0001828318-24-000233 | 10-Q | XBRL Viewer

Leases

9 Months Ended

Sep. 29, 2024

We have operating lease agreements primarily for offices and manufacturing spaces located in various locations with lease periods expiring between 2024 and 2030, some of which include options to extend the leases for up to five years.

The components of lease costs were as follows (in thousands):


	Quarters Ended				Fiscal Years-to-Date Ended
	September 29, 2024		October 1, 2023		September 29, 2024		October 1, 2023
Operating lease cost	$	1,347	$	478	$	3,192	$	1,428

Supplemental lease information:

As of

Operating leases

September 29, 2024

December 31, 2023

Weighted-average remaining lease term

5.3 years

6.0 years

Weighted-average discount rate

8.5%

Supplemental cash flow information related to leases are as follows (in thousands):


	Fiscal Years-to-Date Ended
	September 29, 2024		October 1, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	2,687	$	1,053

Maturities of Lease Liabilities

The following is a schedule of maturities of lease liabilities as of September 29, 2024 (in thousands).


	Operating leases
2024 (remaining 3 months)	$	913
2025	3,698
2026	3,702
2027	3,743
2028	3,804
Thereafter	3,834
Total	19,694
Less: imputed interest	(2,700)
Present value of lease liabilities	$	16,994

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Pay vs Performance Disclosure
Net (loss) income	$ (22,536)	$ (16,185)	$ (184,776)	$ (154,094)

- Definition

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

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+ Details

Leases - Supplemental Lease Information (Details)	Sep. 29, 2024	Dec. 31, 2023
Leases [Abstract]
Weighted-average remaining lease term	5 years 3 months 18 days	6 years
Weighted-average discount rate	8.50%	8.50%

Borrowings - Schedule of Maturities of Long-Term Debt (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
2024 (remaining 3 months)	$ 32
2025	190
2026	253
2027	190
2028	172,563
Total gross amount of long-term debt	$ 173,228	$ 175,846

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN 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 Jan. 01, 2023			157,461,802
Beginning 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	(73,603)	(73,603)				(73,603)
Issuance of common stock upon exercise of stock options (in shares)			86,654
Issuance of common stock upon exercise of stock options	328	328		328
Vesting of early exercised stock options	83	83	$ 1	82
RSUs vested, net of shares withheld for taxes (in shares)			679,606
RSUs vested, net of shares withheld for taxes	(777)	(777)		(777)
Repurchase of unvested restricted common stock (in shares)			(138,599)
Stock-based compensation	29,653	29,653		29,653
Ending balance (in shares) at Apr. 02, 2023			158,089,463
Ending balance at Apr. 02, 2023	312,111	312,111	$ 16	770,472	0	(458,377)	0
Beginning balance (in shares) at Jan. 01, 2023			157,461,802
Beginning 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	(154,094)
Other comprehensive income, net	(13)
Ending balance (in shares) at Oct. 01, 2023			161,665,677
Ending balance at Oct. 01, 2023	252,475	252,475	$ 16	791,340	(13)	(538,868)	0
Beginning balance (in shares) at Apr. 02, 2023			158,089,463
Beginning balance at Apr. 02, 2023	312,111	312,111	$ 16	770,472	0	(458,377)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(64,306)	(64,306)				(64,306)
Issuance of common stock upon exercise of stock options (in shares)			93,921
Issuance of common stock upon exercise of stock options	643	643		643
Issuance of common stock under employee stock purchase plan (in shares)			146,278
Issuance of common stock under employee stock purchase plan	1,170	1,170		1,170
Vesting of early exercised stock options	14	14		14
RSUs vested, net of shares withheld for taxes (in shares)			650,202
RSUs vested, net of shares withheld for taxes	(448)	(448)		(448)
Repurchase of unvested restricted common stock (in shares)			(68,445)
Stock-based compensation	15,374	15,374		15,374
Purchase of Capped Calls	(17,250)	(17,250)		(17,250)
Other comprehensive income, net	(24)	(24)			(24)
Ending balance (in shares) at Jul. 02, 2023			158,911,419
Ending balance at Jul. 02, 2023	247,284	247,284	$ 16	769,975	(24)	(522,683)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(16,185)	(16,185)				(16,185)
Issuance of common stock upon exercise of stock options (in shares)			954,674
Issuance of common stock upon exercise of stock options	8,260	8,260		8,260
Issuance of common stock subject to return (in shares)			1,304,954
Vesting of early exercised stock options	22	22		22
RSUs vested, net of shares withheld for taxes (in shares)			656,367
RSUs vested, net of shares withheld for taxes	(1,762)	(1,762)		(1,762)
Repurchase of unvested restricted common stock (in shares)			(161,737)
Stock-based compensation	14,845	14,845		14,845
Other comprehensive income, net	11	11			11
Ending balance (in shares) at Oct. 01, 2023			161,665,677
Ending balance at Oct. 01, 2023	$ 252,475	252,475	$ 16	791,340	(13)	(538,868)	0
Beginning balance (in shares) at Dec. 31, 2023	167,392,315		167,392,315
Beginning balance at Dec. 31, 2023	$ 261,103	258,147	$ 17	857,037	(62)	(598,845)	2,956
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(46,497)	(46,368)				(46,368)	(129)
Issuance of common stock upon exercise of stock options (in shares)			43,041
Issuance of common stock upon exercise of stock options	96	96		96
Issuance of common stock, net of issuance costs (in shares)			639,138
Issuance of common stock, net of issuance costs	5,756	5,756		5,756
Vesting of early exercised stock options	9	9		9
RSUs vested, net of shares withheld for taxes (in shares)			1,683,618
RSUs vested, net of shares withheld for taxes	(2,223)	(2,223)		(2,223)
Repurchase of unvested restricted common stock (in shares)			(19,638)
Stock-based compensation	13,852	13,852		13,852
Other comprehensive income, net	9	9			9
Ending balance (in shares) at Mar. 31, 2024			169,738,474
Ending balance at Mar. 31, 2024	$ 232,105	229,278	$ 17	874,527	(53)	(645,213)	2,827
Beginning balance (in shares) at Dec. 31, 2023	167,392,315		167,392,315
Beginning balance at Dec. 31, 2023	$ 261,103	258,147	$ 17	857,037	(62)	(598,845)	2,956
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (185,082)
Issuance of common stock upon exercise of stock options (in shares)	553,042
Other comprehensive income, net	$ 20
Ending balance (in shares) at Sep. 29, 2024	177,591,877		177,591,877
Ending balance at Sep. 29, 2024	$ 170,242	167,592	$ 18	951,237	(42)	(783,621)	2,650
Beginning balance (in shares) at Mar. 31, 2024			169,738,474
Beginning balance at Mar. 31, 2024	232,105	229,278	$ 17	874,527	(53)	(645,213)	2,827
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(115,947)	(115,872)				(115,872)	(75)
Issuance of common stock upon exercise of stock options (in shares)			316,554
Issuance of common stock upon exercise of stock options	2,697	2,697		2,697
Issuance of common stock under employee stock purchase plan (in shares)			148,371
Issuance of common stock under employee stock purchase plan	1,145	1,145		1,145
Issuance of common stock, net of issuance costs (in shares)			3,719,881
Issuance of common stock, net of issuance costs	34,204	34,204	$ 1	34,203
Vesting of early exercised stock options	6	6		6
RSUs vested, net of shares withheld for taxes (in shares)			1,380,079
RSUs vested, net of shares withheld for taxes	(1,093)	(1,093)		(1,093)
Repurchase of unvested restricted common stock (in shares)			(665)
Stock-based compensation	19,878	19,878		19,878
Other comprehensive income, net	68	68			68
Ending balance (in shares) at Jun. 30, 2024			175,302,694
Ending balance at Jun. 30, 2024	173,063	170,311	$ 18	931,363	15	(761,085)	2,752
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(22,638)	(22,536)				(22,536)	(102)
Issuance of common stock upon exercise of stock options (in shares)			193,447
Issuance of common stock upon exercise of stock options	1,532	1,532		1,532
Issuance of common stock, net of issuance costs (in shares)			153,822
Issuance of common stock, net of issuance costs	2,276	2,276		2,276
Vesting of early exercised stock options	5	5		5
RSUs vested, net of shares withheld for taxes (in shares)			1,985,662
RSUs vested, net of shares withheld for taxes	(2,286)	(2,286)		(2,286)
Repurchase of unvested restricted common stock (in shares)			(43,748)
Stock-based compensation	18,347	18,347		18,347
Other comprehensive income, net	$ (57)	(57)			(57)
Ending balance (in shares) at Sep. 29, 2024	177,591,877		177,591,877
Ending balance at Sep. 29, 2024	$ 170,242	$ 167,592	$ 18	$ 951,237	$ (42)	$ (783,621)	$ 2,650

Variable Interest Entity	9 Months Ended
Variable Interest Entity	Sep. 29, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entity	Variable Interest Entity On July 26, 2023, we entered into a manufacturing agreement (the “Agreement”) with YBS International Berhad (“YBS”). We concluded that Orifast Solution Sdn Bhd (“OSSB”), a subsidiary of YBS, is considered a VIE and we are the primary beneficiary of OSSB based on certain assumptions and judgments made by us. In accordance with GAAP, we consolidate 100% of OSSB’s financials. During the quarter and fiscal year-to-date ended September 29, 2024, OSSB had immaterial operating activities. As of September 29, 2024, we did not have an equity investment in OSSB. OSSB entered into a $70.0 million of foreign currency term loan agreement (the “Term Loan”) with OCBC Bank (Malaysia) Berhad (“OCBC”) in July 2023, for the purpose of financing its manufacturing operations. The Term Loan is expected to be repaid within five years. On September 13, 2023, we entered into a cash deposit agreement with OCBC to collateralize the Term Loan. As of September 29, 2024, we had no outstanding balance on the Term Loan and we had not made any deposits to OCBC for collateralization. We invested $70.0 million on deposit in an interest-bearing account with OCBC as of September 29, 2024

Leases - Schedule of Supplemental Cash Flow Information Related To Leases (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 2,687	$ 1,053

Stock-based Compensation (Tables)

9 Months Ended

Sep. 29, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Total Stock-based Compensation Expense

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


	Quarters Ended				Fiscal Years-to-Date Ended
	September 29, 2024		October 1, 2023		September 29, 2024		October 1, 2023
Cost of revenue	$	101	$	2,396	$	196	$	5,001
Research and development	5,914		4,949		19,771		22,072
Selling, general and administrative(1)	10,707		5,929		27,447		30,400
Restructuring cost	111		359		1,216		359
Total stock-based compensation expense	$	16,833	$	13,633	$	48,630	$	57,832

(1) During the quarter ended June 30, 2024, we engaged a consulting company for its services and issued RSUs in exchange for its services. In connection with this service agreement, we recorded approximately $4.4 million and $9.1 million of stock-based compensation expense for the quarter and fiscal year-to-date ended September 29, 2024, respectively.

