Q1 2024 Enovix Corp Earnings Call Transcript
Key Points
- Enovix Corp (ENVX) reported Q1 revenue of $5.3 million, surpassing forecasts due to strong IoT category performance.
- Achieved positive non-GAAP gross margins for the first time in company history.
- Completed factory acceptance testing of Gen2 agility line, with the majority of machines already in Malaysia, indicating readiness for increased production capacity.
- Announced a development agreement with a top five smartphone OEM, highlighting progress in customer engagement and technology validation.
- Manufacturing yields have reached upwards of 95% on Gen2 machines, demonstrating efficiency and effectiveness in production processes.
- Reported a non-GAAP EBITDA loss of $26.3 million, though it was better than the midpoint of guidance.
- Anticipates a seasonally low Q2 for revenue, with forecasts between $3 million to $4 million.
- Faces a lengthy qualification process for smartphone batteries, typically 9-12 months, which could delay revenue realization from new products.
- Incurred $18.5 million in accelerated depreciation related to restructuring, impacting financial results.
- Despite reducing fixed costs, the company still used $35 million in operations during Q1, indicating ongoing cash burn.
Thank you for standing by, and welcome to the Nilfisk Corporation's First Quarter 2024 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 program will be recorded.
And now I'd like to introduce your host for today's program, Charlie Anderson, Senior Vice President of Investor Relations and Corporate Strategy. Please go ahead, sir.
Thank you, hello, everyone, and welcome to Noble Corporation's First Quarter 2024 financial results conference call. With us today are President and Chief Executive Officer, Dr. Raj delivery, Chief Financial Officer for Oman and Chief Operating Officer, RJ Marazzi, Rajan Ferran will provide an overview and then we'll take your questions after the Q&A session will conclude our call.
Before we continue, let me kindly remind you that we released our first quarter 2024 shareholder letter
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
