0001828318-24-000021 | 10-K | XBRL Viewer

Print Document View Excel Document

Leases - Schedule of Maturity of Lease Liabilities (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Leases [Abstract]
2024	$ 3,551
2025	3,673
2026	3,698
2027	3,743
2028	3,804
Thereafter	3,834
Total	22,303
Less: imputed interest	(4,493)
Present value of lease liabilities	$ 17,810

Income Tax - Additional Information (Details) - USD ($)	12 Months Ended
Income Tax - Additional Information (Details) - USD ($)	Dec. 31, 2023	Jan. 01, 2023	Jan. 02, 2022
Operating Loss Carryforwards [Line Items]
Income tax benefit	$ (633,000)	$ 0	$ 0
Tax effected, loss carryovers, state	42,400,000
Tax effected, loss carryovers, federal	77,400,000
Tax effected, loss carryovers, foreign	1,800,000
Tax credit carryforwards, research foreign	300,000
Unrecognized tax benefits that would impact effective tax rate	0
Decrease in unrecognized tax benefits is reasonably possible	0
Interest expense	0	0	$ 0
Accrued interest or penalties related to income tax liabilities	0	$ 0
State
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	479,400,000
Tax credit carryforwards, research	12,300,000
Federal
Operating Loss Carryforwards [Line Items]
Income tax benefit	0
Operating loss carryforwards	368,600,000
Tax credit carryforwards, research	12,000,000
Operating losses subject to expiration	128,000,000
Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 7,300,000

Business Combinations - Schedule of Net Cash Proceed from Business Combination (Details) $ in Thousands	Jul. 14, 2021 USD ($)
Business Combination and Asset Acquisition [Abstract]
Cash - RSVAC Trust and cash, net of redemptions	$ 230,155
Cash - PIPE Financing	175,000
Less: transaction costs and PIPE financing fees	(31,410)
Net cash contributions from Business Combination	$ 373,745

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Segment Reporting

The Company operates in one segment. Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker (“CODM”) in making decisions regarding resource allocation and assessing performance. The Company has determined that its Chief Executive Officer is the CODM. To date, the Company’s CODM has made such decisions and assessed performance at the Company level. The Company’s activities to date were conducted primarily in the United States (“U.S.”). The Company does not have material activity or assets located outside of the U.S.

Cash, Cash Equivalents and Restricted Cash

The Company considers all highly liquid investments with original maturities from the date of purchase of 90 days or less to be cash equivalents. As of December 31, 2023, restricted cash is comprised of $2.0 million of deposits to secure the advanced payment made by the Company’s customer and is classified within other assets, non-current of the Consolidated Balance Sheets. As of January 1, 2023, restricted cash is comprised of a $0.1 million and minimum cash balance required by the Company’s credit card merchant that can be cancelled with thirty days’ notice and is classified within prepaid expenses and other current assets of the Consolidated Balance Sheets.

Investments

The Company’s investments consist of highly liquid fixed-income securities. The Company determines the appropriate classification of its investments at the time of purchase and reevaluates such designation at each balance sheet date. The Company has classified and accounted for its investments as available-for-sale securities as the Company may sell these securities at any time for use in its current operations or for other purposes, including prior to maturity.

Investments with original maturities greater than 90 days and remaining maturities of less than one year are normally classified within current assets on the Consolidated Balance Sheets. In addition, investments with maturities beyond one year at the time of purchase that are highly liquid in nature and represent the investment of cash that is available for current operations are classified as current assets.

Unrealized gains and losses on these investments are reported as a separate component of Accumulated other comprehensive loss until the security is sold, the security has matured, or the security has realized. Realized gains and losses on these investments are calculated based on the specific identification method and would be reclassified from Accumulated other comprehensive loss to Other income (expense), net in the Consolidated Statements of Operations.

The Company has designated all investments as available-for-sale and, therefore, the investments are subject to periodic impairment under the available-for-sale debt security impairment model. Available-for-sale debt securities in an unrealized loss position are written down to fair value through a charge to Other income (expense), net in the Consolidated Statements of Operations if the Company intends to sell the security or it is more likely than not the Company will be required to sell the security before recovery of its amortized cost basis. The Company evaluates the remaining securities to determine what amount of the excess, if any, is caused by expected credit losses. A decline in fair value attributable to expected credit losses is recorded to Other income (expense), net, while any portion of the loss

related to non-credit factors is recorded in accumulated other comprehensive income (loss). For securities sold prior to maturity, the cost of the securities sold is based on the specific identification method. Realized gains and losses on the sale of investments are recorded in Other income (expense), net in the Consolidated Statements of Operations.

Trade Accounts Receivable, Notes Receivable and Allowance for Credit Losses

The Company’s accounts receivable and notes receivable are recorded at invoiced amounts less allowance for any credit losses. According to the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13 that we adopted in the fiscal year 2022, the Company recognizes credit losses based on a forward-looking current expected credit losses (“CECL”) model. The Company makes estimates of expected credit losses based upon its assessment of various factors, including the age of receivable balances, credit quality of its customers, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect its ability to collect from customers. The allowance for credit losses are recognized in the Consolidated Statement of Operations. The uncollectible receivables are written off in the period in which a determination is made that all commercially reasonable means of recovering them have been exhausted. The Company recognized an immaterial amount of allowance for expected credit loss as of December 31, 2023 and there was no write-off of accounts receivable for the periods presented. As of December 31, 2023, the Company's accounts receivable, net and notes receivable were $0.9 million and $1.5 million, respectively. As of January 1, 2023, the Company’s accounts receivable, net was immaterial and there was no notes receivable.

Credit Losses

The Company is exposed to credit losses primarily through its available-for-sale investments. The Company invests excess cash in marketable securities with high credit ratings that are classified in Level 1 and Level 2 of the fair value hierarchy. The Company’s investment portfolio at any point in time contains investments in U.S. treasury and U.S. government agency securities, taxable and tax-exempt municipal notes, corporate notes and bonds, commercial paper, non-U.S. government agency securities and money market funds, and are classified as available-for-sale. The Company assesses whether its available-for sale investments are impaired at each reporting period. As of December 31, 2023 and January 1, 2023, the Company did not recognize an allowance for expected credit losses related to available-for-sale investments.

Inventory

Inventory is stated at the lower of cost or net realizable value on a first-in and first-out (“FIFO”) basis. Inventory costs include direct materials, direct labor, and normal manufacturing overhead. Determining net realizable value of finished goods and work in process inventories involves projecting average selling prices. When the estimated net realizable values are below the manufacturing costs, a charge to cost of revenue is recorded.

The cost basis of the Company’s inventory is reduced for any products that are considered excess or obsolete based upon assumptions about future demand and market conditions. See Note 6 “Inventory” for more information.

Property and Equipment, net

Property and equipment, net are stated at the Company’s original cost, net of accumulated depreciation. Construction in process is related to the construction or development of property and equipment that have not yet been placed in service for their intended use. Property and equipment are depreciated or amortized using the straight-line method over the estimated useful lives of the following assets below.


	Estimated Useful Life (in Years)
Machinery and equipment	2	-	10
Office equipment and software	3	-	5
Furniture and fixtures	3	-	5
Building	33
Leasehold improvements	Shorter of the economic life or the remaining lease term

When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in the Consolidated Statement of Operations in the period of disposition. Maintenance and repairs that do not improve or extend the lives of the respective assets are expensed in the Consolidated Statement of Operations in the period incurred. See Note 5 “Property and Equipment” for more information.

Capitalized Software Costs for Internal Use

The Company capitalizes direct costs associated with developing or obtaining internal use software, including enterprise-wide business software, that are incurred during the application development stage. These capitalized costs are recorded as capitalized software within property and equipment. Costs related to preliminary project activities and post-implementation activities are expensed as incurred. Once the software is ready for its intended use, amounts capitalized are amortized over an estimated useful life of up to five years, generally on a straight-line basis. Capitalized software costs for internal use are included in office equipment category of the property and equipment on the Consolidated Balance Sheets.

Impairment of Long-Lived Assets

The Company evaluates the carrying value of long-lived assets when indicators of impairment exist. The carrying value of a long-lived asset is considered impaired when the estimated separately identifiable, undiscounted cash flows from such an asset are less than the carrying value of the asset. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset. Fair value is determined primarily using the estimated cash flows discounted at a rate commensurate with the risk involved. See Note 5 “Property and Equipment” for more information.

Intangible Assets

The Company amortizes acquisition-related intangible assets that are subject to amortization over their estimated useful lives. The Company performs periodic reviews of significant finite-lived identified intangible assets to determine whether facts and circumstances indicate that the carrying amount may not be recoverable. These reviews can be affected by various factors, including external factors such as industry and economic trends, and internal factors such as changes in the Company’s business strategy and its forecasts for specific products. Periodically, the Company also evaluates the estimated remaining useful lives of purchased intangible assets and whether events or changes in circumstances warrant a revision to the remaining periods of amortization.

Leases

In February 2016, the “FASB” issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 requires an entity to recognize a right-of-use asset and lease liability for all leases with terms of more than 12 months. The Company early adopted the ASU 2016-02 on January 1, 2021. Under Topic 842, the Company determines if an arrangement contains a lease and its lease classification at inception. For arrangements, with lease terms greater than 12 months and the Company is the lessee, right-of-use (“ROU”) assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. Currently, the Company only has operating leases.

ROU assets also include any initial direct costs incurred and any lease payments made on or before the lease commencement date, less lease incentives received. The Company uses its incremental borrowing rate based on the information available at the commencement date in determining the lease liabilities as the Company’s leases generally do not provide an implicit rate. Lease terms may include options to extend or terminate the lease when the Company is reasonably certain that the option will be exercised. The Company combines the lease and non-lease components in determining the operating lease ROU assets and liabilities. Lease expense is recognized on a straight-line basis over the lease term. The lease agreements may contain variable costs such as contingent rent escalations, common area maintenance, insurance, real estate taxes or other costs. Such variable lease costs are expensed as incurred on the Consolidated Statement of Operations. See Note 7 “Leases” for more information.

Goodwill

The Company reviews its goodwill for impairment at least annually in the fourth quarter, or more frequently if events or changes in circumstances indicate that the asset may be impaired. Since the Company completed the acquisition of Routejade in October 2023, no impairment analysis was performed for the fiscal year 2023. There was no goodwill impairment for the periods presented. See Note 3 “Business Combinations” for more information

Debt

The Company accounted for its borrowings as liabilities measured at net proceeds less debt discount and debt issuance cost and were accreted to its face value over its expected term using the effective interest method. The Company considered whether there were any embedded features in its debt instruments that required bifurcation and separate accounting as derivative financial instruments pursuant to Accounting Standards Codification (“ASC”), Topic 815, Derivatives and Hedging (“ASC 815”). See Note 9 “Borrowings” for more information.

Common Stock Warrants

In connection with 2021 business combination with Rodgers Silicon Valley Acquisition Corp., the Company issued outstanding warrants of 17.5 million to purchase common stock at a price of $11.50 per share. The warrants expire five years from the completion of the business combination and were exercisable starting December 5, 2021. A portion of the outstanding warrants were held by the sponsor and members of Rodgers Capital LLC (the “Private Placement Warrants”) and the remaining warrants were held by other third-party investors (the “Public Warrants”). As of January 1, 2023, there were no Public Warrants outstanding as the shares of the Public Warrants were either exercised or redeemed during the fiscal year 2022.

The Private Placement Warrants are transferable, assignable or salable in certain limited exceptions. The Private Placement Warrants are exercisable for cash or on a cashless basis, at the holder’s option, and are non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the Private Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Placement Warrants will cease to be Private Placement Warrants, and become Public Warrants and be redeemable by the Company and exercisable by such holders on the same basis as the other Public Warrants.

Once the warrants became exercisable, the Company could redeem for $0.01 per warrant the outstanding Public Warrants if the Company’s common stock price equaled or exceeded $18.00 per share, subject to certain conditions and adjustments.

The Company accounts for the warrants in accordance with ASC Topic 815, Derivative and Hedging. The Public Warrants met the criteria for equity classification and were recorded as additional paid-in capital on the Consolidated Balance Sheet at the completion of the Business Combination. The Private Placement Warrants contain exercise and settlement features that may change with a change in the holder, which precludes the Private Placement Warrants from being indexed to the Company’s own stock, and therefore the Private Placement Warrants are precluded from being classified within equity and are accounted for as derivative liabilities on the Consolidated Balance Sheet at fair value, with subsequent changes in fair value recognized in the Consolidated Statement of Operations at each reporting date. See Note 12 “Warrants” for more information.

Fair Value of Financial Instruments

The Company’s assets and liabilities, which require fair value measurement on a recurring basis, consist of Private Placement Warrants recorded at fair value. Fair value principles require disclosures regarding the manner in which fair value is determined for assets and liabilities and establishes a three-tiered fair value hierarchy into which these assets and liabilities must be grouped, based upon significant levels of inputs as follows:

•Level 1 — Observable inputs, such as quoted prices (unadjusted) in active markets for identical assets or liabilities at the measurement date;

•Level 2 — Observable inputs, other than Level 1 prices, such as quoted prices in active markets for similar assets and liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and

•Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The lowest level of significant input determines the placement of the entire fair value measurement in the hierarchy. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability. See Note 4 “Fair Value Measurement” for more information.

Non-Controlling Interests

The Company’s consolidated financial statements include the majority-owned subsidiary and variable interest entity consolidated under the variable interest and voting interest models. Non-controlling interests represent the portion of equity not attributable to the Company and are reported as a separate component of equity, net of tax and transaction costs, on the Consolidated Balance Sheets. Net loss and comprehensive loss for majority-owned subsidiary are attributed to the Company and to non-controlling interest holders on the Consolidated Statements of Operations and Consolidated Statements of Comprehensive Loss based on respective ownership percentage. The Company accounts for changes in ownership of the majority-owned subsidiary as equity transactions when the Company retains a controlling financial interest.

Variable Interest Entity

The Company determines at the inception of each arrangement whether an entity in which the Company holds an investment or in which the Company has other variable interests is considered a VIE. The Company consolidates the VIE’s balance sheet and results of operations into its consolidated financials when the Company deems to be the primary beneficiary that meets both of the following criteria: (1) the Company has the power to direct activities that most significantly affect the VIE’s economic performance and (2) the Company has the obligation to absorb losses or the right to receive benefits of the VIE that in either case could potentially be significant to the VIE.

The Company continually reassesses whether the Company is the primary beneficiary of a VIE for the consolidation analysis. If the Company is not the primary beneficiary in a VIE, the Company accounts for the investment or other variable interest in accordance with applicable GAAP. Please refer to Note 16 “Variable Interest Entity” for more details.

The Company will reconsider whether the entity is still a VIE if certain reconsideration events occur as defined in the Accounting Standards Codification (“ASC”) 810, Consolidation, issued by the FASB.

Foreign Currency Transactions

The functional currency of the Company’s international subsidiaries is the U.S. dollar (“USD”), except for the newly acquired Routejade, which is in Korean Won. Monetary assets and liabilities of the Company's international subsidiaries that are denominated in foreign currency are remeasured into USD at period-end exchange rates. Non-monetary assets and liabilities that are denominated in the foreign currency are remeasured into USD at the historical rates. Foreign transaction gains and losses resulting from the conversion of the transaction currency to functional currency and remeasurement of foreign currency accounts are reflected in Other income (expense), net of the Consolidated Statements of Operations. For the fiscal year 2023, the Company recorded an immaterial amount of net foreign transaction gains in Other income (expense), net of the Consolidated Statements of Operations.

Routejade utilizes Korean Won as its functional currency. The assets and liabilities of this subsidiary is translated at period-end exchange rates, while revenue and expenses are translated at the average rates in effect for the period. The related translation gains and losses are included in other comprehensive income or loss within the Consolidated Statements of Operations and the Consolidated Statement of Comprehensive Income.

Concentrations of Credit Risk and Major Customers

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. The Company maintains cash and cash equivalent balances in checking, savings, and money market accounts at financial institutions. Amounts held in these accounts may exceed federally insured limits. As of December 31, 2023 and January 1, 2023, the Company did not experience any losses on such deposits.

For the fiscal year 2023, Customer D, which had revenues greater than 10% of the Company's total revenues, had accounted for approximately 75% of the Company's total revenues. For the fiscal year 2022, Customer A and Customer C accounted for approximately 81% and 14%, respectively, of the Company's total revenue.

As of December 31, 2023, there were three customers, which had accounts receivable greater than 10% of the Company’s total accounts receivables. Customer C, E, and F accounted for 13%, 45% and 11%, respectively, of the total accounts receivable. As of January 1, 2023, Customer C accounted for 84% of the Company’s total accounts receivable, net.

Revenue Recognition

In June 2022, the Company began to generate revenue from its planned principal business activities. The Company recognizes revenue within the scope of Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers (“ASC 606”). The core principle of ASC 606 requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. ASC 606 defines a five-step process to achieve this core principle and, in doing so, it is possible more judgment and estimates may be required within the revenue recognition process, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. The following five steps are applied to achieve that core principle:

1.Identify the contract with the customer;

2.Identify the performance obligations in the contract;

3.Determine the transaction price;

4.Allocate the transaction price to the performance obligations in the contract; and

5.Recognize revenue when the company satisfies a performance obligation.

The Company’s revenue consists of product revenue, resulting from the sale of lithium-ion batteries. electrode coating and battery pack products (“Product Revenue”), and service revenue, resulting from payments received from its customers based on executed engineering revenue contracts for the development of lithium-ion battery technology (“Service Revenue”).

Product Revenue

Product Revenue is recognized once the Company has satisfied the performance obligations identified in the contract and the customer obtains control of the goods at a point in time under the revenue recognition criteria. Product Revenue is recognized in an amount that reflects the consideration for the corresponding performance obligations for the lithium-ion batteries or battery pack products transferred.

Service Revenue

Service Revenue contracts generally include the design and development efforts to conform the Company’s existing battery technology with the customer’s required specifications. The term of the Service Revenue contracts generally last from one to three years beginning at the effective date of the contract with a single performance obligation. Generally, the Company owns all intellectual property that is developed and directed toward the Company’s lithium-ion battery technology. Accordingly, the customer will only receive prototype units of the Company’s battery technology as well as any design reports that are submitted to them as part of the contract. Prototype units that are delivered throughout the term of the contract provide marginal value to the customers as they are contractually limited in their ability to derive benefit from the prototype units should the contract be terminated. The Company concludes that its performance obligation is the delivery of final prototype units, which meet the ultimate specifications set forth by the customer.

Consideration for Service Revenue contracts generally becomes payable when the Company meets specific contractual milestones, which include the design and approval of custom cells, procurement of fabrication tooling to meet the customer’s specifications, and fabrication and delivery of custom cells from the Company's pilot production line. Within the existing Service Revenue contracts, the amount of consideration is fixed, the contracts contain a single

performance obligation, and revenue is recognized at the point in time the final milestone is met (i.e., a final working prototype meeting all required specifications) and the customer obtains control of the deliverable. Any proceeds received prior to completing the final deliverable are recorded as deferred revenue.

Deferred Revenue

Deferred revenue represents situations where the cash is collected, but the related revenue has not yet been recognized. Revenue is subsequently recognized when the revenue recognition criteria are met. Service Revenue is generally invoiced based on pre-defined milestones and Service Revenue per the contract is generally recognized upon completion of the final milestone. The following table summarizes the significant changes in deferred revenue during the fiscal year 2023 (in thousands).


	2023
Beginning Balance	$	3,774
Routejade acquisition	10,568
Revenue recognized	(3,968)
Increased due to customer advanced payments	108
Deferred revenues, end of period	$	10,482

As of December 31, 2023, the Company currently expects to recognize approximately 64% of deferred revenue as revenue within the next twelve months and the remaining amount is expected to be recognized as revenues in 2025.

Costs to Fulfill a Customer Contract

The revenue recognition standard requires capitalization of certain costs to fulfil a customer contract, such as certain employee compensation for design and development services that specifically relate to customer contracts. Costs are recognized as an asset if they relate directly to a customer contract, generate or enhance resources of the entity that will be used in satisfying future performance obligations, and are expected to be recovered. If these three criteria are not met, the costs are expensed in the period incurred. Deferred costs are recognized as cost of revenue in the period when the related revenue is recognized. As of December 31, 2023 and January 1, 2023, total deferred contract costs were $0.8 million for either periods.

Product Warranties

The Company provides product warranties, which cover certain repair or replacement under the revenue contracts and they generally range from one to four years. Estimated costs related to warranties are recorded in the same period when the product sales occur. The warranty liability reflects management’s best estimates of such costs and are recognized as cost of revenue. The Company continuously monitors its product returns for warranty failures and maintains a reserve for the related warranty expenses based on various factors, including historical product failure rates, results of accelerated lab testing, field monitoring, vendor reliability estimates, and data on industry averages for similar products. Due to the potential for variability in these underlying factors, the difference between the estimated costs and the actual costs could be material to the Company’s consolidated financial statements. If actual product failure rates or the frequency or severity of reported claims differ from the estimates, the Company may be required to revise its estimated warranty liability. As of December 31, 2023, the Company's warranty liability on the Consolidated Balance Sheet was immaterial.

Sales and Transaction Taxes

Sales and other taxes collected from customers and remitted to governmental authorities on revenue-producing transactions are reported on a net basis and are therefore excluded from revenues in the Consolidated Statement of Operations.

Cost of Revenues

Cost of revenues includes materials, labor, depreciation expense, and other direct costs related to product production and Service Revenue contracts. Labor consists of personnel-related expenses such as salaries, benefits, and stock-based compensation. Other direct costs include costs incurred on certain Service Revenue contracts that was in excess of the amount expected to be recovered and other overhead costs in connection with the product production.

Research and Development Costs

Research and development costs consist of engineering services, depreciation, development expenses, materials, labor and stock-based compensation and allocated facilities costs, related primarily to the Company’s (i) technology development, (ii) design, construction, and testing of preproduction prototypes and models, and (iii) certain costs related to the design, construction, and operation of its pilot plant that is not of a scale economically feasible to the Company for commercial production. Research and development costs are expensed as incurred.

Selling, General and Administrative Expenses

Selling, general and administrative expenses consist of personnel-related expenses, marketing expenses, allocated facilities expenses, depreciation expenses, executive management travel, and professional services expenses, including legal, human resources, audit, accounting and tax-related services. Personnel related costs consist of salaries, benefits and stock-based compensation. Facilities costs consist of rent and maintenance of facilities.

Merger Transaction Costs

During the fiscal year 2021, the Company incurred significant direct and incremental transaction costs related to the completed merger with RSVAC. These transaction costs were first deferred and capitalized to the deferred transaction costs, non-current line item in the Consolidated Balance Sheet. After the completion of the Business Combination, these costs were reclassed to and recorded as a reduction of additional paid-in capital. Cash payments for the transaction costs related to the Business Combination and PIPE financing are classified in the Consolidated Statement of Cash Flows as a financing activity. See Note 3 “Business Combinations” for more information.