Schedule of Stock Option Activity

The following table summarizes stock option activities for the fiscal year-to-date ended September 29, 2024 (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, 2024	2,615,199	$	9.71

Exercised	(553,042)	7.82			$	3,631
Forfeited	(226,406)	11.46
Balances as of September 29, 2024	1,835,751	$	10.06	6.6	$	823


(1)			The intrinsic value of options exercised is based upon the value of our stock at exercise.
(2)			The aggregate intrinsic value of the stock options outstanding as of September 29, 2024 represents the value of our closing stock price at $9.55 on the last trading day of the quarter ended September 29, 2024 in excess of the exercise price multiplied by the number of options outstanding.

Schedule of RSUs and PRSUs Activity

The following table summarizes RSUs and PRSUs activities for the fiscal year-to-date ended September 29, 2024 (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, 2024	10,893,271	$	11.58	531,469	$	13.16
Granted	11,297,839	7.99		2,505,023	7.39
Vested	(5,505,400)	9.20		(63,298)	13.41
Forfeited	(3,847,380)	11.11		(684,913)	10.24
Issued and unvested shares outstanding as of September 29, 2024	12,838,330	$	9.58	2,288,281	$	7.67

Restructuring Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Restructuring Costs (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring cost	$ 3,661	$ 3,021	$ 41,807	$ 3,021
Stock-based compensation	16,833	13,633	48,630	57,832
Impairment of equipment	0	0	0	4,411
2024 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring cost	3,700
Stock-based compensation			1,200
Severance cost			1,600
Other restructuring costs			800
Cash related charges	(1,200)
2024 Restructuring Plan \| Other Current Liabilities
Restructuring Cost and Reserve [Line Items]
Restructuring liability	1,100		1,100
Strategic Realignment Of Fab1 \| Machinery and equipment
Restructuring Cost and Reserve [Line Items]
Impairment of equipment	$ 3,100		$ 38,200
2023 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring cost		3,000		3,000
Restructuring liability		$ 2,100		$ 2,100

Stock-based Compensation - Schedule of Total Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 16,833	$ 13,633	$ 48,630	$ 57,832
Service
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	4,400		9,100
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	101	2,396	196	5,001
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	5,914	4,949	19,771	22,072
Selling, general and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	10,707	5,929	27,447	30,400
Restructuring cost
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 111	$ 359	$ 1,216	$ 359

Net Loss per Share

9 Months Ended

Sep. 29, 2024

Earnings Per Share [Abstract]

Net Loss per Share

The following table sets forth the computation of our basic and diluted net EPS of common stock for the periods presented below (in thousands, except share and per share amount).


	Quarters Ended				Fiscal Years-to-Date Ended
	September 29, 2024		October 1, 2023		September 29, 2024		October 1, 2023

Numerator:
Net loss attributable to common stockholders - basic	$	(22,536)	$	(16,185)	$	(184,776)	$	(154,094)

Decrease in fair value of Private Placement Warrants	(29,899)		(31,320)		—		(4,140)
Net loss attributable to common stockholders - diluted	$	(52,435)	$	(47,505)	$	(184,776)	$	(158,234)

Denominator:
Weighted-average shares outstanding used in computing net loss per share of common stock, basic	176,680,578		159,829,716		172,393,869		157,559,138

Dilutive effect of Private Placement Warrants	191,804		1,541,701		—		701,255
Weighted-average shares outstanding used in computing net loss per share of common stock, diluted	176,872,382		161,371,417		172,393,869		158,260,393

Net loss per share of common stock:
Basic	$	(0.13)	$	(0.10)	$	(1.07)	$	(0.98)
Diluted	$	(0.30)	$	(0.29)	$	(1.07)	$	(1.00)

The following table discloses shares of the securities that were not included in the diluted EPS calculation above because they are anti-dilutive for the periods presented above.


	Quarters Ended		Fiscal Years-to-Date Ended
	September 29, 2024	October 1, 2023	September 29, 2024	October 1, 2023
Stock options outstanding	1,835,751	3,075,138	1,835,751	3,075,138
Restricted stock units and performance restricted stock units outstanding	15,126,611	12,602,239	15,126,611	12,602,239
Assumed conversion of Convertible Senior Notes	11,053,800	11,053,800	11,053,800	6,608,868
Private Placement Warrants outstanding	—	—	5,500,000	—

Employee stock purchase plan estimated shares	229,671	243,474	229,671	243,474

Business Combinations -Schedule of Expected Amortization For The Intangible Assets (Details) $ in Thousands	Sep. 29, 2024 USD ($)
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
2024 (remaining 3 months)	$ 1,188
2025	4,757
2026	4,829
2027	4,645
2028	4,645
Thereafter	17,519
Net Carrying Amount	$ 37,583

Stock-based Compensation - Additional Information (Details)	1 Months Ended	3 Months Ended	9 Months Ended
	May 31, 2024 award	Oct. 01, 2023 USD ($)	Sep. 29, 2024 USD ($) shares	Oct. 01, 2023 USD ($)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation capitalized			$ 2,400,000	$ 800,000
Unrecognized tax benefit			0	0
Number of equity award modification \| award	1
Incremental stock based compensation expenses		$ 0	1,300,000	$ 21,100,000
Equity Awards
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Accrued bonuses to be settled in equity awards			0
Unrecognized stock-based compensation expenses related to nonvested equity awards			$ 123,500,000
Weighted average period of recognition for unrecognized stock-based compensation related to nonvested equity awards			3 years 2 months 12 days
Employee stock purchase plan estimated shares
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized stock-based compensation expenses related to nonvested equity awards			$ 500,000
Weighted average period of recognition for unrecognized stock-based compensation related to nonvested equity awards			1 year 1 month 6 days
Stock options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Shares remained subject to right of repurchase (in shares) \| shares			91,620

Inventory

9 Months Ended

Sep. 29, 2024

Inventory Disclosure [Abstract]

Inventory

Inventory consists of the following components (in thousands).


	September 29, 2024		December 31, 2023
Raw materials	$	1,811	$	1,926
Work-in-process	6,595		6,687
Finished goods	1,158		124
Total inventory	$	9,564	$	8,737

Inventory is stated at the lower of cost or net realizable value (“NRV”) on a first-in and first-out 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 quarter and fiscal year-to-date ended September 29, 2024, we had recorded immaterial amounts of inventory reserve, including excess or obsolete inventory reserve, in the Condensed Consolidated Statement of Operations. As of December 31, 2023, we did not have excess or obsolete inventory reserve.

In connection with the restructuring plan as described in the Note 12 “Restructuring Costs,” we wrote off $0.6 million of raw materials as Restructuring cost in the Condensed Consolidated Statement of Operations for the quarter and fiscal year-to-date ended October 1, 2023.

Leases - Schedule of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Leases [Abstract]
Operating lease cost	$ 1,347	$ 478	$ 3,192	$ 1,428

Inventory (Tables)

9 Months Ended

Sep. 29, 2024

Inventory Disclosure [Abstract]

Schedule of Components of Inventory

Inventory consists of the following components (in thousands).


	September 29, 2024		December 31, 2023
Raw materials	$	1,811	$	1,926
Work-in-process	6,595		6,687
Finished goods	1,158		124
Total inventory	$	9,564	$	8,737

Business Combinations (Tables)

9 Months Ended

Sep. 29, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Considerations for the Acquisition

The following table summarizes 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	56,367
Liability assumed for acquisition-related seller expense	(357)
Net assets acquired		56,010
Goodwill		$	12,217

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the final purchase price allocation based on the fair values of the assets acquired and liabilities assumed as of the acquisition date (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	28,579
Intangible assets	41,948
Goodwill	12,217



Other non-current assets	365
Debt assumed	(7,426)
Deferred revenue	(10,568)
Liabilities assumed	(3,182)
Deferred income tax liabilities	(12,294)
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 was 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) during the fiscal year-to-date ended September 29, 2024.


	Goodwill




Balances as of December 31, 2023	$	12,098
Routejade Acquisition - measurement period adjustments(1)	119
Balances as of September 29, 2024	$	12,217

(1) Our purchase price allocation was finalized in the first quarter of 2024, which included a net adjustment of $0.1 million to goodwill and immaterial adjustments to other assets.

Schedule of Intangible Assets Subject To Amortization, Net

The following table summarizes the intangible assets subject to amortization, net (in thousands) as of September 29, 2024.


	Gross		Accumulated amortization		Net Carrying Amount		Weighted-average Useful Lives
Customer relationships	$	29,933	$	(2,737)	$	27,196	10 years
Developed technology	11,680		(1,526)		10,154		7 years
Trade Names and Trademarks	335		(102)		233		3 years
Total intangible assets	$	41,948	$	(4,365)	$	37,583

Schedule of Expected Amortization For The Intangible Assets

The following is a schedule of expected amortization for the intangible assets as of September 29, 2024 (in thousands).


	As of September 29, 2024
2024 (remaining 3 months)	$	1,188
2025	4,757
2026	4,829
2027	4,645
2028	4,645
Thereafter	17,519
Total estimated amortization expense	$	37,583

- 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
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-Name Accounting Standards Codification
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+ Details

Organization and Basis of Presentation	9 Months Ended
Organization and Basis of Presentation	Sep. 29, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Organization Enovix Corporation (“we,” “us,” “our,” or “Enovix” or the “Company”) was incorporated in Delaware in 2006. We develop, manufacture, and commercialize 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. Enovix is headquartered in Silicon Valley with facilities in India, South Korea, and Malaysia.

Fair Value Measurement - Schedule of Cash Equivalents and Short-term Investments (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Dec. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Amortized Cost	$ 111,342	$ 138,166
Unrealized Gain	2	15
Unrealized Loss	0	0
Estimated Fair Value	111,344	138,181
Cash Equivalents
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Estimated Fair Value	111,344	64,487
Short-term Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Estimated Fair Value	0	73,694
Money Market Funds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Amortized Cost	101,362	19,312
Unrealized Gain	0	0
Unrealized Loss	0	0
Estimated Fair Value	101,362	19,312
Money Market Funds \| Cash Equivalents
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Estimated Fair Value	101,362	19,312
Money Market Funds \| Short-term Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Estimated Fair Value	0	0
U.S. Treasuries
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Amortized Cost	9,980	118,854
Unrealized Gain	2	15
Unrealized Loss	0	0
Estimated Fair Value	9,982	118,869
U.S. Treasuries \| Cash Equivalents
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Estimated Fair Value	9,982	45,175
U.S. Treasuries \| Short-term Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Estimated Fair Value	$ 0	$ 73,694

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

- 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

Commitments and Contingencies (Details) $ in Millions	Jan. 25, 2023 plaintiff defendant	Jan. 21, 2022 plaintiff	Sep. 29, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jan. 06, 2023 numberOfDocumentRequests
Loss Contingencies [Line Items]
Purchase commitments \| $			$ 24.6	$ 62.5
Deferred revenue \| $			$ 10.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-09-30
Loss Contingencies [Line Items]
Deferred revenue considered as revenue within next twelve months			62.00%
Expected timing of satisfaction, period			12 months
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
Loss contingency, number of book and record requests received \| numberOfDocumentRequests					2
Loss contingency, number of defendants \| defendant	2

Summary of Significant Accounting Policies (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Working capital	$ 164,500,000		$ 164,500,000
Accumulated deficit	783,621,000		783,621,000		$ 598,845,000
Proceeds from issuance of common stock			40,000,000
Product
Disaggregation of Revenue [Line Items]
Revenues	$ 4,300,000	$ 0	$ 13,400,000	$ 0
Product \| KOREA, REPUBLIC OF \| Geographic Concentration Risk \| Revenue Benchmark
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	42.00%		41.00%
Service
Disaggregation of Revenue [Line Items]
Revenues	$ 0	$ 0	$ 0	$ 0

Fair Value Measurement - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Sep. 29, 2024	Dec. 31, 2023	Dec. 05, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	$ 200.9	$ 233.1
Fair value of the convertible senior notes	157.0
Long-term debt, fair value	$ 0.7	$ 3.3
Private Placement Warrants
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrants outstanding (in shares)	5,500,000	6,000,000
Each whole private placement warrant became exercisable for number of whole shares (in shares)			1
Exercise price of warrants (in dollars per share)	$ 11.50		$ 11.50
Level 3 \| Fair Value, Recurring \| Private Placement Warrants
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value of warrant per share (in dollars per share)	$ 4.23

Fair Value Measurement (Tables)

9 Months Ended

Sep. 29, 2024

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 September 29, 2024 and December 31, 2023 (in thousands).


