Thank you for standing by, and welcome to the Enovix Corporation Special Investor Conference Call. Currently, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. As a reminder, today's program will be recorded. And now, I'd like to introduce you to your host for today's program, Robert Lahey, Head of Investor Relations. Please go ahead, sir. Thank you. Hello, everyone, and welcome to this Special Investor Call from Enovix Corporation. With me today are President and Chief Executive Officer Dr. Raj Talluri and Chief Financial Officer Ryan Benton. Raj and Ryan will deliver prepared remarks regarding today's announcement of a planned special dividend to our shareholders in the form of tradable warrants. After their remarks, we will open the line for a live Q&A session. We respectfully request that you limit the questions to our recent announcements. Before we begin, please note that this call contains forward-looking statements that are subject to risks and uncertainties. These statements are based on current expectations and may differ materially from actual future results due to various factors. For a discussion of these risks, please refer to the disclosures in today's press release and our filings with the Securities and Exchange Commission. You can find these materials on our website at ir.enovix.com. All statements made on this call are as of today, July 7, 2025, and we undertake no obligation to update them except as required by law. I would also highlight that earlier today we published select preliminary and unaudited financial results. Final results remain subject to completion of the company's standard quarter-end close procedures and potential adjustments. Enovix will host its Q2 2025 earnings call and webcast in late July or early August, and details will be announced separately. Additionally, we may reference non-GAAP financial measures. You can find a reconciliation of these to the most directly comparable GAAP measures in the materials posted on our Investor Relations website. With that, I'll turn the call over to Raj. Raj? Good afternoon, everyone, and thank you for joining us. Today, we are excited to announce a strategic capital initiative that reinforces our alignment with our shareholders and positions Enovix for its next phase of growth. This afternoon, we issued a press release announcing that our Board of Directors has declared a special dividend in the form of warrants expected to be tradable upon distribution. Each shareholder of record, as of July 17, 2025, will receive one warrant for every seven shares of Enovix Common Stock held, as specified in today's press release. In addition, holders of our 3% Convertible Notes will receive warrants on an as-converted pass-through basis in accordance with the terms of the notes. We expect to distribute these warrants on or around July 21, 2025 and for the warrants to trade on Nasdaq under the ticker symbol ENVXW shortly after. Each warrant entitles the holder to exercise their warrants to purchase one share of common stock at a fixed exercise price of $8.75 per share at any time prior to expiration. Importantly, there is no cash outlay required from our shareholders to receive the warrants and no dilution associated with the distribution for shareholders of record. Shareholders can choose to hold, sell, or exercise their warrants, and equity is only issued if holders choose to exercise. We have chosen this strategic capital initiative because we believe the timing is right for Enovix and our shareholders. We are reaching a critical inflection point in the smartphone industry, where leading smartphone OEMs are now prioritizing higher energy density batteries because of the demands of AI-enabled applications on the smartphone batteries. This morning, we announced a major company milestone with the launch of the AI-1 platform, our first artificial intelligence-class batteries for the next generation of mobile smartphones that require significantly higher total energy storage and power to perform AI functions locally. We have validated that this revolutionary silicon anode smartphone battery has an energy density of over 900 watt-hours per liter based on our initial testing. Last week, we shipped 7,350 milliamp-hour AI-1 batteries to a leading smartphone OEM for qualification for the anticipated first-ever 100% active silicon anode battery smartphone launch. We believe this makes these the highest energy density batteries that are currently commercially available in the smartphone segment. In addition to achieving this benchmark energy density, these batteries also meet the stringent smartphone performance requirements of fast charge, high cycle life, and performance across temperature ranges. Our manufacturing teams at Fab 2 in Malaysia, in cooperation with our worldwide R&D teams, have made significant progress in delivering these batteries from our first high-volume manufacturing line. The entire Enovix team is truly energized by the prospect of having our battery in a commercially available smartphone. This recent milestone achievement represents a pivotal step in our journey to deliver the highest energy density silicon batteries, unlocking significant long-term growth potential and positioning us to lead the next era of energy storage. On the heels of this milestone, we're announcing this warrant distribution to our current shareholders. All Enovix investors, as of record date, will have the opportunity to participate in the future growth of Enovix on beneficial terms. I will now turn it over to our CFO, Ryan Benton, to expand on the mechanics and