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Borrowings - Schedule of Interest Expense Related to Convertible Notes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 05, 2026	Jun. 29, 2025	Jul. 05, 2026	Jun. 29, 2025
Debt Instrument [Line Items]
Total interest expense on Convertible Senior Notes	$ 6,521	$ 1,705	$ 13,529	$ 3,421
Loans
Debt Instrument [Line Items]
Total interest expense on Convertible Senior Notes	122	128	243	270
3.0 % Convertible Senior Notes \| Convertible Debt
Debt Instrument [Line Items]
Coupon interest	5,509	1,294	11,442	2,588
Amortization of debt issuance costs	890	283	1,844	563
Total interest expense on Convertible Senior Notes	$ 6,399	$ 1,577	$ 13,286	$ 3,151

- 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

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+ Details

Organization and Basis of Presentation	6 Months Ended
Organization and Basis of Presentation	Jul. 05, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Note 1. Organization and Basis of Presentation Organization Enovix Corporation was incorporated in Delaware in 2006. All references to “Enovix,” “we,” “us,” “our,” or the “Company” mean Enovix Corporation and its subsidiaries. We design, 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, a region of California, with offices and facilities in Asia. Fiscal Year Our fiscal year is the 52 or 53-week period ending on the Sunday closest to December 31 depending on the calendar year. Accordingly, we will have a 53-week fiscal year every five or six years. Our fiscal year 2026 consists of 53 weeks, which will end on January 3, 2027, while our fiscal year 2025 consisted of 52 weeks, which ended on December 28, 2025. All period references are to the fiscal periods unless otherwise indicated. 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 and the business combinations from the closing dates. 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 July 5, 2026 and expect to incur operating losses for the foreseeable future. As of July 5, 2026, we had working capital of $453.6 million and an accumulated deficit of $1.06 billion. 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 fiscal quarter and fiscal year-to-date ended July 5, 2026 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 28, 2025 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 for the fiscal year ended December 28, 2025 (“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, assumptions used in stock-based compensation, incremental borrowing rate for operating right-of-use assets and lease liabilities 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.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Jul. 05, 2026	Jun. 29, 2025
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 33,741	$ 135,978
Restricted cash included in prepaid expenses, other current assets and other assets, non-current	1,853	2,071
Total cash, cash equivalents, and restricted cash	$ 35,594	$ 138,049

Borrowings - Schedule of Maturities of Long-Term Debt (Details) - USD ($) $ in Thousands	Jul. 05, 2026	Dec. 28, 2025
Debt Disclosure [Abstract]
2026 (remaining six months)	$ 108
2027	162
2028	172,554
2029	0
2030	360,000
Total gross amount of long-term debt	$ 532,824	$ 532,960

Borrowings

6 Months Ended

Jul. 05, 2026

Debt Disclosure [Abstract]

Borrowings

Note 6. Borrowings

Short-Term Debt

Our asset secured loans have fixed and floating interest rates with various maturity dates. From time to time, we renew our short-term loans once they reach the maturity dates. The current portion of long-term loans is recorded as short-term debt based on time remaining until maturity. As of July 5, 2026, short-term debt was $10.6 million, which comprised of $10.4 million of short-term loans with less than one-year term, and $0.2 million of the current portion of long-term loans. As of December 28, 2025, short-term debt was $9.9 million, which comprised of $9.7 million of short-term loans with less than one-year term, and $0.2 million of the current portion of long-term loans. As of July 5, 2026 and December 28, 2025, the weighted average interest rates on the short-term loans were approximately 5.1% and 4.8%, respectively.

Long-Term Debt

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


	Annual Interest Rate		Maturity Date	As of July 5, 2026		As of December 28, 2025

2028 Convertible Senior Notes	3.00	%	May 1, 2028	$	172,500	$	172,500
2030 Convertible Senior Notes	4.75	%	September 15, 2030	360,000		360,000
Long-term loans
Floating rate	3.40	%	June 30, 2027	108		173
Floating rate	3.40	%	June 30, 2028	216		287


Total Convertible Senior Notes and other borrowings				532,824		532,960
Less: unamortized debt issuance costs				(11,614)		(13,459)
Long-term debt				521,210		519,501
Current portion of long-term debt				(216)		(230)
Long-term debt, net				$	520,994	$	519,271

Long-term Loans

As of July 5, 2026 and December 28, 2025, total long-term loans outstanding were $0.3 million and $0.5 million, respectively, including a current portion of the long-term loans of $0.2 million for both periods, respectively.

2030 Convertible Senior Notes

On September 10, 2025, we issued $360.0 million aggregate principal amount of convertible senior notes (the “2030 Convertible Senior Notes”), pursuant to an indenture, dated as of September 15, 2025 (the “Indenture”), between the Company and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”). The 2030 Convertible Senior Notes are unsecured obligations of the Company and bear interest at a rate of 4.75% per year from September 15, 2025, and are payable semiannually in arrears on March 15 and September 15 of each year, beginning on March 15, 2026. The 2030 Convertible Senior Notes will mature on September 15, 2030, unless earlier converted, redeemed or repurchased. For both periods ended July 5, 2026 and December 28, 2025, the total principal amount outstanding of the 2030 Convertible Senior Notes was $360.0 million.

2028 Convertible Senior Notes

On April 20, 2023, we issued $172.5 million aggregate principal amount of 3.0% convertible senior notes due 2028 (the “2028 Convertible Senior Notes”), including $10.0 million principal amount of the 2028 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 July 5, 2026 and December 28, 2025, the total principal amount outstanding of the 2028 Convertible Senior Notes was $172.5 million.

The 2028 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 are payable semiannually in arrears on May 1 and November 1 of each year, beginning on November 1, 2023. The 2028 Convertible Senior Notes will mature on May 1, 2028 unless earlier converted, redeemed or repurchased.

The following table summarizes the interest expenses related to the convertible senior notes and loans, which are recorded within interest expense in the Condensed Consolidated Statements of Operations (in thousands).


	Fiscal Quarters Ended				Fiscal Years-to-Date Ended
	July 5, 2026		June 29, 2025		July 5, 2026		June 29, 2025
Coupon interest	$	5,509	$	1,294	$	11,442	$	2,588
Amortization of debt issuance costs	890		283		1,844		563
Total interest expense on Convertible Senior Notes	6,399		1,577		13,286		3,151
Loan interest	122		128		243		270
Total interest expenses related to Convertible Senior Notes and loans	$	6,521	$	1,705	$	13,529	$	3,421

As of July 5, 2026 and December 28, 2025, we had $6.1 million and $5.8 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).