	Fair Value Measurement using
	Level 1		Level 2		Level 3		Total Fair Value
As of September 29, 2024
Assets:
Cash equivalents:
Money Market Funds	$	101,362	$	—	$	—	$	101,362
U.S. Treasuries	—		9,982		—		9,982


Total assets measured at fair value	$	101,362	$	9,982	$	—	$	111,344

Liabilities:
Private Placement Warrants	$	—	$	—	$	23,265	$	23,265

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
Total assets measured at fair value	$	19,312	$	118,869	$	—	$	138,181

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

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 September 29, 2024
Money Market Funds	$	101,362	$	—	$	—	$	101,362	$	101,362	$	—
U.S. Treasuries	9,980		2		—		9,982		9,982		—
Total	$	111,342	$	2	$	—	$	111,344	$	111,344	$	—

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

Schedule of Changes in Fair Value for Level 3

The following tables summarize 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 December 31, 2023	$	42,900

Cashless warrant exercise	(2,276)
Change in fair value	(17,359)
Fair value as of September 29, 2024	$	23,265


	Private Placement Warrants
Fair value as of January 1, 2023	$	49,080


Change in fair value	(4,140)
Fair value as of October 1, 2023	$	44,940

Schedule of Key Assumptions used for determining Fair Value of Private Placement Warrants

The following table summarizes the key assumptions used for determining the fair value of the Private Placement warrants.


	Private Placement Warrants Outstanding as of September 29, 2024	Private Placement Warrants Outstanding as of December 31, 2023
Expected term (in years)	1.8	2.5
Expected volatility	95.0%	90.0%
Risk-free interest rate	3.6%	4.1%
Expected dividend rate	0.0%	0.0%

Fair Value Measurement

9 Months Ended

Sep. 29, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurement

The fair value of our 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.

Our 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 our Condensed Consolidated Balance Sheets. As of September 29, 2024 and December 31, 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. As of September 29, 2024 and December 31, 2023, we had cash and cash equivalents of $200.9 million and $233.1 million, respectively.


	Fair Value Measurement using
	Level 1		Level 2		Level 3		Total Fair Value
As of September 29, 2024
Assets:
Cash equivalents:
Money Market Funds	$	101,362	$	—	$	—	$	101,362
U.S. Treasuries	—		9,982		—		9,982


Total assets measured at fair value	$	101,362	$	9,982	$	—	$	111,344

Liabilities:
Private Placement Warrants	$	—	$	—	$	23,265	$	23,265

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
Total assets measured at fair value	$	19,312	$	118,869	$	—	$	138,181

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

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 September 29, 2024
Money Market Funds	$	101,362	$	—	$	—	$	101,362	$	101,362	$	—
U.S. Treasuries	9,980		2		—		9,982		9,982		—
Total	$	111,342	$	2	$	—	$	111,344	$	111,344	$	—

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

Private Placement Warrants

Our liabilities are measured at fair value on a recurring basis, including 6,000,000 warrants that were held by Rodgers Capital, LLC (the “Sponsor”) and certain of its members (the “Private Placement Warrants”). The fair value of the Private Placement Warrants is considered a Level 3 valuation and is determined using the Black-Scholes valuation model. Each whole Private Placement Warrant became exercisable for one whole share of our common stock at a price of $11.50 per share on December 5, 2021.

During the third quarter of 2024, there was a cashless exercise of 500,000 shares of the Private Placement Warrants with an exercise price of $11.50 per share and we issued 153,822 shares of our common stock.

As of September 29, 2024 and December 31, 2023, we had 5,500,000 and 6,000,000 Private Placement Warrants outstanding, respectively. The fair value of the Private Placement Warrants was $4.23 per share as of September 29, 2024. The following tables summarize 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 December 31, 2023	$	42,900

Cashless warrant exercise	(2,276)
Change in fair value	(17,359)
Fair value as of September 29, 2024	$	23,265


	Private Placement Warrants
Fair value as of January 1, 2023	$	49,080


Change in fair value	(4,140)
Fair value as of October 1, 2023	$	44,940

The following table summarizes the key assumptions used for determining the fair value of the Private Placement warrants.


	Private Placement Warrants Outstanding as of September 29, 2024	Private Placement Warrants Outstanding as of December 31, 2023
Expected term (in years)	1.8	2.5
Expected volatility	95.0%	90.0%
Risk-free interest rate	3.6%	4.1%
Expected dividend rate	0.0%	0.0%

Convertible Senior Notes and Long-term Loans

We consider the fair value of our convertible senior notes to be a Level 2 measurement as they are not actively traded in the market. As of September 29, 2024, the fair value of the convertible senior notes was approximately $157.0 million. As of September 29, 2024, our long-term loans are approximately close to their carrying value of $0.7 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.

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+ Details

Lease (Tables)

9 Months Ended

Sep. 29, 2024

Leases [Abstract]

Schedule of Lease Cost and Supplemental Lease and Cash Flow Information

The components of lease costs were as follows (in thousands):


	Quarters Ended				Fiscal Years-to-Date Ended
	September 29, 2024		October 1, 2023		September 29, 2024		October 1, 2023
Operating lease cost	$	1,347	$	478	$	3,192	$	1,428

Supplemental lease information:

As of

Operating leases

September 29, 2024

December 31, 2023

Weighted-average remaining lease term

5.3 years

6.0 years

Weighted-average discount rate

8.5%

Supplemental cash flow information related to leases are as follows (in thousands):


	Fiscal Years-to-Date Ended
	September 29, 2024		October 1, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	2,687	$	1,053

Schedule of Maturity of Lease Liabilities

The following is a schedule of maturities of lease liabilities as of September 29, 2024 (in thousands).


	Operating leases
2024 (remaining 3 months)	$	913
2025	3,698
2026	3,702
2027	3,743
2028	3,804
Thereafter	3,834
Total	19,694
Less: imputed interest	(2,700)
Present value of lease liabilities	$	16,994

Property and Equipment - Schedule of Depreciation Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 4,683	$ 3,588	$ 32,643	$ 10,566

Borrowings - Schedule of Interest Expense Related to Convertible Notes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Debt Instrument [Line Items]
Total interest expense on Convertible Senior Notes	$ 1,717	$ 1,558	$ 5,067	$ 2,823
Loans
Debt Instrument [Line Items]
Total interest expense on Convertible Senior Notes	148	0	369	0
3.0 % Convertible Senior Notes \| Convertible Debt
Debt Instrument [Line Items]
Coupon interest	1,294	1,283
Amortization of debt issuance costs	275	275
Total interest expense on Convertible Senior Notes	$ 1,569	$ 1,558
3.0 % Convertible Senior Notes \| Convertible Debt
Debt Instrument [Line Items]
Coupon interest			3,881	2,326
Amortization of debt issuance costs			817	497
Total interest expense on Convertible Senior Notes			$ 4,698	$ 2,823

- 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.

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+ Details

Related Party	9 Months Ended
Related Party	Sep. 29, 2024
Related Party Transactions [Abstract]
Related Party	Related Party Employment Relationship As of September 29, 2024, we employed one family member of our Chief Executive Officer, who assists with sales in North America. Affiliate Notes On April 20, 2023, we 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, our Chairman, in a concurrent private placement. The Affiliate Notes were recorded in Long-term debt, net on our Condensed Consolidated Balance Sheets. For the quarter and fiscal year-to-date ended September 29, 2024, we recorded $0.1 million and $0.2 million, respectively, of interest expense related to the Affiliate Notes in our Condensed Consolidated Statements of Operations. For the quarter and fiscal year-to-date ended October 1, 2023, we recorded $0.1 million of interest expense related to the Affiliate Notes in our Condensed Consolidated Statements of Operations. See Note 8 “Borrowings” for more information.

- 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

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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 29, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	177,591,877	167,392,315
Common stock, shares outstanding (in shares)	177,591,877	167,392,315

Inventory - Narrative (Details) - USD ($)	3 Months Ended	9 Months Ended
Inventory - Narrative (Details) - USD ($)	Oct. 01, 2023	Oct. 01, 2023	Dec. 31, 2023
Inventory Disclosure [Abstract]
Inventory adjustments			$ 0
Inventory reserve as cost of revenue	$ 600,000	$ 600,000

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Income Statement [Abstract]
Revenue	$ 4,317	$ 200	$ 13,357	$ 263
Cost of revenue	4,959	16,809	16,454	43,292
Gross margin	(642)	(16,609)	(3,097)	(43,029)
Operating expenses:
Research and development	24,220	13,508	102,073	53,810
Selling, general and administrative	20,744	17,245	61,176	61,207
Impairment of equipment	0	0	0	4,411
Restructuring cost	3,661	3,021	41,807	3,021
Total operating expenses	48,625	33,774	205,056	122,449
Loss from operations	(49,267)	(50,383)	(208,153)	(165,478)
Other income (expense):
Change in fair value of common stock warrants	29,899	31,320	17,359	4,140
Interest income	2,859	4,326	9,745	9,942
Interest expense	(1,718)	(1,557)	(5,068)	(2,827)
Other income (loss), net	(2,217)	109	(1,509)	129
Total other income, net	28,823	34,198	20,527	11,384
Loss before income tax benefit	(20,444)	(16,185)	(187,626)	(154,094)
Income tax expense (benefit)	2,194	0	(2,544)	0
Net loss	(22,638)	(16,185)	(185,082)	(154,094)
Net loss attributable to non-controlling interests	(102)	0	(306)	0
Net loss attributable to Enovix	$ (22,536)	$ (16,185)	$ (184,776)	$ (154,094)
Net loss per share attributable to Enovix shareholders, basic (in dollars per share)	$ (0.13)	$ (0.10)	$ (1.07)	$ (0.98)
Weighted average number of common shares outstanding, basic (in shares)	176,680,578	159,829,716	172,393,869	157,559,138
Net loss per share attributable to Enovix shareholders, diluted (in dollars per share)	$ (0.30)	$ (0.29)	$ (1.07)	$ (1.00)
Weighted average number of common shares outstanding, diluted (in shares)	176,872,382	161,371,417	172,393,869	158,260,393

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 173,089	$ 210,836
Less: accumulated depreciation	(15,409)	(44,365)
Property and equipment, net	157,680	166,471
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	63,540	100,335
Building and leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	32,443	36,651
Office equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	5,324	2,561
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	16,679	898
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,433	1,433
Construction in process
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 53,670	$ 68,958

Borrowings (Tables)

9 Months Ended

Sep. 29, 2024

Debt Disclosure [Abstract]

Schedule of Components of Long-Term Debt, Net

Our long-term debt, net consists of the following (in thousands).