Government Grant

In September 2020, the Company entered into a financial assistance agreement totaling $6.5 million with the Office of Energy Efficiency and Renewable Energy (“EERE”), an office within the U.S. Department of Energy. Under the agreement, the Company will perform research and development under a joint project with the EERE, and the EERE will reimburse the Company for approximately 49.8% of allowable project costs. The remaining approximately 50.2% in costs would be incurred by the Company. The Company accounts for funds which are probable of being received in the same period in which the costs were incurred as an offset to the related expense (Research and development) or capitalized asset (Property and equipment, net). As of December 31, 2023, the Company had an immaterial reimbursement receivable from the assistance agreement. As of January 1, 2023, the Company had a reimbursement receivable from the assistance agreement of $0.4 million, which is included in prepaid expenses and other current assets on the Consolidated Balance Sheets.

Income Taxes

The Company accounts for income taxes in accordance with ASC 740, Income Taxes, issued by FASB. Under the asset and liability method specified by ASC 740, deferred tax assets and liabilities are recognized for the future consequences of differences between the carrying amounts of existing assets and liabilities and their respective tax bases (temporary differences). Deferred tax assets and liabilities are measured using tax rates expected to apply to taxable income in the years in which those temporary differences are recovered or settled. Valuation allowances for deferred tax assets are established when it is more likely than not that some or all of the deferred tax assets will not be realized.

In addition, ASC 740 provides comprehensive guidance on the recognition and measurement of tax positions in previously filed tax returns or positions expected to be taken in future tax returns. The benefit from an uncertain tax position must meet a more-likely-than-not recognition threshold and is measured at the largest amount of benefit greater than 50% determined by cumulative probability of being realized upon ultimate settlement with the taxing authority. The

Company’s policy is to recognize interest and penalties expense, if any, related to uncertain tax positions as a component of income tax expense.

Stock-Based Compensation

The Company issues stock-based compensation to employees and non-employees in the form of stock options or restricted stock units (“RSUs”) or performance restricted stock units (“PRSUs”).

Restricted Stock Units

Starting in the fiscal year 2021, the Company began to grant RSUs to its employees and non-employees and these RSUs generally have a service vesting condition over four or five years. The Company uses its common stock price, which is the closing stock price on the grant date to value its RSUs. Stock-based compensation expense is recognized using the straight-line attribution method. Forfeitures are recorded when they occur.

Performance Restricted Stock Units

Starting in the fiscal year 2022, the Company began to grant PRSUs to certain employees with vesting conditions based on performance and service conditions over two years. The Company uses its common stock price, which is the closing stock price on the grant date to value its PRSUs. The Company uses the graded vesting method to calculate the stock-based compensation expense. At each reporting period, the Company would recognize and adjust the stock-based compensation expense based on its probability assessment in meeting its PRSUs' performance conditions. Forfeitures are recorded when they occur.

Employee Stock Purchase Plan

The Company began to offer the employee stock purchase plan (“ESPP”) to its employees in the fiscal year 2021. The Company uses the Black-Scholes valuation method to value the fair value of its ESPP shares and uses the graded vesting method to calculate the stock-based compensation expense.

Stock options

Generally, the stock options have a maximum contractual term up to 10 years. The fair value of stock options is based on the date of the grant using the Black-Scholes valuation method. The awards are accounted for by recognizing the fair value of the related award over the period during which services are provided in exchange for the award (referred to as the requisite service period, which typically equals the vesting period of the award). The vesting period is generally four or five years. No stock options have been issued with a market condition or other performance vesting condition. In accordance with ASU 2018-07 Compensation — Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Payment Accounting, the measurement of equity-classified non-employee awards is fixed at the grant date. Stock-based compensation expense is recognized using the straight-line attribution method. Forfeitures are recorded when they occur. For the fiscal year 2023, the Company did not grant any stock options and, for the fiscal year 2022, the Company granted less than 60,000 shares.

Fair Value of Common Stock and Stock Option

Prior to the completion of the Business Combination, the fair value of the Company’s common stock underlying stock options was determined by the Company’s board of directors. Given the absence of a public trading market, the board of directors considered numerous objective and subjective factors to determine the fair value of the Company’s common stock at each board of directors meeting in which stock awards were approved. These factors included, but were not limited to: (i) contemporaneous third-party valuations of common stock; (ii) the rights, preferences, and privileges of convertible preferred stock relative to common stock; (iii) the lack of marketability of common stock; (iv) stage and development of the Company’s business; (v) general economic conditions; and (vi) the likelihood of achieving a liquidity event, such as an initial public offering, or sale of the Company, given prevailing market conditions.

Based on the valuation reports from the third-party and the relevant factors as discussed above, the Company determined the fair value per share of the underlying common stock of the stock options.

The following assumptions are used in the Black-Scholes valuation model for the fair value of stock options per share.

•Expected Term — The expected term of the options represents the average period the share options are expected to remain outstanding. As the Company does not have sufficient historical information to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior, the expected term of options granted is derived from the average midpoint between the weighted average vesting and the contractual term, also known as the simplified method. The Company uses the simplified calculation of the expected life, which takes into consideration the grant’s contractual life and vesting period and assumes that all options will be exercised between the vesting date and the contractual term of the option.

•Risk-Free Interest Rate — The risk-free interest rate is based on the yield of U.S. Treasury notes as of the grant date with terms commensurate with the expected term of the option.

•Dividend Yield — The expected dividends assumption is based on the Company’s expectation of not paying dividends in the foreseeable future, as well as the Company did not pay any dividends in the past.

•Expected volatility — Prior to the Business Combination, Legacy Enovix was a private company and did not have any trading history for its ordinary shares, the expected volatility was based on the historical volatilities of the common stock of comparable publicly traded companies that Legacy Enovix selected with comparable characteristics, including enterprise value, risk profiles, position within the industry, and with historical share price information sufficient to meet the expected life of the Legacy Enovix’s stock options.

Net Loss per Share of Common Stock

Basic net loss per share of common stock is calculated using the two-class method under which earnings are allocated to both common shares and participating securities. The Company considers participating securities including outstanding stock options, outstanding RSUs, estimated ESPP shares and convertible senior notes. Unvested early exercised stock options which are subject to repurchase by the Company are not considered participating securities as those shares do not have non-forfeitable rights to dividends or dividend equivalents. Net loss is attributed to common stockholders and participating securities based on their participation rights.

Basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Unvested early exercised stock options are not considered outstanding for purposes of the weighted average outstanding share calculation until they vest.

Diluted earnings per share (“EPS”) attributable to common stockholders adjusts basic EPS for the potentially dilutive impact of the participating securities. As the Company reported losses for the periods presented, all potentially dilutive securities including convertible senior notes, stock options and warrants, are generally antidilutive and accordingly, basic net loss per share equals diluted net loss per share, except when there were changes in fair value of the Private Placement Warrants recorded in earnings. With changes in fair value recorded in earnings, an adjustment would be made to both the diluted EPS numerator and denominator to eliminate such effects.

Recently Adopted Accounting Pronouncements

In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. This ASU requires an acquirer to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Revenue from Contracts with Customers (Topic 606) rather than adjust them to fair value at the acquisition date. ASU 2021-08 is effective for annual periods beginning after December 15, 2022 and interim periods within those annual periods. This ASU should be applied prospectively to business combinations occurring on or after the date of adoption. As a result, we adopted the provisions of this ASU in the first quarter of 2023 and the adoption of this ASU did not have a material impact on the Company’s consolidated financial statements and related disclosures.

Recently Issued Accounting Pronouncements

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of significant segment expenses and other segment items on an annual and interim basis. This ASU will be effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the potential impact of the adoption of this ASU on the Company’s financial statement disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topics 740): Improvements to Income Tax Disclosures, which expanded the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for the annual periods beginning December 15, 2024, with early adoption permitted. The Company is currently evaluating the potential impact of the adoption of this ASU on the Company’s financial statement disclosures.

Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Property and Equipment (Details)	Dec. 31, 2023
Machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful life	2 years
Machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful life	10 years
Office equipment and software \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful life	3 years
Office equipment and software \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful life	5 years
Furniture and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful life	3 years
Furniture and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful life	5 years
Building
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful life	33 years

Income Tax - Schedule of deferred tax assets (liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jan. 01, 2023
Gross deferred tax assets:
Lease liabilities	$ 2,317	$ 2,479
Inventory reserve	523	0
Deferred revenue	1,056	1,056
Share-based compensation	5,481	4,455
Capitalized research and experimental expenses	24,031	11,891
Credit carryovers	11,149	3,926
Net operating losses	112,707	82,113
Transaction costs	1,390	1,502
Depreciation and amortization	6,615	1,347
Other	296	0
Total gross deferred tax assets	165,565	108,769
Valuation allowance	(164,207)	(107,053)
Total deferred tax assets, net of valuation allowance	1,358	1,716
Deferred tax liabilities:
Intangible assets	(10,091)	0
Inventory fair value adjustment	(439)	0
Right-of-use asset	(1,625)	(1,716)
Other	(6)	0
Total deferred tax liabilities	(12,161)	(1,716)
Net deferred tax liabilities	$ (10,803)	$ 0

Stock-based Compensation - Schedule of Stock Option Valuation Assumptions (Details)	12 Months Ended
	Jan. 01, 2023	Jan. 02, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate, minimum	2.10%	0.50%
Risk-free interest rate ,maximum	4.20%	1.30%
Dividend yield	0.00%	0.00%
Expected volatility , minimum	67.60%	48.10%
Expected volatility , maximum	70.10%	49.80%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (years)	5 years	5 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (years)	6 years	6 years 10 months 24 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Business Combinations - Additional Information (Details) $ / shares in Units, $ in Thousands			12 Months Ended
	Oct. 31, 2023 USD ($) $ / shares shares	Jul. 14, 2021 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Jan. 01, 2023 USD ($) $ / shares shares
Schedule Of Reverse Recapitalization [Line Items]
Common stock, par value (in dollars per share) \| $ / shares		$ 0.0001	$ 0.0001	$ 0.0001
Deemed value per share (in dollars per share) \| $ / shares		$ 10.00
Reverse capitalization exchange ratio		0.1846
Stock converted, recapitalization (in shares) \| shares		103,995,643
Common stock, shares authorized (in shares) \| shares		1,000,000,000	1,000,000,000	1,000,000,000
Preferred stock, par value (in dollars per share) \| $ / shares		$ 0.0001	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares) \| shares		10,000,000	10,000,000	10,000,000
Number of shares issues (in shares) \| shares		12,500,000
Purchase price per share (in dollars per share) \| $ / shares		$ 14.00
Common stock sold, aggregate purchase price \| $		$ 175,000
Liabilities assumed \| $		$ 73,400
Amortization of intangible assets \| $			$ 800
Selling, general and administrative
Schedule Of Reverse Recapitalization [Line Items]
Acquisition costs \| $			1,300
Routejade, Inc.
Schedule Of Reverse Recapitalization [Line Items]
Cash paid, net of acquisition-related seller expense \| $	$ 15,448
Shares issued in acquisition (in shares) \| shares	5,923,521
Percentage of outstanding shares acquired	95.80%
Business acquisition, share price (in dollars per share) \| $ / shares	$ 8.91
Revenue of acquiree \| $			7,000
Proforma revenue \| $			$ 21,100	$ 16,400
Common Stock
Schedule Of Reverse Recapitalization [Line Items]
Stock converted, recapitalization (in shares) \| shares		103,995,643
Stock converted and reserved for future issuance, recapitalization (in shares) \| shares		5,547,327

Net Loss per Share - Schedule of Anti-Dilutive Securities Excluded From Computation of Diluted Loss Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2023	Jan. 01, 2023	Jan. 02, 2022
Stock options outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	2,615,199	5,034,282	5,753,005
Restricted stock units and performance restricted stock units outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	11,424,740	7,371,158	535,449
Private Placement Warrants outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	0	0	6,000,000
Public Warrants outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	0	0	4,322,106
Employee stock purchase plan estimated shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	442,146	349,988	47,379
Assumed conversion of Convertible Senior Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	11,053,800	0	0

Variable Interest Entity (Details) - USD ($) $ in Millions	Jul. 26, 2023	Dec. 31, 2023
Variable Interest Entity [Line Items]
Deposit in an interest-bearing account		$ 70.0
Orifast Solution Sdn Bhd
Variable Interest Entity [Line Items]
Finance receivable	$ 70.0
Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Variable Interest Entity [Line Items]
Initial investment	$ 100.0
Percentage of initial investment to be paid by each party	30.00%
Term of agreement	10 years
Additional term of agreement	5 years
Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Maximum
Variable Interest Entity [Line Items]
Term of right reserved to purchase the equipment	7 years
Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| YBS International Berhad
Variable Interest Entity [Line Items]
Percentage of initial investment to be paid by each party	70.00%
Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Orifast Solution Sdn Bhd
Variable Interest Entity [Line Items]
Term loan repaid period	5 years

Leases - Schedule of Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Jan. 01, 2023
Leases [Abstract]
Operating lease cost	$ 2,429	$ 1,682

Restructuring Costs	12 Months Ended
Restructuring Costs	Dec. 31, 2023
Restructuring and Related Activities [Abstract]
Restructuring Costs	Restructuring Costs Strategic Realignment of Fab1 On October 3, 2023, the Company announced that it initiated a strategic realignment of the Company’s Fab1 in Fremont designed to refocus the facility from a manufacturing hub to its “Center for Innovation,” focused on new product development, including a plan of workforce reduction. In connection with such strategic realignment, the Company recorded approximately $3.0 million of restructuring costs for the fiscal year 2023, which consisted of severance, termination benefits, stock-based compensation expense and inventory raw material expense. These restructuring costs were reflected in Restructuring cost in the Consolidated Statements of Operations. During the fourth quarter of 2023, the Company paid $1.6 million of the restructuring costs and the remaining $0.4 million of the restructuring liability was included in Accrued compensation on the Consolidated Balance Sheet as of December 31, 2023. In addition, the Company recognized an accelerated depreciation expenses of approximately $18.5 million for Gen1 equipment in the fourth quarter of 2023 and approximately $18.5 million is expected to be recognized in the first quarter of 2024.

Fair Value Measurement - Cash Equivalents and Short-term Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jan. 01, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Amortized Cost	$ 138,166
Unrealized Gain	15
Unrealized Loss	0
Estimated Fair Value	138,181
Cash Equivalents
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Estimated Fair Value	64,487
Short-Term Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Estimated Fair Value	73,694
Money Market Funds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Amortized Cost	19,312	$ 319,946
Unrealized Gain	0	0
Unrealized Loss	0	0
Estimated Fair Value	19,312	319,946
Money Market Funds \| Cash Equivalents
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Estimated Fair Value	19,312	319,946
Money Market Funds \| Short-Term Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Estimated Fair Value	0	$ 0
US Treasury Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Amortized Cost	118,854
Unrealized Gain	15
Unrealized Loss
Estimated Fair Value	118,869
US Treasury Securities \| Cash Equivalents
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Estimated Fair Value	45,175
US Treasury Securities \| Short-Term Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Estimated Fair Value	$ 73,694

Leases - Additional Information (Details)	12 Months Ended
Leases - Additional Information (Details)	Dec. 31, 2023 lease
Operating Leased Assets [Line Items]
Number of operating leases entered during period	2
California
Operating Leased Assets [Line Items]
Option to extend, term	5 years
MALAYSIA
Operating Leased Assets [Line Items]
Option to extend, term	3 years
Operating Lease, term of contract	3 years
India
Operating Leased Assets [Line Items]
Operating Lease, term of contract	5 years 3 months 18 days

Restructuring Costs (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
Restructuring Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2023	Jan. 01, 2023	Jan. 02, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring cost		$ 3,021	$ 0	$ 0
Strategic Realignment Of Fab1
Restructuring Cost and Reserve [Line Items]
Restructuring cost	$ 1,600	3,000
Depreciation expenses	18,500
Expected cost remaining	18,500	18,500
Strategic Realignment Of Fab1 \| Employee-related Liabilities, Current
Restructuring Cost and Reserve [Line Items]
Restructuring reserve	$ 400	$ 400

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Business Combinations - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Oct. 31, 2023	Jan. 01, 2023
Business Acquisition [Line Items]
Goodwill	$ 12,098		$ 0
Routejade, Inc.
Business Acquisition [Line Items]
Cash, cash equivalents and restricted cash acquired		$ 5,481
Accounts and notes receivable, net		1,796
Inventory		12,613
Prepaid expenses and other current assets		1,715
Property and equipment, net		26,987
Intangible assets		42,981
Goodwill	$ 12,098	12,098	$ 0
Other non-current assets		365
Debt assumed		(7,426)
Deferred revenue		(10,568)
Liabilities assumed		(3,182)
Deferred income tax liabilities		(11,616)
Fair value of net assets acquired		71,244
Less: non-controlling interest		(3,017)
Total purchase consideration		68,227
Less: Cash, cash equivalents, restricted cash acquired		(5,481)
Total purchase price, net of cash acquired		62,746
Gross amount of the acquired accounts and notes receivable		$ 1,900

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Location	San Francisco, California
Auditor Firm ID	34

Fair Value Measurement - Schedule of Key Assumptions for Determining Fair Value of Convertible Preferred Stock Warrants and Common Stock Warrants (Details) - Private Placement Warrants outstanding	Dec. 31, 2023	Jan. 01, 2023	Jan. 02, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Public warrants expiration term	5 years
Expected term (in years)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Public warrants expiration term	2 years 6 months	3 years 6 months	4 years 6 months
Expected volatility
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrants, measurement input	0.900	0.925	0.775
Risk-free interest rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrants, measurement input	0.041	0.042	0.012
Expected dividend rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrants, measurement input	0	0	0

Borrowings (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Components of Long-Term Debt, Net

The Company’s long-term debt, net consists of the following (in thousands).


	Annual Interest Rate		Maturity Date	As of December 31, 2023

Convertible Senior Notes	3.0	%	May 1, 2028	$	172,500
Long-term loans
Floating rate	3.4	%	June 30, 2027	385
Floating rate	3.4	%	June 30, 2028	385
Fixed rate	5.2	%	February 1, 2025	1,036
Fixed rate	5.3	%	September 19, 2024	1,540
Total Convertible Senior Notes and other borrowings				175,846
Less: unamortized debt issuance costs				(5,142)
Long-term debt				170,704
Current portion of long-term debt				(1,605)
Long-term debt, net				$	169,099

Schedule of Interest Expense Related to Convertible Notes

The following table summarizes the interest expenses related to Convertible Senior Notes and loans, which are recorded within Interest expense in the Consolidated Statements of Operations (in thousands).


	2023
Coupon interest	$	3,608
Amortization of debt issuance costs	775
Total interest expense on Convertible Senior Notes	4,383
Loan interest	64
Total interest expenses related to Convertible Senior Notes and loans	$	4,447

Schedule of Maturities of Long-Term Debt

The following table summarizes the Company’s long-term debt maturities, based on outstanding principal by years (in thousands).


	As of December 31, 2023
2024	$	1,605
2025	1,228
2026	256
2027	192
2028	172,565

Total gross amount of long-term debt	$	175,846

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482949/835-30-55-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480848/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-7

+ Details

Warrants - Summary of Warrant Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Jan. 01, 2023	Jan. 02, 2022
Number of Options Outstanding
Beginning balance (in shares)	5,034,282
Exercised (in shares)	(1,482,808)
Ending balance (in shares)	2,615,199	5,034,282
Weighted Average Exercise Price
Beginning balance (in dollars per share)	$ 9.07
Exercised (in dollars per share)	8.04
Ending balance (in dollars per share)	$ 9.71	$ 9.07
Public Warrants
Number of Options Outstanding
Beginning balance (in shares)		4,322,106	0
Assumed through the Business Combination (in shares)			11,499,991
Exercised (in shares)			(7,177,885)
Ending balance (in shares)			4,322,106
Weighted Average Exercise Price
Beginning balance (in dollars per share)		$ 11.50	$ 0
Assumed through the Business Combination (in dollars per share)			11.50
Exercised (in dollars per share)			11.50
Ending balance (in dollars per share)			$ 11.50

Business Combinations - Schedule of Intangible Assets Subject To Amortization, Net (Details) - USD ($) $ in Thousands	Oct. 31, 2023	Dec. 31, 2023
Goodwill [Roll Forward]
Net Carrying Amount		$ 42,168
Routejade, Inc.
Goodwill [Roll Forward]
Gross	$ 42,981
Accumulated amortization	(813)
Net Carrying Amount	$ 42,168
Weighted-average Useful Lives	9 years
Customer relationships \| Routejade, Inc.
Goodwill [Roll Forward]
Gross	$ 30,966
Accumulated amortization	(517)
Net Carrying Amount	$ 30,449
Weighted-average Useful Lives	10 years
Developed technology \| Routejade, Inc.
Goodwill [Roll Forward]
Gross	$ 11,680
Accumulated amortization	(277)
Net Carrying Amount	$ 11,403
Weighted-average Useful Lives	7 years
Trade Names and Trademarks \| Routejade, Inc.
Goodwill [Roll Forward]
Gross	$ 335
Accumulated amortization	(19)
Net Carrying Amount	$ 316
Weighted-average Useful Lives	3 years

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment and Depreciation Expense

Property and equipment are depreciated or amortized using the straight-line method over the estimated useful lives of the following assets below.


	Estimated Useful Life (in Years)
Machinery and equipment	2	-	10
Office equipment and software	3	-	5
Furniture and fixtures	3	-	5
Building	33
Leasehold improvements	Shorter of the economic life or the remaining lease term

Property and equipment consists of the following categories (in thousands).


	December 31, 2023		January 1, 2023
Machinery and equipment	$	100,335	$	55,694
Building and leasehold improvements	36,651		24,565
Office equipment and software	2,561		1,586
Furniture and fixtures	898		771
Land	1,433		—
Construction in process	68,958		33,268
Total property and equipment	210,836		115,884
Less: accumulated depreciation	(44,365)		(12,016)
Property and equipment, net	$	166,471	$	103,868

The following table summarizes the depreciation and amortization expenses related to property and equipment, which were recorded within cost of revenue, research and development expense and selling, general and administrative expense in the Consolidated Statements of Operations (in thousands).


	Fiscal Years
		2023		2022		2021
Depreciation expense		$	33,870	$	7,425	$	995

Equipment Impairment

The following table summarizes impairment of equipment (in thousands).


