ENVX - Earnings call transcript Q1 2022

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Operator

Welcome to Enovix Corporation First Quarter 2022 Earnings Conference Call. Currently, all participants are in a listen-only mode. After the speakers presentation, there will be a question-and-answer session.

As a reminder, today's conference will be recorded. And now I'd like to introduce your host for today's program. of President Vice Anderson, Investor Relations. Charles ahead. go Please

Charles Anderson

Rust, Enovix Thank Quarter First are Chief Co–Founder, to Pietzke. Officer, With you. everyone and President, Harrold and Officer, Hello Corporation Executive Chief XXXX today Financial Steffen 's us welcome and Results Call. Conference

We Q&A by Commercial then portion will call. and Dales, joined of Officer, Co–Founder, Ashok review today Officer questions. After we'll your session, call. Steffen and take and Chief the we'll Technology and be financial the Lahiri will Cam also Q&A Chief and for highlights, the operating the Harrold the conclude

uncertainties. Before we It's today this will be continue, after Relations statements released based results the differ contain note remind website. actual or subject ir.enovix.com. on let shareholder market conference due to shareholder Quarter call call Please Investor the future the factors. at you of variety materially that to available that our letter me and all on page forward-looking replay later press release, XXXX we conference available of and of that our kindly events today. our closed may are website current First A this expectations These and statements forward-looking from letter, a risks on are

duty statements are required with of filings not intend that For XXth, and as do be statements undertake the to XXXX, to and of business, law. We no will correct Securities to the our Exchange us. can give based the that please made these factors by a to our future no except assurance available on and information discussion All these refer letter today, currently shareholder we disclosure as affect update could and financial statements prove our and results may in Commission. today's

financial non-GAAP not this accounting in principles. generally which discuss are we also will prepared accordance During with measures, accepted call,

the Harrold begin. Investor reconciliation will the shareholder find website. our which Relations financial on I of over measures our page in now the letter, to non-GAAP to is Harrold? financial can measures posted of GAAP a turn You to call

Harrold Rust

a shareholder and review level, take cover keep our you, Hopefully, And progress which and manufacturing our technology, Steffen my had our everyone Thank financials quarter. Charlie. will your questions. detailed chance I'll in comments commercialization. high around first to our letter, we'll

As of Cam Charlie joined call. mentioned, we'll by Ashok and that be for portion the

of Let's dive Fremont is line in. we and production shipping important, running, QX. up Fab-X Most qualification cells first our began in and in

we and This companies for the battery revenue expect significant a to leader milestone first us from shipments marks technology battery a We make delivers to to technologies highly a new in category a product on to develop commitment advanced our market. and QX. bringing in other year Wearable that ago, working differentiating over still made

commercialization customers. into gone our by has unnoticed Moving not

technology to can scale. into us, industry-leading significant to technology you our add this to companies safety. proves that Last with order available. largest in engagements customer's announced We our and consumer in advanced leading features, to exciting, allows move have " senior March leader at is BrakeFlow, lithium-ion layer XD us a as This products by revolutionary we our an our broad week, received functions, in to proliferate breakthrough proposition factors announcement need from our "We Fab-X, the we want one our makes consumer the boost enable innovation safety world a density. is and electronics of in Smartwatch unique order form of our this What we customer companies product energy potential for customers of enabled architecture to battery, touring battery quickly. battery. line so across previously this the was told this not mobile The Bolstering After technology portfolio. electronics for engagement that our value

terrible aware All all we've battery had face, seen and the of headlines the we the our us luggage of they've of lithium-ion fires when with are and flying, impact checking restrictions on response industry look and new making consumers. available With forward BrakeFlow, positive Customer battery has safety. cells path in to year. we and extremely been pioneering are we BrakeFlow next a our in battery battery

very let's scaling of that than We our Fab-X. plant Now talk wondering Fab-X but been announce capacity you we good Many location, taken where a second production to on Fab-X, facility. for longer communicated beyond we stand it's previously about recognize have our a reason. we've