				As of
	Annual Interest Rate		Maturity Date	September 29, 2024		December 31, 2023

Convertible Senior Notes	3.0	%	May 1, 2028	$	172,500	$	172,500
Long-term loans
Floating rate	3.4	%	June 30, 2027	348		385
Floating rate	3.4	%	June 30, 2028	380		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				173,228		175,846
Less: unamortized debt issuance costs				(4,325)		(5,142)
Long-term debt				168,903		170,704
Current portion of long-term debt				(159)		(1,605)
Long-term debt, net				$	168,744	$	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 Condensed Consolidated Statements of Operations (in thousands).


	Quarter Ended				Fiscal Years-to-Date Ended
	September 29, 2024		October 1, 2023		September 29, 2024		October 1, 2023
Coupon interest	$	1,294	$	1,283	$	3,881	$	2,326
Amortization of debt issuance costs	275		275		817		497
Total interest expense on Convertible Senior Notes	1,569		1,558		4,698		2,823
Loan interest	148		—		369		—
Total interest expenses related to Convertible Senior Notes and loans	$	1,717	$	1,558	$	5,067	$	2,823

Schedule of Maturities of Long-Term Debt

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


	September 29, 2024
2024 (remaining 3 months)	$	32
2025	190
2026	253
2027	190
2028	172,563

Total gross amount of long-term debt	$	173,228

- 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

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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Net Loss per Share - Schedule of Potentially Dilutive Securities Excluded From Computation of Diluted Net Loss Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Stock options outstanding
Subsidiary Sale Of Stock [Line Items]
Anti-dilutive securities (in shares)	1,835,751	3,075,138	1,835,751	3,075,138
Restricted stock units and performance restricted stock units outstanding
Subsidiary Sale Of Stock [Line Items]
Anti-dilutive securities (in shares)	15,126,611	12,602,239	15,126,611	12,602,239
Assumed conversion of Convertible Senior Notes
Subsidiary Sale Of Stock [Line Items]
Anti-dilutive securities (in shares)	11,053,800	11,053,800	11,053,800	6,608,868
Private Placement Warrants outstanding
Subsidiary Sale Of Stock [Line Items]
Anti-dilutive securities (in shares)	0	0	5,500,000	0
Employee stock purchase plan estimated shares
Subsidiary Sale Of Stock [Line Items]
Anti-dilutive securities (in shares)	229,671	243,474	229,671	243,474

Business Combinations - Schedule of Considerations for the Acquisition (Details) - USD ($) $ in Thousands	Oct. 31, 2023	Sep. 29, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill		$ 12,217	$ 12,098
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	56,367
Liability assumed for acquisition-related seller expense	(357)
Net assets acquired	56,010
Goodwill	$ 12,217	$ 12,217	$ 12,098
Common stock consideration (in shares)	5,923,521

Related Party (Details) $ in Thousands	3 Months Ended		9 Months Ended
Related Party (Details) $ in Thousands	Sep. 29, 2024 USD ($) family_member	Oct. 01, 2023 USD ($)	Sep. 29, 2024 USD ($) family_member	Oct. 01, 2023 USD ($)	Apr. 20, 2023 USD ($)
Related Party Transaction [Line Items]
Interest expense	$ 1,717	$ 1,558	$ 5,067	$ 2,823
3.0 % Convertible Senior Notes \| Convertible Debt
Related Party Transaction [Line Items]
Principal balance					$ 172,500
Interest expense			$ 4,698	2,823
Related Party
Related Party Transaction [Line Items]
Number of employed family members \| family_member	1		1
Related Party \| Affiliate Notes
Related Party Transaction [Line Items]
Interest expense	$ 100	$ 100	$ 200	$ 100
Related Party \| Affiliate Notes \| Convertible Debt
Related Party Transaction [Line Items]
Principal balance					$ 10,000

Inventory - Schedule of Components of Inventory (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 1,811	$ 1,926
Work-in-process	6,595	6,687
Finished goods	1,158	124
Total inventory	$ 9,564	$ 8,737

Cover - shares	9 Months Ended
Cover - shares	Sep. 29, 2024	Oct. 28, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 29, 2024
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		177,977,204
Entity Central Index Key	0001828318
Current Fiscal Year End Date	--12-29
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Restructuring Costs	9 Months Ended
Restructuring Costs	Sep. 29, 2024
Restructuring and Related Activities [Abstract]
Restructuring Costs	Restructuring Costs 2024 Restructuring Plan In May 2024, our Board of Directors approved a restructuring plan (the “2024 Restructuring Plan”) designed to reduce operating costs and support the Company’s strategic goals. As part of the 2024 Restructuring Plan, we relocated our manufacturing operations from our Fab1 facility in Fremont, California to Malaysia, resulting in a plan of workforce reduction in the U.S, as well as long-lived asset disposals related to Fab1. Currently, we expect the 2024 Restructuring Plan to be substantially complete by the end of 2024. In connection with the 2024 Restructuring Plan, we recorded estimated pre-tax restructuring and related charges of $3.7 million and $41.8 million for the quarter ended and fiscal year-to-date ended September 29, 2024, respectively. These restructuring costs were reflected in Restructuring cost in the Condensed Consolidated Statements of Operations. The restructuring costs for the fiscal year-to-date ended September 29, 2024 included non-cash charges of $38.2 million of loss on disposals of Fab1 long-lived asset in Fremont, California and $1.2 million of stock-based compensation expense, and cash charges of $1.6 million of severance and termination benefits and $0.8 million of other charges. We may incur additional restructuring charges and costs in the fourth quarter of 2024. During the third quarter of 2024, we paid $1.2 million of cash costs related to the restructuring costs. As of September 29, 2024, we had $1.1 million of the restructuring liability, which was included in Other current liability on the Condensed Consolidated Balance Sheets. 2023 Restructuring Plan On October 3, 2023, we announced a strategic realignment (the “2023 Restructuring Plan”) of our first production line (“Fab1”) in Fremont designed to refocus the facility from a manufacturing hub to our “Center for Innovation,” focused on new product development, including a plan of workforce reduction. In connection with the 2023 Restructuring Plan, we recorded approximately $3.0 million of restructuring costs for the quarter and fiscal year-to-date ended October 1, 2023, which consisted of severance, termination benefits, stock-based compensation expense and inventory costs. These restructuring costs were reflected in Restructuring cost in the Condensed Consolidated Statements of Operations. As of October 1, 2023, we did not pay any of the restructuring costs and had $2.1 million of the restructuring liability was included in Accrued compensation on the Condensed Consolidated Balance Sheet.

Subsequent Event (Details) $ in Millions	Oct. 29, 2024 USD ($)	Jul. 26, 2023
Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Subsequent Event [Line Items]
Collaborative arrangement term of agreement		10 years
Collaborative arrangement, additional term of agreement		5 years
Subsequent Event \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Subsequent Event [Line Items]
Collaborative arrangement term of agreement remaining	8 years 9 months
Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Subsequent Event [Line Items]
Collaborative arrangement, responsible Party, percentage of initial investment to be paid		30.00%
Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Subsequent Event
Subsequent Event [Line Items]
Collaborative arrangement, responsible party, initial investment	$ 100.0
Percentage of initial investment to be paid by each party	1
Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Y B S
Subsequent Event [Line Items]
Collaborative arrangement, responsible Party, percentage of initial investment to be paid		70.00%

Borrowings

9 Months Ended

Sep. 29, 2024

Debt Disclosure [Abstract]

Borrowings

Short-Term Debt

In connection with the Routejade Acquisition, we assumed asset secured loans with fixed and floating interest rates. These loans have various maturity dates. As of September 29, 2024, short-term debt was $11.6 million, which comprised of $11.4 million of short-term loans with less than one-year term and $0.2 million of the current portion of long-term loans. From time to time, we renew our short-term loans once they reach the maturity dates. During the fiscal year-to-dated ended September 29, 2024, we obtained $4.6 million of short-term loans with less than one-year term. 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 September 29, 2024 and December 31, 2023, the weighted average interest rates on the short-term loans were approximately 5.2%. and 5.3%, respectively.

Long-Term Debt

Our long-term debt, net consists of the following (in thousands).


				As of
	Annual Interest Rate		Maturity Date	September 29, 2024		December 31, 2023

Convertible Senior Notes	3.0	%	May 1, 2028	$	172,500	$	172,500
Long-term loans
Floating rate	3.4	%	June 30, 2027	348		385
Floating rate	3.4	%	June 30, 2028	380		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				173,228		175,846
Less: unamortized debt issuance costs				(4,325)		(5,142)
Long-term debt				168,903		170,704
Current portion of long-term debt				(159)		(1,605)
Long-term debt, net				$	168,744	$	169,099

Long-term Loans

In connection with the Routejade Acquisition, we assumed long-term loans. These long-term loans are either with fixed rate or floating rate loans as stated in the table above. As of September 29, 2024, total long-term loans outstanding was $0.7 million, including a current portion of the long-term loans of $0.2 million. As of December 31, 2023, total long-term loans outstanding was $3.3 million, including a current portion of the long-term loans of $1.6 million.

Convertible Senior Notes

On April 20, 2023, we issued $172.5 million aggregate principal amount of 3.0% convertible senior notes due 2028 (the “Convertible Senior Notes”), including $10.0 million principal amount of the Convertible Senior Notes (the “Affiliate Notes”) issued to an entity affiliated with Thurman John Rodgers, Chairman of our Board of Directors, in a concurrent private placement. As of both periods ended September 29, 2024 and December 31, 2023, total outstanding Convertible Senior Notes was $172.5 million.

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.


	Quarter Ended				Fiscal Years-to-Date Ended
	September 29, 2024		October 1, 2023		September 29, 2024		October 1, 2023
Coupon interest	$	1,294	$	1,283	$	3,881	$	2,326
Amortization of debt issuance costs	275		275		817		497
Total interest expense on Convertible Senior Notes	1,569		1,558		4,698		2,823
Loan interest	148		—		369		—
Total interest expenses related to Convertible Senior Notes and loans	$	1,717	$	1,558	$	5,067	$	2,823

As of September 29, 2024 and December 31, 2023, we had $2.2 million and $0.9 million of accrued interest liability, respectively.

