Enovix Corp Q1 FY2025 earnings call

• Welcomed new CFO Ryan Benton. - Q1 revenue of $5.1M exceeded guidance midpoint. - Malaysia Fab2 accelerated mass production readiness, got ISO 9001 certification, etc. - Completed acquisition in South Korea to expand manufacturing capacity. - Advanced in smartphone custom cell development, finalized electrochemistry with lead customer. - Sent smart eyewear samples and engaged with other smartphone OEMs.

Q1 revenue was $5.1 million, exceeding the midpoint of guidance. Malaysia's Fab2 made progress towards mass production readiness, and a South Korea acquisition expanded manufacturing footprint. Smartphone, smart eyewear, and other segments had relevant developments.

For Q2 2025, revenue forecast is $4.5 million to $6.5 million. Non - GAAP operating loss is in the range of $31 million to $37 million. Adjusted EBITDA loss is $23 million to $29 million. Non - GAAP net loss per share attributable to Enovix is $0.15 to $0.21. No longer providing guidance for GAAP EPS.

Global trade environment developments could pose risks, but currently no material near - term impact as most near - term sales are in Asia.

Q: Can you share any updates on EX - 3M in terms of energy density, release or sampling timelines?

A: We have formalized EX - 3M and expect to sample it by the end of this year.

Q: What is the status of the first major OEM cell phone development agreement announced May 1, 2024?

A: Working with two cell phone OEMs, got cell dimensions, finalized electrochemistry, and will manufacture custom cells this quarter to deliver qualification samples in June etc.