	Debt Maturity
2026 (remaining six months)	$	108
2027	162
2028	172,554
2029	—
2030	360,000

Total gross amount of long-term debt	$	532,824

- 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.

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+ Details

Lease (Tables)

6 Months Ended

Jul. 05, 2026

Leases [Abstract]

Schedule of Lease Cost and Supplemental Lease and Cash Flow Information

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


	Fiscal Quarters Ended				Fiscal Years-to-Date Ended
	July 5, 2026		June 29, 2025		July 5, 2026		June 29, 2025
Operating lease cost	$	1,366	$	1,078	$	2,599	$	2,190

Supplemental lease information:

Operating leases

As of July 5,
2026

As of December 28,
2025

Weighted-average remaining lease term

3.4 years

4.1 years

Weighted-average discount rate

7.7%

8.5%

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


	Fiscal Years-to-Date Ended
	July 5, 2026		June 29, 2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	2,562	$	2,284

Schedule of Maturity of Lease Liabilities

The following is a schedule of maturities of lease liabilities as of July 5, 2026 (in thousands).


	Operating leases
2026 (remaining six months)	$	2,391
2027	3,746
2028	2,139
2029	1,858
2030	1,270
Thereafter	5
Total	11,409
Less: imputed interest	(1,278)
Present value of lease liabilities	$	10,131

Summary of Significant Accounting Policies - Segment (Details)	6 Months Ended
	Jul. 05, 2026 segment
Accounting Policies [Abstract]
Number of operating segments	1

Leases - Schedule of Supplemental Cash Flow Information Related To Leases (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 05, 2026	Jun. 29, 2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 2,562	$ 2,284

Fair Value Measurement - Schedule of Cash Equivalents and Short-term Investments (Details) - USD ($) $ in Thousands	Jul. 05, 2026	Dec. 28, 2025	Jun. 29, 2025
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents	$ 33,741	$ 106,014	$ 135,978
Unrealized Gain	0	170
Unrealized Loss	(848)	(21)
Amortized Cost	530,171	556,966
Estimated Fair Value	529,323	557,115
Short-term investments	442,040	406,026
Long-term investments	74,430	106,810
Money Market Funds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents	12,853	44,279
Cash and cash equivalents, fair value	12,853	44,279
U.S. Treasuries
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Amortized Cost	293,879	408,344
Unrealized Gain	0	142
Unrealized Loss	(551)	0
Estimated Fair Value	293,328	408,486
Short-term investments	238,346	315,581
Long-term investments	54,982	92,905
Corporate Notes and Debt Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Amortized Cost	188,119	75,199
Unrealized Gain	0	0
Unrealized Loss	(216)	(21)
Estimated Fair Value	187,903	75,178
Short-term investments	178,392	67,134
Long-term investments	9,511	8,044
U.S. Government Agency Debt Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Amortized Cost	35,320	29,144
Unrealized Gain	0	28
Unrealized Loss	(81)	0
Estimated Fair Value	35,239	29,172
Short-term investments	25,302	23,311
Long-term investments	9,937	5,861
Money Market Funds And Debt Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents	$ 12,853	$ 44,279

Leases - Additional Information (Details) $ in Millions	1 Months Ended
Leases - Additional Information (Details) $ in Millions	Apr. 30, 2026 USD ($)	Apr. 30, 2026 MYR (RM)	Apr. 30, 2026 USD ($)	Jul. 05, 2026	Nov. 30, 2025 agreement	Dec. 31, 2023
Leases [Abstract]
Option to extend, term	1 year	1 year	1 year	5 years		3 years
Number of supplemental lease agreements \| agreement					2
Monthly rental payments	$ 0.2	RM 962,267
Decrease of ROU asset due to remeasurement			$ 2.1
Decrease of Operating lease liability due to remeasurement			3.1
Realized foreign exchange gain			$ 1.0

Fair Value Measurement - Schedule of Key Assumptions used for Determining Fair Value of Private Placement Warrants (Details) - Private Placement Warrants outstanding	Jul. 05, 2026	Dec. 28, 2025
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Public placement warrants expiration term	0 years	6 months
Expected volatility
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrant liability, measurement input	0.763	0.908
Risk-free interest rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrant liability, measurement input	0.037	0.036
Expected dividend rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrant liability, measurement input	0.0	0.0

Fair Value Measurement - Schedule of Changes in Fair Value for Level 3 (Details) - Private Placement Warrants - Level 3 - USD ($) $ in Thousands	6 Months Ended
	Jul. 05, 2026	Jun. 29, 2025
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 6,578	$ 28,380
Change in fair value	(6,578)	(9,911)
Fair value at end of period	$ 0	$ 18,469

Summary of Significant Accounting Policies

6 Months Ended

Jul. 05, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

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 28, 2025, included in Part II, Item 8 of our Annual Report on Form 10-K.

Segment Reporting

We operate in one segment. Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker (“CODM”) in making decisions regarding resource allocation and assessing performance. Our Chief Executive Officer (“CEO”) has been identified as our CODM, who reviews operating results to make decisions and assesses performance for the Company as a whole. Total available cash and cash equivalents, total revenues and net loss are used by our CEO to evaluate key operating decisions, such as company strategy, and determine and allocate resources on a consolidated basis. Since we operate in one segment, all significant segment expenses and financial information required by “Segment Reporting” can be found in the condensed consolidated financial statements and the accompanying notes of the condensed consolidated financial statements.

Revenue

We recognize revenue in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers. We generate revenue 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 are 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 reflect the consideration for the product sold.

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


	Fiscal Quarters Ended								Fiscal Years-to-Date Ended
	July 5, 2026				June 29, 2025				July 5, 2026				June 29, 2025
	$		%		$		%		$		%		$		%
South Korea	$	6,281	70	%	$	5,128	69	%	$	11,507	69	%	$	7,539	60	%
Switzerland	1,350		15	%	919		12	%	2,400		14	%	2,301		18	%
Other*	1,393		15	%	1,421		19	%	2,717		17	%	2,726		22	%
Total	9,024		100	%	7,468		100	%	16,624		100	%	12,566		100	%

* No other country represented more than 10% of revenue for the periods presented.