Debt Maturity

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


	September 29, 2024
2024 (remaining 3 months)	$	32
2025	190
2026	253
2027	190
2028	172,563

Total gross amount of long-term debt	$	173,228

- 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 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

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

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (c)
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Subsequent Event	9 Months Ended
Subsequent Event	Sep. 29, 2024
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event On October 29, 2024, we entered into an amendment (the “Amendment”) to the Agreement with YBS dated July 26, 2023 in which Enovix and YBS agreed to share responsibility for the Gen2 Line 1 equipment and facilitization costs. Pursuant to the terms of the initial Agreement, we contributed 30% of the initial investment and YBS had the obligation to finance the remaining 70%. Pursuant to the Amendment, Enovix shall be fully responsible for the initial investment of $100.0 million for the Gen2 Line 1 equipment and facilitization costs at 100% instead of 30%. YBS shall be fully responsible for obtaining and managing its working capital requirements to fulfill its obligations to provide manufacturing services to us, including direct and indirect materials, direct labor utilities and repair and maintenance. As a part of the Amendment, YBS shall purchase the tooling and fixtures for manufacturing of the products as designed by Enovix. Pricing under the Agreement is set on a cost-plus basis and we are subject to a minimum commitment pursuant to the Agreement, which provisions were modified under the terms of the Amendment. The Agreement has an initial ten-year term with eight years and nine months remaining as of October 2024, which will automatically renew for one successive five-year period unless earlier terminated.

Leases - Schedule of Maturity of Lease Liabilities (Details) $ in Thousands	Sep. 29, 2024 USD ($)
Operating leases
2024 (remaining 3 months)	$ 913
2025	3,698
2026	3,702
2027	3,743
2028	3,804
Thereafter	3,834
Total	19,694
Less: imputed interest	(2,700)
Present value of lease liabilities	$ 16,994

Stock-based Compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 29, 2024
Number of Options Outstanding
Beginning balance (in shares)	2,615,199
Exercised (in shares)	(553,042)
Forfeited (in shares)	(226,406)
Ending balance (in shares)	1,835,751
Weighted Average Exercise Price
Beginning balance (in dollars per share)	$ 9.71
Exercised (in dollars per share)	7.82
Forfeited (in dollars per share)	11.46
Ending balance (in dollars per share)	$ 10.06
Weighted Average Remaining Contractual Life (Years)
Outstanding balance	6 years 7 months 6 days
Aggregate Intrinsic Value
Exercised	$ 3,631
Outstanding, balance	$ 823
Share price (in dollars per share)	$ 9.55

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023
Cash flows used in operating activities:
Net loss	$ (185,082)	$ (154,094)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation, accretion and amortization	37,417	10,000
Stock-based compensation	48,630	57,832
Changes in fair value of common stock warrants	(17,359)	(4,140)
Impairment and loss on disposal of long-lived assets	38,249	4,411
Others	174	0
Changes in operating assets and liabilities:
Accounts and notes receivables	494	169
Inventory	(827)	418
Prepaid expenses and other assets	(3,913)	546
Accounts payable	(10,018)	4,338
Accrued expenses and compensation	3,175	3,113
Deferred revenue	(502)	0
Deferred tax liability	(3,303)	0
Other liabilities	190	(1)
Net cash used in operating activities	(92,675)	(77,408)
Cash flows from investing activities:
Purchase of property and equipment	(59,830)	(32,979)
Purchases of investments	(31,812)	(115,736)
Maturities of investments	106,621	16,700
Net cash provided by (used in) investing activities	14,979	(132,015)
Cash flows from financing activities:
Proceeds from loan borrowing and issuance of Convertible Senior Notes	4,572	172,500
Repayment of debt	(180)	0
Payments of debt issuance costs	0	(5,251)
Purchase of Capped Calls	0	(17,250)
Payroll tax payments for shares withheld upon vesting of RSUs	(5,601)	(2,988)
Proceeds from the exercise of stock options and issuance of common stock, net of issuance costs	44,285	9,232
Proceeds from issuance of common stock under employee stock purchase plan	1,145	1,169
Repurchase of unvested restricted common stock	(4)	(23)
Net cash provided by financing activities	44,217	157,389
Effect of exchange rate changes on cash, cash equivalents and restricted cash	1,303	0
Change in cash, cash equivalents, and restricted cash	(32,176)	(52,034)
Cash and cash equivalents and restricted cash, beginning of period	235,123	322,976
Cash and cash equivalents, and restricted cash, end of period	202,947	270,942
Supplemental cash flow disclosure:
Cash paid for interest	2,951	0
Cash paid for income taxes	164	0
Purchase of property and equipment included in liabilities	14,478	19,324
Cashless warrant exercise	2,276	0
Accrued acquisition costs	0	1,115
Accrued debt issuance costs	$ 0	$ 666

Property and Equipment - Additional Information (Details) - USD ($)	3 Months Ended					9 Months Ended
	Sep. 29, 2024	Jun. 30, 2024	Mar. 31, 2024	Oct. 01, 2023	Jul. 02, 2023	Sep. 29, 2024	Oct. 01, 2023
Property, Plant and Equipment [Line Items]
Impairment of equipment	$ 0			$ 0		$ 0	$ 4,411,000
Strategic Realignment Of Fab1
Property, Plant and Equipment [Line Items]
Accelerated depreciation expenses	0	$ 0	$ 18,400,000
Strategic Realignment Of Fab1 \| Machinery and equipment
Property, Plant and Equipment [Line Items]
Impairment of equipment	3,100,000					38,200,000
Strategic Realignment Of Fab1 \| Research and development
Property, Plant and Equipment [Line Items]
Accelerated depreciation expenses			18,300,000
Strategic Realignment Of Fab1 \| Selling, general and administrative
Property, Plant and Equipment [Line Items]
Accelerated depreciation expenses			$ 100,000
Accrued Liabilities \| Machinery and equipment
Property, Plant and Equipment [Line Items]
Impairment of equipment	$ 0			$ 0	$ 4,400,000	$ 0	$ 4,400,000

Borrowings - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Dec. 31, 2023	Apr. 20, 2023
Debt Instrument [Line Items]
Short-term debt	$ 11,555		$ 5,917
Short-term loans	11,400		4,300
Current portion of long-term debt	159		$ 1,605
Proceeds from short-term debt	4,600
Proceeds from loan borrowing and issuance of Convertible Senior Notes	$ 4,572	$ 172,500
Weighted average interest rate on the short-term loans	5.20%		5.30%
Long-term debt, fair value	$ 700		$ 3,300
Convertible notes outstanding	173,228		175,846
Interest payable, current	$ 2,200		900
3.0 % Convertible Senior Notes \| Convertible Debt
Debt Instrument [Line Items]
Principal balance				$ 172,500
Annual interest rate	3.00%			3.00%
Convertible notes outstanding	$ 172,500		$ 172,500
Affiliate Notes \| Convertible Debt \| Related Party
Debt Instrument [Line Items]
Principal balance				$ 10,000

Fair Value Measurement - Schedule of Changes in Fair Value for Level 3 (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 29, 2024	Sep. 29, 2024	Oct. 01, 2023
Private Placement Warrants \| Level 3
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period		$ 42,900	$ 49,080
Change in fair value		(17,359)	(4,140)
Fair value at end of period	$ 23,265	23,265	$ 44,940
Common Stock Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Cashless warrant exercise	$ 500
Common Stock Warrants \| Level 3
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Cashless warrant exercise		$ (2,276)

Business Combinations - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023	Oct. 31, 2023
Business Acquisition [Line Items]
Amortization of intangible assets	$ 1.2		$ 3.6
Routejade, Inc.
Business Acquisition [Line Items]
Percentage of outstanding shares acquired					95.80%
Weighted-average Useful Lives			8 years 3 months 18 days
Revenue of acquiree	4.3		$ 13.3
Net operating loss	(2.3)		(7.4)
Proforma revenue	$ 4.3	$ 3.9	$ 13.4	$ 12.9

Net Loss per Share (Tables)

9 Months Ended

Sep. 29, 2024

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Dilute Net EPS of Common Stock

The following table sets forth the computation of our basic and diluted net EPS of common stock for the periods presented below (in thousands, except share and per share amount).


	Quarters Ended				Fiscal Years-to-Date Ended
	September 29, 2024		October 1, 2023		September 29, 2024		October 1, 2023

Numerator:
Net loss attributable to common stockholders - basic	$	(22,536)	$	(16,185)	$	(184,776)	$	(154,094)

Decrease in fair value of Private Placement Warrants	(29,899)		(31,320)		—		(4,140)
Net loss attributable to common stockholders - diluted	$	(52,435)	$	(47,505)	$	(184,776)	$	(158,234)

Denominator:
Weighted-average shares outstanding used in computing net loss per share of common stock, basic	176,680,578		159,829,716		172,393,869		157,559,138

Dilutive effect of Private Placement Warrants	191,804		1,541,701		—		701,255
Weighted-average shares outstanding used in computing net loss per share of common stock, diluted	176,872,382		161,371,417		172,393,869		158,260,393

Net loss per share of common stock:
Basic	$	(0.13)	$	(0.10)	$	(1.07)	$	(0.98)
Diluted	$	(0.30)	$	(0.29)	$	(1.07)	$	(1.00)

Schedule of Potentially Dilutive Securities Excluded From Computation of Diluted Loss Per Share

The following table discloses shares of the securities that were not included in the diluted EPS calculation above because they are anti-dilutive for the periods presented above.