faster space the Fab-X on XXXX have than placing expect has improved and us the generation. with size line equipment less next portions team the begun engineering selection to later site that and needs. Fab-X to we ordered for our GenX, current the at for GenX on facilities designed been to that location to a Major I'm had learnings delivery take we considering. pleased weeks. us and optimum from today first production of and to be our taken significantly full-line over GenX This note, Fab-X line the designed orders we opportunity share the output. we meets close than of higher us shift will Our far occupy allow of our several caused focus a to require our ability is to are that will half call in significantly smaller a and GenX reevaluate gears half gave and that confident this the have That in the year space On

We revenue to more us joint to and annual the intend forming margins overriding we battery allow can direct on capacity Install see the same. markets in that require remains our venture Our capacity it or to scale put own. billion our further that capture tremendous our demand than we to capacity $X serve with leading goal licensing deals at strategic funnel. with augment

Steffen, the Steffen? will turn our over I'll Now our who discuss call CFO, to financials.

Steffen Pietzke

Harrold. you, Thank

detailed I will in few so shareholder topics. spend Our can covering our my a be found financials letter, level high time

we're and non-cash mark-to-market one-time and a reporting, our use addition our investors operating We internal information in performance starting to other items. non-GAAP that may to believe GAAP income competitors evaluate non-GAAP our third be compensation, excludes to performance that companies. providing First, other this planning adjustment, financial for our statement helpful in base and operations and purposes. with comparing assessing and comparable non-GAAP ongoing information We financial quarter

non-GAAP a find between GAAP our can our reconciliation metrics shareholder full You in and letter.

exercise cash operationally Now expenditures. due offset turning warrants to XXXX, the million and quarter on cash first our of We of proceeds results. from $XXX net closed of quarter $XX.X from $XX.X the capital up with million, fourth million XXXX used by million of used public million, the in of of cash $XX.X the partially of to $XXX

agility capital expectations. the new line. as line did to year payments automated recognize make of product for the the our first which our GenX We expect spending in line, we rest as refer production consistent pilot higher we We and with revenue not quarter our of the XXXX,

revenue to As goal. expect previously in recognizing product from quarter consistent begin second with the to the mentioned, our our we of Harrold continue batteries reported sale of XXXX,

in were Our $XX.X first operating million. quarter expenses the

from factory our also goods goods we stock-based our comp. begin equipment appreciating operating within quarter will from non-GAAP expenses for R&D which production also sold the product costs quarter and $XX.X fourth shift shipping once sold. that cost to stock-based start headcount cost we want comp, million revenue, our XXXX, of highlight of Excluding of of in to operating $XX.X were non-GAAP the expenses excludes in I million, down

expectations let's for Now XXXX. our discuss

is our XXXX, unchanged. full-year For outlook

We expect capex. expect between of millions roughly XXX use $XXX which XX% to be cash, million of and will we

We expect to generate million. and revenue $XX million $X between

commercialization To and revenue. engineering, summarize, our scaling. will As product is remarks. a or technology NRE engine sheet production both reminder, I service in we for and it revenue back Harrold our our revenue capacity non-recurring now will turn strong roadmap and consist to investing of balance closing for are

Harrold Rust

year industry-leading year the first-of-a-kind excellent that at our Enovix. progress first a over ago, ago, our destined We hard bring of a this moving with the one other ramping quarter Fab-X. you Fab-X about up summarize, would unique first shipment enabled all forward of where by didn't promise was making for What told in and A architecture delivered factory density. equipment energy we we lithium just GenX and for on innovations our ion in a beyond tell To the are for Steffen. production half little battery work XXXX. you we year an Thanks,

of which in we changer BrakeFlow, lithium game is is first advanced this a believe Our ion example battery safety.