implications. Ryan? Thanks, Raj. Good afternoon, all. As a reminder, earlier today, in addition to announcing AI-1, we also released select preliminary unaudited financial results for the Q2 of 2025. Final results remain subject to completion of the company's standard quarter-end close procedures and potential adjustments. In the release of our preliminary results, we announced that revenues were approximately $7.5 million, exceeding our guidance range of $4.5 million-$6.5 million due to the growing demand for the company's products. Cash, cash equivalents, and short-term investments were approximately $203 million at quarter-end after completing the SolarEdge asset acquisition in South Korea and making other capital expenditure payments principally related to Fab 2. We will share the final results and have a more fulsome discussion on our Q2 2025 earnings call that we will host in late July or early August. Now, let me walk through some details of the special dividend and some of the reasons why we believe this structure is not only innovative but shareholder-friendly. First, this is a non-dilutive transaction. All of our shareholders of record on July 17, 2025 will receive their pro rata share of these warrants. They will receive the warrants at no cost to them. This gives our existing shareholders the ability to participate in equity issuance at a fixed price and on what we believe are attractive terms. No new shares will be issued unless investors choose to exercise the warrants for cash. Second, the structure is both flexible and controlled. The warrant terms provide that they expire at the earlier of October 1, 2026, or at such time that our share price trades at the early expiration price condition of $10.50 per share for 20 out of 30 consecutive trading days. Thus, if our stock continues to reflect performance, the company would expect to gain access to growth capital without diluting our shareholders or needing to time the market. Third, as Raj referenced, in our opinion, this dividend rewards and empowers our current shareholders with choice and liquidity. Shareholders can hold, sell, or exercise at any time prior to expiration as they see fit for their individual circumstances. Let me also emphasize that this dividend gives our shareholders meaningful flexibility. No immediate dilution, no obligation to act. We are fully funded to execute on our near-term milestones with existing cash, which is currently above $200 million. This dividend gives us potential future access to capital. If exercised, proceeds would be used for general corporate purposes, including supporting scale-up of Fab 2, accelerating customer ramps, and advancing our strategic priorities. We truly believe this is a thoughtful way to strengthen our balance sheet while rewarding our current shareholders. To further investors' understanding, we have contemporaneously published a detailed set of frequently asked questions on our website this afternoon. At the time of the warrant distribution in July, we will file a prospectus supplement to register the shares of common stock that may be issued upon the exercise of the warrants, as well as the warrant agreement itself. I encourage all holders to review those materials carefully. And with that, Operator, we are ready for questions. We will now go to the queue. If you would like to ask a question, please use the raise hand feature on your screen. If you have dialed in via phone, please use star nine to raise your hand and star six to unmute yourself. Questions will be answered in the order they are received. Please ask one question and one follow-up question at most. We will now pause a moment to assemble the queue. Our first question will come from George Gianarikas with Canaccord. Please go ahead. Hi. Good afternoon, and thank you so much for taking my questions. First, I'd like to ask about the roadmap, the AI-1 roadmap. Can you just sort of talk a little bit about how this works with EX-1M through EX-3M, whether they're different or now this replaces the EX platform? Thank you. Yeah, hi, George. Yeah, so what we did here to define a platform, if you will, EX-1, EX-2, were basically technologies that we were doing to define our battery roadmap internally. What we launched today is actually a branding of a platform. And when I say a platform, you can think about it this way. It'll have a certain electrochemistry that's in it, anodes, cathodes, things like that. But AI-1, for example, the first platform we launched, I'd say in terms of energy density and features, is probably somewhere between EX-1 and EX-2, if you will, but it's actually tailored towards the applications, the requirements of the lead smartphone OEM we are working with. We expect to have multiple sizes of batteries in this particular platform, if you will, for different applications. And this is probably the nomenclature you'll see us use moving forward because really, we feel like the real need for high energy density batteries is coming from a lot of the AI applications, whether they're in smart glasses, whether they're in smartphones, and so on. So you would see us use this nomenclature more moving forward. Thank you. And maybe as my follow-up, just in terms of the potential capital raise, assuming all warrants are exercised, can you just sort of give us a roadmap as to how far the capital being raised will take you? Thank you. Yeah, certainly. Thanks for the question. So as we kind of published in our preliminary results, we have $203 million we finish up the quarter. If all of the warrants are exercised, obviously, that brings in, we published that