	Quarters Ended		Fiscal Years-to-Date Ended
	September 29, 2024	October 1, 2023	September 29, 2024	October 1, 2023
Stock options outstanding	1,835,751	3,075,138	1,835,751	3,075,138
Restricted stock units and performance restricted stock units outstanding	15,126,611	12,602,239	15,126,611	12,602,239
Assumed conversion of Convertible Senior Notes	11,053,800	11,053,800	11,053,800	6,608,868
Private Placement Warrants outstanding	—	—	5,500,000	—

Employee stock purchase plan estimated shares	229,671	243,474	229,671	243,474

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 29, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 200,912	$ 233,121
Short-term investments	0	73,694
Accounts receivable, net	1,911	909
Notes receivable, net	0	1,514
Inventory	9,564	8,737
Prepaid expenses and other current assets	11,598	5,202
Total current assets	223,985	323,177
Property and equipment, net	157,680	166,471
Customer relationship intangibles and other intangibles, net	37,583	42,168
Operating lease, right-of-use assets	13,810	15,290
Goodwill	12,217	12,098
Other assets, non-current	2,746	5,100
Total assets	448,021	564,304
Current liabilities:
Accounts payable	15,046	21,251
Accrued expenses	13,855	13,976
Accrued compensation	8,038	10,731
Short-term debt	11,555	5,917
Deferred revenue	6,206	6,708
Other liabilities	4,760	2,435
Total current liabilities	59,460	61,018
Long-term debt, net	168,744	169,099
Warrant liability	23,265	42,900
Operating lease liabilities, non-current	14,346	15,594
Deferred revenue, non-current	3,774	3,774
Deferred tax liability	8,178	10,803
Other liabilities, non-current	12	13
Total liabilities	277,779	303,201
Commitments and Contingencies (Note 9)
Stockholders’ equity:
Common stock, $0.0001 par value; authorized shares of 1,000,000,000; issued and outstanding shares of $177,591,877 and $167,392,315 as of September 29, 2024 and December 31, 2023, respectively	18	17
Additional paid-in-capital	951,237	857,037
Accumulated other comprehensive loss	(42)	(62)
Accumulated deficit	(783,621)	(598,845)
Total Enovix's stockholders’ equity	167,592	258,147
Non-controlling interest	2,650	2,956
Total equity	170,242	261,103
Total liabilities and equity	$ 448,021	$ 564,304

Fair Value Measurement - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, fair value	$ 200,900	$ 233,100
Fair Value, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets measured at fair value	111,344	138,181
Fair Value, Recurring \| Private Placement Warrants
Liabilities:
Private Placement Warrants	23,265	42,900
Fair Value, Recurring \| Money Market Funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, fair value	101,362	19,312
Fair Value, Recurring \| U.S. Treasuries
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, fair value	9,982	45,175
Short-term Investments		73,694
Fair Value, Recurring \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets measured at fair value	101,362	19,312
Fair Value, Recurring \| Level 1 \| Private Placement Warrants
Liabilities:
Private Placement Warrants	0	0
Fair Value, Recurring \| Level 1 \| Money Market Funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, fair value	101,362	19,312
Fair Value, Recurring \| Level 1 \| U.S. Treasuries
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, fair value	0	0
Short-term Investments		0
Fair Value, Recurring \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets measured at fair value	9,982	118,869
Fair Value, Recurring \| Level 2 \| Private Placement Warrants
Liabilities:
Private Placement Warrants	0	0
Fair Value, Recurring \| Level 2 \| Money Market Funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, fair value	0	0
Fair Value, Recurring \| Level 2 \| U.S. Treasuries
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, fair value	9,982	45,175
Short-term Investments		73,694
Fair Value, Recurring \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets measured at fair value	0	0
Fair Value, Recurring \| Level 3 \| Private Placement Warrants
Liabilities:
Private Placement Warrants	23,265	42,900
Fair Value, Recurring \| Level 3 \| Money Market Funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, fair value	0	0
Fair Value, Recurring \| Level 3 \| U.S. Treasuries
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, fair value	$ 0	0
Short-term Investments		$ 0

Business Combinations - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Dec. 31, 2023	Oct. 31, 2023
Business Acquisition [Line Items]
Goodwill	$ 12,217	$ 12,098
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			28,579
Intangible assets			41,948
Goodwill	$ 12,217	$ 12,098	12,217
Other non-current assets			365
Debt assumed			(7,426)
Deferred revenue			(10,568)
Liabilities assumed			(3,182)
Deferred income tax liabilities			(12,294)
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

Stock-based Compensation - Schedule of RSUs and PRSUs Activity (Details)	9 Months Ended
	Sep. 29, 2024 $ / shares shares
RSUs
Number of Shares Outstanding
Issued and unvested shares beginning balances (in shares) \| shares	10,893,271
Granted (in shares) \| shares	11,297,839
Vested (in shares) \| shares	(5,505,400)
Forfeited (in shares) \| shares	(3,847,380)
Issued and unvested shares outstanding ending balance (in shares) \| shares	12,838,330
Weighted Average Grant Date Fair Value
Issued and unvested shares beginning balances (in dollars per share) \| $ / shares	$ 11.58
Granted (in dollars per share) \| $ / shares	7.99
Vested (in dollars per share) \| $ / shares	9.20
Forfeited (in dollars per share) \| $ / shares	11.11
Issued and unvested shares outstanding ending balance (in dollars per share) \| $ / shares	$ 9.58
PRSUs
Number of Shares Outstanding
Issued and unvested shares beginning balances (in shares) \| shares	531,469
Granted (in shares) \| shares	2,505,023
Vested (in shares) \| shares	(63,298)
Forfeited (in shares) \| shares	(684,913)
Issued and unvested shares outstanding ending balance (in shares) \| shares	2,288,281
Weighted Average Grant Date Fair Value
Issued and unvested shares beginning balances (in dollars per share) \| $ / shares	$ 13.16
Granted (in dollars per share) \| $ / shares	7.39
Vested (in dollars per share) \| $ / shares	13.41
Forfeited (in dollars per share) \| $ / shares	10.24
Issued and unvested shares outstanding ending balance (in dollars per share) \| $ / shares	$ 7.67

Fair Value Measurement - Schedule of Key Assumptions used for Determining Fair Value of Private Placement Warrants (Details) - Private Placement Warrants outstanding	Sep. 29, 2024	Dec. 31, 2023
Expected term (in years)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Public placement warrants expiration term	1 year 9 months 18 days	2 years 6 months
Expected volatility
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrants, measurement input	0.950	0.900
Risk-free interest rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrants, measurement input	0.036	0.041
Expected dividend rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrants, measurement input	0.0	0.0

Property and Equipment

9 Months Ended

Sep. 29, 2024

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 as of September 29, 2024 and December 31, 2023, consisted of the following (in thousands).


	September 29, 2024		December 31, 2023
Machinery and equipment	$	63,540	$	100,335
Building and leasehold improvements	32,443		36,651
Office equipment and software	5,324		2,561
Furniture and fixtures	16,679		898
Land	1,433		1,433
Construction in process	53,670		68,958
Total property and equipment	173,089		210,836
Less: accumulated depreciation	(15,409)		(44,365)
Property and equipment, net	$	157,680	$	166,471

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


	Quarters Ended				Fiscal Years-to-Date Ended
	September 29, 2024		October 1, 2023		September 29, 2024		October 1, 2023
Depreciation expense	$	4,683	$	3,588	$	32,643	$	10,566

In the fourth quarter of 2023, we announced our strategic realignment of our first production line (“Fab1”) in Fremont, California and transformed our Fremont location to “Center for Innovation,” focused on new product development. In connection with this strategic realignment, we recognized accelerated depreciation expenses of approximately $18.4 million for Fab1 equipment in the first quarter of 2024, of which approximately $18.3 million and $0.1 million were recorded as research and development expense, and selling, general and administrative expense, respectively, in the Condensed Consolidated Statements of Operations. We did not record any accelerated depreciation expenses in the second quarter of 2024 and the third quarter ended September 29, 2024.

Fab1 Long-Lived Asset Disposals

During the quarter and fiscal year-to-date ended September 29, 2024, we recorded $3.1 million and $38.2 million, respectively, of loss on disposal of our Fab1 long-lived assets, including machinery and equipment, leasehold improvements and other assets located in Fremont, California as a part of the 2024 Restructuring Plan (as defined below) and it was recorded as Restructuring Cost in the Condensed Consolidated Statements of Operations. See Note 12 “Restructuring Costs” for more information.

Equipment Impairment

During the second quarter of 2023, we disposed a group of machinery and equipment and recorded an impairment charge of $4.4 million. There was no impairment charge recorded in the quarter ended October 1, 2023 and the impairment charge for the fiscal year-to-date ended October 1, 2023 was $4.4 million. These impaired assets were previously capitalized as “Machinery and equipment” category of property and equipment, net on the Condensed Consolidated Balance Sheets. There was no impairment charge recorded in the quarter ended and fiscal year-to-date ended September 29, 2024.

Leases - Additional Information (Details)	Sep. 29, 2024
Leases [Abstract]
Option to extend, term	5 years

Borrowings - Schedule of Long-Term Debt Instruments (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Dec. 31, 2023	Apr. 20, 2023
Debt Instrument [Line Items]
Total Convertible Senior Notes and other borrowings	$ 173,228	$ 175,846
Less: unamortized debt issuance costs	(4,325)	(5,142)
Long-term debt	168,903	170,704
Current portion of long-term debt	(159)	(1,605)
Long-term debt, net	$ 168,744	169,099
3.0 % Convertible Senior Notes \| Convertible Debt
Debt Instrument [Line Items]
Annual Interest Rate	3.00%		3.00%
Total Convertible Senior Notes and other borrowings	$ 172,500	172,500
Floating Rate Loan Due 2027 \| Unsecured Debt
Debt Instrument [Line Items]
Annual Interest Rate	3.40%
Total Convertible Senior Notes and other borrowings	$ 348	385
Floating Rate Loan Due 2028 \| Unsecured Debt
Debt Instrument [Line Items]
Annual Interest Rate	3.40%
Total Convertible Senior Notes and other borrowings	$ 380	385
Fixed Rate Loan Due 2025 \| Unsecured Debt
Debt Instrument [Line Items]
Annual Interest Rate	5.20%
Total Convertible Senior Notes and other borrowings	$ 0	1,036
Fixed Rate Loan Due 2024 \| Unsecured Debt
Debt Instrument [Line Items]
Annual Interest Rate	5.30%
Total Convertible Senior Notes and other borrowings	$ 0	$ 1,540

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 29, 2024
Accounting Policies [Abstract]
Basis of Presentation	The accompanying condensed consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States (“GAAP”). These accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial reporting. In the opinion of management, these unaudited condensed consolidated financial statements reflect all adjustments, consisting of normal recurring items, considered necessary to present fairly our financial condition, results of operations, comprehensive income (loss), stockholders’ equity and cash flows for the periods presented above. The results of operations for the quarter and fiscal year-to-date ended September 29, 2024 are not necessarily indicative of the operating results for the full year, and therefore should not be relied upon as an indicator of future results. The Condensed Consolidated Balance Sheet as of December 31, 2023 included herein was derived from the audited consolidated financial statements as of that date and the accompanying consolidated financial statements and related notes are included in our Annual Report on Form 10-K.
Consolidation	The condensed consolidated financial statements include our accounts, our wholly-owned subsidiaries and majority-owned subsidiaries, the business combinations from the closing dates and a variable interest entity (“VIE”) under the variable interest model. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of condensed 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 condensed 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, valuation for inventory, valuation allowance on deferred tax assets, assumptions used in income tax provisions, valuation for assets acquired and liabilities assumed in business combination, valuation of goodwill and intangible assets, assumptions used in stock-based compensation, incremental borrowing rate for operating right-of-use assets and lease liabilities, restructuring costs and estimates to fair value 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.
Revenue	Revenue We recognize revenue in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers. We generate revenue from our product revenue and service revenue for the development of lithium-ion battery technology. Product Revenue Our product revenue is primarily generated from selling lithium-ion batteries or battery packs to commercial customers and military contractors. Product revenue is recognized once we have satisfied the performance obligations as defined in the sales agreement, which is generally satisfied upon transfer of control of goods. Control is transferred upon delivery for our products. For certain customized products with customer acceptance criteria specified in the sales agreement, the performance obligations is generally satisfied upon our customer’s acceptance. Payment terms can vary depending on the contract and it is generally required within 90 days or less from the delivery date or the acceptance date of our product. The amounts of revenue recognized reflects the consideration for the product sold. For the quarter and fiscal year-to-date ended September 29, 2024, our product revenue were $4.3 million and $13.4 million, respectively. Of our total product revenue for the quarter and fiscal year-to-date ended September 29, 2024, approximately 42% and 41%, respectively, were from South Korea based on the billing location of the customers. For the quarter and fiscal year-to-date ended October 1, 2023, our product revenue were immaterial. Service Revenue Service revenue contracts generally include the design and development efforts to conform our existing battery technology with customers’ required specifications. Consideration for service revenue contracts generally become payable when we meet 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 our 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.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“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. We do not expect the adoption of this ASU to have a material impact on our financial statement disclosures and plan to adopt it for the fiscal year ended December 29, 2024. 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. We are currently evaluating the potential impact of the adoption of this ASU on our financial statement disclosures.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