" to from turn can and for exciting customers. battery " Before fail comments As we cell I along our back -enabled silicon "Most life. your some Another that the time our close, to our And, with best leaders we've silicon cycle is, said, this have have " XXX Operator? tested And, ecstatic battery Enovix to I'd see, are after cycles. With we that, batteries. would advanced recently like tested XXX far. questions. industry " best for "We pass I thought you really said, the an is "The "The by seen. at Operator it cells One

Operator

Thank Please Q&A by you. the compile [Operator while roster. Instructions] we stand

with comes Daoud Our first from question Cowen. Gabe

Your line open. is now

Gabe Daoud Jr

just happen designed Thank order. then to across an you. portfolio? into has consumer to electronic steps initial other Maybe, into to win? What with be design the thanks your all active Harrold, placed prepared the battery starting Afternoon, the that remarks. and And an what the have everyone get company products for are that

Harrold Rust

working little the this more -- me opportunities of I'll customer. exciting have little markets on excited an Cam and super have more leader give a and with leader then that color. company that's think bit for behind into is color other you that I'll product very first customer space the them Cam a and to let this add they're and I bit that. is really briefly I'll bunch Yeah, let about a something a industry It's and comment We're

Cameron Dales

that. do to Happy

with one premier the mentioned, largest great it's in world, a They It's process a one products they So this development you sure and the very they in is yes, launch. of can has company world. that a sophisticated as have product brands they multi-step care that the the process, of as and products take company Harrold consumer in protect making that imagine. quality the

So technology of us we verification. major first from is is step our the part process a perspective, really their for think this because

product. they've of been verified given them we've The They'll working with in purchased our they've paces, next our a claims sampled cells, stamp into multiple start big their tens move for process. to through That's thousands those purposes. hurdles. likely they over integration and they run high-volume of and requirements. of they'll out their hurdle, from that year. So moving production. lines towards thousands go electronics, one will than tested pass step volume the at And product then the with now products, which cells of a of essentially We've deal. you would the customized their of this them their move more that that prototype building pilot batteries watches in-house approval product, for full-scale, particular of when point, it step our towards both point, do them times, into what point But they'll the for their a Fab-X through we're meets program. keep extended significantly design. this commercialization next at the gone It's we've which At fairly actively key And testing

Gabe Daoud Jr

of meters Cam. maybe and Fab-X, per the And Cool. GenX curious, but if equipment bit improvement and the wherever hour the on what's output comfortable improvement, or you to just with mentioned learnings improvement just minute, you've scale, can the think units, a for gears before, it, first this That's me, just mentioned want a disclose what's that number then Either GenX the second-line? remind great all obviously equipment or ordering like? output on helpful. you look gigawatt to line Shifting from Thanks, you maybe of manufacturing I follow-up. now a

Harrold Rust

it, think space the which higher calling mean, and about One portions we I space the out two that, a efficient standpoint then I major efficiency, about throughput units or terms for in right? as actually and you of elements top can certain line just expansion amount on that of of a just line look space are from how general Fab-X. many plans beyond of kind the twice of absolute think you square axes. of If get and factor when huge it is obviously have our foot, there And varies. a which improvement is in at the

to processes, just cases in some I as be the some key do we've of to access processes, be that well space harness part know-how, a small we get that our number line be can want laser forward. our leverage the cases, double-digit in a to those significant improvement think I'll can leaders and point, of we've, advantage One throughput large. and some other their front most that cases, driving some we very the technologies, in of in build the and developing specifically So right? as new with significant strategic Patterning quite that's for early some industry end going really at make it relationships could process really all in and some profitable been Laser to of beyond

Gabe Daoud Jr

very again, per year. getting helpful. then but for we Thanks, Harrold. one think to case? have me XXX guys. I liter? really I'll Thanks, [Indiscernible] are just number and that has roadmap on then That's And the that hours just where the this hitting Is that's more

Harrold Rust

R&D that for Steffen ask Thanks driving question. Maybe his you will to Yeah. about since the I talk efforts?

Steffen Pietzke

Sure.

a Fab-X. product be plan our comment year, goal. hit Let hours We out in per coming XXX-watt me on continues of liter this Yes, to that that. to

Operator

you. Thank

Rusch Colin Oppenheimer. from with comes question next Our

now is line Your open.