figure as well, $253.8 million or some. There's some fees, of course, associated with that. But collectively, we think that gives us sufficient capital to fill the factory, kind of finish the build-out of Fab 2, and give us the runway to bring the Fab up and get the company to profitability. Thanks. Our next question comes from Colin Rusch with Oppenheimer. Your line is open. Please go ahead. Thanks so much, guys. Given some of the conversation that you've had in the past around multiple sources of capital for expansion, can you just talk a little bit about how much leverage this structure gives you in terms of conversations with folks that may prefund a line, a dedicated line as they get more comfortable with it, and how much flexibility it gives you to accelerate the ramp as you get a little bit more comfortable with some of the manufacturing processes being at the yield levels that you need? Yeah, thanks for the question. I think, look, since I've been with the company, we've had a great dialogue, the management, the board, in terms of trying to be really thoughtful in terms of capital structure. That's one of our core tenets. The other one is making sure we reward the current shareholders. This is the approach that ultimately thought gives us the best surety of outcome in terms of being able to have the capital we need to be able to react quickly. I think it's my experience, and Raj will share, and certainly T.J., who's our Chairman, will share the opinion that inflection points happen quickly, and we want to be prepared to react and respond. So we think it was the friendliest way that we could go about making sure that we could really move quickly and basically act on the incredible opportunity we have that's obviously demonstrated by the product release today and the huge market that we're going after. Raj, do you want to add to that? Yeah, I mean, I think, Colin, the first thing is I think the product release today talks about what we've been able to accomplish, 900 watt-hours per liter, highest commercially available battery. And I always talked about, in addition to getting that, to go into smartphones, you had to hit fast charge. We hit 3C rates here and high cycle life, 900-plus cycles. Discharge capability very high, like when you run 3D modem, I mean, 5G modem, whatnot, still works very well with those discharge capabilities. And also with some of the AI applications, the discharge rates are getting much faster, higher and higher, and very safe battery. And it took us quite some, I mean, I've been here CEO for two and a half years, and it took quite some effort. I think in the press release, T.J. talks about the journey that it has been to do that. Our shareholders have really supported us through this journey as we went through that. What we are announcing today is a thank you to those shareholders and for being with us, for supporting us so we can continue on our journey and reward them for their patience as we build this great battery technology. Excellent. And then my follow-up is really around the technology side of things. The press release this morning talked about the various electrolyte, cathode, anode materials that you guys have been able to experiment with. I guess, can you talk about how robust the platform is in terms of being able to tune the products both from a geometry perspective as well as a chemistry perspective to the needs of the customers and the designs of the phones and how defensible that IP is around the potential tuning of those products? So a couple of comments. Firstly, if you look at the specs we put out, my team has done a benchmarking and teardown of almost all the top smartphone batteries out there, and I've seen the list. And from what I've seen the comparison, this is the highest energy density battery that's commercially available in the market, the smartphone market. By the way, smartphone batteries are the toughest batteries to make. And to be able to hit these charge rates and the high cycle life and energy density at the same time, plus pass all the safety requirements, was a monumental task. And we've been busy at it, working with tirelessly for over two and a half years now. And most importantly, what we were able to do during this time, as we changed the anodes, as we changed the cathodes, as we changed the electrolytes, the separators, we were able to identify which aspects of the electrochemistry affect which parts of the performance. For example, we know now what kind of electrolyte will give us best fast charge capability and best safety capability. And in the electrolyte, there's many, many complex components, and we have figured that out. And the kind of electrolyte that's needed for 100% active silicon anode battery is very different from the electrolyte that's needed for a graphite battery. And they're very different components, and we figured that out. We also figured out what kind of thickness anode should have, what anode material should be there, what binders we should use, what voltage the cathode should be, and how those parameters affect fast charge, how those parameters affect energy density. So we have a lot of data internally with the R&D team we built in India and Malaysia and here to kind of really form a good understanding of what knobs we need to turn to achieve what kind of performance that we need. And as I mentioned in the smartphone market, different customers optimize different things. So some like to have a really fast charge phone, maybe not as high ED. Some would like to have the best possible ED, but maybe fast charge is not that important. But