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Third Quarter 2025 Earnings Call N ov em b er 5 , 2 0 2 5
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Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding: our future operating results, financial position, growth opportunities and guidance; our ability to build and scale manufacturing lines for our advanced silicon-anode lithium-ion battery; our production and commercialization plans, strategy and product development roadmap, including the readiness, performance, timing and customer qualification of the AI-1TM smartphone battery and other products from the AI-1 platform; our continued progress with Honor; our further advances for the commercial launch of our AI-1 cell; the status and timing of our launch of various customer programs; our expectations regarding product launches by our customers in 2026; our ability to meet milestones and deliver on our objectives and expectations, including our ability to test and sample silicon batteries to customers and have them qualify our products for commercial launch; our ability to maintain a competitive advantage over other participants in the lithium-ion battery industry; estimates related to total addressable markets; projected advantages and capabilities of our batteries, including our architecture-first approach, patented manufacturing processes, and the suitability of our cell architecture for electric vehicles (EVs); our manufacturing strategy and the status of our manufacturing capabilities, including the ability to scale our manufacturing, including Fab2 in Malaysia and our facility expansion in South Korea; the anticipated timing for our Korea-based cell-manufacturing capability for 100% active silicon- anode technology; our ability to leverage our expanded global footprint to support our manufacturing and R&D activities; our projected scale-up timeline for battery production, sampling and smartphone launches, including target production line unit economics; market opportunities and the expansion of our customer base in the smartphone, IoT, augmented reality (AR), EV and defense markets; our estimated demand for greater energy density by smartphone OEMs and the smart eyewear market, the suitability of our batteries to address this demand, and the impact of artificial intelligence (AI) on the foregoing; our ability to align with top-tier smartphone, IoT and defense OEMs and meet the expectations of potential and existing customers; the sufficiency of our capital resources to support near-term ramp and operational execution; our expectations regarding the warrant dividend distribution, including to facilitate growth and preserve ownership for long-term shareholders; and the anticipated use of proceeds from the proposed offering; the benefits of our capital markets strategy during Q3 2025, our expectations regarding the benefits and use of our current balances of cash, cash equivalents and marketable securities; and our ability to consummate any acquisitions or our expectations regarding the benefits of any acquisitions to our business. For additional information on these risks and uncertainties and other potential factors that could affect our business and financial results or cause actual results to differ from the results predicted, please refer to our filings with the Securities and Exchange Commission (the “SEC”), including in the "Risk Factors" sections of our annual report on Form 10-K and quarterly reports on Form 10-Q and other documents that we have filed, or will file, with the SEC. Any forward-looking statements made in this presentation speak only as of the date on which they are made. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Non-GAAP Financial Measures This presentation contains certain adjusted financial measures that have not been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”), including EBITDA, adjusted EBITDA and Free Cash Flow, as well as the other non-GAAP measures included in this presentation. Reconciliations of all non-GAAP financial measure results to the most directly comparable GAAP measures are included in the Appendix of this presentation. Enovix believes these non-GAAP financial measures provide useful information to management and investors regarding certain financial and business trends relating to Enovix’s financial condition and results of operations. Other companies may calculate similar non-GAAP measures differently. Non-GAAP financial measures have limitations, including that they exclude certain expenses that are required under GAAP, which adjustments reflect the exercise of judgment by management. Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. While Enovix provides fourth quarter 2025 guidance for non-GAAP operating loss and non-GAAP net loss per share attributable to Enovix in this presentation, we are unable to provide without unreasonable effort a GAAP to non-GAAP reconciliation of these projected non-GAAP measures, and we have not provided a quantitative reconciliation in reliance on the unreasonable efforts exception under Item 10(e)(1)(i)(B) of Regulation S-K. Such reconciliation to the corresponding GAAP financial measure cannot be provided without unreasonable effort because of the inherent difficulty in accurately forecasting the occurrence and financial impact of the various adjustments that have not yet occurred, are out of our control, or cannot be reasonably predicted, including but not limited to change in fair value of common stock, stock-based compensation and related tax effects, acquisition-related costs, and restructuring costs. As a result, we are unable to assess the probable significance of the unavailable information, which could have a material impact on our future GAAP financial results. Safe Harbor Statement 2
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Q3 2025 Highlights 3 → Delivered strong execution and financial progress Solid Financial performance1: • Revenue $8.0 million (+85 % YoY); non-GAAP gross profit $1.7 million (21.0 % margin) vs loss in prior year; adjusted EBITDA loss of $21.4 million ($2.3 M YoY improvement); Non-GAAP EPS2 of ($0.14) ($0.02 YoY improvement). Secured long-term funding expected to finance Fab2 and drive path to positive cash flow. • Completed shareholder-friendly warrant dividend and issued new convertible notes due 2030. • Cash equivalents & marketable securities3: $648 million (+223 % YoY) → Key Operational Highlights and Announcements Commercial Programs • AI-1 smartphone battery performance validated by independent testing firm4 as having the highest energy density reported for a smartphone battery. • • Smart eyewear partnership: Delivered >1,000 battery packs to lead customer and samples to 9 other OEMs and ODMs, some expecting to have products in 2026. Operations & Organization • Manufacturing progress: Fab2 Malysia yield improvements across all zones. Zone 4 (formation) throughput increased - capacity now exceeds HVM requirements for an additional line. Korea expansion added coating capacity and facilities for expansion. • Defense & Industrial: Record YTD shipments from Enovix Korea; global pipeline > $80M with multiple new wins citing diversified supply chain. • Dan McCranie appointed to Board of Directors adding experienced industry veteran. • Srikanth Kethu appointed to Head of Enovix India to accelerate global innovation and regional expansion. 1) See Appendix for definitions and reconciliations of non -GAAP Gross Profit (Loss), non-GAAP Gross Margin, non-GAAP Loss from Operations, Adjusted EBITDA, and Non-GAAP Net Loss Per Share to their nearest comparable GAAP metrics.; 2) non-GAAP Net Loss represents non-GAAP Net Loss Per Share Attributable to Enovix; 3) As of September 28, 2025; 4) Polaris Bat tery Labs Lead smartphone qualification with Honor entering final validation phase. Honor to perform additional lifecycle testing following our design revision; reflects collaborative, multi-year partnership typical of first-of-its-kind architecture. Second smartphone program accelerating with another mobile customer.
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4 SEPT 2024 Development Agreement Executed DEC 2024 Customer Begins Tests DEC 2024 Prototype Samples FEB 2025 Cell Requirements Final MAR 2025 Validation Phase MAR 2025 UN38.3 Safety Certification JUN 2025 Custom Cells JUL 2025 Formal Qual Begins JUL 2025 UN1642 Certification AUG 2025 Independent Evaluation Q425* Additional Lifecycle Testing Begins 1H26* Mobile Integration 2026* Scale Production *Planned