Colin Rusch

GenX, the there? out like process It talk able in With for the Capex some be bit you as number the you implications well seems as to a savings site of can your that, little changes selection. get should about

might You able bit talked a that. to in of about consolidate having like it you for be Fabs diverse factory, here sites some but seems some little

to able past your cost expansion process. into footprint geographic that buy GenX the understand for the numbers one are being Just want that to

Harrold Rust

that out the building and bit that are do capable those answer for designs funnel, That we needs. lot just them a year of meet vendors it's Steffen And for can million selection to it a comment bit the that much and building with equipment a gives And benefit it that we global the head Fab-X. on earlier at building, domestic equipment we we looking of, going a more that both allowed presence, of number fair being the our the requirements opportunities for one of two a a buildings on a square real overseas our and years. working on much given Gen were were maybe obviously, more reverse a amount move need The at much search based footprint working then a you these there with we've CapEx. bit we for what realized at as forward manufacturing not of we've looking of And something to important next was to Fab-X, having ask that thought more that a factor Yeah, And well. largest in at as what than to timeline the manufacturing close about a from those because now, for we a bit what efficient has shaping talk we an us for the and and a this We're better thinking. it's sequence then over is GenX in than to actively From we firms things, the be too several site line standpoint, square We one And actively could equipment large, the foot top feet. significant quite we're estate Fab-X. that, ready customer need realized ask between we're through needed. for obviously these of the million as I'll efficiency buildings. looking on of large size CapEx, of sites. as good that Steffen were global looking to news smaller see smaller quite we're

Steffen Pietzke

to so we funds here of put Sure. of Fab-X. to cash the into $XXX terms capacity sufficient Colin, quarter finished we're with fortunate in have initial CapEx, million

we're this capital and a our year, we spending also then the to back million $XXX reiterating midpoint quicker to move investing capital us As building Fab-X, of guiding customer the helps are around for line of for that a putting from our Fab-X going CapEx range into line agility perspective, funnel. on to guidance reminder, GenX work and

our cash having in going The you avenues multiple partnership that years, stepping the taking of that on plan, U.S. our more the strategic customers joint a and on that to terms opportunity that efficiently partnerships. in long-term And mention we plan and There put partners more bring to we to of tap here, point one have company lot has strategic flow that up point outer area, In all a the history way manufacturing vehicles area. back. capacity accelerating read use alluded have do free we a initiatives and of in. certainly or have fourth to certain internal of in in then initiatives we can we in U.S. venture are into to

Colin Rusch

me can the vehicle able a eliminate the and with to some of that technology go some Okay. on of the some functionality of of and and weight about And I'm then design. like into That's elimination the technology, BrakeFlow other target you sometimes potentially seems some just that safety the curious packs. you're efficiencies parts, to extra that helpful. monetization it that elements with pack of guys for fire returns of

Harrold Rust

say l Did monetization? Did you you say hear that?

Colin Rusch

then and simply [Indiscernible], [Indiscernible] Yes,

Harrold Rust

Yeah. of. kind little huge about the has technology all can maybe been Ashok I'm bit Maybe super from because and of about talk the Cam industry customer At aware and talk BrakeFlow battery as issue start that played level, a a off acutely about high know, in safety it all we the I'll excited perspective. side It's we're past. can

energy, a As our safety demand raises the changes we're to gives opportunity field. true that differentiator. adders bar about and a have equation us remarkably safety you just unique The of on the which forward, going wanting more think all the just architecture playing

as technology supportive talk could on. it pricing them our it's can think a thing has a question. his bit benefits for premium amount attractive very talk a we excited Cam first. about much of So about you about also -- and technology-wise, that certainly customers, Maybe first Ashok, to super that little talk we're standpoint with super we that but from

Ashok Lahiri

I'd be to. happy Sure.