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+ Details

Business Combinations - Schedule of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2024	Sep. 29, 2024
Goodwill [Roll Forward]
Goodwill, Beginning Balance	$ 12,098	$ 12,098
Goodwill, Ending Balance		12,217
Routejade, Inc.
Goodwill [Roll Forward]
Goodwill, Beginning Balance	12,098	12,098
Routejade Acquisition - measurement period adjustments		119
Goodwill, Ending Balance		$ 12,217
Goodwill, purchase accounting adjustments	$ 100

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

Business Combinations - Schedule of Intangible Assets Subject To Amortization, Net (Details) $ in Thousands		9 Months Ended
	Sep. 29, 2024 USD ($)	Sep. 29, 2024 USD ($)
Finite-Lived Intangible Assets [Roll Forward]
Net Carrying Amount	$ 37,583	$ 37,583
Routejade, Inc.
Finite-Lived Intangible Assets [Roll Forward]
Gross	41,948	41,948
Accumulated amortization	(4,365)	(4,365)
Net Carrying Amount	37,583	$ 37,583
Weighted-average Useful Lives		8 years 3 months 18 days
Routejade, Inc. \| Customer relationships
Finite-Lived Intangible Assets [Roll Forward]
Gross	29,933	$ 29,933
Accumulated amortization	(2,737)	(2,737)
Net Carrying Amount	$ 27,196	27,196
Weighted-average Useful Lives	10 years
Routejade, Inc. \| Developed technology
Finite-Lived Intangible Assets [Roll Forward]
Gross	$ 11,680	11,680
Accumulated amortization	(1,526)	(1,526)
Net Carrying Amount	$ 10,154	10,154
Weighted-average Useful Lives	7 years
Routejade, Inc. \| Trade Names and Trademarks
Finite-Lived Intangible Assets [Roll Forward]
Gross	$ 335	335
Accumulated amortization	(102)	(102)
Net Carrying Amount	$ 233	$ 233
Weighted-average Useful Lives	3 years

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Sep. 29, 2024	Oct. 01, 2023
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 200,912	$ 270,817
Restricted cash included in prepaid expenses, other current assets and other assets, non-current	2,035	125
Total cash, cash equivalents, and restricted cash	$ 202,947	$ 270,942

Net Loss per Share - Schedule of Computation of Basic and Dilute Net EPS of Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Numerator:
Net loss attributable to common stockholders - basic	$ (22,536)	$ (16,185)	$ (184,776)	$ (154,094)
Decrease in fair value of Private Placement Warrants	(29,899)	(31,320)	0	(4,140)
Net loss attributable to common stockholders - diluted	$ (52,435)	$ (47,505)	$ (184,776)	$ (158,234)
Denominator:
Weighted-average shares outstanding used in computing net loss per share of common stock, basic (in shares)	176,680,578	159,829,716	172,393,869	157,559,138
Dilutive effect of Private Placement Warrants (in shares)	191,804	1,541,701	0	701,255
Weighted-average shares outstanding used in computing net loss per share of common stock, diluted (in shares)	176,872,382	161,371,417	172,393,869	158,260,393
Net loss per share of common stock:
Basic (in dollars per share)	$ (0.13)	$ (0.10)	$ (1.07)	$ (0.98)
Diluted (in dollars per share)	$ (0.30)	$ (0.29)	$ (1.07)	$ (1.00)

Variable Interest Entity (Details) - USD ($)	Sep. 13, 2023	Sep. 29, 2024	Dec. 31, 2023	Jul. 31, 2023
Variable Interest Entity [Line Items]
Long-term debt, net		$ 168,903,000	$ 170,704,000
Cash Deposit Agreement With OCBC Bank (Malaysia) Berhad
Variable Interest Entity [Line Items]
Debt amount with collateral				$ 70,000,000
Interest-bearing foreign deposit, savings		70,000,000
Cash Deposit Agreement With OCBC Bank (Malaysia) Berhad \| Term Loan
Variable Interest Entity [Line Items]
Term loan repaid period	5 years
Long-term debt, net		0
OSSB
Variable Interest Entity [Line Items]
Equity method investments		$ 0

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

- 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

Insider Trading Arrangements	3 Months Ended	9 Months Ended
Insider Trading Arrangements	Sep. 29, 2024 shares	Sep. 29, 2024 shares
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false
Dr. Raj Talluri [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On August 30, 2024, Dr. Raj Talluri, Chief Executive Officer and a member of our board of directors, terminated a Rule 10b5-1 trading arrangement that had been adopted on June 12, 2024, and was intended to satisfy the affirmative defense in Rule 10b5-1(c). The trading arrangement had provided for the sale of an aggregate of up to 639,624 shares of our common stock until January 15, 2025, or earlier if all transactions under the trading arrangement had been completed. No shares were sold under the trading arrangement.
Name	Dr. Raj Talluri
Title	Chief Executive Officer
Rule 10b5-1 Arrangement Terminated	true
Termination Date	August 30, 2024
Aggregate Available	639,624	639,624

Stock-based Compensation

9 Months Ended

Sep. 29, 2024

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

We issue equity awards to our employees and non-employees in the form of stock options, restricted stock units (“RSUs”) and performance based RSUs (“PRSUs”). Additionally, we also offer an employee stock purchase plan (“ESPP”) to our eligible employees. We use Black-Scholes option pricing model to value our stock options granted and the estimated shares to be purchased under the ESPP. For both RSUs and PRSUs, we use our common stock price, which is the last reported sales price on the grant date to value those securities.

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

Stock-based Compensation Expense


	Quarters Ended				Fiscal Years-to-Date Ended
	September 29, 2024		October 1, 2023		September 29, 2024		October 1, 2023
Cost of revenue	$	101	$	2,396	$	196	$	5,001
Research and development	5,914		4,949		19,771		22,072
Selling, general and administrative(1)	10,707		5,929		27,447		30,400
Restructuring cost	111		359		1,216		359
Total stock-based compensation expense	$	16,833	$	13,633	$	48,630	$	57,832

For the fiscal years-to-date ended September 29, 2024 and October 1, 2023, we capitalized $2.4 million and $0.8 million, respectively, of stock-based compensation as property and equipment, net on the Condensed Consolidated Balance Sheet. There was no recognized tax benefit related to stock-based compensation for the periods presented. In

addition, we accrued an immaterial amount of bonus to be settled in equity awards as accrued compensation on the Condensed Consolidated Balance Sheet as of September 29, 2024.

As of September 29, 2024, there was approximately $123.5 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 3.2 years. As of September 29, 2024, there was approximately $0.5 million of total unrecognized stock-based compensation related to the ESPP, which is expected to be recognized over a period of 1.1 years.

Equity Award Modification

In connection with the 2024 Restructuring Plan (as defined in Note 12 “Restructuring Costs”), there was one equity award modification, which accelerated the vesting condition of a former executive’s RSUs as a part of his consulting and separation agreement. During the third quarter of 2024, we recognized an immaterial amount of stock-based compensation expense related to the equity modifications. For the fiscal year-to-date ended September 29, 2024, we recognized $1.3 million of stock-based compensation expense related to the modifications.

For the quarter ended October 1, 2023, there was no equity award modification. For the fiscal year-to-date ended October 1, 2023, we recognized $21.1 million of stock-based compensation expense related to the modifications in connection with the retirement or resignation of several of our former officers and executives, which 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.

Stock Option Activity

The following table summarizes stock option activities for the fiscal year-to-date ended September 29, 2024 (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, 2024	2,615,199	$	9.71

Exercised	(553,042)	7.82			$	3,631
Forfeited	(226,406)	11.46
Balances as of September 29, 2024	1,835,751	$	10.06	6.6	$	823


(1)			The intrinsic value of options exercised is based upon the value of our stock at exercise.
(2)			The aggregate intrinsic value of the stock options outstanding as of September 29, 2024 represents the value of our closing stock price at $9.55 on the last trading day of the quarter ended September 29, 2024 in excess of the exercise price multiplied by the number of options outstanding.

Unvested early exercised stock options which are subject to repurchase by us 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.

Early Exercise of Options

As of September 29, 2024, 91,620 shares remained subject to our right of repurchase as a result of early exercised stock options. The remaining liability related to early exercised shares as of September 29, 2024 was immaterial and was recorded in other current and non-current liabilities in the Condensed Consolidated Balance Sheet.

Restricted Stock Unit and Performance Restricted Stock Unit Activities

The following table summarizes RSUs and PRSUs activities for the fiscal year-to-date ended September 29, 2024 (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, 2024	10,893,271	$	11.58	531,469	$	13.16
Granted	11,297,839	7.99		2,505,023	7.39
Vested	(5,505,400)	9.20		(63,298)	13.41
Forfeited	(3,847,380)	11.11		(684,913)	10.24
Issued and unvested shares outstanding as of September 29, 2024	12,838,330	$	9.58	2,288,281	$	7.67

Property and Equipment (Tables)

9 Months Ended

Sep. 29, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment and Depreciation Expense

Property and equipment as of September 29, 2024 and December 31, 2023, consisted of the following (in thousands).