The following table summarizes our significant customers.


	Fiscal Quarters Ended				Fiscal Years-to-Date Ended
	July 5, 2026		June 29, 2025		July 5, 2026		June 29, 2025
Customer A	65	%	64	%	63	%	55	%
Customer B	15	%	12	%	14	%	18	%

No other customer represented more than 10% of revenue for the periods presented.

Recently Issued or Adopted Accounting Pronouncements

Adoption of New Accounting Standards

In July 2025, the FASB issued ASU 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets, which simplifies the application of the current expected credit loss model for current accounts receivable and current contract assets under ASC 606. This ASU is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted. We adopted this ASU prospectively, effective with our fiscal 2026 interim financial statements and the adoption did not have a material impact on our condensed consolidated financial statements and disclosures.

Accounting Standard Issued But Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures, which requires disclosure of certain costs and expenses on an interim and annual basis in the notes to the financial statements. The standard is effective for the annual reporting periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the potential impact of the adoption of this ASU on our financial statement disclosures.

In September 2025, the FASB issued ASU 2025-06, “Targeted Improvements to the Accounting for Internal-Use Software” (“ASU 2025-06”), which simplifies the capitalization guidance by removing all references to software development project stages so that the guidance is neutral to different software development methods. ASU 2025-06 is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted. ASU 2025-06 permits an entity to apply the new guidance using a prospective, retrospective or modified transition approach. The Company is currently evaluating the impact from ASU 2025-06 on its condensed consolidated financial statements.

Summary of Significant Accounting Policies - Schedule of the revenues of the customers (Details)	3 Months Ended		6 Months Ended
	Jul. 05, 2026	Jun. 29, 2025	Jul. 05, 2026	Jun. 29, 2025
Disaggregation of Revenue [Line Items]
Concentration Risk (in percentage)	100.00%	100.00%	100.00%	100.00%
Customer A \| Customer Concentration Risk \| Revenue from Contract with Customer Benchmark
Disaggregation of Revenue [Line Items]
Concentration Risk (in percentage)	65.00%	64.00%	63.00%	55.00%
Customer B \| Customer Concentration Risk \| Revenue from Contract with Customer Benchmark
Disaggregation of Revenue [Line Items]
Concentration Risk (in percentage)	15.00%	12.00%	14.00%	18.00%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ 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.

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+ Details

Leases - Schedule of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 05, 2026	Jun. 29, 2025	Jul. 05, 2026	Jun. 29, 2025
Leases [Abstract]
Operating lease cost	$ 1,366	$ 1,078	$ 2,599	$ 2,190

Borrowings - Schedule of Long-Term Debt Instruments (Details) - USD ($) $ in Thousands	Jul. 05, 2026	Dec. 28, 2025	Apr. 20, 2023
Debt Instrument [Line Items]
Total Convertible Senior Notes and other borrowings	$ 532,824	$ 532,960
Less: unamortized debt issuance costs	(11,614)	(13,459)
Long-term debt	521,210	519,501
Current portion of long-term debt	(216)	(230)
Long-term debt, net	$ 520,994	519,271
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
Convertible Senior Notes Due 2030 \| Convertible Debt
Debt Instrument [Line Items]
Annual Interest Rate	4.75%
Total Convertible Senior Notes and other borrowings	$ 360,000	360,000
Floating Rate Loan Due 2027 \| Unsecured Debt
Debt Instrument [Line Items]
Annual Interest Rate	3.40%
Total Convertible Senior Notes and other borrowings	$ 108	173
Floating Rate Loan Due 2028 \| Unsecured Debt
Debt Instrument [Line Items]
Annual Interest Rate	3.40%
Total Convertible Senior Notes and other borrowings	$ 216	$ 287

Organization and Basis of Presentation (Details) - USD ($) $ in Thousands	Jul. 05, 2026	Dec. 28, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Working capital	$ 453,600
Accumulated deficit	$ 1,059,150	$ 977,827

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References

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+ Details

Inventory (Tables)

6 Months Ended

Jul. 05, 2026

Inventory Disclosure [Abstract]

Schedule of Components of Inventory

Inventory consists of the following components (in thousands).


	As of July 5, 2026		As of December 28, 2025
Raw materials	$	9,045	$	6,620
Work-in-process	7,168		6,091
Finished goods	1,307		906
Total inventory	$	17,520	$	13,617

Inventory - Narrative (Details) - USD ($) $ in Millions	Jul. 05, 2026	Dec. 28, 2025
Inventory Disclosure [Abstract]
Inventory valuation reserves	$ 1.3	$ 0.7

Treasury Stock and Warrants (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 28, 2025	Jul. 05, 2026	Feb. 28, 2026	Jun. 30, 2025	Dec. 05, 2021
Class of Warrant or Right [Line Items]
Share repurchase program, authorized, amount			$ 75.0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001
Common stock
Class of Warrant or Right [Line Items]
Share repurchase program, authorized, amount				$ 60.0
Treasury stock, value, acquired, cost method	$ 58.4
Share repurchase program, remaining authorized, amount	$ 1.6	$ 76.6
Private Placement Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	5,500,000	5,500,000			5,500,000
Each whole private placement warrant became exercisable for number of whole shares (in shares)					1
Exercise price of warrants (in dollars per share)					$ 10.66

Net Loss per Share

6 Months Ended

Jul. 05, 2026

Earnings Per Share [Abstract]

Net Loss per Share

Note 9. 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).


	Fiscal Quarters Ended				Fiscal Years-to-Date Ended
	July 5, 2026		June 29, 2025		July 5, 2026		June 29, 2025

Numerator:
Net loss attributable to common stockholders - basic and diluted	$	(43,063)	$	(44,528)	$	(81,323)	$	(68,038)




Denominator:
Weighted-average shares outstanding used in computing net loss per share of common stock - basic and diluted(1)	218,502,098		204,819,119		217,908,465		204,086,108




Net loss per share of common stock:
Basic and diluted(1)	$	(0.20)	$	(0.22)	$	(0.37)	$	(0.33)

(1) As required by ASC 260, Earnings Per Share, the share and per share amounts for the periods presented in the above table have been retroactively adjusted to reflect the warrant dividends issued in July 2025.