what this AI-1 platform gives us is an ability to tune it because of our understanding of the control knobs to tune the battery to the right performance requirements of each individual customer. We've taken one instantiation of that with AI-1, and we believe that satisfies a big part of the market. But we can quickly tweak it based on the data that we've built over the last couple of years to know which ones we should change to which one. Now, the other interesting thing is the size of the batteries. The platform we built here can be put into a large battery, and we've shown now a 7,350 milliamp-hour battery. It's a really, really big battery in terms of capacity, a nice form factor that fits in the smartphone. But we can also use this in a much smaller battery that powers AR, VR glasses, or a battery that powers IoT devices. So the product announcement today is kind of a testament to our understanding and comprehension of the different electrochemistry components and how they relate to various performance metrics of the battery that sets us nicely up for addressing much larger TAMs in the market because we can tweak it to each particular market. That's super helpful. Thanks so much, guys. As a reminder, the raise hand feature can be found at the bottom of your Zoom interface or under the more or three dots button under participants. Our next question will come from Derek Soderberg with Cantor Fitzgerald. Please go ahead. Yeah, hey, guys. Thanks for taking the questions. I guess I wanted to start with just the potential capital raise. I'm curious if it has anything to do with the Routejade business. Just looking at the preliminary results here and sort of what we're seeing with defense spending. Curious if that line needs some additional investment. You've got a new facility that you can fill out. You've got space there. Any relation to the Routejade business with this latest potential capital raise? Yeah, this is Ryan. I'll take the question. It's certainly part of it. I think certainly what we've seen over the last couple of months is there's really been a tremendous uptick in terms of opportunities in terms of the secular shift of focus on people trying to move their supply chains into one of the countries in particular, into Korea. So we've seen some opportunities there. Routejade is a great business for us. I think it's reflected in what we think is a fantastic print and quarter that we just had in Q2. But we're definitely seeing some opportunities, and we're evaluating that would require some refresh of equipment. But again, I think there you're talking small, a few tens of millions of dollars. It's not huge dollars in relative comparison to what the real capital that's going to be required to fill up Fab 2 in Malaysia. But it's a great business that performs a great function for us in terms of the coding, but the business itself, and especially the defense business that they have, is really hitting on all cylinders. And I have to say, obviously, since the acquisition, I've just been here a few months, but you can clearly see in terms of Raj and the sales and the business development team, they're bringing a lot to the table to try to take advantage of that capability. Raj, you want to add to that? You said it well. Yeah, we are seeing more tailwinds for that business outside Korea. That's predominantly Korean-based business when we acquired it. But now there's a lot of interest for those batteries, even in the US military and other areas, as we see this need for North American company batteries, right? And it's in South Korea. It's in a good place. And so that business, I expect to continue to grow. But it's not a huge investment we need there. Yeah, that's helpful. Then, Ryan, curious how the sort of special dividend relates to maybe the repurchase program you announced last week. How should we view that buyback? It's sort of providing a means to raise capital here with the announcement today. But you also announced a share buyback to return capital to shareholders last week. Just curious if you can kind of help us understand the two and how you're going to use them. I hope you square that. No, I appreciate you asking that. The buyback that we announced last week, in my opinion, I really view it as good housekeeping. I think it's something that personal opinion should have been in place before, and I wanted to make sure we get it in place, and it gives us what I would call a tool in the toolbox, so as you know, the company, the stock has had some volatility in the past, and we want to make sure that we're there and able to act whenever we feel it's an appropriate investment, so we announced the terms that give us runway. The board gave us runway to the end of next year, so we'll have that capability, and we'll just try to make smart decisions on a daily basis. Perfect. Thanks, guys. There are no further questions at this time. With that, I'd like to turn it over to Dr. Raj Talluri for closing remarks. Yeah, thank you, Operator. To our shareholders, we believe this planned warrant dividend distribution gives you an opportunity to participate directly in Enovix's next chapter. We appreciate your support and believe in what we're doing at Enovix. We're building the battery platform for the next decade and the next generation of technologies, and we want our current shareholders to share in the potential upside. We're doing this in a way that is performance-based, shareholder-aligned, and built for growth. Thank you for your continued trust, and we look forward to updating you in connection with our Q2 earnings report. Thank you.