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5 AI-1 Proves the Performance The platform scales across massive adjacent markets Segment Example Products Est. TAM Why Enovix Wins Smartphones Smartphones with on-device AI $12B+1 Proven performance — 900 Wh/L AI-1 Smart Eyewear / IoT Displayless / Display-Enabled AR $8B+ 2 High energy in compact form factor Defense / Drones UAVs, wearables, subsea $3B+3 Diverse supply chain; rugged designs EV / Computing Emerging verticals $500B+4 Scalability of silicon-anode architecture 1) IDC Mobile Phone Tracker, 2024 Smartphone Units estimates as of January 2023 2) Company estimates as of January 2023; IDTechEx Forecast Wearable Technology 2021-2031; IDC Worldwide AR/VR Headset Forecast 2022Q3; Avicenne Energy Battery Market for Video Games 2017-2030; Statista Number of IoT Connected 3) Research and Markets; Military Battery Market Forecasts from 2021 – 2026 4) TAM estimate for 2040: The New Oil: Investment Implications of the Global Battery Economy - Morgan Stanley Research, Nov. 15, 2021
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6 • Cell for audio-only smart eyewear • High energy density for all day use Displayless Display-Enabled 2.5x Displays increase power demand • Cell for display-enabled smart eyewear • High power for immersive AR functions Enovix Cells Purpose-Built for Every Segment of Eyewear
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Expanding Established Defense & Industrial Presence Established Korea presence — → Majority of Q3 2025 year-to-date revenue attributable to Defense customers → Customers in 2025 include 2 of Korea’s 3 major military contractors US and EU Expansion — → 2026 pipeline supported by military and commercial programs now exceeding $80 million globally. → Increasing demand attributable to rugged, safe, mission-ready designs, and diversified supply chain. 7 Wearables — Pipeline for AI-1 focused on wearables Ammunition — Established supplier for Korean market share leaders Aerial Drones — Fastest growing pipeline for products from Korea facility Subsea Vehicles — Multiple design wins in 2025 for manned and unmanned products Industrial Handhelds — Sample POs secured in 2025 from industry leaders
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Strategic M&A Priorities Disciplined approach focused on acquiring capabilities that accelerate commercialization of our 100% active silicon anode technology, strengthening supply chain, and expanding our participation in high-growth markets. 8 Capital Discipline _ Leverage strong balance sheet to pursue accretive, cashflow generating, capital-efficient transactions. Strategic Fit _ Target businesses that expand customer access in adjacent markets, manufacturing depth, or materials capability and know-how. Execution Advantage _ Prioritize integration speed and operational synergies that compress product-development timelines. → Current Outlook → Evaluating multiple opportunities consistent with our strategic filters; each opportunity is assessed for fit with our “scale + synergy + speed” framework. → Our M&A objective remains unchanged — accelerate the scaling of Enovix’s core technology while maintaining financial discipline.
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Financial Update 9
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Q3 2025 Capital Markets Summary 10 Warrant Dividend & Share Repurchase Convertible Notes Offering Completion: August 29, 2025 — all warrants either exercised or expired. Issuance: $360 million 4.75% Convertible Senior Notes due 2030, issued September 2025. Proceeds: 26.5 million warrants exercised, generating $232.1 million in gross proceeds1 (~$224 million net). Conversion Rate: 89.216 shares per $1,000 (~$11.21 conversion price; 22.5% premium to pricing-date close) Structure: Shareholder-friendly distribution; each warrant exercisable for $8.75 in cash. Redemption: Permitted on/after Sept 20, 2028 if stock ≥ 130% of conversion price (~$14.57) for 20 of 30 trading days. Share Repurchase: ≈ $58 million of common stock Capped-Call Overlay: Four tranches expiring 6, 12, 18, and 36 months post- issuance with initial cap prices $16.47–$20.13. Designed to offset interim dilution up to those levels. Maximum potential payout $227.7 million. Net Liquidity Added: ≈ $166 million from combined program. Net Liquidity Added: ≈ $303 million after purchaser discounts, offering expenses, and capped-call costs Use of Proceeds: Strengthened liquidity and support Fab2 build-out and other strategic initiatives. Use of Proceeds: strengthen liquidity and potentially pursue strategic battery-ecosystem M&A. → Effect: Added long-term capital at attractive terms, enhancing liquidity and strategic flexibility 1) Gross proceeds prior to expenses such as advisors, investment banking, and various transaction related fees.