a So potentially I situation these prevents all into to of to many battery cell that an of explain a people. a leads very with think resistant to are and catches incidences that a it our runaway. that cause is difficult to protection much more the prevents that of most of battery problem internal as adds many critical and into huge has additional And are pack thermal adds what the off I sure. a The protection on other a of, improving in fires property damage our in for we're better kinds unique internal a to for designed essentially that layer potential It that all factor cases, also design, that in result would really a design, aware the is short aware BrakeFlow in at cell of to safety architecture level. of way. of start that copy. application runaway. that better And having properties others much people fire. And direct cell this to how be to technology question addresses a a layer answer where it your a the pack solve make advantages It should it's pack to go short way turn be

hand in from to Cam For the plays it about more customer over a efficient properties he standpoint. pack traditional I better cell and that role the and a of example, design making can impact and potentially can are thermal more cheaper. talk a than the huge cell our significantly

Cameron Dales

sure. Yes,

customers is. the we're say pack believe where what the you've add the larger more battery batteries, the think and would universally categories the add that amongst I larger from technology active, I to feedback they BrakeFlow Just that or important is the the said, positive to different

some So multiple OEMs evaluating we've automotive These get try from options really great densities. to for our and higher gotten instance. energy feedback are guys to

to looking this silicon relative companies cells. solid-state to differentiates think really higher try dramatically us course, Of and build quite technology and energy range from as across to anode the that people higher competition we

is, question safety it is at safety about to the course, up, try can way Of the handle the about One way cell, and I up ASP The question its and really you hurdle and architecture, functions the and is what do for think goes it? cost. value pulling pack. including the additional it the into pack the essentially without and of cell is out embedding by the any aspects, that of Enovix

value And think real there's to solution. a our so we there

Colin Rusch

Alright. Thanks much, so guys.

Operator

Thank you.

from with Our Gus Richard comes next Northland. question

Your line is open.

Gus Richard

Thanks for the questions. taking

the shrink timing Just that that'd on you first your Fab-X of ability just Fab revenue your if be as be originally to of Fab-X, expect with you give revenue thought? you of to also, output And footprint. same the the helpful. Do

Harrold Rust

right. Yes. I Thanks Gus. on for about it that two think question axes, would

does along of yet. [Indiscernible] as determined as we're a presence. how well Fab-X, And that Fab-X need is one, our rate a that of the it will presence global But a this well. larger component equipment are as year be that dollar each not working about about much possible year, half aggregate. is get our as domestic a next there most mix We Fab-X to as about, at quickly next will this To as with think be be from is stated more committed billion well. that producing in point We But an the question can. several revenue - of still will the that to terms years, the as will both and as run dollar a GenX servicing of the going We it be will We're next think strongly fast start in more revenue it your would we in. that'll rate mean We of run put a over to footprint. likely I billion not we key that capacity get believe [Indiscernible]? exact Fab-X as to first single in

Gus Richard

line you GenX And a then add new you CapEx do and lines, estimate required line? in the how for for much the each incremental is is how it. equipment, and Got with revenue much

Harrold Rust

Yes.

a output, a the increased probably dependent I'm is we what's increased specific be to guidance sorry, there's products on there's bit for making. mentioned, obviously early bit nameplate late capacity we're efficiency. line. I giving the each revenue -- think It It's as on

I think numbers, capacity some but a we get think further just to up coming we're like lines talking and those we along along before things. we as year things, start similar about can I guidance be a that hitting with seeing our bit those this more giving bit we're those further around

Gus Richard

Got it. How on then initial automotive DOE going? Any program is in with going for And with one last update me. development your program and guys that general? [Indiscernible] auto your the discussions and the how was

Harrold Rust

that's angles three I think Yeah, great proceeding story. a along We're different there.

forward think mentioned we say we the six, to and months, we've growth guys. into those but for that's nine to of actively piece the long-term our the on the results big big to we've with think very program to pretty our halfway a put I The leadership kind [Indiscernible] been and EV-Class been company last talked continued do company. we've DOE Progress Then think having EV in you about, terms excitement's that's before, going of that Obviously, focus have that's that that got consumer place silicon stellar that, our ahead work a drive be a some with with regular Cathodes across and demonstration that program the some key ability pretty through the players architecture called for three-year resources new batteries that is in within and group good. doing there's As really strong continuing. of outside there I'd in today hired on growth, anode, EV unit over sampling opportunity we've space we're the conversations this. I set last pair and We're the