	Fiscal Years
		2023		2022		2021
Impairment of equipment		$	4,411	$	4,921	$	—

Summary of Significant Accounting Policies - Schedule of Changes in Deferred Revenue (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Change in Contract with Customer, Liability [Abstract]
Deferred revenues, beginning of period	$ 3,774
Routejade acquisition	10,568
Revenue recognized	(3,968)
Increased due to customer advanced payments	108
Deferred revenues, end of period	$ 10,482

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Total Stockholders' Equity	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Non-controlling Interests
Beginning balance (in shares) at Dec. 31, 2020			100,016,559
Beginning balance at Dec. 31, 2020	$ 36,216	$ 36,216	$ 10	$ 243,484	$ 0	$ (207,278)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(125,874)	(125,874)				(125,874)
Business combination, net of redemptions and equity issuance costs and PIPE financing, net (in shares)			41,249,985
Business combination, net of redemptions and equity issuance costs and PIPE financing, net	300,745	300,745	$ 4	300,741
Issuance of common stock upon exercise of common stock warrants (in shares)			7,177,885
Issuance of common stock upon exercise of common stock warrants, net	82,546	82,546	$ 1	82,545
Issuance of common stock upon exercise of stock options (in shares)			2,180,168
Issuance of common stock upon exercise of stock options	62	62		62
Issuance of Series D convertible preferred stock upon exercise of warrants (in shares)			2,020,034
Issuance of Series D convertible preferred stock upon exercise of warrants	20,877	20,877		20,877
RSUs vested, net of shares withheld for taxes (in shares)			61,015
Early exercised stock options vested	111	111		111
Stock-based compensation	11,434	11,434		11,434
Repurchase of unvested restricted common stock (in shares)			(433,359)
Ending balance (in shares) at Jan. 02, 2022			152,272,287
Ending balance at Jan. 02, 2022	$ 326,117	326,117	$ 15	659,254	0	(333,152)	0
Beginning balance (in shares) at Jul. 13, 2021	563,316,738
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Acquisition of Routejade (in shares)	28,749,985
Ending balance (in shares) at Jul. 14, 2021	145,245,628
Beginning balance (in shares) at Jan. 02, 2022			152,272,287
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (51,622)	(51,622)				(51,622)
Issuance of common stock upon exercise of common stock warrants (in shares)			4,126,466
Issuance of common stock upon exercise of common stock warrants, net	47,452	47,452		47,452
Issuance of common stock upon exercise of stock options (in shares)			381,497
Issuance of common stock upon exercise of stock options	2,379	2,379		2,379
Issuance of common stock under employee stock purchase plan (in shares)			229,249
Issuance of common stock under employee stock purchase plan	1,900	1,900		1,900
RSUs vested, net of shares withheld for taxes (in shares)			621,179
RSUs vested, net of shares withheld for taxes	(587)	(587)		(587)
Early exercised stock options vested	122	122		122
Stock-based compensation	$ 30,666	30,666		30,666
Repurchase of unvested restricted common stock (in shares)			(168,876)
Ending balance (in shares) at Jan. 01, 2023	157,461,802		157,461,802
Ending balance at Jan. 01, 2023	$ 356,427	356,427	$ 15	741,186	0	(384,774)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (214,132)	(214,071)				(214,071)	(61)
Issuance of common stock upon exercise of stock options (in shares)	1,482,808		1,482,808
Issuance of common stock upon exercise of stock options	$ 11,928	11,928		11,928
Issuance of common stock under employee stock purchase plan (in shares)			285,847
Issuance of common stock under employee stock purchase plan	2,350	2,350		2,350
RSUs vested, net of shares withheld for taxes (in shares)			2,655,170
RSUs vested, net of shares withheld for taxes	(3,930)	(3,930)	$ 1	(3,931)
Early exercised stock options vested	128	128		128
Purchase of Capped Calls	(17,250)	(17,250)		(17,250)
Stock-based compensation	69,848	69,848		69,848
Repurchase of unvested restricted common stock (in shares)			(416,833)
Acquisition of Routejade (in shares)			5,923,521
Issuance of common stock for the Routejade Acquisition	55,796	52,779	$ 1	52,778			3,017
Other comprehensive loss, net	$ (62)	(62)			(62)
Ending balance (in shares) at Dec. 31, 2023	167,392,315		167,392,315
Ending balance at Dec. 31, 2023	$ 261,103	$ 258,147	$ 17	$ 857,037	$ (62)	$ (598,845)	$ 2,956

Organization and Basis of Presentation (Details) - USD ($) $ in Thousands			3 Months Ended	12 Months Ended
	Oct. 31, 2023	Apr. 20, 2023	Jul. 02, 2023	Dec. 31, 2023	Jan. 01, 2023	Jan. 02, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Working capital				$ 262,200
Accumulated deficit				(598,845)	$ (384,774)
Purchase of Capped Calls		$ 17,300	$ 17,300	$ 17,250	$ 0	$ 0
Routejade, Inc.
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cash paid, net of acquisition-related seller expense	$ 15,800
Shares issued in acquisition (in shares)	5,923,521
3.0 % Convertible Senior Notes \| Convertible Debt
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Principal balance		172,500
Proceeds from issuance of convertible senior notes		$ 166,600
Convertible Senior Notes \| Convertible Debt
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Annual Interest Rate		3.00%

Income Tax

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Tax

Net loss before income taxes was attributable to the following geographic locations for the fiscal years 2023, 2022 and 2021 (in thousands).


	Fiscal Years
	2023		2022		2021
United States	$	(207,948)	$	(51,496)	$	(125,797)
Foreign	(6,817)		(126)		(77)
Net loss before income taxes	$	(214,765)	$	(51,622)	$	(125,874)

During the fiscal year 2023, the Company recorded tax provision benefit on foreign jurisdictions as the Company received certain income from the foreign entities. The Company also recorded a valuation allowance against deferred tax assets in certain foreign tax jurisdictions. There was no provision for income taxes recorded on U.S. as the Company generated net operating losses and a full valuation allowance was recorded against all U.S. federal and state net deferred tax assets. The following table summarizes the provision (benefit) for income taxes (in thousands).


	Fiscal Year
	2023
Current:


Foreign	$	180
Total current	180
Deferred:


Foreign	(813)
Total deferred	(813)
Total provision	$	(633)

During the fiscal years 2022 and 2021, there was no provision for income taxes recorded as the Company generated net operating losses and a full valuation allowance was recorded against all U.S. federal and state net deferred tax assets.

The following table shows the differences between the effective tax rate and the U.S. federal statutory tax rate for the fiscal years 2023, 2022 and 2021.


	Fiscal Years
	2023		2022		2021
Federal statutory tax rate	21.0	%	21.0	%	21.0	%
State and local income taxes, net of federal benefit	5.8	%	16.2	%	3.7	%
Foreign rate differential	0.1	%	—	%	—	%
Non-deductible warrant expense	0.6	%	30.6	%	(9.4	%)
Transaction costs	(0.1	%)	—	%	—	%
Federal tax credits	3.8	%	(1.7	%)	0.3	%
Share-based compensation	(1.4	%)	(3.5	%)	(0.8	%)
Impact of changes in valuation allowance	(26.6	%)	(62.4	%)	(14.6	%)
Uncertain position	(1.9	%)	—	%	—	%
Rate change	1.2	%	—	%	—	%
Other	(2.2	%)	(0.2	%)	(0.2	%)
Effective tax rate	0.3	%	—	%	—	%

The following table shows the components of deferred tax assets (liabilities) as of December 31, 2023 and January 1, 2023.


	December 31, 2023		January 1, 2023
Gross deferred tax assets:

Lease liabilities	$	2,317	$	2,479
Inventory reserve	523		—
Deferred revenue	1,056		1,056
Share-based compensation	5,481		4,455
Capitalized research and experimental expenses	24,031		11,891
Credit carryovers	11,149		3,926
Net operating losses	112,707		82,113
Transaction costs	1,390		1,502
Depreciation and amortization	6,615		1,347
Other	296		—
Total gross deferred tax assets	165,565		108,769
Valuation allowance	(164,207)		(107,053)
Total deferred tax assets, net of valuation allowance	1,358		1,716
Deferred tax liabilities:
Intangible assets	(10,091)		—
Inventory fair value adjustment	(439)		—

Right-of-use asset	(1,625)		(1,716)
Other	(6)		—
Total deferred tax liabilities	(12,161)		(1,716)
Net deferred tax liabilities	$	(10,803)	$	—

As of December 31, 2023, the Company had $479.4 million of state loss carryovers, $368.6 million of federal loss carryovers, and $7.3 million of foreign loss carryovers that could be utilized to reduce the tax liabilities of future years. The tax-effected loss carryovers were $42.4 million for state before federal effect, $77.4 million for federal and $1.8 million for foreign as of December 31, 2023. The Company also had $12.3 million of state research and development (“R&D”) tax credit carryovers, $12.0 million of federal R&D tax credit carryovers and $0.3 million of foreign R&D tax credit carryovers as of December 31, 2023.

The state losses expire between 2028 and 2043. Approximately $128.0 million of the federal losses expire between 2026 and 2037 and the remainder do not expire. The federal credit carryovers expire between 2027 and 2043. The state credit carryovers do not expire. Utilization of net operating losses and tax credit carryforwards are subject to certain limitations under Sections 382 and 383 of the Internal Revenue Code of 1986, as amended, due to historical changes in the Company’s ownership, as defined in current income tax regulations. A portion of the carryforwards may expire before being applied to reduce future income tax liabilities.

Valuation allowances are provided when necessary to reduce deferred tax assets to the amount expected to be realized. Significant judgement is required in determining any valuation allowance recorded against deferred tax assets. In assessing the need for a valuation allowance, the Company considers all available evidence, including past operating results, estimates of future taxable income, and the feasibility of tax planning strategies. In the event the Company changes its determination as to the amount of deferred tax assets that can be realized, it will adjust the valuation allowance with a corresponding impact to the provision for income taxes in the period in which such determination is made.

As of December 31, 2023, the Company recognized a full valuation allowance against its U.S. federal, state and certain foreign net deferred tax assets, including operating loss carryovers and credit carryovers. The Company evaluated the realizability of its net deferred tax assets based on all available evidence, both positive and negative, which existed as of December 31, 2023. The Company’s conclusion to maintain a full valuation allowance against its U.S. federal, state and certain foreign net deferred tax assets was based upon the assessment of its ability to generate sufficient future taxable income in future periods.

The following table summarizes the activities related to unrecognized tax benefits for the fiscal years 2023, 2022 and 2021.


	Fiscal Years
	2023		2022		2021
Balance at beginning of fiscal year	$	4,428	$	5,048	$	4,368
Increases related to current year tax positions	4,543		549		537
Increases related to the prior year tax positions	3,192		12		143
Decreases related to prior year tax positions	—		(1,181)		—
Balance at end of fiscal year	$	12,163	$	4,428	$	5,048

As of December 31, 2023 and January 1, 2023, none of the amounts of unrecognized tax benefits would favorably affect the effective income tax rate in future periods if recognized, since the tax benefits would increase a deferred tax asset that is currently offset by a full valuation allowance.

As of December 31, 2023, the Company has not identified any unrecognized that benefits where it is reasonably possible that it will recognize a decrease within the next 12 months. If the Company does recognize such a decrease, the net impact on the Consolidated Statement of Operations would not be material.

The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense on the Consolidated Statement of Operations. For the fiscal years 2023, 2022 and 2021, no interest expense was recognized relating to income tax liabilities. There were no accrued interest or penalties related to income tax liabilities as of December 31, 2023 and January 1, 2023.

The Company files income tax returns in the U.S. federal jurisdiction and in the California and Florida state jurisdiction. In the normal course of business, the Company is subject to examination by taxing authorities in the U.S. The Company is not currently under examination by any taxing authority.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Jan. 01, 2023

Jan. 02, 2022

Cash flows used in operating activities:

Net loss

$ (214,132)

$ (51,622)

$ (125,874)

Adjustments to reconcile net loss to net cash used in operating activities

Depreciation, accretion and amortization

34,009

7,972

1,515

Stock-based compensation

69,452

30,367

10,711

Change in fair value of common stock warrants and convertible preferred stock warrants

(6,180)

(75,180)

56,141

Impairment of equipment

^[1]

4,411

4,921

Others

703

Changes in operating assets and liabilities:

Accounts and notes receivables

(370)

(170)

Inventory

4,509

(634)

Prepaid expenses and other assets

(626)

926

(3,464)

Accounts payable

6,096

2,272

1,523

Accrued expenses and compensation

1,977

2,547

5,193

Deferred revenue

(3,860)

(4,091)

2,370

Deferred tax liability

(813)

Other liabilities

188

(48)

519

Net cash used in operating activities

(104,636)

(82,740)

(51,306)

Cash flows from investing activities:

Purchase of property and equipment

(61,795)

(36,212)

(43,584)

Routejade acquisition, net of cash and restricted cash acquired

(9,968)

Purchases of investments

(138,343)

Maturities of investments

67,150

Net cash used in investing activities

(142,956)

(36,212)

(43,584)

Cash flows from financing activities:

Proceeds from Business Combination and PIPE financing

405,155

Payments of transaction costs related to common stock issuance

(31,410)

Proceeds from exercise of common stock warrants, net and convertible preferred stock warrants

52,828

77,272

Proceeds from issuance of Convertible Senior Notes and secured promissory note

172,500

15,000

Purchase of Capped Calls

(17,250)

Payments of debt issuance costs

(5,917)

(90)

Repayment of debt

(69)

(15,000)

Proceeds from issuance of common stock under employee stock purchase plan

2,350

1,900

Payroll tax payments for shares withheld upon vesting of RSUs

(3,931)

(587)

Proceeds from the exercise of stock options

11,928

2,379

190

Repurchase of unvested restricted common stock

(26)

(10)

(27)

Net cash provided by financing activities

159,585

56,510

451,090

Effect of exchange rate changes on cash, cash equivalents and restricted cash

154

Change in cash, cash equivalents, and restricted cash

(87,853)

(62,442)

356,200

Cash and cash equivalents and restricted cash, beginning of period

322,976

385,418

29,218

Cash and cash equivalents, and restricted cash, end of period

235,123

322,976

385,418

Supplemental cash flow disclosure:

Cash paid for interest

2,757

Net liabilities assumed from Business Combination

73,400

Purchase of property and equipment included in liabilities

$ 15,980

$ 7,037

$ 5,488

[1]	As of December 31, 2023, $0.6 million of the $4.4 million impairment of equipment, was recorded as accrued expenses on the Consolidated Balance Sheet. As of January 1, 2023, $1.7 million of the $4.9 million impairment of equipment was recorded as accrued expenses on the Consolidated Balance Sheet.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2023	Jan. 01, 2023	Jul. 14, 2021	Jul. 13, 2021
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	167,392,315	157,461,802
Common stock, shares outstanding (in shares)	167,392,315	157,461,802	145,245,628	563,316,738
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0

Warrants - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands				12 Months Ended
	Jan. 19, 2022	Jan. 07, 2022	Feb. 22, 2021	Dec. 31, 2023	Jan. 01, 2023	Jan. 02, 2022	Dec. 05, 2021	Jul. 31, 2021
Class of Warrant or Right [Line Items]
Proceeds from exercise of common stock warrants, net and convertible preferred stock warrants				$ 0	$ 52,828	$ 77,272
Preferred stock, shares outstanding (in shares)				0	0
Issuance of common stock upon exercise of stock options (in shares)				1,482,808
Issuance of common stock upon exercise of stock options				$ 11,928	$ 2,379	62
Prepaid expenses and other current assets				$ 5,202	$ 5,993
Legacy Enovix Series D Convertible Preferred Stock
Class of Warrant or Right [Line Items]
Exercise price of warrants (in dollars per share)			$ 0.01
Warrants outstanding (in shares)			10,160,936
Proceeds from exercise of common stock warrants, net and convertible preferred stock warrants			$ 100
Preferred stock, shares outstanding (in shares)				0	0
Common Stock Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)								17,500,000
Outstanding public warrant redemption price (in dollars per share)				$ 0.01
Public Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)				0	0			11,500,000
Proceeds from exercise of common stock warrants, net and convertible preferred stock warrants	$ 52,800	$ 47,500				$ 77,200
Outstanding public warrant redemption price (in dollars per share)		$ 0.01
Issuance of common stock upon exercise of stock options (in shares)						7,177,885
Issuance of common stock upon exercise of stock options						$ 82,500
Prepaid expenses and other current assets						$ 5,300
Issuance of common stock upon exercise of common stock warrants (in shares)		4,126,466
Warrants unexercised (in shares)		195,640
Other receivables	$ 5,300
Private Placement Warrants
Class of Warrant or Right [Line Items]
Exercise price of warrants (in dollars per share)							$ 11.50	$ 11.50
Warrants outstanding (in shares)				6,000,000				6,000,000
Each whole private placement warrant became exercisable for Number of whole shares (in shares)							1
Public warrants expiration term				5 years
Weighted-average remaining contractual term for outstanding warrants				2 years 6 months

Employee Retirement Plans	12 Months Ended
Employee Retirement Plans	Dec. 31, 2023
Retirement Benefits [Abstract]
Employee Retirement Plans	Employee Retirement Plans The Company has employee retirement plans at its U.S. and international locations. The followings are the plans for the Company. 401(k) Savings Plan for U.S. Employees The Company has a defined contribution savings plan under Section 401(k) of the Internal Revenue Code and the plan allows participants to defer a portion of their annual compensation on a pre-tax basis. The Company provides a 3% employer contribution. For the fiscal years 2023, 2022 and 2021, the Company’s employer contributions were $1.6 million, $1.3 million and $0.5 million, respectively. Other Retirement Plans The Company has other retirement plans for employees at international locations. For the year 2023, the Company’s retirement plan expenses were not material.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Jan. 01, 2023

Statement of Cash Flows [Abstract]

Cash and cash equivalents

$ 233,121

$ 322,851

Restricted cash included in prepaid expenses, other current assets and other assets, non-current

2,002

125

Total cash, cash equivalents, and restricted cash

235,123

322,976

Accrued impairment charges

600

1,700

Impairment of equipment

^[1]

$ 4,411

$ 4,921

[1]	As of December 31, 2023, $0.6 million of the $4.4 million impairment of equipment, was recorded as accrued expenses on the Consolidated Balance Sheet. As of January 1, 2023, $1.7 million of the $4.9 million impairment of equipment was recorded as accrued expenses on the Consolidated Balance Sheet.

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jan. 01, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 210,836	$ 115,884
Less: accumulated depreciation	(44,365)	(12,016)
Property and equipment, net	166,471	103,868
Machinery and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	100,335	55,694
Building and leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	36,651	24,565
Office equipment and software
Property, Plant and Equipment [Line Items]
Total property and equipment	2,561	1,586
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	898	771
Land
Property, Plant and Equipment [Line Items]
Total property and equipment	1,433	0
Construction in process
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 68,958	$ 33,268

Inventory

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventory

Inventory consists of the following components (in thousands).


	December 31, 2023		January 1, 2023
Raw materials	$	1,926	$	481
Work-in-process	6,687		106
Finished goods	124		47
Total inventory	$	8,737	$	634

Inventory is stated at the lower of cost or net realizable value on a FIFO basis. Inventory costs include direct materials, direct labor, and manufacturing overhead. When the estimated net realizable values are below the manufacturing costs, a charge to cost of revenue is recorded for finished goods and work in process inventories. For the fiscal year 2023, the Company recorded $11.7 million of inventory reserve as cost of revenue in the Consolidated Statement of Operations.

Currently, the Company is selling product below the manufacturing costs. Accordingly, the Company recorded an allowance to reduce certain inventories to net realizable value of approximately $1.3 million as of December 31, 2023. As of December 31, 2023 and January 1, 2023, the Company did not have excess or obsolete inventory reserve.

Income Tax - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Jan. 01, 2023	Jan. 02, 2022
Current:
Foreign	$ 180,000
Total current	180,000
Deferred:
Foreign	(813,000)
Total deferred	(813,000)
Total provision	$ (633,000)	$ 0	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Related Party	12 Months Ended
Related Party	Dec. 31, 2023
Related Party Transactions [Abstract]
Related Party	Related Party Founder Shares On September 24, 2020, RSVAC issued an aggregate of 5,750,000 shares of common stock (the “Founder Shares”) to the Sponsor, Rodgers Capital LLC, for an aggregate purchase price of $25,000 in cash. The Sponsor agreed, subject to limited exceptions, not to transfer, assign or sell any of the Founder Shares until the earlier to occur of: (A) one year after the completion of Business Combination or (B) subsequent to a Business Combination, (x) if the last reported sale price of the Company’s common stock equals or exceeds $14.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after Business Combination, or (y) the date on which the Company completes a liquidation, merger, capital stock exchange, reorganization or other similar transaction that results in all of the Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property. On September 8, 2021, the Sponsor made an in-kind distribution of a portion of its Founder Shares to certain members of Rodgers Capital LLC. On November 3, 2022, the Sponsor made an in-kind distribution of a portion of its Founder Shares to certain members of Rodgers Capital LLC, following which the Sponsor held no Founder Shares. Affiliate Notes On April 20, 2023, the Company issued $172.5 million aggregate principal amount of Convertible Senior Notes, which included $10.0 million principal amount of the Affiliate Notes that were issued to an entity affiliated with Thurman John “T.J.” Rodgers, the Company’s Chairman, in a concurrent private placement. The Affiliate Notes were recorded in Long-term debt, net on the Company’s Consolidated Balance Sheets. For the fiscal year 2023, the Company recorded $0.2 million of interest expense related to the Affiliate Notes in the Company’s Consolidated Statements of Operations. See Note 9 “Borrowings” for more information. Employment Relationship As of December 31, 2023, the Company employed two family members of the Company’s former Chief Executive Officer (“CEO”), who perform engineering work and, as of January 2024, there is one additional affiliate employee, a family member of the Company’s CEO. This employee assists with sales in North America. Affiliate Pledge of Common Stock In November 2023, Mr. Thurman J. “T.J.” Rodgers, the Chairman of the Company’s Board of Directors, pledged his ownership of the Company’s common stock under his name and his living trusts as a security collateral to his investment account. As of December 31, 2023, Mr. Rodgers held approximately 21.7 million shares of the Company’s common stock, which accounted for approximately 13% of total outstanding shares of the Company’s common stock.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Borrowings - Schedule of Long-Term Debt Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Apr. 20, 2023	Jan. 01, 2023
Debt Instrument [Line Items]
Long-term debt, gross	$ 175,846
Debt Issuance Costs, Net	(5,142)
Long-term debt	170,704
Current portion of long-term debt	(1,605)
Long-term debt, net	169,099		$ 0
Convertible Senior Notes \| Convertible Debt
Debt Instrument [Line Items]
Annual Interest Rate		3.00%
Long-term debt, gross	$ 172,500
Floating Rate Loan Due 2027 \| Unsecured Debt
Debt Instrument [Line Items]
Annual Interest Rate	3.40%
Long-term debt, gross	$ 385
Floating Rate Loan Due 2028 \| Unsecured Debt
Debt Instrument [Line Items]
Annual Interest Rate	3.40%
Long-term debt, gross	$ 385
Fixed Rate Loan Due 2025 \| Unsecured Debt
Debt Instrument [Line Items]
Annual Interest Rate	5.20%
Long-term debt, gross	$ 1,036
Fixed Rate Loan Due 2024 \| Unsecured Debt
Debt Instrument [Line Items]
Annual Interest Rate	5.30%
Long-term debt, gross	$ 1,540

Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table details the fair value measurements of assets and liabilities that were measured at fair value on a recurring basis based on the following three-tiered fair value hierarchy per ASC 820, Fair Value Measurement, as of December 31, 2023 and January 1, 2023 (in thousands).


	Fair Value Measurement using
	Level 1		Level 2		Level 3		Total Fair Value
As of December 31, 2023
Assets:
Cash equivalents:
Money Market Funds	$	19,312	$	—	$	—	$	19,312
U.S. Treasuries	—		45,175		—		45,175
Short-term investments:
U.S. Treasuries	—		73,694		—		73,694


Liabilities:
Private Placement Warrants	$	—	$	—	$	42,900	$	42,900

As of January 1, 2023
Assets:
Cash equivalents:
Money Market Funds	$	319,946	$	—	$	—	$	319,946
Liabilities:
Private Placement Warrants	$	—	$	—	$	49,080	$	49,080

Schedule of Cash Equivalents and Short-term Investments

The following is a summary of cash equivalents and short-term investments (in thousands).