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Q3 2025 Financial Summary 1) See Appendix for definitions and reconciliations of non -GAAP Gross Profit (Loss), non-GAAP Gross Margin, non-GAAP Loss from Operations, Adjusted EBITDA, and Non-GAAP Net Loss Per Share to their nearest comparable GAAP metrics.; 2) Non-GAAP Net Loss represents non-GAAP Net Loss Per Share Attributable to Enovix; 3) Weighted average number of common shares outstanding, diluted. Weighted average number of common shares outstanding, bas ic for Q3 2025 is 206.5 million; Q3 2024 weighted average number of common shares outstanding – basic is 187.8 million; 4) Cash, cash equivalents, and m arketable securities as of September 28, 2025. (in millions, except per share data and percentages) Q3 2025 Q3 2024 YoYΔ Revenue $8.0 $4.3 $3.7 +85% Non-GAAP Gross Profit (Loss)1 $1.7 ($0.5) $2.2 Non-GAAP Gross Margin1 21.0% (12.5%) +33.5 points Non-GAAP Operating Expenses1 $31.5 $26.4 ($5.1) -20% Non-GAAP Loss from Operations1 ($29.8) ($26.9) ($2.9) -11% Adjusted EBITDA1 ($21.4) ($23.7) $2.3 +10% Non-GAAP Net Loss Per Share1,2 ($0.14) ($0.16) $0.02 +13% Weighted average shares3 206.8 188.0 18.8 +10% Capital Expenditures $3.0 $19.5 ($16.5) -85% Cash4 $648.3 $200.9 $447.4 +223% 11
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Financial Results and Guidance 1) Prior guidance as of July 31, 2025; 2) Our outlook does not include provisions for proposed tax law changes or for the rec ently enacted tax reform legislation, future asset impairments or for pending legal matters, other than future legal amounts that are probable and estimable. Further, due to their nature, certain income and expense items, such as certain investments, derivative and foreign currency transaction gains or losses, cannot be accurately forecast. Accordingly, we only include such items in our financial outlook to the extent they are reasonably certain. Actual results may differ materially from the outlook.; 3) See Appendix for definitions and reconciliations of non -GAAP Gross Profit (Loss), non-GAAP Gross Margin, non- GAAP Operating Loss, Adjusted EBITDA, and Non-GAAP Net Loss Per Share Attributable to Enovix to their nearest comparable GAAP me trics.; 4) non-GAAP Net Loss represents non-GAAP Net Loss Per Share Attributable to Enovix; 5) Capital Expenditures reflects cash paid for property, equipment, and manufacturing assets and is a component of our free cash flow ca lculation. It excludes depreciation, amortization, and other non -cash investing items. It excludes one -time cash outflows related to business acquisitions, including the $10 million purchase of SETK assets in Q3 2025. (in millions, except per share data and percentages) Q3 2025 Guidance1 Q3 2025 Results Q4 2025 Guidance2 Revenue $7.5 - 8.5 $8.0 $9.5 - 10.5 Non-GAAP Loss from Operations3 ($31.0 – 35.0) ($29.8) ($30.0 – 33.0) Non-GAAP Net Loss Per Share3, 4 ($0.14 – 0.18) ($0.14) ($0.16 – 0.20) Capital Expenditures5 - $3.0 $9.0 – 12.0 12
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Appendix
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Q3 2025 Results 15 GAAP Non-GAAP Q3 2025 Q3 2024 Q3 2025 Q3 2024(7) Revenue $ 7,990 $ 4,317 $ 7,990 $ 4,317 Gross profit (loss) 1,401 (642) 1,681 (541) Gross Margin 18 % (15) % 21 % (13) % Operating expenses 48,374 48,625 31,506 26,351 Loss from operations (46,973) (49,267) (29,825) (26,892) Cash balances(1) 648,269 200,912 648,269 200,912 Non-GAAP reconciling items on loss from operations: Stock-based compensation expense(2) $ 11,837 $ 16,722 Amortization of intangible assets(3) 1,190 1,191 Legal cost related to shareholder lawsuit(4) 2,743 801 Warrant issuance cost(5) 1,378 — Restructuring cost(6) — 3,661 Total non-GAAP reconciling items on loss from operations: $ 17,148 $ 22,375 (1) Cash, cash equivalents, and marketable securities. (2) $0.1 million and $1.2 million of stock-based compensation expense is included in the restructuring cost line of the table above for the fiscal quarter and the fiscal year-to-date ended September 29, 2024, respectively. (3) Reflects the amortization of intangible assets attributable to our acquisitions. (4) Reflects litigation expenses related to the defense of an ongoing securities class action complaint. (5) Reflects the costs associated with issuance of the warrant dividend. (6) Reflects the costs associated with the restructuring plan to relocate our Fab1 manufacturing operations in Fremont, California to Fab2 in Malaysia. (7) Please note that non-GAAP operating expenses and non-GAAP loss from operations for the fiscal quarter ended September 29, 2024 have been revised to exclude legal costs related to the shareholder lawsuit. Enovix Corporation Summary Consolidated Statements of Operations (Unaudited) (In Thousands, except Percentages)