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.


	Fiscal Quarters Ended		Fiscal Years-to-Date Ended
	July 5, 2026	June 29, 2025	July 5, 2026	June 29, 2025
Stock options outstanding	1,132,201	1,618,980	1,132,201	1,618,980
Restricted stock units and performance restricted stock units outstanding	15,385,038	14,954,849	15,385,038	14,954,849
Assumed conversion of Convertible Senior Notes	43,171,560	11,053,800	43,171,560	11,053,800
Private Placement Warrants outstanding	5,500,000	5,500,000	5,500,000	5,500,000

Employee stock purchase plan estimated shares	166,059	296,202	166,059	296,202

Leases - Schedule of Maturity of Lease Liabilities (Details) $ in Thousands	Jul. 05, 2026 USD ($)
Operating leases
2026 (remaining six months)	$ 2,391
2027	3,746
2028	2,139
2029	1,858
2030	1,270
Thereafter	5
Total	11,409
Less: imputed interest	(1,278)
Present value of lease liabilities	$ 10,131

Stock-based Compensation - Additional Information (Details) - USD ($)	6 Months Ended
	Jul. 05, 2026	Jun. 29, 2025
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation capitalized	$ 700,000	$ 200,000
Unrecognized tax benefit	0
Equity Awards
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Accrued bonuses to be settled in equity awards	2,100,000
Unrecognized stock-based compensation expenses related to nonvested equity awards	$ 96,100,000
Weighted average period of recognition for unrecognized stock-based compensation related to nonvested equity awards	2 years 9 months 18 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	11 months 23 days

Net Loss per Share - Schedule of Potentially Dilutive Securities Excluded From Computation of Diluted Net Loss Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jul. 05, 2026	Jun. 29, 2025	Jul. 05, 2026	Jun. 29, 2025
Stock options outstanding
Subsidiary Sale Of Stock [Line Items]
Anti-dilutive securities (in shares)	1,132,201	1,618,980	1,132,201	1,618,980
Restricted stock units and performance restricted stock units outstanding
Subsidiary Sale Of Stock [Line Items]
Anti-dilutive securities (in shares)	15,385,038	14,954,849	15,385,038	14,954,849
Assumed conversion of Convertible Senior Notes
Subsidiary Sale Of Stock [Line Items]
Anti-dilutive securities (in shares)	43,171,560	11,053,800	43,171,560	11,053,800
Private Placement Warrants outstanding
Subsidiary Sale Of Stock [Line Items]
Anti-dilutive securities (in shares)	5,500,000	5,500,000	5,500,000	5,500,000
Employee stock purchase plan estimated shares
Subsidiary Sale Of Stock [Line Items]
Anti-dilutive securities (in shares)	166,059	296,202	166,059	296,202

Treasury Stock and Warrants	6 Months Ended
Treasury Stock and Warrants	Jul. 05, 2026
Other Liabilities Disclosure [Abstract]
Treasury Stock and Warrants	Note 8. Treasury Stock and Warrants Common Stock Repurchase Plan In June 2025, our Board of Directors approved a stock repurchase plan authorizing the Company to repurchase up to $60.0 million worth of shares of our common stock (the “Repurchase Plan”), of which $58.4 million was used to repurchase stock during fiscal year 2025. The Repurchase Plan was initially set to expire on December 31, 2026 and prior to its adoption, we did not have a repurchase plan in place. In February 2026, our Board of Directors authorized us to repurchase up to an additional $75.0 million worth of shares of the Company’s common stock, $0.0001 par value per share, under the Repurchase Plan and also designated that the Repurchase Plan would no longer have an expiration date. As of July 5, 2026 and December 28, 2025, we had $76.6 million and $1.6 million, respectively, available for repurchases of common stock under the Repurchase Plan. We may make repurchases from time to time through open market purchases or through privately negotiated transactions. Pursuant to the Repurchase Plan, the timing and number of shares of common stock repurchased will be determined at our discretion. We may modify, suspend or discontinue the Repurchase Plan at any time and we are not obligated to repurchase any specific number of shares of common stock. Private Placement Warrants The 5,500,000 Private Placement Warrants outstanding were originally issued in a private placement to the Sponsor and certain of its members on December 5, 2021. Each whole Private Placement Warrant became exercisable for one whole share of our common stock at a price of $10.66 per share. As of July 5, 2026 and December 28, 2025, we had 5,500,000 Private Placement Warrants outstanding. See Note 3 “Fair Value Measurement” for more information. The Private Placement Warrants were unexercised and expired on July 14, 2026.

Cover - shares	6 Months Ended
Cover - shares	Jul. 05, 2026	Aug. 07, 2026
Cover [Abstract]
Document Type	10-Q
Document Period End Date	Jul. 05, 2026
Document Quarterly Report	true
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		219,448,535
Entity Central Index Key	0001828318
Current Fiscal Year End Date	--12-27
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Amendment Flag	false

Commitments and Contingencies (Details) $ in Millions	1 Months Ended
Commitments and Contingencies (Details) $ in Millions	Mar. 31, 2026 claim	Oct. 31, 2025 claim	Jan. 31, 2023 plaintiff	Jul. 05, 2026 USD ($) claim	Dec. 28, 2025 USD ($)	Sep. 30, 2025 claim	Sep. 30, 2024 stockholder
Loss Contingencies [Line Items]
Purchase commitments \| $				$ 3.2	$ 5.3
Deferred revenue \| $				$ 4.0
Number of claims dismissed		2
Total number of claims						3
Number of pending claims				1
Number of new claims filed	2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-07-06
Loss Contingencies [Line Items]
Deferred revenue considered as revenue within next twelve months				93.00%
Expected timing of satisfaction, period				12 months
Securities Class Action Compliant
Loss Contingencies [Line Items]
Number of plaintiffs \| plaintiff			2
Loss contingency, number of book and record requests received \| stockholder							2

Related Parties	6 Months Ended
Related Parties	Jul. 05, 2026
Related Party Transactions [Abstract]
Related Parties	Note 11. Related Parties Employment Relationship As of July 5, 2026, 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 the 2028 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. See Note 6 “Borrowings” for more information. For both the fiscal quarters ended July 5, 2026 and June 29, 2025 and the fiscal years-to-date ended July 5, 2026 and June 29, 2025, we recorded an immaterial amount of interest expense related to the Affiliate Notes in our Condensed Consolidated Statements of Operations.