									Reported as
	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value		Cash Equivalents		Short-term Investments
As of December 31, 2023
Money Market Funds	$	19,312	$	—	$	—	$	19,312	$	19,312	$	—
U.S. Treasuries	118,854		15				118,869		45,175		73,694
Total	$	138,166	$	15	$	—	$	138,181	$	64,487	$	73,694

As of January 1, 2023
Money Market Funds	$	319,946	$	—	$	—	$	319,946	$	319,946	$	—

Schedule of Changes in Fair Value for Level 3

The following table summarizes the changes for Level 3 items measured at fair value on a recurring basis using significant unobservable inputs (in thousands).


	Private Placement Warrants
Fair value as of January 2, 2022	$	124,260


Change in fair value	(75,180)
Fair value as of January 1, 2023	49,080
Change in fair value	(6,180)
Fair value as of December 31, 2023	$	42,900

Schedule of Key Assumptions for Determining Fair Value of Convertible Preferred Stock Warrants and Common Stock Warrants

The following table summarizes the key assumptions used for determining the fair value of common stock warrants.


	Private Placement Warrants Outstanding as of December 31, 2023	Private Placement Warrants Outstanding as of January 1, 2023	Private Placement Warrants Outstanding as of January 2, 2022
Expected term (in years)	2.5	3.5	4.5
Expected volatility	90.0%	92.5%	77.5%
Risk-free interest rate	4.1%	4.2%	1.2%
Expected dividend rate	—%	—%	—%

Commitments and Contingencies (Details) $ in Thousands	Jan. 25, 2023 plaintiff	Jan. 21, 2022 plaintiff	Dec. 31, 2023 USD ($)	Jan. 01, 2023 USD ($)
Loss Contingencies [Line Items]
Purchase commitments \| $			$ 62,500	$ 22,700
Deferred revenue \| $			$ 10,482	$ 3,774
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Loss Contingencies [Line Items]
Remaining performance obligation, percentage			64.00%
Expected timing of satisfaction, period			12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Loss Contingencies [Line Items]
Expected timing of satisfaction, period
Sopheak Prak & Ricardo Pimentel v Enovix
Loss Contingencies [Line Items]
Number of plaintiffs \| plaintiff		2
Securities Class Action Compliant
Loss Contingencies [Line Items]
Number of plaintiffs \| plaintiff	2

Related Party (Details) $ / shares in Units, $ in Thousands			12 Months Ended
Related Party (Details) $ / shares in Units, $ in Thousands	Jul. 14, 2021 shares	Sep. 24, 2020 USD ($) day $ / shares shares	Dec. 31, 2023 USD ($) family_member shares	Apr. 20, 2023 USD ($)	Jan. 01, 2023 shares	Jan. 02, 2022 shares	Jul. 13, 2021 shares	Dec. 31, 2020 shares
Related Party Transaction [Line Items]
Number of shares issued (in shares) \| shares	12,500,000
Interest expense			$ 4,447
Common stock, shares outstanding (in shares) \| shares	145,245,628		167,392,315		157,461,802		563,316,738
Related Party
Related Party Transaction [Line Items]
Number of employed family members \| family_member			2
Board of Directors Chairman \| Principal Owner
Related Party Transaction [Line Items]
Common stock, shares outstanding (in shares) \| shares			21,700,000
Common stock, ownership percentage			13.00%
3.0 % Convertible Senior Notes \| Convertible Debt
Related Party Transaction [Line Items]
Principal balance				$ 172,500
Interest expense			$ 4,383
3.0% Convertible Senior Notes, Affiliate Notes \| Related Party
Related Party Transaction [Line Items]
Interest expense			$ 200
3.0% Convertible Senior Notes, Affiliate Notes \| Related Party \| Convertible Debt
Related Party Transaction [Line Items]
Principal balance				$ 10,000
Common Stock
Related Party Transaction [Line Items]
Common stock, shares outstanding (in shares) \| shares			167,392,315		157,461,802	152,272,287		100,016,559
Founder Shares \| Sponsor, Rodgers Capital LLC \| Common Stock
Related Party Transaction [Line Items]
Number of shares issued (in shares) \| shares		5,750,000
Issuance of common stock upon exercise of stock options		$ 25
Restrictions on transfer period of time after business combination completion		1 year
Stock price trigger to transfer, assign or sell any shares or warrants of the company, after the completion of the initial business combination (in dollars per share) \| $ / shares		$ 14.00
Threshold trading days for transfer, assign or sale of shares or warrants, after the completion of the initial business combination \| day		20
Threshold consecutive trading days for transfer, assign or sale of shares or warrants, after the completion of the initial business combination \| day		30
Threshold period after the business combination in which the 20 trading days within any 30 trading day period commences \| day		150

Borrowings

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Borrowings

Short-Term Debt

In connection with the Routejade Acquisition, the Company assumed assets secured loans with fixed and floating interest rates. These loans have various maturity dates. As of December 31, 2023, short-term debt was $5.9 million, which comprised of $4.3 million of short-term loans with less than one-year term and $1.6 million of the current portion of long-term loans. The current portion of long-term debt is recorded as short-term debt based on time remaining until maturity. As of December 31, 2023, the weighted average interest rate on the short-term loans was approximately 5.3%. As of January 1, 2023, there was no short-term debt.

Long-Term Debt

The Company’s long-term debt, net consists of the following (in thousands).


	Annual Interest Rate		Maturity Date	As of December 31, 2023

Convertible Senior Notes	3.0	%	May 1, 2028	$	172,500
Long-term loans
Floating rate	3.4	%	June 30, 2027	385
Floating rate	3.4	%	June 30, 2028	385
Fixed rate	5.2	%	February 1, 2025	1,036
Fixed rate	5.3	%	September 19, 2024	1,540
Total Convertible Senior Notes and other borrowings				175,846
Less: unamortized debt issuance costs				(5,142)
Long-term debt				170,704
Current portion of long-term debt				(1,605)
Long-term debt, net				$	169,099

Long-term Loans

In connection with the Routejade Acquisition, the Company assumed $3.3 million of long-term loans, which they are either with fixed rate or floating rate loans. Of the total long-term loan outstanding balance, $1.6 million represented the current portion of the long-term loans as of December 31, 2023.

Convertible Senior Notes

On April 20, 2023, the Company issued $172.5 million aggregate principal amount of Convertible Senior Notes, pursuant to an indenture, dated as of April 20, 2023 (the “Indenture”), between the Company and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”). The offerings and sale of the Convertible Senior Notes were made by the Company to the initial purchasers in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), for resale by the initial purchasers to qualified institutional buyers (as defined in the Securities Act) pursuant to the exemption from registration provided by Rule 144A under the Securities Act. The issuance included the exercise in full by the initial purchasers of their option to purchase an additional $22.5 million aggregate principal amount of the Convertible Senior Notes. $10.0 million principal amount of the Convertible Senior Notes (the “Affiliate Notes”) were issued to an entity affiliated with Thurman John “T.J.” Rodgers, the Company’s Chairman in a concurrent private placement.

The Convertible Senior Notes are unsecured obligations of the Company and bear interest at a rate of 3.0% per year from April 20, 2023, and will be payable semiannually in arrears on May 1 and November 1 of each year, beginning on November 1, 2023. The Convertible Senior Notes will mature on May 1, 2028 unless earlier converted, redeemed or repurchased.

The net proceeds from the offerings were approximately $166.6 million. The Company used approximately $17.3 million of the net proceeds from the offerings to pay the cost of the capped call transactions entered on April 20, 2023 in

connection with the offerings. The Company will use the remaining net proceeds to build out Fab2 in Malaysia and fund the acquisition of Gen2 Autolines, and for working capital and other general corporate purposes.

The conversion rate for the Convertible Senior Notes will initially be 64.0800 shares of the Company’s common stock per $1,000 principal amount of the Convertible Senior Notes, which is equivalent to an initial conversion price of $15.61 per share of common stock, subject to adjustment under certain circumstances in accordance with the terms of the Indenture.

Holders of the Convertible Senior Notes may convert all or any portion of their notes, in integral multiples of $1,000 principal amount, at their option at any time prior to the close of business on the business day immediately preceding February 1, 2028 only under the following conditions:

•during any fiscal quarter commencing after the fiscal quarter ending on October 1, 2023 (and only during such fiscal quarter), if the last reported sale price of the Company’s common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the conversion price on each applicable trading day;

•during the five business day period after any ten consecutive trading day period (the “measurement period”) in which the “trading price” (as defined in the Indenture) per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s common stock and the conversion rate on each such trading day;

•if the Company calls the Convertible Senior Notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date, but only with respect to the Convertible Senior Notes called (or deemed called) for redemption; or

•upon the occurrence of specified corporate events as set forth in the Indenture.

On or after February 1, 2028 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their notes, at any time, in integral multiples of $1,000 principal amount, at the option of the holder regardless of the foregoing conditions.

Upon conversion, the Company may satisfy its conversion obligation by paying or delivering, as the case may be, cash, shares of the Company’s common stock, or a combination of cash and shares of the Company’s common stock, at the Company’s election, in the manner and subject to the terms and conditions provided in the Indenture.

The Company may not redeem the Convertible Senior Notes prior to May 6, 2026. The Company may redeem for cash all or any portion of the Convertible Senior Notes, at its option, on or after May 6, 2026, if the liquidity condition is satisfied and the last reported sale price of the Company’s common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. If the Company redeem less than all the outstanding notes, at least $100.0 million aggregate principal amount of notes must be outstanding and not subject to redemption as of, and after giving effect to, delivery of the relevant redemption notice.

If the Company undergoes a “fundamental change,” as defined in the Indenture, fundamental change permits the holders of the Convertible Senior Notes to require the Company to repurchase the Convertible Senior Notes, subject to certain terms and conditions as defined in the Indenture. Holders may require the Company to repurchase for cash all or any portion of their notes in principal amounts of $1,000 or an integral multiple thereof. The fundamental change repurchase price will be equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date.

In accounting for the issuance of the Convertible Senior Notes, the Company accounted for the Convertible Senior Notes as liability instruments and considered it as single units of account pursuant to the Accounting Standards Update (“ASU”) No. 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40), (“ASU 2020-06”). Accrued interest for the Convertible Senior Notes was recorded as Accrued expenses on the Consolidated Balance Sheet. Costs incurred in connection with the issuance of debt are deferred and amortized as interest expense over the term of the related debt using the effective interest method. To the extent that the debt is outstanding, the debt issuance costs were recorded as a reduction to Long-term debt, net on the Consolidated Balance Sheet. For the fiscal year 2023, the Company incurred approximately $5.9 million of debt issuance costs relating to the issuance of the Convertible Senior Notes.

Capped Call Transactions

In connection with the issuance of the Convertible Senior Notes, the Company paid approximately $17.3 million to enter into capped call transactions with certain financial institutions (the “Capped Calls”) in the second quarter of 2023. The Capped Calls are generally expected to reduce the potential dilution to the Company's common stock upon any conversion of the Convertible Senior Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of the converted Convertible Senior Notes, as the case may be, with such reduction and/or offset subject to a cap based on a cap price initially equal to $21.17 per share (which represents a premium of 56.0% over the last reported sale price of the Company's common stock of $13.57 per share on The Nasdaq Global Select Market on April 17, 2023), and is subject to certain adjustments under the terms of the Capped Calls. The Company recorded the Capped Calls as a reduction of stockholders' equity, not as derivatives, as the Capped Calls met certain accounting criteria. No subsequent remeasurement is required.

Interest


	2023
Coupon interest	$	3,608
Amortization of debt issuance costs	775
Total interest expense on Convertible Senior Notes	4,383
Loan interest	64
Total interest expenses related to Convertible Senior Notes and loans	$	4,447

As of December 31, 2023, the Company had $0.9 million of accrued interest liability. There was no accrued interest liability as of January 1, 2023.

Debt Maturity

The following table summarizes the Company’s long-term debt maturities, based on outstanding principal by years (in thousands).


	As of December 31, 2023
2024	$	1,605
2025	1,228
2026	256
2027	192
2028	172,565

Total gross amount of long-term debt	$	175,846

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Geographic Information

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Geographic Information

The following table summarizes the long-lived assets by geographic areas, which consisted of property and equipment and operating lease right-of-use assets (in thousands).


	December 31, 2023		January 1, 2023
United States	$	119,685	$	103,864
Asia Pacific	46,786		4
Total property and equipment, net	$	166,471	$	103,868


	December 31, 2023		January 1, 2023
United States	$	5,760	$	6,133
Asia Pacific	9,530		—
Total operating lease, right-of-use assets	$	15,290	$	6,133

The following table summarizes the revenues by geographic areas based on the billing location of the customers (in thousands).


	Fiscal years
	2023		2022
Asia Pacific	$	6,148	$	32
North America	473		6,170
EMEA	1,023		—
Total revenues	$	7,644	$	6,202

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Stock-based Compensation - Additional Information (Details)	1 Months Ended	3 Months Ended		12 Months Ended
	Jul. 31, 2021 purchase_period shares	Dec. 31, 2023 USD ($) $ / shares shares	Oct. 01, 2023 shares	Dec. 31, 2023 USD ($) $ / shares shares	Jan. 01, 2023 USD ($) $ / shares shares	Jan. 02, 2022 USD ($) $ / shares
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Common stock options available for future grants (in shares)		36,945,880		36,945,880
Stock-based compensation capitalized \| $				$ 1,400,000	$ 1,800,000
Unrecognized tax benefit \| $				0	0	$ 0
Incremental stock based compensation expenses \| $				$ 21,100,000	$ 0
Weighted average grant date fair value (in dollars per share) \| $ / shares				$ 0	$ 8.84	$ 4.43
Vested fair value of stock options \| $				$ 15,100,000	$ 12,400,000	$ 6,600,000
Issuance of common stock subject to return (in shares)			1,304,954
Equity Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Lesser rate	4.00%
Equity Awards
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Common stock options available for future grants (in shares)		14,698,737		14,698,737
Accrued bonuses to be settled in equity awards \| $		$ 1,000,000		$ 1,000,000
Unrecognized stock-based compensation expenses related to nonvested equity awards \| $		$ 118,300,000		$ 118,300,000
Weighted average period of recognition for unrecognized stock-based compensation related to nonvested equity awards				3 years 9 months 18 days
Equity Awards \| Equity Plan \| Common Stock
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Common stock options available for future grants (in shares)	16,850,000
Stock options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Common stock options available for future grants (in shares)		2,615,199		2,615,199
Contractual term				10 years
Cancellation period				3 months
Repurchase right lapses period				90 days
Shares remained subject to right of repurchase (in shares)				470,544	2,925,538
Stock options \| Minimum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Vesting period				4 years
Stock options \| Maximum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Vesting period				5 years
RSUs
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Vested fair value of stock options \| $				$ 35,300,000	$ 10,300,000
Number of fully vested for incentive (in shares)		130,000
Number of common stock shares upon vesting (in shares)		1		1
Number of shares withheld (in shares)				303,805	48,739
Total amounts paid for the employees' tax \| $				$ 3,900,000	$ 600,000
RSUs \| Minimum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Vesting period				4 years
RSUs \| Maximum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Vesting period				5 years
PRSUs
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Vesting period				2 years
Vested fair value of stock options \| $				$ 1,800,000
ESPP
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Common stock options available for future grants (in shares)	5,625,000	8,207,204		8,207,204
Lesser rate	1.00%
Registrants common stock (in shares)	2,000,000
Discount rate	15.00%
Base compensation rate	15.00%
ESPP offering period	18 months
Number of purchase periods during offering period \| purchase_period	3
Term of purchase period	6 months
Period of new offering period	6 months
Fair market rate	85.00%
Unrecognized stock-based compensation expenses related to nonvested equity awards \| $		$ 2,000,000		$ 2,000,000
Weighted average period of recognition for unrecognized stock-based compensation related to nonvested equity awards				1 year 4 months 24 days
ESPP \| Common Stock
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Weighted average grant date fair value (in dollars per share) \| $ / shares				$ 12.56	$ 11.22
Number of shares repurchased (in shares)				285,847	229,249
Weighted-average purchase price per share (in dollars per share) \| $ / shares		$ 8.22		$ 8.22	$ 8.29

Property and Equipment - Additional Information (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2023

Jan. 01, 2023

Jan. 02, 2022

Property, Plant and Equipment [Line Items]

Impairment of equipment

^[1]

$ 4,411

$ 4,921

$ 0

Strategic Realignment Of Fab1

Property, Plant and Equipment [Line Items]

Depreciation expenses

$ 18,500

Expected cost remaining

18,500

Cost of revenue | Strategic Realignment Of Fab1

Property, Plant and Equipment [Line Items]

Depreciation expenses

5,300

Research and development | Strategic Realignment Of Fab1

Property, Plant and Equipment [Line Items]

Depreciation expenses

13,100

Selling, general and administrative | Strategic Realignment Of Fab1

Property, Plant and Equipment [Line Items]

Depreciation expenses

$ 100

Machinery and equipment | Accrued Liabilities

Property, Plant and Equipment [Line Items]

Impairment of equipment

$ 600

$ 1,700

[1]	As of December 31, 2023, $0.6 million of the $4.4 million impairment of equipment, was recorded as accrued expenses on the Consolidated Balance Sheet. As of January 1, 2023, $1.7 million of the $4.9 million impairment of equipment was recorded as accrued expenses on the Consolidated Balance Sheet.

Stock-based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

Equity Incentive Plans

As of December 31, 2023, the Company's equity compensation plans include the 2021 Equity Incentive Plan (the “2021 Plan”) and 2021 Employee Stock Purchase Plan (the “2021 ESPP”).

2021 Equity Incentive Plan

The 2021 Plan was approved by the Company's stockholders in July 2021. The 2021 Plan is intended as the successor to and continuation of the 2016 Equity Incentive Plan (the “2016 Plan”). Under the 2021 Plan, employees, directors and consultants of the Company (“Participants”), are eligible for grants of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock awards, restricted stock units (“RSUs”), and performance restricted stock units (“PRSUs”), collectively referred to as “Stock Awards”. Incentive stock and non-statutory stock options are collectively referred to as “Option(s).”

Under the 2021 Plan, 16,850,000 shares of common stock were reserved for future issuance. The number of shares reserved for issuance under the 2021 Plan will automatically increase on January 1st each year, starting on January 1, 2022 and continuing through January 1, 2031, by the lesser of (a) 4% of the total number of shares of the Company’s common stock outstanding on December 31st of the immediately preceding fiscal year or (b) a lesser number determined by the Company’s board of directors prior to the applicable January 1st.

2016 Equity Incentive Plan

The 2016 Plan was terminated when 2021 Plan became effective in July 2021. The 2016 Plan was originally adopted by its board of directors on April 6, 2016 and was most recently amended by its board of directors on December 17, 2020. The 2016 Plan was the successor to and continuation of the Company’s 2006 Equity Incentive Plan.

2021 Employee Stock Purchase Plan

The 2021 ESPP was adopted by the Company's board of directors in June 2021 and approved by the Company's stockholders in July 2021. Under the 2021 ESPP, 5,625,000 shares of common stock were reserved for future issuance. The number of shares reserved for issuance under the 2021 ESPP will automatically increase on January 1st each year, starting on January 1, 2022 and continuing through January 1, 2031, by the lesser of (a) 1% of the total number of shares of the Company's common stock outstanding on December 31st of the preceding calendar year, (b) 2,000,000 shares of the Registrant’s common stock or (c) a lesser number determined by the Company’s board of directors.

The 2021 ESPP allows eligible employees to purchase shares of the Company’s common stock at a 15% discount through periodic payroll deductions of up to 15% of base compensation, subject to individual purchase limits in any single purchase date or in one calendar year. The 2021 ESPP provides 18-month offering periods with three 6-month purchase periods. A new 18-month offering period will commence every six months thereafter. The purchase price for the Company’s common stock under the ESPP is 85% of the lower of the fair market value of the shares at (1) on the offering period or (2) on the purchase date.

Common Stock

The following table shows the shares of common stock that had been reserved for future issuance as of December 31, 2023.


Outstanding common stock options			2,615,199
Options, RSUs and PRSUs available for future grants			14,698,737
Outstanding RSUs and PRSUs for future vesting			11,424,740
Common stock employee purchase plan available for future offerings			8,207,204
			36,945,880

Stock-Based Compensation

The Company generally issues equity awards to employees and non-employees in the form of stock options and RSUs. Additionally, the Company also offers the 2021 ESPP to its eligible employees. In the second quarter of 2022, the Company began to grant PRSUs subject to performance and service vesting conditions. The Company uses Black-Scholes option pricing model to value its stock options granted and the estimated shares to be purchased under the ESPP.

For both RSUs and PRSUs, the Company uses its common stock price, which is the closing price on the grant date to value those securities.

In general, the Company recognizes its stock-based compensation expense on a straight-line basis over the requisite service period and records forfeitures as they occur. For PRSUs, the Company uses the graded vesting method to calculate the stock-based compensation expense. At each reporting period, the Company would recognize and adjust the stock-based compensation expense based on its probability assessment in meeting its PRSUs' performance conditions.

The following table summarizes the total stock-based compensation expense, by operating expense category, recognized in the Consolidated Statements of Operations for the periods presented below (in thousands).


	Fiscal Years
	2023		2022		2021
Cost of revenue	$	5,460	$	2,071	$	274
Research and development	27,409		12,720		6,175
Selling, general and administrative	36,224		15,576		4,262
Restructuring cost	359		—		—
Total stock-based compensation expense	$	69,452	$	30,367	$	10,711

For the fiscal years 2023 and 2022, the Company capitalized $1.4 million and $1.8 million, respectively, of stock-based compensation as property and equipment, net in the Consolidated Balance Sheets. There was no recognized tax benefit related to stock-based compensation for the periods presented. In addition, the Company accrued $1.0 million of bonus to be settled in equity awards as accrued compensation on the Consolidated Balance Sheet as of December 31, 2023.

As of December 31, 2023, there was approximately $118.3 million of total unrecognized stock-based compensation expense related to unvested equity awards, which are expected to be recognized over a weighted-average period of 3.8 years. As of December 31, 2023, there was approximately $2.0 million of total unrecognized stock-based compensation related to the 2021 ESPP, which is expected to be recognized over the remaining period of 1.4 years.

Equity Award Modification

During the fiscal year 2023, in connection with the retirement or resignation of several of the Company's management team members, including the Company's former Chief Executive Officer, the Company evaluated the change in employment status in accordance with ASC 718, Compensation - Stock Compensation. The Company concluded that the change in status impacted the vesting conditions as the term of equity award exercise period was extended and certain of the equity awards were accelerated and vested immediately. For the fiscal year 2023, the Company recognized $21.1 million of stock-based compensation expense related to the modifications. There was no equity modification for the fiscal year 2022.

Stock Option Activity

Options granted under the 2021 Plan and the 2016 Plan to employees generally have a service vesting condition over four or five years. Other vesting terms are permitted and are determined by the Company’s board of directors. Options have a term of no more than ten years from the date of grant and vested options are generally cancelled three months after termination of employment if unexercised.