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Balance Sheet 16 (In thousands, except share and per share amounts) September 28, 2025 (Unaudited) December 29, 2024 Assets Current assets: Cash and cash equivalents $335,502 $272,869 Short-term investments 223,316 — Accounts receivable, net 4,631 4,566 Notes receivable, net 2,412 4 Inventory 15,224 7,664 Prepaid expenses and other current assets 7,547 9,903 Total current assets 588,632 295,006 Property and equipment, net 174,585 167,947 Long-term investments 89,451 — Customer relationship intangibles and other intangibles, net 32,827 36,394 Operating lease, right-of-use assets 11,774 13,479 Goodwill 12,217 12,217 Other assets, non-current 4,223 2,126 Total assets $913,709 $527,169 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $21,311 $9,492 Accrued expenses 8,928 19,843 Accrued compensation 7,214 8,228 Short-term debt 10,151 9,452 Deferred revenue 7,689 3,650 Other liabilities 5,281 3,036 Total current liabilities 60,574 53,701 Long-term debt, net 518,348 169,820 Warrant liability 16,632 28,380 Operating lease liabilities, non-current 11,413 13,293 Deferred revenue, non-current 300 3,774 Deferred tax liability 9,325 8,784 Other liabilities, non-current 14 14 Total liabilities 616,606 277,766 Commitments and Contingencies Stockholders’ equity: Common stock, $0.0001 par value; authorized shares of 1,000,000,000; issued and outstanding shares of 215,367,757 and 190,559 ,335 as of September 28, 2025 and December 29, 2024, respectively 22 19 Additional paid-in-capital 1,296,114 1,067,951 Treasury stock, at cost (58,385) — Accumulated other comprehensive loss (658) (143) Accumulated deficit (942,837) (821,086) Total Enovix stockholders’ equity 294,256 246,741 Non-controlling interest 2,847 2,662 Total equity 297,103 249,403 Total liabilities and equity $913,709 $527,169 Q3 2025 EARNINGS |
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Fiscal Quarters Ended Fiscal Years-to-Date Ended June 29, 2025 June 30, 2025 June 29, 2025 June 30, 2025 Net loss attributable to Enovix ($44,528) ($115,872) ($68,038) ($162,240) Interest income, net (722) (1,635) (1,440) (3,536) Income tax benefit (861) (4,586) (1,023) (4,738) Depreciation and amortization 8,829 5,943 17,277 30,917 EBITDA (37,282) (116,150) (53,224) (139,597) Stock-based compensation expense(1) 14,122 17,932 26,136 30,692 Change in fair value of common stock warrants 5,885 33,660 (9,911) 12,540 Inventory step-up — — — 1,907 Restructuring cost(1) — 38,146 — 38,146 Acquisition cost 664 — 664 — Gain on bargain purchase (4,761) — (4,761) — Import duty forgiveness — — (2,431) — Adjusted EBITDA ($21,372) ($26,412) ($43,527) ($56,312) Profit & Loss Statement 17 (In thousands, except share and per share amounts) (Unaudited) Fiscal Quarters Ended Fiscal Years-to-Date Ended September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024 Revenue $7,990 $4,317 $20,556 $13,357 Cost of revenue 6,589 4,959 16,952 16,454 Gross profit (loss) 1,401 (642) 3,604 (3,097) Operating expenses: Research and development 28,180 24,220 82,257 102,073 Selling, general and administrative 20,194 20,744 54,613 61,176 Restructuring cost — 3,661 — 41,807 Total operating expenses 48,374 48,625 136,870 205,056 Loss from operations (46,973) (49,267) (133,266) (208,153) Other income (expense): Change in fair value of common stock warrants 1,867 29,899 11,778 17,359 Gain on bargain purchase of assets — — 4,761 — Interest income 2,540 2,859 7,401 9,745 Interest expense (11,765) (1,718) (15,186) (5,068) Other income (loss), net 140 (2,217) 1,501 (1,509) Total other income (loss), net (7,218) 28,823 10,255 20,527 Loss before income tax expenses (benefit) (54,191) (20,444) (123,011) (187,626) Income tax expense (benefit) (422) 2,194 (1,445) (2,544) Net loss (53,769) (22,638) (121,566) (185,082) Net gain (loss) attributable to non-controlling interests (56) (102) 185 (306) Net loss attributable to Enovix $(53,713) $(22,536) $(121,751) $(184,776) Net loss per share attributable to Enovix shareholders, basic(1) $(0.26) $(0.12) $(0.59) $(1.01) Weighted average number of common shares outstanding, basic (1) 206,458,846 187,785,319 204,758,291 183,229,182 Net loss per share attributable to Enovix shareholders, diluted(1) ($0.27) ($0.28) ($0.59) ($1.01) Weighted average number of common shares outstanding, diluted(1) 206,811,315 187,977,123 204,758,291 183,229,182 Q3 2025 EARNINGS | (1) As required by ASC 260, Earnings Per Share, the share and per share amounts in the condensed consolidated financial state ments for the periods presented above have been retroactively adjusted to reflect the warrant dividends issued in July 2025.