- 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

+ Details

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

6 Months Ended

Jul. 05, 2026

Jun. 29, 2025

Jul. 05, 2026

Jun. 29, 2025

Numerator:

Net loss attributable to common stockholders - basic

$ (43,063)

$ (44,528)

$ (81,323)

$ (68,038)

Net loss attributable to common stockholders - diluted

$ (43,063)

$ (44,528)

$ (81,323)

$ (68,038)

Denominator:

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

^[1]

218,502,098

204,819,119

217,908,465

204,086,108

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

^[1]

218,502,098

204,819,119

217,908,465

204,086,108

Net loss per share of common stock:

Basic (in dollars per share)

^[1]

$ (0.20)

$ (0.22)

$ (0.37)

$ (0.33)

Diluted (in dollars per share)

^[1]

$ (0.20)

$ (0.22)

$ (0.37)

$ (0.33)

[1]	As required by ASC 260, Earnings Per Share, the share and per share amounts presented in the above table for the fiscal quarter and fiscal year-to-date ended June 29, 2025 have been retroactively adjusted to reflect the warrant dividend issued in July 2025.

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Fair Value Measurement (Tables)

6 Months Ended

Jul. 05, 2026

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 July 5, 2026 and December 28, 2025 (in thousands).


	Fair Value Measurement using
	Level 1		Level 2		Level 3		Total
As of July 5, 2026
Assets:
Cash equivalents:
Money Market Funds	$	12,853	$	—	$	—	$	12,853

Short-term investments:
U.S. Treasuries	—		238,346		—		238,346
Corporate Notes and Debt Securities	—		178,392		—		178,392
U.S. Government Agency Debt Securities	—		25,302		—		25,302
Long-term investments:
U.S. Treasuries	—		54,982		—		54,982
Corporate Notes and Debt Securities	—		9,511		—		9,511
U.S. Government Agency Debt Securities	—		9,937		—		9,937
Total assets measured at fair value	$	12,853	$	516,470	$	—	$	529,323


	Fair Value Measurement using
	Level 1		Level 2		Level 3		Total
As of December 28, 2025
Assets:
Cash equivalents:
Money Market Funds	$	44,279	$	—	$	—	$	44,279

Short-term investments:
U.S. Treasuries	—		315,581		—		315,581
Corporate Notes and Debt Securities	—		67,134		—		67,134
U.S. Government Agency Debt Securities	—		23,311		—		23,311
Long-term investments:
U.S. Treasuries	—		92,905		—		92,905
Corporate Notes and Debt Securities	—		8,044		—		8,044
U.S. Government Agency Debt Securities	—		5,861		—		5,861
Total assets measured at fair value	$	44,279	$	512,836	$	—	$	557,115

Liabilities:
Private Placement Warrants	$	—	$	—	$	6,578	$	6,578

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		Long-term Investments
As of July 5, 2026
Money Market Funds	$	12,853	$	—	$	—	$	12,853	$	12,853	$	—	$	—
U.S. Treasuries	293,879		—		(551)		293,328		—		238,346		54,982
Corporate Notes and Debt Securities	188,119		—		(216)		187,903		—		178,392		9,511
U.S. Government Agency Debt Securities	35,320		—		(81)		35,239		—		25,302		9,937
Total	$	530,171	$	—	$	(848)	$	529,323	$	12,853	$	442,040	$	74,430
As of December 28, 2025
Money Market Funds	$	44,279	$	—	$	—	$	44,279	$	44,279	$	—	$	—
U.S. Treasuries	408,344		142		—		408,486		—		315,581		92,905
Corporate Notes and Debt Securities	75,199		—		(21)		75,178		—		67,134		8,044
U.S. Government Agency Debt Securities	29,144		28		—		29,172		—		23,311		5,861
Total	$	556,966	$	170	$	(21)	$	557,115	$	44,279	$	406,026	$	106,810

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 28, 2025	$	6,578


Change in fair value	(6,578)
Fair value as of July 5, 2026	$	—


	Private Placement Warrants
Fair value as of December 29, 2024	$	28,380


Change in fair value	(9,911)
Fair value as of June 29, 2025	$	18,469

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 July 5, 2026	Private Placement Warrants Outstanding as of December 28, 2025
Expected term (in years)	0.0	0.5
Expected volatility	76.3%	90.8%
Risk-free interest rate	3.7%	3.6%
Expected dividend rate	0.0%	0.0%

Leases - Supplemental Lease Information (Details)	Jul. 05, 2026	Dec. 28, 2025
Leases [Abstract]
Weighted-average remaining lease term	3 years 4 months 24 days	4 years 1 month 6 days
Weighted-average discount rate	7.70%	8.50%

Borrowings - Additional Information (Details) - USD ($) $ in Thousands	Jul. 05, 2026	Dec. 28, 2025	Sep. 10, 2025	Apr. 20, 2023
Debt Instrument [Line Items]
Short-term debt	$ 10,593	$ 9,865
Short-term loans	10,400	9,700
Current portion of long-term debt	$ 216	$ 230
Weighted average interest rate on the short-term loans	5.10%	4.80%
Long-term debt, fair value	$ 300	$ 500
Convertible notes outstanding	532,824	532,960
Interest payable, current	$ 6,100	5,800
Convertible Senior Notes Due 2030 \| Convertible Debt
Debt Instrument [Line Items]
Principal balance			$ 360,000
Annual interest rate	4.75%
Convertible notes outstanding	$ 360,000	360,000
Convertible Senior Notes Due 2028 \| 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