The following table summarizes stock option activities for the fiscal year 2023 (in thousands, except share and per share amount).


	Number of Options Outstanding	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (1) (2)
Balances as of January 1, 2023	5,034,282	$	9.07
Granted	—	—
Exercised	(1,482,808)	8.04			$	15,256
Forfeited	(936,275)	8.93
Balances as of December 31, 2023	2,615,199	$	9.71	7.2	$	8,708
Vested and expected to vest at December 31, 2023	3,085,743	$	8.24	7.2
Vested and exercisable at December 31, 2023	2,018,898	$	9.41	7.2
Unvested and exercisable at December 31, 2023	478,970	$	9.18	7.3


(1)			The intrinsic value of options exercised is based upon the value of the Company’s stock at exercise.
(2)			The aggregate intrinsic value of the stock options outstanding as of December 31, 2023 represents the value of the Company’s closing stock price at $12.52 on December 31, 2023 in excess of the exercise price multiplied by the number of options outstanding.

The Company uses the Black-Scholes option-pricing model to determine the grant date fair value of stock options with the following assumptions for the fiscal years 2023, 2022 and 2021.


	Fiscal Years
	2023		2022		2021
Risk-free interest rate	—	%	2.1% - 4.2%		0.5% - 1.3%
Expected term (years)	—		5.0 - 6.0		5.0 - 6.9
Dividend yield	—	%	—	%	—	%
Expected volatility	—	%	67.6% - 70.1%		48.1% - 49.8%

There was no stock options granted in the fiscal year 2023. The estimated weighted-average grant date fair value of stock options granted to employees during the fiscal years 2022 and 2021 were $8.84 and $4.43 per share, respectively. The fair value of stock options that vested during the fiscal years 2023, 2022 and 2021 were $15.1 million, $12.4 million and $6.6 million, respectively.

Early Exercise of Options

The terms of the 2016 Plan and the 2021 Plan permit the exercise of options granted prior to vesting, subject to required approvals. The unvested shares are subject to the Company’s repurchase right, upon termination of employment, at the lower of (i) the fair market value of the shares of common stock on the date of repurchase or (ii) their original exercise price. The repurchase right lapses 90 days after the termination of the employee’s employment. Shares purchased by employees pursuant to the early exercise of stock options are not deemed, for accounting purposes, to be issued until those shares vest according to their respective vesting schedules. Cash received for early exercised stock options is recorded as other current and non-current liabilities on the Consolidated Balance Sheets and is reclassified to common stock and additional paid in capital as such shares vest.

Unvested early exercised stock options which are subject to repurchase by the Company are not considered participating securities as those shares do not have non-forfeitable rights to dividends or dividend equivalents. Unvested early exercised stock options are not considered outstanding for purposes of the weighted average outstanding share calculation until they vest.

As of December 31, 2023 and January 1, 2023, 470,544 and 2,925,538 shares, respectively, remained subject to the Company’s right of repurchase as a result of early exercised stock options. The remaining liability related to early exercised shares as of December 31, 2023 and January 1, 2023 were immaterial. The early exercised stock options liability was recorded in other current and non-current liabilities in the Consolidated Balance Sheets.

Issuance of Common Stock Subject to Return

In connection with certain early exercised stock options, during the third quarter of fiscal year 2023, the Company erroneously issued an additional 1,304,954 shares of common stock to several former executive officers as a result of an administrative issue. During the fourth quarter of fiscal year 2023, the Company received a full recovery of these common stock shares from the former executive officers. For their cooperation in returning the additional shares to the Company, the Company issued a total of 130,000 shares of fully vested RSUs to them.

Restricted Stock Unit and Performance Restricted Stock Unit Activities

Since September 2021, the Company primarily grants RSUs to its employees and non-employee directors. The Company generally grants RSUs with service vesting condition over four or five years. In addition, in the fiscal year 2022, the Company began to grant PRSUs to certain employees with both performance and service vesting conditions over two years. Each RSU or PRSU is not considered issued and outstanding and does not have voting rights until it is converted into one share of the Company’s common stock upon vesting.

The following table summarizes RSUs and PRSUs activities for the fiscal year 2023 (in thousands, except share and per share amount).


	RSUs			PRSUs
	Number of Shares Outstanding	Weighted Average Grant Date Fair Value		Number of Shares Outstanding	Weighted Average Grant Date Fair Value
Issued and unvested shares balances as of January 1, 2023	5,910,097	$	14.11	1,461,061	$	13.41
Granted	10,018,958	10.94		769,006	13.13
Vested	(2,769,724)	13.38		(189,251)	13.41
Forfeited	(2,266,060)	13.16		(1,509,347)	13.35
Issued and unvested shares outstanding as of December 31, 2023	10,893,271	$	11.58	531,469	$	13.16

The total fair value of RSUs vested during the fiscal years 2023 and 2022 were $35.3 million and $10.3 million, respectively. The total fair value of PRSUs vested during the fiscal year 2023 was $1.8 million. There were no PRSU vested in the fiscal year 2022.

During the fiscal year 2022, the Company began to withhold shares with value equivalent to the employees' obligation for the applicable income and other employment taxes and remitted the cash to the appropriate taxing authorities. The number of shares withheld was determined by the Company's closing share price on the vesting of its common stock. For the fiscal years 2023 and 2022, the total number of shares withheld were 303,805 and 48,739, respectively. The total amounts paid for the employees' tax obligation to taxing authorities were $3.9 million and $0.6 million, respectively, related to the shares withheld upon vesting of the RSUs for the fiscal years 2023 and 2022. These transactions were reflected as financing activities within the Consolidated Statements of Cash Flows.

Employee Stock Purchase Plan Activity

The 2021 ESPP was approved by the stockholders on July 12, 2021. The first offering of the 2021 ESPP was in November 2021 and the first purchase was in May 2022. During the fiscal years 2023 and 2022, 285,847 and 229,249 common stock shares, respectively, were purchased under the 2021 ESPP with the weighted-average purchase price per

share of $8.22 and $8.29, respectively. The weighted average grant-date fair value per ESPP share for the fiscal years 2023 and 2022 were $12.56 and $11.22, respectively.

The Company uses the Black-Scholes option-pricing model to determine the fair value of estimated shares under the 2021 ESPP with the following assumptions for the fiscal years 2023 and 2022.


	Fiscal Years
	2023	2022
Risk-free interest rate	0.3% - 5.5%	0.1% - 4.8%
Expected term (years)	0.5 - 1.5	0.5 - 1.5
Dividend yield	—%	—%
Expected volatility	71.3% - 123.2%	62.3% - 123.2%

Borrowings - Additional information (Details)		3 Months Ended	12 Months Ended
Borrowings - Additional information (Details)	Apr. 20, 2023 USD ($) day $ / shares $ / derivativeShare	Jul. 02, 2023 USD ($)	Dec. 31, 2023 USD ($) $ / shares	Jan. 01, 2023 USD ($)	Jan. 02, 2022 USD ($)	Apr. 17, 2023 $ / shares
Debt Instrument [Line Items]
Short-term debt			$ 5,917,000	$ 0
Short-term loans			4,300,000
Current portion of long-term debt			$ 1,605,000
Weighted average interest rate on the short-term loans			5.30%
Long-term debt, fair value			$ 3,300,000
Purchase of Capped Calls	$ 17,300,000	$ 17,300,000	17,250,000	0	$ 0
Debt issuance cost incurred			$ 5,917,000	0	$ 90,000
Share price (in dollars per share) \| $ / shares			$ 12.52
Accrued interest			$ 900,000	$ 0
Common Stock
Debt Instrument [Line Items]
Share price (in dollars per share) \| $ / shares						$ 13.57
Capped Call Transaction
Debt Instrument [Line Items]
Cap price (in dollars per share) \| $ / derivativeShare	21.17
Capped Call Transaction \| Common Stock
Debt Instrument [Line Items]
Cap price premium percentage over share price	56.00%
3.0 % Convertible Senior Notes
Debt Instrument [Line Items]
Conversion price (in dollars per share) \| $ / shares	$ 15.61
3.0 % Convertible Senior Notes \| Convertible Debt
Debt Instrument [Line Items]
Principal balance	$ 172,500,000
Proceeds from issuance of convertible senior notes	$ 166,600,000
Conversion Ratio	0.0640800
Redemption price, percentage of principal	100.00%
Minimum principal amount outstanding not subject to partial redemption	$ 100,000,000
Debt issuance cost incurred			$ 5,900,000
3.0 % Convertible Senior Notes \| Convertible Debt \| Debt Conversion Condition One
Debt Instrument [Line Items]
Threshold trading days \| day	20
Threshold consecutive trading days \| day	30
Threshold percentage of stock price trigger	130.00%
3.0 % Convertible Senior Notes \| Convertible Debt \| Debt Conversion Condition Two
Debt Instrument [Line Items]
Threshold trading days \| day	5
Threshold consecutive trading days \| day	10
Threshold percentage of stock price trigger	98.00%
Purchase Option \| Convertible Debt
Debt Instrument [Line Items]
Principal balance	$ 22,500,000
Affiliate Notes \| Convertible Debt \| Related Party
Debt Instrument [Line Items]
Principal balance	$ 10,000,000
Convertible Senior Notes \| Convertible Debt
Debt Instrument [Line Items]
Annual Interest Rate	3.00%

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

The Company entered into operating lease agreements primarily for offices and manufacturing spaces located in various locations with lease periods expiring between 2024 and 2030. The Company has an option to extend the office lease located in California for five years.

During the fiscal year 2023, the Company entered two new operating lease agreements as described below.

•leased a manufacturing space located in Malaysia for Fab2 with a three-year term and an option to extend it for three years. The Company recognized the option to renew as part of its right-of-use assets and lease liabilities.

•leased an office space located in India for its research and development center with a 5.3 years lease term.

The following table summarizes the components of lease costs (in thousands).


	Fiscal Years
		2023		2022
Operating lease cost		$	2,429	$	1,682

The following table shows supplemental lease information.

As of

Operating leases

December 31, 2023

January 1,
2023

Weighted-average remaining lease term

6.0 years

7.7 years

Weighted-average discount rate

8.5%

6.8%

The following table shows supplemental cash flow information related to leases (in thousands).


	Fiscal Years
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	2,135	$	1,366
Lease liabilities arising from obtaining ROU assets:
Operating leases	$	9,922	$	—

Maturities of Lease Liabilities

The following is a schedule of maturities of lease liabilities as of December 31, 2023 (in thousands).


	Operating leases
2024	$	3,551
2025	3,673
2026	3,698
2027	3,743
2028	3,804
Thereafter	3,834
Total	22,303
Less: imputed interest	(4,493)
Present value of lease liabilities	$	17,810

Stock-based Compensation - Schedule of RSUs and PRSUs Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Jan. 01, 2023
RSUs
Number of Shares Outstanding
Issued and unvested shares beginning balances (in shares)	5,910,097
Granted (in shares)	10,018,958
Vested (in shares)	(2,769,724)
Forfeited (in shares)	(2,266,060)
Issued and unvested shares outstanding ending balance (in shares)	10,893,271	5,910,097
Weighted Average Grant Date Fair Value
Issued and unvested shares beginning balances (in dollars per share)	$ 14.11
Granted (in dollars per share)	10.94
Vested (in dollars per share)	13.38
Forfeited (in dollars per share)	13.16
Issued and unvested shares outstanding ending balance (in dollars per share)	$ 11.58	$ 14.11
PRSUs
Number of Shares Outstanding
Issued and unvested shares beginning balances (in shares)	1,461,061
Granted (in shares)	769,006
Vested (in shares)	(189,251)	0
Forfeited (in shares)	(1,509,347)
Issued and unvested shares outstanding ending balance (in shares)	531,469	1,461,061
Weighted Average Grant Date Fair Value
Issued and unvested shares beginning balances (in dollars per share)	$ 13.41
Granted (in dollars per share)	13.13
Vested (in dollars per share)	13.41
Forfeited (in dollars per share)	13.35
Issued and unvested shares outstanding ending balance (in dollars per share)	$ 13.16	$ 13.41

Warrants (Tables)

12 Months Ended

Dec. 31, 2023

Other Liabilities Disclosure [Abstract]

Schedule of Warrant Activity

The following table shows the Public Warrant activity for the fiscal year 2021.


Public Warrants	Number of Warrants	Weighted Average Exercise Price
Balances as of January 1, 2021	—	$	—
Assumed through the Business Combination	11,499,991	11.50
Exercised	(7,177,885)	11.50
Balances as of January 2, 2022	4,322,106	$	11.50

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Jan. 01, 2023	Jan. 02, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (214,132)	$ (51,622)	$ (125,874)
Other comprehensive income (loss), net of tax
Change in net foreign currency translation adjustments	(77)	0	0
Net unrealized gain on available-for-sale securities	15	0	0
Other comprehensive loss, net of tax	(62)	0	0
Comprehensive loss	(214,194)	(51,622)	(125,874)
Comprehensive loss attributable to non-controlling interest	(61)	0	0
Comprehensive loss attributable to Enovix	$ (214,133)	$ (51,622)	$ (125,874)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 505
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481674/830-30-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481694/830-30-45-17

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-4

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481694/830-30-45-20

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-SubTopic 10
-Topic 220
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482739/220-10-55-15

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

+ Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-11

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 205
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480767/946-205-45-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(16))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 19
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-19

Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 18: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 29: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 33: http://www.xbrl.org/2003/role/exampleRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 4J
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481175/810-10-55-4J

Reference 34: http://www.xbrl.org/2003/role/exampleRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 4K
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481175/810-10-55-4K

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-2

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A

+ Details

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)

12 Months Ended

Dec. 31, 2023

Jan. 01, 2023

Jan. 02, 2022

Income Statement [Abstract]

Revenue

$ 7,644,000

$ 6,202,000

$ 0

Cost of revenue

63,061,000

23,239,000

1,967,000

Gross margin

(55,417,000)

(17,037,000)

(1,967,000)

Operating expenses:

Research and development

88,392,000

58,051,000

37,850,000

Selling, general and administrative

79,014,000

51,970,000

29,705,000

Impairment of equipment

^[1]

4,411,000

4,921,000

Restructuring cost

3,021,000

Total operating expenses

174,838,000

114,942,000

67,555,000

Loss from operations

(230,255,000)

(131,979,000)

(69,522,000)

Other income (expense):

Change in fair value of common stock warrants and convertible preferred stock warrants

6,180,000

75,180,000

(56,141,000)

Interest income

14,070,000

5,231,000

37,000

Interest expense

(4,456,000)

(187,000)

Other income (expense), net

(304,000)

(54,000)

(61,000)

Total other income (expense), net

15,490,000

80,357,000

(56,352,000)

Loss before income tax benefit

(214,765,000)

(51,622,000)

(125,874,000)

Income tax benefit

(633,000)

Net loss

(214,132,000)

(51,622,000)

(125,874,000)

Net loss attributable to non-controlling interests

(61,000)

Net loss attributable to Enovix

$ (214,071,000)

$ (51,622,000)

$ (125,874,000)

Net loss per share attributable to Enovix shareholders, basic (in dollars per share)

$ (1.35)

$ (0.34)

$ (1.07)

Weighted average number of common shares outstanding, basic (in shares)

159,065,697

152,918,287

117,218,893

Net loss per share attributable to Enovix shareholders, diluted (in dollars per share)

$ (1.38)

$ (0.82)

$ (1.07)

Weighted average number of common shares outstanding, diluted (in shares)

159,575,555

154,149,367

117,218,893

[1]	As of December 31, 2023, $0.6 million of the $4.4 million impairment of equipment, was recorded as accrued expenses on the Consolidated Balance Sheet. As of January 1, 2023, $1.7 million of the $4.9 million impairment of equipment was recorded as accrued expenses on the Consolidated Balance Sheet.

Business Combinations - Schedule of Considerations for the Acquisition (Details) - USD ($) $ in Thousands	Oct. 31, 2023	Dec. 31, 2023	Jan. 01, 2023
Business Acquisition [Line Items]
Goodwill		$ 12,098	$ 0
Routejade, Inc.
Business Acquisition [Line Items]
Cash paid, net of acquisition-related seller expense	$ 15,448
Issuance of Enovix common stock (5,923,521 shares)	52,779
Total purchase consideration	68,227
Net assets acquired, excluding liability assumed for acquisition-related seller expense	56,486
Liability assumed for acquisition-related seller expense	(357)
Net liabilities assumed from Business Combination	56,129
Goodwill	$ 12,098	$ 12,098	$ 0
Shares issued in acquisition (in shares)	5,923,521

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2023	Jan. 01, 2023
Current assets:
Cash and cash equivalents	$ 233,121,000	$ 322,851,000
Short-term investments	73,694,000	0
Accounts receivable, net	909,000	170,000
Notes receivable, net	1,514,000	0
Inventory	8,737,000	634,000
Prepaid expenses and other current assets	5,202,000	5,993,000
Total current assets	323,177,000	329,648,000
Property and equipment, net	166,471,000	103,868,000
Customer relationship intangibles and other intangibles, net	42,168,000	0
Operating lease, right-of-use assets	15,290,000	6,133,000
Goodwill	12,098,000	0
Other assets, non-current	5,100,000	937,000
Total assets	564,304,000	440,586,000
Current liabilities:
Accounts payable	21,251,000	7,077,000
Accrued expenses	13,976,000	7,089,000
Accrued compensation	10,731,000	8,097,000
Short-term debt	5,917,000	0
Deferred revenue	6,708,000	50,000
Other liabilities	2,435,000	716,000
Total current liabilities	61,018,000	23,029,000
Long-term debt, net	169,099,000	0
Warrant liability	42,900,000	49,080,000
Operating lease liabilities, non-current	15,594,000	8,234,000
Deferred revenue, non-current	3,774,000	3,724,000
Deferred tax liability	10,803,000	0
Other liabilities, non-current	13,000	92,000
Total liabilities	303,201,000	84,159,000
Commitments and Contingencies (Note 10)
Stockholders’ equity:
Common stock, $0.0001 par value; authorized shares of 1,000,000,000; issued and outstanding shares of 167,392,315 and 157,461,802 as of December 31, 2023 and January 1, 2023, respectively	17,000	15,000
Preferred stock, $0.0001 par value; authorized shares of 10,000,000; no shares issued or outstanding as of December 31, 2023 and January 1, 2023, respectively	0	0
Additional paid-in-capital	857,037,000	741,186,000
Accumulated other comprehensive loss	(62,000)	0
Accumulated deficit	(598,845,000)	(384,774,000)
Total Enovix's stockholders’ equity	258,147,000	356,427,000
Non-controlling interest	2,956,000	0
Total equity	261,103,000	356,427,000
Total liabilities and equity	$ 564,304,000	$ 440,586,000

Fair Value Measurement

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurement

The fair value of the Company’s financial assets and liabilities are determined in accordance with the fair value hierarchy established in ASC 820, Fair Value Measurements, issued by the FASB. The fair value hierarchy of ASC 820 requires an entity to maximize the use of observable inputs when measuring fair value and classifies those inputs into three levels:


Level 1:			Observable inputs, such as quoted prices (unadjusted) in active markets for identical assets or liabilities at the measurement date.
Level 2:			Observable inputs, other than Level 1 prices, such as quoted prices in active markets for similar assets and liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3:			Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The Company's financial instruments consist primarily of cash and cash equivalents, short-term investments, accounts receivable, notes receivable, accounts payable, short-term and long-term debt, and warrant liabilities. Cash and cash equivalents are reported at their respective fair values on the Company's Consolidated Balance Sheets. As of December 31, 2023 and January 1, 2023, the carrying values of accounts and notes receivables, accounts payable, short-term debt and accrued liabilities approximated the fair value based on the short maturity of those instruments.

Cash and cash equivalents are reported at their respective fair values on the Consolidated Balance Sheets. Where quoted prices are available in an active market, securities are classified as Level 1. The Company classifies money market funds as Level 1. When quoted market prices are not available for the specific security, then the Company estimates fair value by using quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs obtained from various third-party data providers, including but not limited to benchmark yields, reported trades and broker/dealer quotes. Where applicable the market approach utilizes prices and information from market transactions for similar or identical assets. The Company will classify commercial paper, corporate debt securities and asset-backed securities as Level 2. As of December 31, 2023 and January 1, 2023, the Company had cash and cash equivalents of $233.1 million and $322.9 million, respectively.


	Fair Value Measurement using
	Level 1		Level 2		Level 3		Total Fair Value
As of December 31, 2023
Assets:
Cash equivalents:
Money Market Funds	$	19,312	$	—	$	—	$	19,312
U.S. Treasuries	—		45,175		—		45,175
Short-term investments:
U.S. Treasuries	—		73,694		—		73,694


Liabilities:
Private Placement Warrants	$	—	$	—	$	42,900	$	42,900

As of January 1, 2023
Assets:
Cash equivalents:
Money Market Funds	$	319,946	$	—	$	—	$	319,946
Liabilities:
Private Placement Warrants	$	—	$	—	$	49,080	$	49,080

Cash Equivalents and Short-term Investments:

The following is a summary of cash equivalents and short-term investments (in thousands).


									Reported as
	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value		Cash Equivalents		Short-term Investments
As of December 31, 2023
Money Market Funds	$	19,312	$	—	$	—	$	19,312	$	19,312	$	—
U.S. Treasuries	118,854		15				118,869		45,175		73,694
Total	$	138,166	$	15	$	—	$	138,181	$	64,487	$	73,694

As of January 1, 2023
Money Market Funds	$	319,946	$	—	$	—	$	319,946	$	319,946	$	—

As of December 31, 2023, the short-term investments have contractual maturity due within one year.

Private Placement Warrants

The Company’s liabilities are measured at fair value on a recurring basis, including 6,000,000 shares of the Private Placement Warrants that were held by Rodgers Capital, LLC (the “Sponsor”) and certain of its members. The fair value of the Private Placement Warrants is considered a Level 3 valuation and is determined using the Black-Scholes valuation model. The key assumptions impacting the fair value of the Private Placement Warrants are the fair value of the Company’s common stock as of each re-measurement date, the remaining contractual terms of the Private Placement Warrants, risk-free rate of return and expected volatility which is based on the historical and implied volatility of the Company and the volatility of the Company’s peer group.

As of December 31, 2023, the fair value of the Private Placement Warrants was $7.15 per share with an exercise price of $11.50 per share. The following table summarizes the changes for Level 3 items measured at fair value on a recurring basis using significant unobservable inputs (in thousands).


	Private Placement Warrants
Fair value as of January 2, 2022	$	124,260


Change in fair value	(75,180)
Fair value as of January 1, 2023	49,080
Change in fair value	(6,180)
Fair value as of December 31, 2023	$	42,900

The following table summarizes the key assumptions used for determining the fair value of common stock warrants.