Gus Richard

update. for the Okay, thanks

Operator

And question next Ananda comes from Baruah with Capital. Loop our

open. is line Your

Ananda Baruah

for Good Appreciate Thanks afternoon, guys. taking it. the questions.

to different after a about could. that. say Is any It a mention the your what In to the just couple Can on stick future guys that the similar, it that the production. in letter, there needed Just us could follow-up. Fabs. just that conversations told letter, past? have localized highlighted Harrold Fab-X, and it the on shareholder likely a the think Thanks. you will after different if you've sounds than facility I I context you be lines Maybe shareholder the in I like but also in incremental a quick make be

Harrold Rust

customers, think in need we've I local Both have domestically our close to calls, right? our Asia. discussed to and capacity the prior

that's a don't I location think Fab-X where information. time, at from firm. we've new through I global estate not been facilities Fab-X say the not are probably So this same would standpoint real for and searching that

so to locations. our is optimum basically identify those And plan

we to as on as ready them we're the quickly act it. So requires as we as do can, and as quickly demand

Ananda Baruah

sense Harrold, you helps way, on long asking you where this wait want trying factory to guess, got you but wouldn't context it. Any on stitch how I you question, now, this begin -- it is don't around commit together, facilities. now, I'm may identify if I l Interesting, know And to mean, put any you I -- the to I this, it can't [Indiscernible] to identified that foreign of could guess be I'm I settle actually responsible, the if you

Harrold Rust

I lines we corners GenX we would cutting I milestone think the I expand any we're so with Fab-X. at for before doing as we're into a I the start now, on before we forward of -- first that right, mean, can. we're searching right. actually we're know it working right quickly point right? make move performance, though, think to focus equipment waiting on We're that The where locations, get not to one be, perspective. initially learning we'll lines we sure going as from GenX up once not a the be we we'll but ordering our some that trying with running and we're satisfied want look where destined want two We're to the Fab-X then at in getting now, those just Fab-X to

Ananda Baruah

be That's $XX $X for product revenue or follow-up, year us how And super you representation? of revenue, helpful and then will much a quick that. remind to million very -- least helpful. NRE at the can versus relative Thanks this

Steffen Pietzke

non-recurring is revenue, is a from Steffen. And the like breakout, engineering certainly then service the This component. revenue significant a

a over out, As line, this from how because services we're production lumpy seen break to Maybe to as they're product alluded not breakouts. day, milestone Howard make due at it's but a those of these the base, specific quarter. and unfold and reminder, -- specific the the first guiding revenue milestones, from year, going anticipating be more to as ship of to we it's we're end the right, to revenue, so they're delivery to the

Ananda Baruah

That's thanks. helpful. right, All

on types real us that -- for to lot. Thanks NRE any That's may it a context of that, contributing be Just on me. -- year. you this give quick applications can what revenue, coming for the any

Cameron Dales

take laptop, we're Cam, Not with of programs is that to This just associated necessarily one. generic all wearables, we but have communications, the the just computers, this these ARVR year, categories more them. kind Everything active that various across for development to I'll programs to mobile in. from of have

So it's pretty broad-based.

Ananda Baruah

it. appreciate guys, Thanks, Cool.