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jul. 05, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accounting Policies - The revenues by geographic areas based on the billing location of the customers (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 05, 2026	Jun. 29, 2025	Jul. 05, 2026	Jun. 29, 2025
Disaggregation of Revenue [Line Items]
Total	$ 9,024	$ 7,468	$ 16,624	$ 12,566
Concentration Risk (in percentage)	100.00%	100.00%	100.00%	100.00%
South Korea \| Geographic Concentration Risk \| Revenue from Contract with Customer Benchmark
Disaggregation of Revenue [Line Items]
Concentration Risk (in percentage)	70.00%	69.00%	69.00%	60.00%
Switzerland \| Geographic Concentration Risk \| Revenue from Contract with Customer Benchmark
Disaggregation of Revenue [Line Items]
Concentration Risk (in percentage)	15.00%	12.00%	14.00%	18.00%
Other \| Geographic Concentration Risk \| Revenue from Contract with Customer Benchmark
Disaggregation of Revenue [Line Items]
Concentration Risk (in percentage)	15.00%	19.00%	17.00%	22.00%
Product \| South Korea \| Geographic Concentration Risk \| Revenue from Contract with Customer Benchmark
Disaggregation of Revenue [Line Items]
Total	$ 6,281	$ 5,128	$ 11,507	$ 7,539
Product \| Switzerland \| Geographic Concentration Risk \| Revenue from Contract with Customer Benchmark
Disaggregation of Revenue [Line Items]
Total	1,350	919	2,400	2,301
Product \| Other \| Geographic Concentration Risk \| Revenue from Contract with Customer Benchmark
Disaggregation of Revenue [Line Items]
Total	$ 1,393	$ 1,421	$ 2,717	$ 2,726

- Definition

+ 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

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Inventory

6 Months Ended

Jul. 05, 2026

Inventory Disclosure [Abstract]

Inventory

Note 4. Inventory

Inventory consists of the following components (in thousands).


	As of July 5, 2026		As of December 28, 2025
Raw materials	$	9,045	$	6,620
Work-in-process	7,168		6,091
Finished goods	1,307		906
Total inventory	$	17,520	$	13,617

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.

As of July 5, 2026 and December 28, 2025, we had inventory reserves of $1.3 million and $0.7 million, respectively, including excess or obsolete inventory reserves.

Stock-based Compensation - Schedule of Total Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 05, 2026	Jun. 29, 2025	Jul. 05, 2026	Jun. 29, 2025
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 13,034	$ 14,122	$ 24,799	$ 26,136
Income Statement Location [Axis]: us-gaap:CostOfRevenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	490	356	935	477
Income Statement Location [Axis]: us-gaap:ResearchAndDevelopmentExpense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	4,620	6,941	9,690	13,296
Income Statement Location [Axis]: us-gaap:SellingGeneralAndAdministrativeExpense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 7,924	$ 6,825	$ 14,174	$ 12,363

Stock-based Compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Jul. 05, 2026	Jul. 05, 2026	Dec. 28, 2025
Number of Options Outstanding
Beginning balance (in shares)		1,206,554
Exercised (in shares)		(4,730)
Forfeited (in shares)		(69,623)
Ending balance (in shares)	1,132,201	1,132,201	1,206,554
Vested and expected to vest (in shares)	1,132,201	1,132,201
Vested and exercisable (in shares)	1,131,367	1,131,367
Unvested and exercisable (in shares)	834	834
Weighted Average Exercise Price
Beginning balance (in dollars per share)		$ 9.69
Exercised (in dollars per share)		0.05
Forfeited (in dollars per share)		8.81
Ending balance (in dollars per share)	$ 9.78	9.78	$ 9.69
Vested and expected to vest (in dollars per share)	9.78	9.78
Vested and exercisable (in dollars per share)	9.77	9.77
Unvested and exercisable (in dollars per share)	$ 17.99	$ 17.99
Weighted Average Remaining Contractual Life (Years)
Outstanding balance		4 years 4 months 24 days	5 years 2 months 12 days
Vested and expected to vest	4 years 4 months 24 days
Vested and exercisable		4 years 4 months 24 days
Unvested and exercisable		3 months 18 days
Aggregate Intrinsic Value
Outstanding, balance	$ 99	$ 99	$ 219
Vested and expected to vest	99	99
Vested and exercisable	99	99
Unvested and exercisable	$ 0	$ 0
Share price (in dollars per share)	$ 5.36	$ 5.36

Stock-based Compensation - Schedule of RSUs and PRSUs Activity (Details)	6 Months Ended
	Jul. 05, 2026 $ / shares shares
RSUs
Number of Shares Outstanding
Issued and unvested shares beginning balances (in shares) \| shares	10,336,628
Granted (in shares) \| shares	6,078,478
Vested (in shares) \| shares	(2,856,396)
Forfeited (in shares) \| shares	(1,489,300)
Issued and unvested shares outstanding ending balance (in shares) \| shares	12,069,410
Weighted Average Grant Date Fair Value
Issued and unvested shares beginning balances (in dollars per share) \| $ / shares	$ 8.75
Granted (in dollars per share) \| $ / shares	5.45
Vested (in dollars per share) \| $ / shares	8.37
Forfeited (in dollars per share) \| $ / shares	9.43
Issued and unvested shares outstanding ending balance (in dollars per share) \| $ / shares	$ 7.09
PRSUs
Number of Shares Outstanding
Issued and unvested shares beginning balances (in shares) \| shares	2,047,638
Granted (in shares) \| shares	2,230,318
Vested (in shares) \| shares	(16,748)
Forfeited (in shares) \| shares	(945,580)
Issued and unvested shares outstanding ending balance (in shares) \| shares	3,315,628
Weighted Average Grant Date Fair Value
Issued and unvested shares beginning balances (in dollars per share) \| $ / shares	$ 7.51
Granted (in dollars per share) \| $ / shares	5.14
Vested (in dollars per share) \| $ / shares	8.25
Forfeited (in dollars per share) \| $ / shares	7.35
Issued and unvested shares outstanding ending balance (in dollars per share) \| $ / shares	$ 5.99