	Private Placement Warrants Outstanding as of December 31, 2023	Private Placement Warrants Outstanding as of January 1, 2023	Private Placement Warrants Outstanding as of January 2, 2022
Expected term (in years)	2.5	3.5	4.5
Expected volatility	90.0%	92.5%	77.5%
Risk-free interest rate	4.1%	4.2%	1.2%
Expected dividend rate	—%	—%	—%

Convertible Senior Notes and Long-term Loans

The Company considers the fair value of the Convertible Senior Notes to be a Level 2 measurement as they are not actively traded in the market. As of December 31, 2023, the fair value of the Convertible Senior Notes was approximately $179.1 million. As of December 31, 2023, the Company considers the fair value of the long-term loans are approximately close to its carrying value of $3.3 million.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Warrants

12 Months Ended

Dec. 31, 2023

Other Liabilities Disclosure [Abstract]

Warrants

Legacy Enovix Series D Convertible Preferred Stock Warrants

On February 22, 2021, in a transaction separate from the Merger Agreement, the then outstanding Legacy Enovix Series D convertible preferred stock warrants were exercised at $0.01 per share, resulting in the issuance of 10,160,936 shares of Legacy Enovix Series D convertible preferred stock to the holders of such warrants, for a total of $0.1 million. As of December 31, 2023 and January 1, 2023, there were no convertible preferred stock warrants outstanding.

Common Stock Warrants

In connection with the Business Combination in July 2021, the Company assumed 17,500,000 Common Stock Warrants outstanding, which consisted of 11,500,000 warrants held by third-party investors (the “Public Warrants”) and 6,000,000 Private Placement Warrants. The Public Warrants met the criteria for equity classification and the Private Placement Warrants are classified as liability.

Public Warrants

On December 7, 2021, the Company delivered the notice of redemption to the holders of the outstanding Public Warrants to redeem all of its outstanding Public Warrants. The holders of the Public Warrants had until January 7, 2022 to exercise their Public Warrants. Any public warrants that remained unexercised after 5:00 pm, New York City Time,

on January 7, 2022 were voided and were no longer exercisable, and the holders of the Public Warrants would be entitled to receive $0.01 per warrant.

The following table shows the Public Warrant activity for the fiscal year 2021.


Public Warrants	Number of Warrants	Weighted Average Exercise Price
Balances as of January 1, 2021	—	$	—
Assumed through the Business Combination	11,499,991	11.50
Exercised	(7,177,885)	11.50
Balances as of January 2, 2022	4,322,106	$	11.50

For the fiscal year 2021, 7,177,885 Public Warrants were exercised with the gross proceeds of $82.5 million, of which the Company received payments of $77.2 million and the remaining $5.3 million of other receivable was included in prepaid and other current assets on the Consolidated Balance Sheet as of January 2, 2022.

During the period from January 3, 2022 through January 7, 2022, there were 4,126,466 shares of the Public Warrants exercised with gross proceeds of $47.5 million. As of January 7, 2022 after 5:00 pm New York City time, the remaining 195,640 shares of the Public Warrants were unexercised, which then were voided and were no longer exercisable. Pursuant to the warrant agreement, the holders of the Public Warrants were entitled to receive $0.01 per warrant from the Company. In addition, the Public Warrants were delisted and were no longer available for trading in The Nasdaq Global Select Market on January 7, 2022 after close of market.

On January 19, 2022, the Company received net proceeds of $52.8 million from the warrant exercises, which included the $5.3 million of other receivable in Prepaid and other current assets on the Consolidated Balance Sheet as of January 1, 2023. As of December 31, 2023 and January 1, 2023, there were no Public Warrants outstanding.

Private Placement Warrants

The 6,000,000 Private Placement Warrants were originally issued in a private placement to the initial stockholder of the Sponsor in connection with the initial public offering of RSVAC. Each whole Private Placement Warrant became exercisable for one whole share of the Company's common stock at a price of $11.50 per share on December 5, 2021. As of December 31, 2023, the Company had 6,000,000 Private Placement Warrants outstanding. See Note 4 “Fair Value Measurement” for more information.

The Private Placement Warrants are identical to the Public Warrants underlying the units except that such Private Placement Warrants will be exercisable on a cashless basis, at the holder’s option, and will not be redeemable by the Company, in each case so long as they are still held by the initial purchasers or their affiliates. The Private Placement Warrants purchased by the Sponsor will not be exercisable more than five years from the effective date of the RSVAC IPO registration statement, in accordance with FINRA Rule 5110(f)(2)(G)(i), as long as Rodgers Capital, LLC or any of its related persons beneficially own these Private Placement Warrants. On September 8, 2021, the Sponsor made an in-kind distribution of the Private Placement Warrants to certain members of Rodgers Capital LLC.

As of December 31, 2023, the remaining contractual term for the outstanding Private Placement Warrants to purchase the Company’s common stock is approximately 2.5 years.

Property and Equipment - Schedule of Equipment Impairment (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Jan. 01, 2023

Jan. 02, 2022

Property, Plant and Equipment [Abstract]

Impairment of equipment

^[1]

$ 4,411

$ 4,921

$ 0

[1]	As of December 31, 2023, $0.6 million of the $4.4 million impairment of equipment, was recorded as accrued expenses on the Consolidated Balance Sheet. As of January 1, 2023, $1.7 million of the $4.9 million impairment of equipment was recorded as accrued expenses on the Consolidated Balance Sheet.

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2023	Feb. 22, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity Registrant Name	Enovix Corporation
Entity Incorporation, State or Country Code	DE
Entity File Number	001-39753
Entity Tax Identification Number	85-3174357
Entity Address, Address Line One	3501 W Warren Avenue
Entity Address, City or Town	Fremont
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94538
City Area Code	510
Local Phone Number	695-2350
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	ENVX
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 2,350
Entity Common Stock, Shares Outstanding		168,504,136
Documents Incorporated by Reference	Portions of the registrant's Proxy Statement for its 2024 Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission pursuant to Regulation 14A not later than 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K are incorporated by reference into Part III of this Annual Report on Form 10-K
Entity Central Index Key	0001828318
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

Income Tax - Schedule of unrecognized tax benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Jan. 01, 2023	Jan. 02, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of fiscal year	$ 4,428	$ 5,048	$ 4,368
Increases related to current year tax positions	4,543	549	537
Increases related to the prior year tax positions	3,192	12	143
Decreases related to prior year tax positions	0	(1,181)	0
Balance at end of fiscal year	$ 12,163	$ 4,428	$ 5,048

Fair Value Measurement - Schedule of Changes in Fair Value for Level 3 (Details) - Private Placement Warrants - Level 3 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Jan. 01, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Warrant liabilities at beginning of period	$ 49,080	$ 124,260
Change in fair value	(6,180)	(75,180)
Warrant liabilities at end of period	$ 42,900	$ 49,080
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Fair Value Adjustment of Warrants	Fair Value Adjustment of Warrants

Inventory (Details) - USD ($) $ in Thousands	12 Months Ended
Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jan. 01, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 1,926	$ 481
Work-in-process	6,687	106
Finished goods	124	47
Total inventory	8,737	634
Inventory reserve adjustments	11,700
Inventory allowance	1,300
Excess or obsolete inventory reserve	$ 0	$ 0

Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Common Stock Capital Shares Reserved for Future Issuance

The following table shows the shares of common stock that had been reserved for future issuance as of December 31, 2023.


Outstanding common stock options			2,615,199
Options, RSUs and PRSUs available for future grants			14,698,737
Outstanding RSUs and PRSUs for future vesting			11,424,740
Common stock employee purchase plan available for future offerings			8,207,204
			36,945,880

Schedule of Stock-Based Compensation Expense


	Fiscal Years
	2023		2022		2021
Cost of revenue	$	5,460	$	2,071	$	274
Research and development	27,409		12,720		6,175
Selling, general and administrative	36,224		15,576		4,262
Restructuring cost	359		—		—
Total stock-based compensation expense	$	69,452	$	30,367	$	10,711

Schedule of Stock Option Activity

The following table summarizes stock option activities for the fiscal year 2023 (in thousands, except share and per share amount).


	Number of Options Outstanding	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (1) (2)
Balances as of January 1, 2023	5,034,282	$	9.07
Granted	—	—
Exercised	(1,482,808)	8.04			$	15,256
Forfeited	(936,275)	8.93
Balances as of December 31, 2023	2,615,199	$	9.71	7.2	$	8,708
Vested and expected to vest at December 31, 2023	3,085,743	$	8.24	7.2
Vested and exercisable at December 31, 2023	2,018,898	$	9.41	7.2
Unvested and exercisable at December 31, 2023	478,970	$	9.18	7.3


(1)			The intrinsic value of options exercised is based upon the value of the Company’s stock at exercise.
(2)			The aggregate intrinsic value of the stock options outstanding as of December 31, 2023 represents the value of the Company’s closing stock price at $12.52 on December 31, 2023 in excess of the exercise price multiplied by the number of options outstanding.

Schedule of Stock Option Valuation Assumptions

The Company uses the Black-Scholes option-pricing model to determine the grant date fair value of stock options with the following assumptions for the fiscal years 2023, 2022 and 2021.


	Fiscal Years
	2023		2022		2021
Risk-free interest rate	—	%	2.1% - 4.2%		0.5% - 1.3%
Expected term (years)	—		5.0 - 6.0		5.0 - 6.9
Dividend yield	—	%	—	%	—	%
Expected volatility	—	%	67.6% - 70.1%		48.1% - 49.8%

Schedule of RSUs and PRSUs Activity

The following table summarizes RSUs and PRSUs activities for the fiscal year 2023 (in thousands, except share and per share amount).


	RSUs			PRSUs
	Number of Shares Outstanding	Weighted Average Grant Date Fair Value		Number of Shares Outstanding	Weighted Average Grant Date Fair Value
Issued and unvested shares balances as of January 1, 2023	5,910,097	$	14.11	1,461,061	$	13.41
Granted	10,018,958	10.94		769,006	13.13
Vested	(2,769,724)	13.38		(189,251)	13.41
Forfeited	(2,266,060)	13.16		(1,509,347)	13.35
Issued and unvested shares outstanding as of December 31, 2023	10,893,271	$	11.58	531,469	$	13.16

Schedule of ESPP Valuation Assumptions

The Company uses the Black-Scholes option-pricing model to determine the fair value of estimated shares under the 2021 ESPP with the following assumptions for the fiscal years 2023 and 2022.


	Fiscal Years
	2023	2022
Risk-free interest rate	0.3% - 5.5%	0.1% - 4.8%
Expected term (years)	0.5 - 1.5	0.5 - 1.5
Dividend yield	—%	—%
Expected volatility	71.3% - 123.2%	62.3% - 123.2%

Borrowings - Schedule of Long-Term Debt Maturities (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Debt Disclosure [Abstract]
2024	$ 1,605
2025	1,228
2026	256
2027	192
2028	172,565
Long-term debt	$ 175,846

Stock-based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Jan. 01, 2023	Jan. 02, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 69,452	$ 30,367	$ 10,711
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	5,460	2,071	274
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	27,409	12,720	6,175
Selling, general and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	36,224	15,576	4,262
Restructuring cost
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 359	$ 0	$ 0

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Jan. 01, 2023	Jan. 02, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (214,071)	$ (51,622)	$ (125,874)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consists of the following components (in thousands).


	As of
	December 31, 2023		January 01, 2023
Accrued expenses	$	3,520	$	1,686
Accrued equipment	6,544		2,120
Accrued duty and taxes	2,836		2,539
Accrued legal expenses	1,076		744
	$	13,976	$	7,089

Geographic Information (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Schedule of Revenue Customers and Long-Lived Assets, by Geographical Areas

The following table summarizes the long-lived assets by geographic areas, which consisted of property and equipment and operating lease right-of-use assets (in thousands).


	December 31, 2023		January 1, 2023
United States	$	119,685	$	103,864
Asia Pacific	46,786		4
Total property and equipment, net	$	166,471	$	103,868


	December 31, 2023		January 1, 2023
United States	$	5,760	$	6,133
Asia Pacific	9,530		—
Total operating lease, right-of-use assets	$	15,290	$	6,133

Schedule of Revenue Customers by Geographic Areas

The following table summarizes the revenues by geographic areas based on the billing location of the customers (in thousands).


	Fiscal years
	2023		2022
Asia Pacific	$	6,148	$	32
North America	473		6,170
EMEA	1,023		—
Total revenues	$	7,644	$	6,202

Geographic Information - Schedule of Revenue Customers by Geographic Areas (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Jan. 01, 2023
Segment Reporting Information [Line Items]
Total revenues	$ 7,644	$ 6,202
Asia Pacific
Segment Reporting Information [Line Items]
Total revenues	6,148	32
North America
Segment Reporting Information [Line Items]
Total revenues	473	6,170
EMEA
Segment Reporting Information [Line Items]
Total revenues	$ 1,023	$ 0

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

+ Details

Business Combinations (Tables)

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Reverse Recapitalization

The following table shows the number of shares of Common Stock issued immediately following the consummation of the Business Combination.


RSVAC common stock shares outstanding prior to the Business Combination			28,750,000
Less redemption of RSVAC common stock shares			(15)
RSVAC common stock shares			28,749,985
PIPE Shares issued			12,500,000
RSVAC common stock shares and PIPE Shares			41,249,985
Legacy Enovix common shares (1)			103,995,643
Total shares of Common Stock immediately after the Business Combination			145,245,628


(1)			The number of Legacy Enovix common shares was determined from the 563,316,738 shares of Legacy Enovix common stock outstanding immediately prior to the closing of the Business Combination converted at the exchange ratio of approximately 0.1846. All fractional shares were rounded.

In connection with the Business Combination in July 2021, the Company assumed $73.4 million of net liabilities from RSVAC. The following table shows the net cash proceeds from the Business Combination (in thousands).


	Recapitalization
Cash - RSVAC Trust and cash, net of redemptions	$	230,155
Cash - PIPE Financing	175,000
Less: transaction costs and PIPE financing fees	(31,410)
Net cash contributions from Business Combination	$	373,745

Schedule of Considerations for the Acquisition

Total following table summarized the considerations for the acquisition.


Cash paid, net of acquisition-related seller expense		$	15,448
Issuance of Enovix common stock (5,923,521 shares)		52,779
Total purchase consideration		68,227
Less: net assets acquired
Net assets acquired, excluding liability assumed for acquisition-related seller expense	56,486
Liability assumed for acquisition-related seller expense	(357)
Net assets acquired		56,129
Goodwill		$	12,098

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary purchase price allocation based on the fair values of the assets acquired and liabilities assumed as of the acquisition date, which are subject to change within the measurement period as the fair value assessments are finalized (in thousands).


Cash, cash equivalents and restricted cash acquired	$	5,481
Accounts and notes receivable, net (1)	1,796
Inventory	12,613
Prepaid expenses and other current assets	1,715
Property and equipment, net	26,987
Intangible assets	42,981
Goodwill	12,098



Other non-current assets	365
Debt assumed	(7,426)
Deferred revenue	(10,568)
Liabilities assumed	(3,182)
Deferred income tax liabilities	(11,616)
Fair value of net assets acquired	71,244
Less: non-controlling interest (2)	(3,017)
Total purchase consideration	68,227
Less: Cash, cash equivalents, restricted cash acquired	(5,481)
Total purchase price, net of cash acquired	$	62,746


(1)			The gross amount of the acquired accounts and notes receivable was $1.9 million, of which an immaterial amount is expected to be uncollectible.
(2)			The fair value of non-controlling interest is measured based on the fair values of net assets acquired at the acquisition date and the price for the equity shares and the portion of ownership not held by the acquirer.

Schedule of Goodwill

The following table summarizes the change in goodwill (in thousands).


	Goodwill
Balance as of January 1, 2023	$	—
Routejade Acquisition	12,098

Balances as of December 31, 2023	$	12,098

Schedule of Intangible Assets Subject To Amortization, Net

The following table summarizes the intangible assets subject to amortization, net (in thousands).


	Gross		Accumulated amortization		Net Carrying Amount		Weighted-average Useful Lives
Customer relationships	$	30,966	$	(517)	$	30,449	10 years
Developed technology	11,680		(277)		11,403		7 years
Trade Names and Trademarks	335		(19)		316		3 years
Total intangible assets	$	42,981	$	(813)	$	42,168

Schedule of Expected Amortization For The Intangible Assets

The following is a schedule of expected amortization for the intangible assets as of December 31, 2023 (in thousands).


	As of December 31, 2023
2024	$	4,860
2025	4,860
2026	4,933
2027	4,748
2028	4,748
Thereafter	18,019
Total estimated amortization expense	$	42,168

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Summary of Significant Accounting Policies - Additional Information (Details)	1 Months Ended	12 Months Ended
	Sep. 30, 2020 USD ($)	Dec. 31, 2023 USD ($) segment $ / shares shares	Jan. 01, 2023 USD ($) shares	Jan. 02, 2022 USD ($)	Dec. 05, 2021 $ / shares	Jul. 31, 2021 $ / shares shares
Class of Warrant or Right [Line Items]
Number of operating segments \| segment		1
Restricted cash included in prepaid expenses, other current assets and other assets, non-current		$ 2,002,000	$ 125,000	$ 125,000
Writeoff of accounts receivable		0
Accounts receivable, net		909,000	170,000
Notes receivable, net		$ 1,514,000	$ 0
Estimated useful life		5 years
Goodwill, impairment loss		$ 0
Deferred contract cost		$ 800,000
Granted (in shares) (less than) \| shares		0	60,000
Research and Development Cost Reimbursement
Class of Warrant or Right [Line Items]
Financial assistance	$ 6,500,000
Government assistance, expenses reimbursed, percentage		49.80%
Government assistance, expenses paid by company, percentage		50.20%
Financial assistance receivable		$ 0	$ 400,000
Government assistance, current, statement of financial position [Extensible Enumeration]		Prepaid expenses and other current assets	Prepaid expenses and other current assets
Performance Restricted Stock Units
Class of Warrant or Right [Line Items]
Vesting period		2 years
Stock options outstanding
Class of Warrant or Right [Line Items]
Contractual term		10 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Class of Warrant or Right [Line Items]
Remaining performance obligation, percentage		64.00%
Minimum
Class of Warrant or Right [Line Items]
Term of service revenue contracts		1 year
Term of product warranties		1 year
Minimum \| RSUs
Class of Warrant or Right [Line Items]
Vesting period		4 years
Minimum \| Stock options outstanding
Class of Warrant or Right [Line Items]
Vesting period		4 years
Maximum
Class of Warrant or Right [Line Items]
Term of service revenue contracts		3 years
Term of product warranties		4 years
Maximum \| RSUs
Class of Warrant or Right [Line Items]
Vesting period		5 years
Maximum \| Stock options outstanding
Class of Warrant or Right [Line Items]
Vesting period		5 years
Revenue Benchmark \| Customer Concentration Risk \| Customer D
Class of Warrant or Right [Line Items]
Concentration risk, percentage		75.00%
Revenue Benchmark \| Customer Concentration Risk \| Customer A
Class of Warrant or Right [Line Items]
Concentration risk, percentage			81.00%
Revenue Benchmark \| Customer Concentration Risk \| Customer C
Class of Warrant or Right [Line Items]
Concentration risk, percentage			14.00%
Accounts Receivable \| Customer Concentration Risk \| Customer C
Class of Warrant or Right [Line Items]
Concentration risk, percentage		13.00%	84.00%
Accounts Receivable \| Customer Concentration Risk \| Customer E
Class of Warrant or Right [Line Items]
Concentration risk, percentage		45.00%
Accounts Receivable \| Customer Concentration Risk \| Customer F
Class of Warrant or Right [Line Items]
Concentration risk, percentage		11.00%
Common Stock Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares) \| shares						17,500,000
Contractual term		5 years
Outstanding public warrant redemption price (in dollars per share) \| $ / shares		$ 0.01
Warrant redemption condition minimum share price (in dollars per share) \| $ / shares		$ 18.00
Private Placement Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares) \| shares		6,000,000				6,000,000
Exercise price of warrants (in dollars per share) \| $ / shares					$ 11.50	$ 11.50

Fair Value Measurement - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2023	Jan. 01, 2023	Jan. 02, 2022	Dec. 05, 2021	Jul. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 233,121	$ 322,851	$ 385,293
Fair value of the convertible senior notes	179,100
Long-term debt, fair value	$ 3,300
Private Placement Warrants
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrants outstanding (in shares)	6,000,000				6,000,000
Exercise price of warrants (in dollars per share)				$ 11.50	$ 11.50
Level 3 \| Fair Value, Nonrecurring \| Private Placement Warrants
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrants outstanding (in shares)	6,000,000
Fair value of warrant per share (in dollars per share)	$ 7.15
Exercise price of warrants (in dollars per share)	$ 11.50

Accrued Expenses

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Accrued Expenses

Accrued expenses consists of the following components (in thousands).


	As of
	December 31, 2023		January 01, 2023
Accrued expenses	$	3,520	$	1,686
Accrued equipment	6,544		2,120
Accrued duty and taxes	2,836		2,539
Accrued legal expenses	1,076		744
	$	13,976	$	7,089

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Business Combinations - Schedule of Goodwill (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Goodwill [Roll Forward]
Goodwill, Beginning Balance	$ 0
Goodwill, Ending Balance	12,098
Routejade, Inc.
Goodwill [Roll Forward]
Goodwill, Beginning Balance	0
Routejade Acquisition	12,098
Goodwill, Ending Balance	$ 12,098

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Common Stock and Convertible Preferred Stock - Additional Information (Details)	12 Months Ended
	Dec. 31, 2023 vote $ / shares shares	Jan. 01, 2023 $ / shares shares	Jul. 14, 2021 $ / shares shares	Jul. 13, 2021 shares
Stockholders' Equity Note [Abstract]
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000	1,000,000,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.0001	$ 0.0001	$ 0.0001
Common stock, shares issued (in shares)	167,392,315	157,461,802
Common stock, shares outstanding (in shares)	167,392,315	157,461,802	145,245,628	563,316,738
Voting rights per share of common stock \| vote	1
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000	10,000,000
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.0001	$ 0.0001	$ 0.0001
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0

Property and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets. Property and equipment consists of the following categories (in thousands).


	December 31, 2023		January 1, 2023
Machinery and equipment	$	100,335	$	55,694
Building and leasehold improvements	36,651		24,565
Office equipment and software	2,561		1,586
Furniture and fixtures	898		771
Land	1,433		—
Construction in process	68,958		33,268
Total property and equipment	210,836		115,884
Less: accumulated depreciation	(44,365)		(12,016)
Property and equipment, net	$	166,471	$	103,868

During the fiscal year 2022, the Company placed its leasehold improvement and machinery and equipment into service for the Company's first production line (“Fab1”) and transferred the amount that was previously capitalized as construction in process into the machinery and equipment category. The Company began its depreciation using the straight-line method on the date that machinery and equipment and leasehold improvement were placed into service.

The Company is in the progress of constructing a facility in Malaysia for high-volume production and acquired Routejade, which contributed to increases in machinery and equipment, building and leasehold improvements, land and construction in process categories. Furthermore, the Company announced that it initiated a strategic realignment of the Company’s Fab1 in Fremont designed to refocus the facility from a manufacturing hub to its “Center for Innovation,” focused on new product development, including a plan of workforce reduction. In connection with this strategic realignment, the Company recognized an accelerated depreciation expenses of approximately $18.5 million for Fab1 equipment in the fourth quarter of 2023, of which approximately $5.3 million, $13.1 million, and $0.1 million were recorded as cost of revenue, research and development expense, and selling, general and administrative expense, respectively, in the Consolidated Statements of Operations. In addition, approximately $18.5 million of depreciation expense is expected to be recognized in the first quarter of 2024.