	September 29, 2024		December 31, 2023
Machinery and equipment	$	63,540	$	100,335
Building and leasehold improvements	32,443		36,651
Office equipment and software	5,324		2,561
Furniture and fixtures	16,679		898
Land	1,433		1,433
Construction in process	53,670		68,958
Total property and equipment	173,089		210,836
Less: accumulated depreciation	(15,409)		(44,365)
Property and equipment, net	$	157,680	$	166,471


	Quarters Ended				Fiscal Years-to-Date Ended
	September 29, 2024		October 1, 2023		September 29, 2024		October 1, 2023
Depreciation expense	$	4,683	$	3,588	$	32,643	$	10,566

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (22,638)	$ (16,185)	$ (185,082)	$ (154,094)
Other comprehensive income (loss), net of tax
Change in net foreign currency translation adjustments	(61)	0	34	0
Net unrealized gain (loss) on available-for-sale securities	4	11	(14)	(13)
Other comprehensive income (expense), net of tax	(57)	11	20	(13)
Comprehensive loss	(22,695)	(16,174)	(185,062)	(154,107)
Comprehensive loss attributable to non-controlling interest	(102)	0	(306)	0
Comprehensive loss attributable to Enovix	$ (22,593)	$ (16,174)	$ (184,756)	$ (154,107)

- Definition

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

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Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 29, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation and Consolidation The accompanying condensed consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States (“GAAP”). The condensed consolidated financial statements include our accounts, our wholly-owned subsidiaries and majority-owned subsidiaries, the business combinations from the closing dates and a variable interest entity (“VIE”) under the variable interest model. All intercompany balances and transactions have been eliminated in consolidation. Liquidity and Capital Resources We have incurred operating losses and negative cash flows from operations since our inception through September 29, 2024 and expect to incur operating losses for the foreseeable future. As of September 29, 2024, we had working capital of $164.5 million and an accumulated deficit of $783.6 million. During the fiscal year-to-date ended September 29, 2024, we received net proceeds of $40.0 million from the issuance of our common stock through an at-the-market (“ATM”) offering. Based on the anticipated spending and timing of expenditures, we currently expect that our cash will be sufficient to meet our funding requirements over the next twelve months. Going forward, we may require additional financing for our future operations and expansion. The accompanying condensed consolidated financial statements have been prepared assuming we will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. Unaudited Interim Condensed Consolidated Financial Statements These accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial reporting. In the opinion of management, these unaudited condensed consolidated financial statements reflect all adjustments, consisting of normal recurring items, considered necessary to present fairly our financial condition, results of operations, comprehensive income (loss), stockholders’ equity and cash flows for the periods presented above. The results of operations for the quarter and fiscal year-to-date ended September 29, 2024 are not necessarily indicative of the operating results for the full year, and therefore should not be relied upon as an indicator of future results. The Condensed Consolidated Balance Sheet as of December 31, 2023 included herein was derived from the audited consolidated financial statements as of that date and the accompanying consolidated financial statements and related notes are included in our Annual Report on Form 10-K. Use of Estimates The preparation of condensed 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 condensed 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, valuation for inventory, valuation allowance on deferred tax assets, assumptions used in income tax provisions, valuation for assets acquired and liabilities assumed in business combination, valuation of goodwill and intangible assets, assumptions used in stock-based compensation, incremental borrowing rate for operating right-of-use assets and lease liabilities, restructuring costs and estimates to fair value 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. Summary of Significant Accounting Policies There have been no changes to our significant accounting policies disclosed in Note 2 “Summary of Significant Accounting Policies,” of the notes to the consolidated financial statements for the fiscal year ended December 31, 2023, included in Part II, Item 8 of our Form 10-K. Revenue We recognize revenue in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers. We generate revenue from our product revenue and service revenue for the development of lithium-ion battery technology. Product Revenue Our product revenue is primarily generated from selling lithium-ion batteries or battery packs to commercial customers and military contractors. Product revenue is recognized once we have satisfied the performance obligations as defined in the sales agreement, which is generally satisfied upon transfer of control of goods. Control is transferred upon delivery for our products. For certain customized products with customer acceptance criteria specified in the sales agreement, the performance obligations is generally satisfied upon our customer’s acceptance. Payment terms can vary depending on the contract and it is generally required within 90 days or less from the delivery date or the acceptance date of our product. The amounts of revenue recognized reflects the consideration for the product sold. For the quarter and fiscal year-to-date ended September 29, 2024, our product revenue were $4.3 million and $13.4 million, respectively. Of our total product revenue for the quarter and fiscal year-to-date ended September 29, 2024, approximately 42% and 41%, respectively, were from South Korea based on the billing location of the customers. For the quarter and fiscal year-to-date ended October 1, 2023, our product revenue were immaterial. Service Revenue Service revenue contracts generally include the design and development efforts to conform our existing battery technology with customers’ required specifications. Consideration for service revenue contracts generally become payable when we meet 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 our 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. There was no service revenue recognized the quarters and fiscal years-to-date ended September 29, 2024 and October 1, 2023 Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“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. We do not expect the adoption of this ASU to have a material impact on our financial statement disclosures and plan to adopt it for the fiscal year ended December 29, 2024. 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. We are currently evaluating the potential impact of the adoption of this ASU on our financial statement disclosures.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 29, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Purchase Commitments As of September 29, 2024 and December 31, 2023, our commitments included approximately $24.6 million and $62.5 million, respectively, of our open purchase orders and contractual obligations that occurred in the ordinary course of business, including commitments with contract manufacturers and suppliers for which we have not received goods or services, commitments for capital expenditures and construction-related activities for which we have not received the goods or services. Although open purchase orders are considered enforceable and legally binding, the terms generally allow us an option to cancel, reschedule, and adjust its requirements based on our 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 and other borrowings, please refer to Note 8 “Borrowings” for more details. Performance Obligations As of September 29, 2024, we had $10.0 million of performance obligations, which comprised of total deferred revenue and customer order deposits. We currently expect to recognize approximately 62% of deferred revenue as revenue within the next twelve months. Litigation From time to time, we are subject to a variety of claims, lawsuits, investigations, and proceedings concerning matters arising in connection with our business activities, including product liability, intellectual property, commercial, insurance, securities laws, contract disputes, and employment matters. Certain of these lawsuits and claims are described in further detail below. We intend to vigorously defend against each of these allegations. A liability and related charge to earnings is recorded in the condensed 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 our results of operations, liquidity or financial position. Former Employee Class Action Lawsuits 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”). The Prak Complaint alleged, 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 sought unpaid wages, statutory penalties and interest and reasonable costs and attorney fees. We began the mediation process in September 2022 and on June 6, 2024, a final settlement was approved by the court. All settlement funds were distributed in July 2024. 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 case is captioned Kody Walker v. Enovix Corporation, 23CV028923 (the “Walker Complaint”). The Walker Complaint alleges, among other things, on a putative class-wide basis, that we 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. We have a mediation scheduled on October 30, 2024 with plaintiff’s counsel in the Walker matter. Securities Class Action Complaint 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 Enovix and certain of our current and former officers and directors (collectively, the “defendants”). The complaint alleges that the 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 our manufacturing scale-ups 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 court granted the motion to dismiss the consolidated complaint on January 30, 2024. The plaintiffs filed a second amended complaint on March 19, 2024, which seeks unspecified damages, interest, fees and costs on behalf of all persons and entities that purchased and/or acquired shares of Enovix or its predecessor entity’s common stock between June 24, 2021 and October 3, 2023. On July 23, 2024, the court issued an order granting in part and denying in part defendants’ motion to dismiss. We and the other defendants intend to vigorously defend against the remaining claims in this action. In September, 2024, we received two Section 220 book and records demand notices from two separate defendants related to this case. Guarantees and Indemnifications In the normal course of business, we enter into contracts and agreements that contain a variety of representations and warranties and provide for general indemnifications. In addition, we purchased performance bonds for guarantee of our performance obligations for certain projects. Our exposure under these agreements is unknown because it involves claims that may be made against us in the future but have not yet been made. To date, we have not paid any claims or been required to defend any action related to our indemnification obligations. However, we may record charges in the future as a result of these indemnification obligations. We also have indemnification obligations to our officers and directors for specified events or occurrences, subject to some limits, while they are serving at our request in such capacities. There have been no claims to date and we have director and officer insurance that may enable us to recover a portion of any amounts paid for future potential claims. We believe the fair value of these indemnification agreements is minimal. Accordingly, we have not recorded any liabilities relating to these obligations for the period presented.

Business Combinations

9 Months Ended

Sep. 29, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Business Combinations

Routejade Acquisition

On October 31, 2023, we acquired 95.8% of the outstanding shares of Routejade, Inc. (“Routejade”). The following table summarizes 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	56,367
Liability assumed for acquisition-related seller expense	(357)
Net assets acquired		56,010
Goodwill		$	12,217

This acquisition (the “Routejade Acquisition”) constituted a business acquisition in accordance with FASB Accounting Standards Codification (“ASC”) (Topic 805), Business Combinations (“ASC 805”) for business combinations and, therefore, was 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.

The following table summarizes the final purchase price allocation based on the fair values of the assets acquired and liabilities assumed as of the acquisition date (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	28,579
Intangible assets	41,948
Goodwill	12,217



Other non-current assets	365
Debt assumed	(7,426)
Deferred revenue	(10,568)
Liabilities assumed	(3,182)
Deferred income tax liabilities	(12,294)
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 was 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) during the fiscal year-to-date ended September 29, 2024.


	Goodwill




Balances as of December 31, 2023	$	12,098
Routejade Acquisition - measurement period adjustments(1)	119
Balances as of September 29, 2024	$	12,217

(1) Our purchase price allocation was finalized in the first quarter of 2024, which included a net adjustment of $0.1 million to goodwill and immaterial adjustments to other assets.

Intangible Assets

Intangible assets consist of customer relationships, developed technology and trade names and trademarks. Customer relationships relate to Routejade’s existing customer relationships for current and future business. Developed

technology relates to Routejade’s technology for manufacturing standard lithium-ion batteries with varying chemistries, which allows for design flexibility and the production of customized battery cells.

The following table summarizes the intangible assets subject to amortization, net (in thousands) as of September 29, 2024.


	Gross		Accumulated amortization		Net Carrying Amount		Weighted-average Useful Lives
Customer relationships	$	29,933	$	(2,737)	$	27,196	10 years
Developed technology	11,680		(1,526)		10,154		7 years
Trade Names and Trademarks	335		(102)		233		3 years
Total intangible assets	$	41,948	$	(4,365)	$	37,583

We acquired these intangible assets through the Routejade Acquisition in October 2023. For the quarter and fiscal year-to-date ended September 29, 2024, amortization of the intangible assets were $1.2 million and $3.6 million, respectively. As of September 29, 2024, the weighted average remaining useful lives for intangible assets was approximately 8.3 years.

The following is a schedule of expected amortization for the intangible assets as of September 29, 2024 (in thousands).


	As of September 29, 2024
2024 (remaining 3 months)	$	1,188
2025	4,757
2026	4,829
2027	4,645
2028	4,645
Thereafter	17,519
Total estimated amortization expense	$	37,583

Revenue and net loss from operations

For the quarter ended September 29, 2024, our results of operations included $4.3 million of Routejade’s revenue and $2.3 million of Routejade’s net operating loss from operations. For the fiscal year-to-date ended September 29, 2024, our results of operations included $13.3 million of Routejade’s revenue and $7.4 million of Routejade’s net operating loss from operations.

Proforma information

The condensed consolidated unaudited proforma revenue for the quarters ended of September 29, 2024 and October 1, 2023, which included Routejade assuming the acquisition occurred on January 1, 2023, were approximately $4.3 million and $3.9 million, respectively. The condensed consolidated unaudited proforma revenue for fiscal years-to-date ended September 29, 2024 and October 1, 2023, which included Routejade assuming the acquisition occurred on January 1, 2023, were approximately $13.4 million and $12.9 million, respectively.

The condensed consolidated unaudited proforma net income related to this acquisition was not included because the impact on our consolidated results of operations was not material for the quarters and fiscal years-to-date ended September 29, 2024 and October 1, 2023.