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jul. 05, 2026	Dec. 28, 2025
Current assets:
Cash and cash equivalents	$ 33,741	$ 106,014
Short-term investments	442,040	406,026
Accounts receivable, net	3,097	4,421
Notes receivable, net	0	4,012
Inventory	17,520	13,617
Prepaid expenses and other current assets	9,342	8,120
Total current assets	505,740	542,210
Property and equipment, net	165,155	170,263
Long-term investments	74,430	106,810
Customer relationship intangibles and other intangibles, net	29,168	31,638
Operating lease, right-of-use assets	8,639	11,682
Goodwill	12,217	12,217
Other assets, non-current	4,270	4,155
Total assets	799,619	878,975
Current liabilities:
Accounts payable	12,173	17,818
Accrued expenses	11,456	13,992
Accrued compensation	7,560	6,219
Short-term debt	10,593	9,865
Deferred revenue	3,710	5,015
Warrant liability	0	6,578
Other liabilities	6,618	5,529
Total current liabilities	52,110	65,016
Long-term debt, net	520,994	519,271
Operating lease liabilities, non-current	5,893	11,244
Deferred revenue, non-current	300	300
Deferred tax liability	8,320	9,119
Other liabilities, non-current	13	14
Total liabilities	587,630	604,964
Commitments and Contingencies (Note 7)
Stockholders’ equity:
Common stock, $0.0001 par value; authorized shares of 1,000,000,000; issued and outstanding shares of $219,195,932 and $216,556,238 as of July 5, 2026 and December 28, 2025, respectively	23	22
Additional paid-in-capital	1,328,872	1,307,912
Treasury stock, at cost	(58,385)	(58,385)
Accumulated other comprehensive loss	(1,415)	(508)
Accumulated deficit	(1,059,150)	(977,827)
Total Enovix’s stockholders’ equity	209,945	271,214
Non-controlling interest	2,044	2,797
Total equity	211,989	274,011
Total liabilities and equity	$ 799,619	$ 878,975

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jul. 05, 2026

Jun. 29, 2025

Jul. 05, 2026

Jun. 29, 2025

Income Statement [Abstract]

Total

$ 9,024

$ 7,468

$ 16,624

$ 12,566

Cost of revenue

7,722

5,526

13,770

10,363

Gross profit

1,302

1,942

2,854

2,203

Operating expenses:

Research and development

24,444

28,148

50,972

54,077

Selling, general and administrative

20,154

17,527

39,073

34,419

Total operating expenses

44,598

45,675

90,045

88,496

Loss from operations

(43,296)

(43,733)

(87,191)

(86,293)

Other income (expense):

Change in fair value of common stock warrants

181

(5,885)

6,578

9,911

Gain on bargain purchase of assets

4,761

Interest income

5,134

2,427

10,910

4,861

Interest expense

(6,521)

(1,705)

(13,529)

(3,421)

Other income (expense), net

984

(992)

1,327

1,361

Total other income (expense), net

(222)

(1,394)

5,286

17,473

Loss before income tax benefit

(43,518)

(45,127)

(81,905)

(68,820)

Income tax benefit

(441)

(861)

(570)

(1,023)

Net loss

(43,077)

(44,266)

(81,335)

(67,797)

Net gain (loss) attributable to non-controlling interest

(14)

262

(12)

241

Net loss attributable to Enovix

$ (43,063)

$ (44,528)

$ (81,323)

$ (68,038)

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

^[1]

$ (0.20)

$ (0.22)

$ (0.37)

$ (0.33)

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

^[1]

$ (0.20)

$ (0.22)

$ (0.37)

$ (0.33)

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

^[1]

218,502,098

204,819,119

217,908,465

204,086,108

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

^[1]

218,502,098

204,819,119

217,908,465

204,086,108

[1]	As required by ASC 260, Earnings Per Share, the share and per share amounts presented in the above table for the fiscal quarter and fiscal year-to-date ended June 29, 2025 have been retroactively adjusted to reflect the warrant dividend issued in July 2025.

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jul. 05, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 7. Commitments and Contingencies Purchase Commitments As of July 5, 2026 and December 28, 2025, our commitments included approximately $3.2 million and $5.3 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 5 “Leases” for more details. For the Convertible Senior Notes obligation and other borrowings, please refer to Note 6 “Borrowings” for more details. Performance Obligations As of July 5, 2026, we had $4.0 million of performance obligations, which comprised of total deferred revenue and customer order deposits. We currently expect to recognize approximately 93% 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. Securities Class Action Complaint In January 2023, purported Company stockholders filed securities class action complaints in the U.S. District Court for the Northern District of California against Enovix and certain of its current and former officers and directors (collectively, the “defendants”). The complaints, which were later consolidated, allege violations of Sections 10(b) and 20(a) of the Exchange Act, and Rule 10b-5 promulgated thereunder, relating to alleged material misstatements or omissions in public statements related to our manufacturing scale-ups and testing of new equipment. Following consolidation of the cases and court appointment of two purported Company stockholder lead plaintiffs, a consolidated complaint, In re Enovix Corp. Securities Litigation, Case No. 23-cv-00071-SI (N.D. Cal.), was filed in July 2023. The consolidated complaint alleges substantially similar claims, including allegations that the defendants made material misstatements or omissions in public statements related to testing of new equipment. The court granted the motion to dismiss the consolidated complaint in January 2024. The plaintiffs subsequently filed a second amended complaint in March 2024. The plaintiffs seek unspecified damages, interest, fees and costs on behalf of a putative class of persons and entities that purchased and/or acquired shares of Enovix or its predecessor entity’s common stock between August 10, 2021 and October 3, 2023. In July 2024, the court issued an order granting, in part, and denying in part defendants’ motion to dismiss. In June 2025, we filed a motion for partial judgment on the pleadings to eliminate certain alleged misstatements currently at issue in the case. In October 2025, the court granted our motion in full and dismissed two of the three remaining statements at issue in the litigation. The case is now proceeding on the one statement at issue. A hearing on the plaintiffs’ renewed motion for class certification was held and on April 21, 2026, the court denied plaintiffs’ motion for class certification. On May 5, 2026, the plaintiffs filed a petition for leave to appeal the denial of class certification with the United States Court of Appeals for the Ninth Circuit, and the court subsequently denied the appeal. In November 2024, a related derivative lawsuit was filed in Alameda County, California, which lawsuit has been stayed pending resolution of the securities action. In March 2026, two other derivative lawsuits were filed in the Northern District of California and the District of Delaware alleging substantially similar claims. In September 2024, we received demands under Section 220 of the Delaware General Corporation Law for corporate books and records (“Section 220 Demand”) from two stockholders related to the foregoing matter. However, we received notice in November 2025 from one of the stockholders, and in March 2026 from the second stockholder, that they would no longer be pursuing their Section 220 Demand. Based on information currently available, we have not recorded a liability related to these matters in our condensed consolidated financial statements as of July 5, 2026, because we cannot reasonably estimate the amount or range of potential losses. 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 to guarantee 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 the 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 periods presented.