	Fiscal Years
		2023		2022		2021
Depreciation expense		$	33,870	$	7,425	$	995

Equipment Impairment

The following table summarizes impairment of equipment (in thousands).


	Fiscal Years
		2023		2022		2021
Impairment of equipment		$	4,411	$	4,921	$	—

In the fourth quarter of 2022, the Company ceased to construct certain automation for a small portion of the Company’s equipment, which was previously capitalized as “construction in process” category of property and equipment, net on the Consolidated Balance Sheets.

In the second quarter of 2023, the Company disposed a group of machinery and equipment and these impaired assets were previously capitalized as “Machinery and equipment” category of property and equipment, net on the Consolidated Balance Sheets. As of December 31, 2023 and January 1, 2023, $0.6 million and $1.7 million of the impairment charges, respectively, were recorded as accrued expenses on the Consolidated Balance Sheets.

Leases - Schedule of Supplemental Cash Flow Information Related To Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Jan. 01, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 2,135	$ 1,366
Lease liabilities arising from obtaining ROU assets:
Operating leases	$ 9,922	$ 0

Variable Interest Entity	12 Months Ended
Variable Interest Entity	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entity	Variable Interest Entity YBS Agreement On July 26, 2023, the Company entered into a manufacturing agreement (the “Agreement”) with YBS International Berhad (“YBS”), a Malaysia-based investment holding company with segments including electronic manufacturing and assembly, high-precision engineering, precision machining and stamping, among others. Pricing under the Agreement is set on a cost-plus basis and the Company is subject to a minimum commitment pursuant to the Agreement. The Company has the sole and exclusive rights to YBS’s output of products with the Company’s proprietary technology. At any time during the first seven years of the Agreement’s term, the Company reserves the right to purchase the Gen2 Autoline 1 by repaying the equipment cost, net of depreciation, as defined in the Agreement. The term of the Agreement is for ten years and automatically extends for an additional five years. The Company and YBS agreed to share an initial investment of $100.0 million for the Gen2 Autoline 1 equipment and facilitation costs, as set out in the Agreement. Pursuant to the terms of the Agreement, the Company shall contribute 30% of the initial investment, which is designated for Fab2 construction use, and YBS has the obligation to finance the remaining 70%, which is designated for purchase of Gen2 Autoline 1 equipment. The Company funds its contributions through payments directly made to the leasehold improvement vendors, who are constructing the Fab2. YBS assigned Orifast Solution Sdn Bhd (“OSSB”), its subsidiary, to manufacture lithium-ion batteries for Enovix under the terms and conditions of the Agreement. OSSB obtained $70.0 million of term loan (the “Term Loan”) in financing for manufacturing operations under the Agreement from OCBC Bank (Malaysia) Berhad (“OCBC”). The Term Loan is expected to be repaid within five years. Per the Agreement, the Company bears the early repayment penalty fee imposed by OCBC, if any. On September 13, 2023, the Company entered into a cash deposit agreement with OCBC to collateralize the Term Loan. The Company will deposit sufficient collateral for the Term Loan. As of December 31, 2023, there is no outstanding balance of the Term Loan and no deposit was made to OCBC for the collateralization. As of December 31, 2023, the Company had $70.0 million deposit in an interest-bearing account with OCBC for interest earning purpose. Consolidated Variable Interest Entity The Company consolidates a VIE when it has the power to direct the activities that most significantly impact the VIE’s economic performance and the obligation to absorb losses or the right to receive benefits of the VIE, which could potentially be significant to the VIE, and, as a result, is considered the primary beneficiary of the VIE. As of December 31, 2023, the Company concluded that OSSB is considered a VIE and the Company is the primary beneficiary of OSSB based on certain assumptions and judgments made by the Company. As of December 31, 2023, the Company has a variable interest in OSSB with no equity investment in OSSB. In accordance with GAAP, the Company consolidates 100% of OSSB financials. As of December 31, 2023, the total assets and liabilities of OSSB are immaterial. For the fiscal year 2023, OSSB had immaterial operating activities.

Business Combinations -Schedule of Expected Amortization For The Intangible Assets (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Business Combination and Asset Acquisition [Abstract]
2024	$ 4,860
2025	4,860
2026	4,933
2027	4,748
2028	4,748
Thereafter	18,019
Net Carrying Amount	$ 42,168

Employee Retirement Plans (Details) - USD ($) $ in Millions	12 Months Ended
Employee Retirement Plans (Details) - USD ($) $ in Millions	Dec. 31, 2023	Jan. 01, 2023	Jan. 02, 2022
Retirement Benefits [Abstract]
Employer contribution percentage	3.00%
Defined contribution plan, employer contribution amount	$ 1.6	$ 1.3	$ 0.5

Inventory (Tables)

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventory consists of the following components (in thousands).


	December 31, 2023		January 1, 2023
Raw materials	$	1,926	$	481
Work-in-process	6,687		106
Finished goods	124		47
Total inventory	$	8,737	$	634

Income Tax - Schedule of income before income tax domestic and foreign (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Jan. 01, 2023	Jan. 02, 2022
Income Tax Disclosure [Abstract]
United States	$ (207,948)	$ (51,496)	$ (125,797)
Foreign	(6,817)	(126)	(77)
Loss before income tax benefit	$ (214,765)	$ (51,622)	$ (125,874)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 25
-Paragraph 1
-SubTopic 20
-Topic 940
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481913/940-20-25-1

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Income Tax (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income Before Income Tax Domestic and Foreign

Net loss before income taxes was attributable to the following geographic locations for the fiscal years 2023, 2022 and 2021 (in thousands).


	Fiscal Years
	2023		2022		2021
United States	$	(207,948)	$	(51,496)	$	(125,797)
Foreign	(6,817)		(126)		(77)
Net loss before income taxes	$	(214,765)	$	(51,622)	$	(125,874)

Schedule of Components of Income Tax Expense (Benefit)

The following table summarizes the provision (benefit) for income taxes (in thousands).


	Fiscal Year
	2023
Current:


Foreign	$	180
Total current	180
Deferred:


Foreign	(813)
Total deferred	(813)
Total provision	$	(633)

Schedule of Effective Income Tax Rate

The following table shows the differences between the effective tax rate and the U.S. federal statutory tax rate for the fiscal years 2023, 2022 and 2021.


	Fiscal Years
	2023		2022		2021
Federal statutory tax rate	21.0	%	21.0	%	21.0	%
State and local income taxes, net of federal benefit	5.8	%	16.2	%	3.7	%
Foreign rate differential	0.1	%	—	%	—	%
Non-deductible warrant expense	0.6	%	30.6	%	(9.4	%)
Transaction costs	(0.1	%)	—	%	—	%
Federal tax credits	3.8	%	(1.7	%)	0.3	%
Share-based compensation	(1.4	%)	(3.5	%)	(0.8	%)
Impact of changes in valuation allowance	(26.6	%)	(62.4	%)	(14.6	%)
Uncertain position	(1.9	%)	—	%	—	%
Rate change	1.2	%	—	%	—	%
Other	(2.2	%)	(0.2	%)	(0.2	%)
Effective tax rate	0.3	%	—	%	—	%

Schedule of Deferred Tax Assets (Liabilities)

The following table shows the components of deferred tax assets (liabilities) as of December 31, 2023 and January 1, 2023.


	December 31, 2023		January 1, 2023
Gross deferred tax assets:

Lease liabilities	$	2,317	$	2,479
Inventory reserve	523		—
Deferred revenue	1,056		1,056
Share-based compensation	5,481		4,455
Capitalized research and experimental expenses	24,031		11,891
Credit carryovers	11,149		3,926
Net operating losses	112,707		82,113
Transaction costs	1,390		1,502
Depreciation and amortization	6,615		1,347
Other	296		—
Total gross deferred tax assets	165,565		108,769
Valuation allowance	(164,207)		(107,053)
Total deferred tax assets, net of valuation allowance	1,358		1,716
Deferred tax liabilities:
Intangible assets	(10,091)		—
Inventory fair value adjustment	(439)		—

Right-of-use asset	(1,625)		(1,716)
Other	(6)		—
Total deferred tax liabilities	(12,161)		(1,716)
Net deferred tax liabilities	$	(10,803)	$	—

Schedule of Unrecognized Tax Benefits

The following table summarizes the activities related to unrecognized tax benefits for the fiscal years 2023, 2022 and 2021.


	Fiscal Years
	2023		2022		2021
Balance at beginning of fiscal year	$	4,428	$	5,048	$	4,368
Increases related to current year tax positions	4,543		549		537
Increases related to the prior year tax positions	3,192		12		143
Decreases related to prior year tax positions	—		(1,181)		—
Balance at end of fiscal year	$	12,163	$	4,428	$	5,048

Lease (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Lease Cost and Supplemental Lease and Cash Flow Information

The following table summarizes the components of lease costs (in thousands).


	Fiscal Years
		2023		2022
Operating lease cost		$	2,429	$	1,682

The following table shows supplemental lease information.

As of

Operating leases

December 31, 2023

January 1,
2023

Weighted-average remaining lease term

6.0 years

7.7 years

Weighted-average discount rate

8.5%

6.8%

The following table shows supplemental cash flow information related to leases (in thousands).


	Fiscal Years
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	2,135	$	1,366
Lease liabilities arising from obtaining ROU assets:
Operating leases	$	9,922	$	—

Schedule of Maturity of Lease Liabilities

The following is a schedule of maturities of lease liabilities as of December 31, 2023 (in thousands).


	Operating leases
2024	$	3,551
2025	3,673
2026	3,698
2027	3,743
2028	3,804
Thereafter	3,834
Total	22,303
Less: imputed interest	(4,493)
Present value of lease liabilities	$	17,810

Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jan. 01, 2023
Payables and Accruals [Abstract]
Accrued expenses	$ 3,520	$ 1,686
Accrued equipment	6,544	2,120
Accrued duty and taxes	2,836	2,539
Accrued legal expenses	1,076	744
Accrued expenses	$ 13,976	$ 7,089

Net Loss per Share - Schedule of Computation of Basic and Dilute Net EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Jan. 01, 2023	Jan. 02, 2022
Numerator:
Net loss attributable to common stockholders - basic	$ (214,071)	$ (51,622)	$ (125,874)
Decrease in fair value of Private Placement Warrants	(6,180)	(75,180)	0
Net loss attributable to common stockholders - diluted	$ (220,251)	$ (126,802)	$ (125,874)
Denominator:
Weighted-average shares outstanding used in computing net loss per share of common stock, basic (in shares)	159,065,697	152,918,287	117,218,893
Dilutive effect of Private Placement Warrants (in shares)	509,858	1,231,080	0
Weighted-average shares outstanding used in computing net loss per share of common stock, diluted (in shares)	159,575,555	154,149,367	117,218,893
Net loss per share of common stock:
Basic (in dollars per share)	$ (1.35)	$ (0.34)	$ (1.07)
Diluted (in dollars per share)	$ (1.38)	$ (0.82)	$ (1.07)

Property and Equipment - Schedule of Depreciation Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Jan. 01, 2023	Jan. 02, 2022
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 33,870	$ 7,425	$ 995

Business Combinations

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Business Combinations

Business Combination with Rodgers Silicon Valley Acquisition Corp.

On July 14, 2021 (the “Closing Date”), Enovix Corporation, a Delaware Corporation (“Legacy Enovix”), Rodgers Silicon Valley Acquisition Corp. (“RSVAC”), and RSVAC Merger Sub Inc., a Delaware Corporation and wholly owned subsidiary of RSVAC (“Merger Sub”), consummated the closing of the transactions contemplated by the Agreement and Plan of Merger, dated February 22, 2021 (the “Business Combination”), by and among RSVAC, Merger Sub and Legacy Enovix (the “Merger Agreement”), following the approval at a special meeting of the stockholders of RSVAC held on July 12, 2021 (the “Special Meeting”). Following the consummation of the Business Combination on the Closing Date, Legacy Enovix changed its name to Enovix Operations Inc., and RSVAC changed its name from Rodgers Silicon Valley Acquisition Corp. to Enovix Corporation.

The Business Combination was accounted for as a reverse recapitalization under GAAP. This determination is primarily based on Legacy Enovix stockholders comprising a relative majority of the voting power of Enovix and having the ability to nominate the members of the Board, Legacy Enovix’s operations prior to the acquisition comprising the only ongoing operations of Enovix, and Legacy Enovix’s senior management comprising a majority of the senior management of Enovix. Under this accounting method, RSVAC was treated as the “acquired” company and Legacy Enovix was treated as the acquirer for financial reporting purposes. Accordingly, for accounting purposes, the financial statements of Enovix represent a continuation of the financial statements of Legacy Enovix with the Business Combination being treated as the equivalent of Enovix issuing common stock for the net assets of RSVAC, accompanied by a recapitalization.

The net liabilities of RSVAC, other than its warrant liabilities, were stated at historical cost, which approximated to its fair values. Its warrant liabilities were stated at its fair values and no goodwill or other intangible assets were recorded. Results of operations prior to the Business Combination were presented as those of Enovix. Beginning in the third quarter of 2021, historical shares and corresponding capital amounts, as well as for net loss per share, prior to the Business Combination, were retrospectively adjusted using the exchange ratio as defined in the Business Combination for the equivalent number of shares outstanding immediately after the Business Combination to the effect the reverse recapitalization.

Immediately prior to the Business Combination all shares of Legacy Enovix outstanding convertible preferred stock were converted into an equivalent number of shares of Legacy Enovix common stock.

At the Business Combination, eligible Legacy Enovix equity holders received or have the right to receive shares of Enovix common stock (“Common Stock”), with par value $0.0001 per share, at a deemed value of $10.00 per share after giving effect to the exchange ratio of approximately 0.1846 as defined in the Merger Agreement (“Exchange Ratio”). Accordingly, immediately following the consummation of the Business Combination, Legacy Enovix common stock was exchanged into 103,995,643 shares of Common Stock, 5,547,327 shares were reserved for the issuance of Common Stock upon the potential future exercise of Legacy Enovix’s stock options that were exchanged into Enovix’s stock options.

Upon the closing of the Business Combination, the Company’s certificate of incorporation was amended and restated to, among other things, increase the total number of authorized shares of Common Stock to 1,000,000,000 shares, $0.0001 par value per share and designate 10,000,000 shares as Preferred Stock.

In connection with the execution of the Merger Agreement, RSVAC entered into separate subscription agreements (each a “Subscription Agreement”) with a number of investors (each a “New PIPE Investor”), pursuant to which the New PIPE Investors agreed to purchase, and RSVAC agreed to sell to the New PIPE Investors, an aggregate of 12,500,000 shares of Common Stock (“PIPE Shares”), for a purchase price of $14.00 per share and an aggregate purchase price of $175.0 million, in a private placement pursuant to the subscription agreements (“PIPE Financing”). The PIPE Financing closed simultaneously with the consummation of the Business Combination.

The following table shows the number of shares of Common Stock issued immediately following the consummation of the Business Combination.


RSVAC common stock shares outstanding prior to the Business Combination			28,750,000
Less redemption of RSVAC common stock shares			(15)
RSVAC common stock shares			28,749,985
PIPE Shares issued			12,500,000
RSVAC common stock shares and PIPE Shares			41,249,985
Legacy Enovix common shares (1)			103,995,643
Total shares of Common Stock immediately after the Business Combination			145,245,628


(1)			The number of Legacy Enovix common shares was determined from the 563,316,738 shares of Legacy Enovix common stock outstanding immediately prior to the closing of the Business Combination converted at the exchange ratio of approximately 0.1846. All fractional shares were rounded.


	Recapitalization
Cash - RSVAC Trust and cash, net of redemptions	$	230,155
Cash - PIPE Financing	175,000
Less: transaction costs and PIPE financing fees	(31,410)
Net cash contributions from Business Combination	$	373,745

Routejade Acquisition

On September 18, 2023, the Company entered into a stock purchase agreement (the “Stock Purchase Agreement”) with Rene Limited, a corporation incorporated under the laws of the Republic of Korea (the “Seller”). On October 31, 2023, the Company closed the transaction contemplated by the Stock Purchase Agreement (the “Closing”) to purchase Routejade, Inc. (“Routejade”), a battery manufacturer incorporated under the laws of Republic of Korea. This acquisition has allowed the Company to vertically integrate electrode coating and battery pack manufacturing.

The total purchase consideration of such transaction consists of cash consideration in the amount of approximately $15.4 million and 5,923,521 shares of common stock of the Company, par value $0.0001, for the purchase of approximately 95.8% of the outstanding shares of Routejade (the “Routejade Acquisition”). The closing price of the

Company’s common stock on October 31, 2023 was $8.91. Total following table summarized the considerations for the acquisition.


Cash paid, net of acquisition-related seller expense		$	15,448
Issuance of Enovix common stock (5,923,521 shares)		52,779
Total purchase consideration		68,227
Less: net assets acquired
Net assets acquired, excluding liability assumed for acquisition-related seller expense	56,486
Liability assumed for acquisition-related seller expense	(357)
Net assets acquired		56,129
Goodwill		$	12,098

This acquisition constitutes a business acquisition in accordance with FASB Accounting Standards Codification (“ASC”) (Topic 805), Business Combinations (“ASC 805”) for business combinations and, therefore, will be accounted for as a business combination using the acquisition method of accounting. The tangible and intangible assets acquired and liabilities assumed were recorded based on their estimated fair values at the acquisition date.


Cash, cash equivalents and restricted cash acquired	$	5,481
Accounts and notes receivable, net (1)	1,796
Inventory	12,613
Prepaid expenses and other current assets	1,715
Property and equipment, net	26,987
Intangible assets	42,981
Goodwill	12,098



Other non-current assets	365
Debt assumed	(7,426)
Deferred revenue	(10,568)
Liabilities assumed	(3,182)
Deferred income tax liabilities	(11,616)
Fair value of net assets acquired	71,244
Less: non-controlling interest (2)	(3,017)
Total purchase consideration	68,227
Less: Cash, cash equivalents, restricted cash acquired	(5,481)
Total purchase price, net of cash acquired	$	62,746


(1)			The gross amount of the acquired accounts and notes receivable was $1.9 million, of which an immaterial amount is expected to be uncollectible.
(2)			The fair value of non-controlling interest is measured based on the fair values of net assets acquired at the acquisition date and the price for the equity shares and the portion of ownership not held by the acquirer.

Goodwill

The excess of the purchase price over the fair value of net assets acquired was recorded to goodwill. Goodwill is primarily attributable to the expected synergies from future expected economic benefits, including integrating electrode coating and battery pack manufacturing. Goodwill from this acquisition is not expected to be deductible for tax purposes.

The following table summarizes the change in goodwill (in thousands).


	Goodwill
Balance as of January 1, 2023	$	—
Routejade Acquisition	12,098

Balances as of December 31, 2023	$	12,098

Intangible Assets

Intangible assets consist of customer relationships, developed technology and trade names and trademarks. Customer relationships relates to Routejade’s existing customer relationships to earn current and future business. Developed technology relates to its technology for manufacturing standard lithium-ion batteries with varying chemistries, enabling design flexibility and producing customized battery cells.

The following table summarizes the intangible assets subject to amortization, net (in thousands).


	Gross		Accumulated amortization		Net Carrying Amount		Weighted-average Useful Lives
Customer relationships	$	30,966	$	(517)	$	30,449	10 years
Developed technology	11,680		(277)		11,403		7 years
Trade Names and Trademarks	335		(19)		316		3 years
Total intangible assets	$	42,981	$	(813)	$	42,168

The Company acquired these intangible assets through the Routejade Acquisition in October 2023. For the fiscal year 2023, amortization of the intangible assets was $0.8 million. As of December 31, 2023, the weighted average remaining useful lives for intangible assets was approximately 9 years.

The following is a schedule of expected amortization for the intangible assets as of December 31, 2023 (in thousands).


	As of December 31, 2023
2024	$	4,860
2025	4,860
2026	4,933
2027	4,748
2028	4,748
Thereafter	18,019
Total estimated amortization expense	$	42,168

Revenue and net loss from operations

For the fiscal year 2023, the Company’s result of operations included approximately $7 million of Routejade’s revenue and an immaterial amount of Routejade’s net loss from operations since the acquisition date.

Acquisition Costs

For the fiscal year 2023, the Company recorded approximately $1.3 million of acquisition costs, which were included in Selling, general and administrative of the Consolidated Statements of Operations.

Proforma information

The consolidated unaudited proforma revenue for fiscal years 2023 and 2022, which included Routejade assuming the acquisition occurred on January 3, 2022, were approximately $21.1 million and $16.4 million, respectively. The consolidated unaudited proforma net income related to this acquisition was not included because the impact on the Company's consolidated results of operations was not material.

Income Tax - Schedule of effective income tax rate (Details)	12 Months Ended
	Dec. 31, 2023	Jan. 01, 2023	Jan. 02, 2022
Income Tax Disclosure [Abstract]
Federal statutory tax rate	21.00%	21.00%	21.00%
State and local income taxes, net of federal benefit	5.80%	16.20%	3.70%
Foreign rate differential	0.10%	0.00%	0.00%
Non-deductible warrant expense	0.60%	30.60%	(9.40%)
Transaction costs	(0.001)	0	0
Federal tax credits	3.80%	(1.70%)	0.30%
Share-based compensation	(1.40%)	(3.50%)	(0.80%)
Impact of changes in valuation allowance	(26.60%)	(62.40%)	(14.60%)
Uncertain position	(1.90%)	0.00%	0.00%
Rate change	1.20%	0.00%	0.00%
Other	(2.20%)	(0.20%)	(0.20%)
Effective tax rate	0.30%	0.00%	0.00%

Stock-based Compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Jan. 01, 2023
Number of Options Outstanding
Beginning balance (in shares)	5,034,282
Granted (in shares)	0	60,000
Exercised (in shares)	(1,482,808)
Forfeited (in shares)	(936,275)
Ending balance (in shares)	2,615,199	5,034,282
Vested and expected to vest (in shares)	3,085,743
Vested and exercisable (in shares)	2,018,898
Unvested and exercisable (in shares)	478,970
Weighted Average Exercise Price
Beginning balance (in dollars per share)	$ 9.07
Granted (in dollars per share)	0
Exercised (in dollars per share)	8.04
Forfeited (in dollars per share)	8.93
Ending balance (in dollars per share)	9.71	$ 9.07
Vested and expected to vest (in dollars per share)	8.24
Vested and exercisable (in dollars per share)	9.41
Unvested and exercisable (in dollars per share)	$ 9.18
Weighted Average Remaining Contractual Life (Years)
Outstanding balance	7 years 2 months 12 days
Vested and expected to vest	7 years 2 months 12 days
Vested and exercisable	7 years 2 months 12 days
Unvested and exercisable	7 years 3 months 18 days
Aggregate Intrinsic Value
Exercised	$ 15,256
Outstanding, balance	$ 8,708
Share price (in dollars per share)	$ 12.52

Common Stock and Convertible Preferred Stock	12 Months Ended
Common Stock and Convertible Preferred Stock	Dec. 31, 2023
Stockholders' Equity Note [Abstract]
Common Stock and Convertible Preferred Stock	Common Stock and Convertible Preferred Stock Common Stock As of December 31, 2023 and January 1, 2023, the Company had authorized 1,000,000,000 shares of common stock, par value $0.0001 and issued and outstanding of 167,392,315 and 157,461,802, respectively. Each holder of a share of common stock is entitled to one vote for each share held and is entitled to receive dividends whenever funds are legally available and when declared by the board of directors, subject to preferential rights of holders of other classes of stock outstanding. Such dividends shall be payable only when, as and if declared by the board of directors and shall be non-cumulative. Convertible Preferred Stock As of December 31, 2023 and January 1, 2023, the Company had authorized 10,000,000 shares of convertible preferred stock, par value $0.0001 and there was no shares issued and outstanding for either periods.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Geographic Information - Schedule of Revenue Customers and Long-Lived Assets, by Geographical Areas (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jan. 01, 2023
Segment Reporting Information [Line Items]
Total property and equipment, net	$ 166,471	$ 103,868
Total operating lease, right-of-use assets	15,290	6,133
United States
Segment Reporting Information [Line Items]
Total property and equipment, net	119,685	103,864
Total operating lease, right-of-use assets	5,760	6,133
Asia Pacific
Segment Reporting Information [Line Items]
Total property and equipment, net	46,786	4
Total operating lease, right-of-use assets	$ 9,530	$ 0

Net Loss per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Net Loss per Share

The Company computes net earnings per share (“EPS”) of common stock using the two-class method. Basic EPS is computed using net income (loss) divided by the weighted-average number of common stock shares outstanding. Diluted EPS is computed using net income (loss) with an adjustment of changes in fair value of the Private Placement Warrants recorded in earnings divided by the total of weighted-average number of common stock shares outstanding and any dilutive potential common stock shares outstanding. Dilutive potential common stock shares included the assumed stock

options exercises, vesting and issuance activities of restricted stock units and estimated common stock issuance under the employee stock purchase plan.