Operator

Next investor is line your question in open. a comes private from Marc,

Marc Cohodes

very much. you Thank

market doesn't what stock rat's First is no a ass of of the XXX, I comments, is disrespect. a give to at than ridiculous, really greater you're motivator like preaching. is there couple and the say, And

and be and opens, going its stock. to team buy window the I watching management buy going board the who who telling others be And on sure of know I'm to not the very at as will. So or I'll is

for CEO snapping. you're and and Cam. I leadership, think, just My think take a the is leader. this director you frontier are I the would I would Harrold as So question

battery some a [Indiscernible]. Now lot was Is product enabling battery, about you come that to CES, and about to at product how goggles wearables from the the introduced, and that of your Could little people, a wouldn't and without bit? market. be talk there is that talk a same

Harrold Rust

really Sure. consider Yeah. it how people can the technology of investment modems, a is of that RF, challenge, massive is. When is address of went the in leaders changed Happy think in in huge companies A a weight and all to least their in that be bulk potentially mean, what that next? the PCs, that the you're to AR/VR, and to it is the our AR/VR to pocket, the do a and next dealing computing the computer that and and challenges mobile space that laptops components, All the it is and engineering going right? significant context opinion, to course there's it with Kind about I a take display, compute, I from specific of to mainframes these the there, recognize functionality name well. make put what challenge at power small engineering many wear enough of that's all your amount face question the a maybe think of in of without your the to takes have largest and the you one budget. smartphone stuff as power into phone the lot the on of and platform, the can device. broader that's trying it's important what's to space, some which you probably, to

to the wall. You don't tethered to it. thing power power battery It want requires this

we think Enovix so this is battery. application an ideal for an And

space we product in company, this the of the development. the have in who've dollars basis invested on leaders mentioned into we've two have, equity who As and indirect the significant in past, both

Cameron Dales

to well-positioned come the to order products us market. In their as be they power on with

the perspective, a entire battery So gateway is the we the application. from bottleneck or think to bottom line actually

the at very the look are market you in today, they're in that space, If rudimentary. the products

a that's product. for the primetime moving minutes. that tens Some is of industry we of part kind them to big think life forward. a Not measured have our of ready And in battery of really solution

Harrold Rust

think an application that AR/VR, on active we're in. a said applications of the in is number this from perspective true That we

think Smartwatches. about and you Wearables So

health. need application big monitoring of is of your there have drivers And the are that you means on. this course to of One sensors always

If limitation. your and it needs you're That's taking to a through in very big or the recharged and can't it wear device night. it because you plugging be

the the battery you So the devices that for again It's entire being mobile that order in an more phone networks through that's actually the are day. move battery to? plugging last what in. your better computers, bit last Even phones, you mature get of batteries. not today, on to that, point to to that on, like use really through are devices phone. day if trying need little that a challenge. earlier towards the phones challenge XG things for ultimately. more your are more would In benefit does these talked laptop Always your call without ability We Again, mature,

And an and the stack so here, applications. essentially whole into that to their impacts of we the This to able go can the an make for Enovix their perspective, companies across that components from a be all it's investment all think that is they a that device. having invest product functions breakthrough way

a be So strategically to ecosystem. place the within great it's

Marc Cohodes

-- the that say two hear goggles that right? you that did I do to equity Did in companies -- if holders or

Harrold Rust

What both both company direct and into development. product I said the in they've investments significant made equity in that is historically,

Marc Cohodes

the have comment not these til I the hold who the it updates. another Okay. stock my to is, And XX helpful company appreciate that. days be for final very the is quiet would that of we people next one

it's understanding Given would quiet expect in have unacceptable to be your I And you guys industry, technology hope. been. as your as

there I see to have I'm there be and change thank finally But I'll stock. is doesn't and Fab-X. So you buys watching glad the hope and buy who we

Operator

conference Q&A closing call. this Rust remarks. the of the conference hand I'd like for Harrold Mr. you. Thank portion any over And the concludes to back to

Harrold Rust

And of the Fab-X. also I attendance for and about the and and what that on super today. progress just Gen plan, And really this this excited year to want We're the represents. excited executing everybody equipment we're quarter. their thank rest the X pleased our on with call future including the

updating thank the say we you I'll forward think again, look to I future. that, in with and So

Operator

And this participation. for you call. concludes today's conference your Thank

day. a You wonderful may disconnect. now have Everyone

Enovix (ENVX) 12 May 222022 Q1 Earnings call transcript