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Fiscal Years-to-Date Ended September 28, 2025 September 29, 2024 Cash flows used in operating activities: Net loss $(121,566) $(185,082) Adjustments to reconcile net loss to net cash used in operating activities Depreciation, accretion and amortization 26,675 37,417 Stock-based compensation 37,973 48,630 Changes in fair value of common stock warrants (11,778) (17,359) Gain on bargain purchase of assets (4,761) — Impairment and loss on disposals of long-lived assets — 38,249 Interest expense (non-cash) 9,222 — Others 1,312 174 Changes in operating assets and liabilities: Accounts and notes receivables (2,359) 494 Inventory (7,247) (827) Prepaid expenses and other assets 445 (3,913) Accounts payable 6,539 (10,018) Accrued expenses and compensation (2,781) 3,175 Deferred revenue 702 (502) Deferred tax liability (1,135) (3,303) Other liabilities 467 190 Net cash used in operating activities (68,292) (92,675) Cash flows from investing activities: Purchase of property and equipment (17,216) (59,830) Payment for business acquisition (10,000) — Purchases of investments (370,133) (31,812) Maturities of investments 58,145 106,621 Net cash provided by (used in) investing activities (339,204) 14,979 Cash flows from financing activities: Proceeds from issuance of convertible senior notes and loan borrowing 360,000 4,572 Payments of debt issuance costs (9,900) — Repayment of debt (794) (180) Purchase of Capped Calls (45,288) — Proceeds from exercise of common stock warrants 232,106 — Payment of issuance costs related to common stock and warrant dividends (5,995) — Repurchase of common stock (58,385) — Proceeds from the exercise of stock options and issuance of common stock under ATM, net of issuance costs 3,133 44,285 Payroll tax payments for shares withheld upon vesting of RSUs (4,855) (5,601) Proceeds from issuance of common stock under employee stock purchase plan 711 1,145 Repurchase of unvested restricted common stock — (4) Net cash provided by financing activities 470,733 44,217 Effect of exchange rate changes on cash, cash equivalents and restricted cash (409) 1,303 Change in cash, cash equivalents, and restricted cash 62,828 (32,176) Cash and cash equivalents and restricted cash, beginning of period 274,691 235,123 Cash and cash equivalents and restricted cash, end of period $337,519 $202,947 Statement of Cash Flows 18 (In thousands, except share and per share amounts) (Unaudited) Q3 2025 EARNINGS |
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Reconciliation of Net Loss to Adjusted EBITDA 19 1) $0.1 million and $1.2 million of stock-based compensation expense is included in the restructuring cost line of the table above for the fiscal quarter and the fiscal year-to-date ended September 29, 2024, respectively. 2) These amounts represent certain legal costs related to the defense of an ongoing securities class action complaint. (In thousands, except share and per share amounts) (Unaudited) Below is a reconciliation of net income (loss) on a GAAP basis to the non-GAAP EBITDA and adjusted EBITDA financial measures for the periods presented below: Fiscal Quarters Ended Fiscal Years-to-Date Ended September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024 Net loss attributable to Enovix ($53,713) ($22,536) ($121,751) ($184,776) Interest expense (income), net 9,225 (1,141) 7,785 (4,677) Income tax expense (benefit) (422) 2,194 (1,445) (2,544) Depreciation and amortization 9,398 6,500 26,675 37,417 EBITDA (35,512) (14,983) (88,736) (154,580) Stock-based compensation expense(1) 11,837 16,722 37,973 47,414 Change in fair value of common stock warrants (1,867) (29,899) (11,778) (17,359) Inventory step-up — — — 1,907 Restructuring cost(1) — 3,661 — 41,807 Legal cost related to shareholder lawsuit(2) 2,743 801 5,394 1,466 Warrant issuance cost 1,378 — 1,378 — Acquisition cost — — 664 — Gain on bargain purchase of assets — — (4,761) — Import duty forgiveness — — (2,431) — Adjusted EBITDA ($21,421) ($23,698) ($62,297) ($79,345) Q3 2025 EARNINGS |
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Reconciliation of Operating Loss to Adjusted EBITDA 20 (In thousands, except share and per share amounts) (Unaudited) Below is a reconciliation of GAAP operating loss to non-GAAP operating loss and adjusted EBITDA financial measures for the periods presented below: Fiscal Quarters Ended Fiscal Years-to-Date Ended September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024 GAAP Loss from Operations ($46,973) ($49,267) ($133,266) ($208,153) Stock-based compensation expense(1) 11,837 16,722 37,973 47,414 Amortization of intangible assets 1,190 1,191 3,568 3,552 Legal cost related to shareholder lawsuit(2) 2,743 801 5,394 1,466 Warrant issuance cost 1,378 — 1,378 — Acquisition cost — — 664 — Inventory step-up — — — 1,907 Restructuring cost(1) — 3,661 — 41,807 Non-GAAP Loss from Operations (29,825) (26,892) (84,289) (112,007) Depreciation and amortization (excluding amortization of intangible assets) 8,208 5,309 23,107 33,865 Other income (loss), net (excluding import duty forgiveness) 140 (2,217) (930) (1,509) Net gain (loss) attributable to non-controlling interest 56 102 (185) 306 Adjusted EBITDA ($21,421) ($23,698) ($62,297) ($79,345) Q3 2025 EARNINGS | 1) $0.1 million and $1.2 million of stock-based compensation expense is included in the restructuring cost line of the table above for the fiscal quarter and the fiscal year-to-date ended September 29, 2024, respectively. 2) These amounts represent certain legal costs related to the defense of an ongoing securities class action complaint.
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Fiscal Quarters Ended Fiscal Years-to-Date Ended September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024 Revenue $7,990 $4,317 $20,556 $13,357 GAAP cost of revenue $6,589 $4,959 $16,952 $16,454 Stock-based compensation expense (280) (101) (757) (196) Inventory step-up — — — (1,907) Non-GAAP cost of revenue $6,309 $4,858 $16,195 $14,351 GAAP gross profit (loss) $1,401 $(642) $3,604 $(3,097) Stock-based compensation expense 280 101 757 196 Inventory step-up — — — 1,907 Non-GAAP gross profit (loss) $1,681 $(541) $4,361 $(994) GAAP research and development (R&D) expense $28,180 $24,220 $82,257 $102,073 Stock-based compensation expense (5,754) (5,914) (19,050) (19,771) Amortization of intangible assets (416) (417) (1,247) (1,248) Non-GAAP R&D expense $22,010 $17,889 $61,960 $81,054 GAAP selling, general and administrative (SG&A) expense $20,194 $20,744 $54,613 $61,176 Stock-based compensation expense (5,803) (10,707) (18,166) (27,447) Amortization of intangible assets (774) (774) (2,321) (2,304) Legal cost related to shareholder lawsuit(1) (2,743) (801) (5,394) (1,466) Warrant issuance cost (1,378) — (1,378) — Acquisition cost — — (664) — Non-GAAP SG&A expense $9,496 $8,462 $26,690 $29,959 GAAP operating expenses $48,374 $48,625 $136,870 $205,056 Stock-based compensation expense included in R&D expense (5,754) (5,914) (19,050) (19,771) Stock-based compensation expense included in SG&A expense (5,803) (10,707) (18,166) (27,447) Amortization of intangible assets (1,190) (1,191) (3,568) (3,552) Restructuring cost(2) — (3,661) — (41,807) Legal cost related to shareholder lawsuit(1) (2,743) (801) (5,394) (1,466) Warrant issuance cost (1,378) — (1,378) — Acquisition cost — — (664) — Non-GAAP operating expenses $31,506 $26,351 $88,650 $111,013 GAAP to Non-GAAP Reconciliation 21 (In thousands, except share and per share amounts) (Unaudited) Below is a reconciliation of other non-GAAP financial measures for the periods presented below: Q3 2025 EARNINGS | 1) These amounts represent certain legal costs related to the defense of an ongoing securities class action complaint. 2) $0.1 million and $1.2 million of stock-based compensation expense is included in the restructuring cost line of the table above for the fiscal quarter and the fiscal year-to-date ended September 29, 2024, respectively.
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Fiscal Quarters Ended Fiscal Years-to-Date Ended September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024 GAAP loss from operations ($46,973) ($49,267) ($133,266) ($208,153) Stock-based compensation expense(1) 11,837 16,722 37,973 47,414 Amortization of intangible assets 1,190 1,191 3,568 3,552 Inventory step-up — — — 1,907 Restructuring cost(1) — 3,661 — 41,807 Legal cost related to shareholder lawsuit(2) 2,743 801 5,394 1,466 Warrant issuance cost 1,378 — 1,378 — Acquisition cost — — 664 — Non-GAAP loss from operations ($29,825) ($26,892) ($84,289) ($112,007) GAAP net loss attributable to Enovix ($53,713) ($22,536) ($121,751) ($184,776) Stock-based compensation expense(1) 11,837 16,722 37,973 47,414 Change in fair value of common stock warrants (1,867) (29,899) (11,778) (17,359) Amortization of intangible assets 1,190 1,191 3,568 3,552 Inventory step-up — — — 1,907 Restructuring cost(1) — 3,661 — 41,807 Legal cost related to shareholder lawsuit(2) 2,743 801 5,394 1,466 Warrant issuance cost 1,378 — 1,378 — Interest expense related to warrant dividend 9,223 — 9,223 — Acquisition cost — — 664 — Gain on bargain purchase of assets — — (4,761) — Import duty forgiveness — — (2,431) — Non-GAAP net loss attributable to Enovix shareholders ($29,209) ($30,060) ($82,521) ($105,989) GAAP net loss per share attributable to Enovix, basic(3) ($0.26) ($0.12) ($0.59) ($1.01) GAAP weighted average number of common shares outstanding, basic 206,458,846 187,785,319 204,758,291 183,229,182 GAAP net loss per share attributable to Enovix, diluted(3) ($0.27) ($0.28) ($0.59) ($1.01) GAAP weighted average number of common shares outstanding, diluted 206,811,315 187,977,123 204,758,291 183,229,182 Non-GAAP net loss per share attributable to Enovix, basic(3) ($0.14) ($0.16) ($0.40) ($0.58) GAAP weighted average number of common shares outstanding, basic 206,458,846 187,785,319 204,758,291 183,229,182 Non-GAAP net loss per share attributable to Enovix, diluted(3) ($0.14) ($0.16) ($0.40) ($0.58) GAAP weighted average number of common shares outstanding, diluted 206,811,315 187,977,123 204,758,291 183,229,182 GAAP to Non-GAAP Reconciliation 22 1) $0.1 million and $1.2 million of stock-based compensation expense is included in the restructuring cost line of the table above for the fiscal quarter and the fiscal year-to-date ended September 29, 2024, respectively. 2) These amounts represent certain legal costs related to the defense of an ongoing securities class action complaint. 3) As required by ASC 260, the share and per share amounts for the periods presented have been retroactively adjusted to reflect the warrant dividends issued in July 2025. (In thousands, except share and per share amounts) (Unaudited) Below is a reconciliation of other non-GAAP financial measures for the periods presented below: Q3 2025 EARNINGS |