The following table shows the computation of the Company’s basic and diluted net EPS of common stock for the periods presented below (in thousands, except share and per share amount).


	Fiscal Years
		2023		2022		2021

Numerator:
Net loss attributable to common stockholders - basic		$	(214,071)	$	(51,622)	$	(125,874)
Decrease in fair value of Private Placement Warrants		(6,180)		(75,180)		—
Net loss attributable to common stockholders - diluted		$	(220,251)	$	(126,802)	$	(125,874)

Denominator:
Weighted-average shares outstanding used in computing net loss per share of common stock, basic		159,065,697		152,918,287		117,218,893
Dilutive effect of Private Placement Warrants		509,858		1,231,080		—
Weighted-average shares outstanding used in computing net loss per share of common stock, diluted		159,575,555		154,149,367		117,218,893

Net loss per share of common stock:
Basic		$	(1.35)	$	(0.34)	$	(1.07)
Diluted		$	(1.38)	$	(0.82)	$	(1.07)

As the Company reported net loss for the periods presented above, these potentially dilutive securities were anti-dilutive and were excluded in the computation of diluted net loss per share. The following table discloses shares of the securities that were not included in the diluted EPS calculation above because they were anti-dilutive for the periods presented above.


	Fiscal Years
		2023	2022	2021
Stock options outstanding		2,615,199	5,034,282	5,753,005
Restricted stock units and performance restricted stock units outstanding		11,424,740	7,371,158	535,449
Private Placement Warrants outstanding		—	—	6,000,000
Public Warrants outstanding		—	—	4,322,106
Employee stock purchase plan estimated shares		442,146	349,988	47,379
Assumed conversion of Convertible Senior Notes		11,053,800	—	—

Stock-based Compensation - Schedule Of Stock Options, Valuation Assumption (Details)	12 Months Ended
	Dec. 31, 2023	Jan. 01, 2023	Jan. 02, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate, minimum		2.10%	0.50%
Risk-free interest rate ,maximum		4.20%	1.30%
Dividend yield		0.00%	0.00%
Expected volatility , minimum		67.60%	48.10%
Expected volatility , maximum		70.10%	49.80%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (years)		5 years	5 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (years)		6 years	6 years 10 months 24 days
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate, minimum	0.30%	0.10%
Risk-free interest rate ,maximum	5.50%	4.80%
Dividend yield	0.00%	0.00%
Expected volatility , minimum	71.30%	62.30%
Expected volatility , maximum	123.20%	123.20%
ESPP \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (years)	6 months	6 months
ESPP \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (years)	1 year 6 months	1 year 6 months

Leases - Schedule of Supplemental Lease Information (Details)	Dec. 31, 2023	Jan. 01, 2023
Leases [Abstract]
Weighted-average remaining lease term	6 years	7 years 8 months 12 days
Weighted average discount rate	8.50%	6.80%

Borrowings - Schedule of Interest Expense Related to Convertible Notes (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Total interest expenses related to Convertible Senior Notes and loans	$ 4,447
Loans
Debt Instrument [Line Items]
Total interest expenses related to Convertible Senior Notes and loans	64
3.0 % Convertible Senior Notes \| Convertible Debt
Debt Instrument [Line Items]
Coupon interest	3,608
Amortization of debt issuance costs	775
Total interest expenses related to Convertible Senior Notes and loans	$ 4,383

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69C

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69F
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69F

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Net Loss per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Dilute Net EPS

The following table shows the computation of the Company’s basic and diluted net EPS of common stock for the periods presented below (in thousands, except share and per share amount).


	Fiscal Years
		2023		2022		2021

Numerator:
Net loss attributable to common stockholders - basic		$	(214,071)	$	(51,622)	$	(125,874)
Decrease in fair value of Private Placement Warrants		(6,180)		(75,180)		—
Net loss attributable to common stockholders - diluted		$	(220,251)	$	(126,802)	$	(125,874)

Denominator:
Weighted-average shares outstanding used in computing net loss per share of common stock, basic		159,065,697		152,918,287		117,218,893
Dilutive effect of Private Placement Warrants		509,858		1,231,080		—
Weighted-average shares outstanding used in computing net loss per share of common stock, diluted		159,575,555		154,149,367		117,218,893

Net loss per share of common stock:
Basic		$	(1.35)	$	(0.34)	$	(1.07)
Diluted		$	(1.38)	$	(0.82)	$	(1.07)

Schedule of Anti-Dilutive Securities Excluded From Computation of Diluted Loss Per Share


	Fiscal Years
		2023	2022	2021
Stock options outstanding		2,615,199	5,034,282	5,753,005
Restricted stock units and performance restricted stock units outstanding		11,424,740	7,371,158	535,449
Private Placement Warrants outstanding		—	—	6,000,000
Public Warrants outstanding		—	—	4,322,106
Employee stock purchase plan estimated shares		442,146	349,988	47,379
Assumed conversion of Convertible Senior Notes		11,053,800	—	—

Organization and Basis of Presentation	12 Months Ended
Organization and Basis of Presentation	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Organization Enovix Corporation (“Enovix” or the “Company”) was incorporated in Delaware in 2006. The Company designs, develops, manufactures and commercializes next generation Lithium-ion, or Li-ion, battery cells that significantly increase the amount of energy density and storage capacity relative to conventional battery cells. Our batteries’ mechanical design, or “architecture,” allows us to use high performance chemistries while enabling safety and charge time advantages. The Company is headquartered in Fremont, California. Prior to the second quarter of 2022, the Company was focused on the development and commercialization of its silicon-anode lithium-ion batteries. Beginning in the second quarter of 2022, the Company began its production of silicon-anode lithium-ion batteries or battery pack products, as well as generating product revenue in addition to service revenue from its engineering service contracts for the development of silicon-anode lithium-ion battery technology. In 2023, the Company is constructing its facility in Malaysia (“Fab2”) for high-volume production and acquired Routejade, Inc. (“Routejade”), a battery manufacturer incorporated under the laws of Republic of Korea for electrode coating and battery pack manufacturing. Fiscal Year The Company’s fiscal year is the 52 or 53-week period ending on the Sunday closest to December 31. The Company’s fiscal years 2023, 2022, and 2021 ended on December 31, 2023, January 1, 2023, and January 2, 2022, respectively. All period references are to the fiscal periods unless otherwise indicated. Basis of Presentation and Consolidation The accompanying consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States (“GAAP”). The consolidated financial statements include the accounts of the Company, its wholly and majority-owned subsidiaries, the business combinations from the closing dates and a variable interest entity (“VIE”) under the variable interest and voting interest models. All intercompany balances and transactions have been eliminated in consolidation. Liquidity and Capital Resources The Company has incurred operating losses and negative cash flows from operations since its inception through December 31, 2023 and expects to incur operating losses for the foreseeable future. As of December 31, 2023, the Company had a working capital of $262.2 million and an accumulated deficit of $598.8 million. In April 2023, the Company closed private offerings of $172.5 million aggregate principal amount of 3.0% convertible senior notes due 2028 (the “Convertible Senior Notes”). The net proceeds from the Convertible Senior Notes were approximately $166.6 million. The Company used approximately $17.3 million of the net proceeds from the offerings of the Convertible Senior Notes to pay the cost of the capped call transactions entered on April 20, 2023 in connection with such offerings. The Company will use the remaining net proceeds to build out a second battery cell manufacturing facility (“Fab2”) in Malaysia and fund the acquisition of production lines of the Company’s second-generation (“Gen2”) manufacturing equipment (“Gen2 Autolines”), and for working capital and other general corporate purposes. See Note 9 “Borrowings” for more information. In October 2023, the Company purchased substantially all of the outstanding shares of Routejade, Inc. (“Routejade”), a battery manufacturer located in Republic of Korea, which allowed us to vertically integrate electrode coating and battery pack manufacturing. The total estimated purchase consideration of such transaction consists of cash payment in the amount of approximately $15.8 million and 5,923,521 shares of common stock of the Company. See Note 3 “Business Combinations” for more information. Based on the anticipated spending and timing of expenditures, the Company currently expects that its cash will be sufficient to meet its funding requirements over the next twelve months. Going forward, the Company may require additional financing for its future operations and expansion. The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the consolidated financial statements and accompanying notes during the reporting periods. Estimates and assumptions include but are not limited to: depreciable lives for property and equipment and intangible assets, impairment of equipment, valuation for inventory, the valuation allowance on deferred tax assets, valuation for assets acquired and liabilities assumed in business combinations, valuation of goodwill and intangible assets, assumptions used in stock-based compensation, incremental borrowing rate for operating right-of-use assets and lease liabilities, and estimates to fair value convertible preferred stock warrants and common stock warrants. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that it believes to be reasonable under the circumstances.

Business Combinations - Schedule of Number of Shares of Common Stock Issued in Consummation of Merger (Details)	Jul. 14, 2021 shares	Jul. 13, 2021 shares	Dec. 31, 2023 shares	Jan. 01, 2023 shares
Schedule Of Reverse Recapitalization [Line Items]
Common stock shares outstanding	145,245,628	563,316,738	167,392,315	157,461,802
RSVAC common stock shares	28,749,985
Number of shares issued (in shares)	12,500,000
RSVAC common stock shares and PIPE Shares	41,249,985
Legacy Enovix common shares	103,995,643
Reverse capitalization exchange ratio	0.1846
RSVAC
Schedule Of Reverse Recapitalization [Line Items]
Common stock shares outstanding		28,750,000
Less redemption of RSVAC common stock shares		(15)

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of Estimated Useful Lives of Property and Equipment

Property and equipment are depreciated or amortized using the straight-line method over the estimated useful lives of the following assets below.


	Estimated Useful Life (in Years)
Machinery and equipment	2	-	10
Office equipment and software	3	-	5
Furniture and fixtures	3	-	5
Building	33
Leasehold improvements	Shorter of the economic life or the remaining lease term

Property and equipment consists of the following categories (in thousands).


	December 31, 2023		January 1, 2023
Machinery and equipment	$	100,335	$	55,694
Building and leasehold improvements	36,651		24,565
Office equipment and software	2,561		1,586
Furniture and fixtures	898		771
Land	1,433		—
Construction in process	68,958		33,268
Total property and equipment	210,836		115,884
Less: accumulated depreciation	(44,365)		(12,016)
Property and equipment, net	$	166,471	$	103,868


	Fiscal Years
		2023		2022		2021
Depreciation expense		$	33,870	$	7,425	$	995

Equipment Impairment

The following table summarizes impairment of equipment (in thousands).


	Fiscal Years
		2023		2022		2021
Impairment of equipment		$	4,411	$	4,921	$	—

Schedule of significant Changes in Deferred Revenue

The following table summarizes the significant changes in deferred revenue during the fiscal year 2023 (in thousands).


	2023
Beginning Balance	$	3,774
Routejade acquisition	10,568
Revenue recognized	(3,968)
Increased due to customer advanced payments	108
Deferred revenues, end of period	$	10,482

Fair Value Measurement - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Dec. 31, 2023	Jan. 01, 2023
Money Market Funds
Cash equivalents:
Cash equivalents	$ 19,312	$ 319,946
US Treasury Securities
Cash equivalents:
Cash equivalents	45,175
Liabilities:
Short-term investments	73,694
Private Placement Warrants
Liabilities:
Private Placement Warrants	42,900	49,080
Level 1 \| Money Market Funds
Cash equivalents:
Cash equivalents	19,312	319,946
Level 1 \| US Treasury Securities
Cash equivalents:
Cash equivalents	0
Liabilities:
Short-term investments	0
Level 1 \| Private Placement Warrants
Liabilities:
Private Placement Warrants	0	0
Level 2 \| Money Market Funds
Cash equivalents:
Cash equivalents	0	0
Level 2 \| US Treasury Securities
Cash equivalents:
Cash equivalents	45,175
Liabilities:
Short-term investments	73,694
Level 2 \| Private Placement Warrants
Liabilities:
Private Placement Warrants	0	0
Level 3 \| Money Market Funds
Cash equivalents:
Cash equivalents	0	0
Level 3 \| US Treasury Securities
Cash equivalents:
Cash equivalents	0
Liabilities:
Short-term investments	0
Level 3 \| Private Placement Warrants
Liabilities:
Private Placement Warrants	$ 42,900	$ 49,080

Stock-based Compensation - Schedule of Common Stock Capital Shares Reserved for Future Issuance (Details) - shares	Dec. 31, 2023	Jul. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Common stock remain reserved for outstanding (in shares)	36,945,880
Stock options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Common stock remain reserved for outstanding (in shares)	2,615,199
Equity Awards
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Common stock remain reserved for outstanding (in shares)	14,698,737
RSUs and PSUs
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Common stock remain reserved for outstanding (in shares)	11,424,740
ESPP
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Common stock remain reserved for outstanding (in shares)	8,207,204	5,625,000

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Purchase Commitments As of December 31, 2023 and January 1, 2023, the Company’s commitments included approximately $62.5 million and $22.7 million, respectively, of the Company’s open purchase orders and contractual obligations that occurred in the ordinary course of business, including commitments with contract manufacturers and suppliers for which the Company has not received the goods or services, commitments for capital expenditures and construction-related activities for which the Company has not received the services. Although open purchase orders are considered enforceable and legally binding, the terms generally allow the Company the option to cancel, reschedule, and adjust its requirements based on its business needs prior to the delivery of goods or performance of services. For lease obligations, please refer to Note 7 “Leases” for more details. For the Convertible Senior Notes obligation, please refer to Note 9 “Borrowings” for more details. Performance Obligations As of December 31, 2023, the Company had $10.5 million of performance obligations, which comprised of total deferred revenue and customer order deposits. The Company currently expects to recognize approximately 64% of deferred revenue as revenue within the next twelve months and the remaining amount is expected to be recognized as revenues in 2025. Litigation From time to time, the Company is involved in a variety of claims, lawsuits, investigations, and proceedings relating to securities laws, product liability, intellectual property, commercial, insurance, contract disputes, employment, and other matters. Certain of these lawsuits and claims are described in further detail below. The Company intends to defend vigorously against all of the following allegations. A liability and related charge to earnings are recorded in the consolidated financial statements for legal contingencies when the loss is considered probable and the amount can be reasonably estimated. The assessment is re-evaluated each accounting period and is based on all available information, including the impact of negotiations, settlements, rulings, advice of legal counsel, and other information and events pertaining to each case. The outcomes of outstanding legal matters are inherently unpredictable and subject to uncertainties. While there can be no assurance of favorable outcome of these legal matters, we currently believe that the outcome of these matters will not have a material adverse effect on the Company’s results of operations, liquidity or financial position. Sopheap Prak et al. v. Enovix Corporation et al., 22CV005846, Superior Court of California, Alameda County On January 21, 2022, two former machine operator employees filed a putative wage and hour class action lawsuit against Enovix and co-defendant Legendary Staffing, Inc. in the Superior Court of California, County of Alameda. The case is captioned Sopheak Prak & Ricardo Pimentel v Enovix Corporation and Legendary Staffing, Inc., 22CV005846. The Prak complaint alleges, among other things, on a putative class-wide basis, that the defendants failed to pay all overtime wages and committed meal period, rest period and wage statement violations under the California Labor Code and applicable Wage Orders. The plaintiffs are seeking unpaid wages, statutory penalties and interest and reasonable costs and attorney fees. In September 2022, the Company began the mediation process. Based on the current knowledge of the legal proceeding, an estimate of possible loss liability was recorded on the Consolidated Balance Sheet as of December 31, 2023. Kody Walker v. Enovix Corporation, 23CV028923. Superior Court of California, Alameda County On March 8, 2023, a former employee filed a putative class action lawsuit against Enovix in the Superior Court of California, County of Alameda (the “Walker Complaint”). The Walker Complaint alleges, among other things, on a putative class-wide basis, that the Company failed to pay minimum wages, overtime and sick time wages, failed to reimburse employees for required expenses, failed to provide meal and rest periods and issued inaccurate wage statement under the California Labor Code and applicable Wage Orders. The Walker Complaint asserts on an individual basis that Walker was constructively discharged. The plaintiff seeks unpaid wages, statutory penalties and interest and reasonable costs and attorney fees. Securities Class Action Compliant On January 6, 2023, a purported Company stockholder filed a securities class action complaint in the U.S. District Court for the Northern District of California against the Company and certain of its current and former officers and directors. The complaint alleges that defendants violated Sections 10(b) and 20(a) of the Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by making material misstatements or omissions in public statements related to the Company’s manufacturing scaleups and testing of new equipment. A substantially identical complaint was filed on January 25, 2023 by another purported Company stockholder. Following consolidation of the cases and court appointment of two purported Company stockholder lead plaintiffs, a consolidated complaint alleging substantially similar claims, including allegations that the defendants made material misstatements or omissions in public statements related to testing of new equipment, was filed on July 7, 2023. The consolidated complaint seeks unspecified damages, interest, fees and costs on behalf of all persons and entities who purchased and/or acquired shares of the Company or RSVAC’s common stock between June 24, 2021 and January 3, 2023. The Company and the named officers and directors moved to dismiss the complaint on September 15, 2023. On January 30, 2024, the court granted the motion to dismiss with leave to amend. The lead plaintiffs have until March 5, 2024 to amend their complaint. Guarantees and Indemnifications In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnifications. In addition, the Company purchased performance bonds for guarantee of its performance obligations for certain projects. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future but have not yet been made. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. However, the Company may record charges in the future as a result of these indemnification obligations. The Company also has indemnification obligations to its officers and directors for specified events or occurrences, subject to some limits, while they are serving at the Company’s request in such capacities. There have been no claims to date and the Company has director and officer insurance that may enable the Company to recover a portion of any amounts paid for future potential claims. The Company believes the fair value of these indemnification agreements is minimal. Accordingly, the Company has not recorded any liabilities relating to these obligations for the period presented.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Fiscal Year

The Company’s fiscal year is the 52 or 53-week period ending on the Sunday closest to December 31. The Company’s fiscal years 2023, 2022, and 2021 ended on December 31, 2023, January 1, 2023, and January 2, 2022, respectively. All period references are to the fiscal periods unless otherwise indicated.

Basis of presentation

Basis of Presentation and Consolidation

The accompanying consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States (“GAAP”).

Consolidation

The consolidated financial statements include the accounts of the Company, its wholly and majority-owned subsidiaries, the business combinations from the closing dates and a variable interest entity (“VIE”) under the variable interest and voting interest models. All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the consolidated financial statements and accompanying notes during the reporting periods. Estimates and assumptions include but are not limited to: depreciable lives for property and equipment and intangible assets, impairment of equipment, valuation for inventory, the valuation allowance on deferred tax assets, valuation for assets acquired and liabilities assumed in business combinations, valuation of goodwill and intangible assets, assumptions used in stock-based compensation, incremental borrowing rate for operating right-of-use assets and lease liabilities, and estimates to fair value convertible preferred stock warrants and common stock warrants. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that it believes to be reasonable under the circumstances.

Segment Reporting

Cash, Cash Equivalents and Restricted Cash

Investments

Trade Accounts Receivable, Notes Receivable and Allowance for Credit Losses

Credit Losses

Inventory

The cost basis of the Company’s inventory is reduced for any products that are considered excess or obsolete based upon assumptions about future demand and market conditions.

Property and Equipment, net


	Estimated Useful Life (in Years)
Machinery and equipment	2	-	10
Office equipment and software	3	-	5
Furniture and fixtures	3	-	5
Building	33
Leasehold improvements	Shorter of the economic life or the remaining lease term

Capitalized Software Costs for Internal Use

Impairment of Long-Lived Assets

Common Stock Warrants

Fair Value of Financial Instruments

•Level 1 — Observable inputs, such as quoted prices (unadjusted) in active markets for identical assets or liabilities at the measurement date;

•Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Non-Controlling Interests

Variable Interest Entity

Foreign Currency Transactions

Concentrations of Credit Risk and Major Customers

Revenue Recognition

1.Identify the contract with the customer;

2.Identify the performance obligations in the contract;

3.Determine the transaction price;

4.Allocate the transaction price to the performance obligations in the contract; and

5.Recognize revenue when the company satisfies a performance obligation.

Product Revenue

Service Revenue

Deferred Revenue


	2023
Beginning Balance	$	3,774
Routejade acquisition	10,568
Revenue recognized	(3,968)
Increased due to customer advanced payments	108
Deferred revenues, end of period	$	10,482

Costs to Fulfill a Customer Contract

Product Warranties

Sales and Transaction Taxes

Cost of Revenues

Research and Development Costs

Selling, General and Administrative Expenses

Merger Transaction Costs

Government Grant

Income Taxes

Company’s policy is to recognize interest and penalties expense, if any, related to uncertain tax positions as a component of income tax expense.

Stock-Based Compensation

The Company issues stock-based compensation to employees and non-employees in the form of stock options or restricted stock units (“RSUs”) or performance restricted stock units (“PRSUs”).

Restricted Stock Units

Performance Restricted Stock Units

Employee Stock Purchase Plan

Stock options

Fair Value of Common Stock and Stock Option

Based on the valuation reports from the third-party and the relevant factors as discussed above, the Company determined the fair value per share of the underlying common stock of the stock options.

The following assumptions are used in the Black-Scholes valuation model for the fair value of stock options per share.

•Risk-Free Interest Rate — The risk-free interest rate is based on the yield of U.S. Treasury notes as of the grant date with terms commensurate with the expected term of the option.

Net Loss per Share of Common Stock

Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements