	Dec. 28, 2025
Current assets:
Cash and cash equivalents	$ 33,741	$ 106,014
Short-term investments	442,040	406,026
Accounts receivable, net	3,097	4,421
Notes receivable, net	0	4,012
Inventory	17,520	13,617
Prepaid expenses and other current assets	9,342	8,120
Total current assets	505,740	542,210
Property and equipment, net	165,155	170,263
Long-term investments	74,430	106,810
Customer relationship intangibles and other intangibles, net	29,168	31,638
Operating lease, right-of-use assets	8,639	11,682
Goodwill	12,217	12,217
Other assets, non-current	4,270	4,155
Total assets	799,619	878,975
Current liabilities:
Accounts payable	12,173	17,818
Accrued expenses	11,456	13,992
Accrued compensation	7,560	6,219
Short-term debt	10,593	9,865
Deferred revenue	3,710	5,015
Warrant liability	0	6,578
Other liabilities	6,618	5,529
Total current liabilities	52,110	65,016
Long-term debt, net	520,994	519,271
Operating lease liabilities, non-current	5,893	11,244
Deferred revenue, non-current	300	300
Deferred tax liability	8,320	9,119
Other liabilities, non-current	13	14
Total liabilities	587,630	604,964
Commitments and Contingencies (Note 7)
Stockholders’ equity:
Common stock, $0.0001 par value; authorized shares of 1,000,000,000; issued and outstanding shares of $219,195,932 and $216,556,238 as of July 5, 2026 and December 28, 2025, respectively	23	22
Additional paid-in-capital	1,328,872	1,307,912
Treasury stock, at cost	(58,385)	(58,385)
Accumulated other comprehensive loss	(1,415)	(508)
Accumulated deficit	(1,059,150)	(977,827)
Total Enovix’s stockholders’ equity	209,945	271,214
Non-controlling interest	2,044	2,797
Total equity	211,989	274,011
Total liabilities and equity	$ 799,619	$ 878,975