Leases

6 Months Ended

Jul. 05, 2026

Leases [Abstract]

Leases

Note 5. Leases

We have operating lease agreements primarily for offices and manufacturing spaces located in various locations with lease periods expiring between 2027 and 2031, some of which include options to extend the leases for up to five years.

The Company, through its wholly owned subsidiary Enovix Malaysia Sdn. Bhd. (“Enovix Malaysia”), leases manufacturing facilities in Penang, Malaysia under a tenancy agreement originally entered into in December 2023, as subsequently expanded by two supplemental lease agreements entered into in October 2024 and November 2025 for additional space within the same facility. The original tenancy agreement included an option to renew for an additional three-year term, which the Company had previously determined it was reasonably certain to exercise; accordingly, the original lease term used to measure the operating lease liability and right-of-use (“ROU”) asset extended through July 31, 2029.

In April 2026, Enovix Malaysia and the landlord executed a renewal agreement (the “Renewal Agreement”) that renewed the tenancy for a one-year term commencing August 1, 2026 and expiring July 31, 2027, rather than the three-year renewal term previously assumed. Monthly rental payment is approximately RM962,267 (approximately $0.2 million U.S. dollars at current exchange rates). The Renewal Agreement covers the same premises previously leased.

The Company evaluated the Renewal Agreement under ASC 842, Leases, and concluded that it represents a modification of the existing lease that is not accounted for as a separate contract, because it does not grant the Company an additional right-of-use. As a result, the Company reassessed the lease term and concluded it is no longer reasonably certain to exercise a renewal option beyond July 31, 2027. Accordingly, the Company remeasured the operating lease liability and corresponding ROU asset using the revised lease term ending July 31, 2027. This remeasurement resulted in a decrease of approximately $2.1 million to the ROU asset and $3.1 million to the operating lease liability. Since the lease is denominated in Malaysian Ringgit, a foreign exchange gain of $1.0 million was recognized in earnings for the fiscal year-to-date July 5, 2026. The lease continues to be classified as an operating lease.

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


	Fiscal Quarters Ended				Fiscal Years-to-Date Ended
	July 5, 2026		June 29, 2025		July 5, 2026		June 29, 2025
Operating lease cost	$	1,366	$	1,078	$	2,599	$	2,190

Supplemental lease information:

Operating leases

As of July 5,
2026

As of December 28,
2025

Weighted-average remaining lease term

3.4 years

4.1 years

Weighted-average discount rate

7.7%

8.5%

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


	Fiscal Years-to-Date Ended
	July 5, 2026		June 29, 2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	2,562	$	2,284

Maturities of Lease Liabilities

The following is a schedule of maturities of lease liabilities as of July 5, 2026 (in thousands).


	Operating leases
2026 (remaining six months)	$	2,391
2027	3,746
2028	2,139
2029	1,858
2030	1,270
Thereafter	5
Total	11,409
Less: imputed interest	(1,278)
Present value of lease liabilities	$	10,131

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jul. 05, 2026

Accounting Policies [Abstract]

Disaggregation of Revenue

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


	Fiscal Quarters Ended								Fiscal Years-to-Date Ended
	July 5, 2026				June 29, 2025				July 5, 2026				June 29, 2025
	$		%		$		%		$		%		$		%
South Korea	$	6,281	70	%	$	5,128	69	%	$	11,507	69	%	$	7,539	60	%
Switzerland	1,350		15	%	919		12	%	2,400		14	%	2,301		18	%
Other*	1,393		15	%	1,421		19	%	2,717		17	%	2,726		22	%
Total	9,024		100	%	7,468		100	%	16,624		100	%	12,566		100	%

* No other country represented more than 10% of revenue for the periods presented.

Schedules of Concentration of Risk, by Risk Factor

The following table summarizes our significant customers.


	Fiscal Quarters Ended				Fiscal Years-to-Date Ended
	July 5, 2026		June 29, 2025		July 5, 2026		June 29, 2025
Customer A	65	%	64	%	63	%	55	%
Customer B	15	%	12	%	14	%	18	%

Inventory - Schedule of Components of Inventory (Details) - USD ($) $ in Thousands	Jul. 05, 2026	Dec. 28, 2025
Inventory Disclosure [Abstract]
Raw materials	$ 9,045	$ 6,620
Work-in-process	7,168	6,091
Finished goods	1,307	906
Total inventory	$ 17,520	$ 13,617

Fair Value Measurement - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jul. 05, 2026	Dec. 28, 2025
Assets:
Total assets measured at fair value	$ 529,323	$ 557,115
Money Market Funds
Assets:
Cash equivalents	12,853	44,279
Short-term Investments \| U.S. Treasuries
Assets:
Long-term Investments	238,346	315,581
Short-term Investments \| Corporate Notes and Debt Securities
Assets:
Long-term Investments	178,392	67,134
Short-term Investments \| U.S. Government Agency Debt Securities
Assets:
Long-term Investments	25,302	23,311
Long-term Investments \| U.S. Treasuries
Assets:
Long-term Investments	54,982	92,905
Long-term Investments \| Corporate Notes and Debt Securities
Assets:
Long-term Investments	9,511	8,044
Long-term Investments \| U.S. Government Agency Debt Securities
Assets:
Long-term Investments	9,937	5,861
Private Placement Warrants
Liabilities:
Private Placement Warrants		6,578
Level 1
Assets:
Total assets measured at fair value	12,853	44,279
Level 1 \| Money Market Funds
Assets:
Cash equivalents	12,853	44,279
Level 1 \| Short-term Investments \| U.S. Treasuries
Assets:
Long-term Investments	0	0
Level 1 \| Short-term Investments \| Corporate Notes and Debt Securities
Assets:
Long-term Investments	0	0
Level 1 \| Short-term Investments \| U.S. Government Agency Debt Securities
Assets:
Long-term Investments	0	0
Level 1 \| Long-term Investments \| U.S. Treasuries
Assets:
Long-term Investments	0	0
Level 1 \| Long-term Investments \| Corporate Notes and Debt Securities
Assets:
Long-term Investments	0	0
Level 1 \| Long-term Investments \| U.S. Government Agency Debt Securities
Assets:
Long-term Investments	0	0
Level 1 \| Private Placement Warrants
Liabilities:
Private Placement Warrants		0
Level 2
Assets:
Total assets measured at fair value	516,470	512,836
Level 2 \| Money Market Funds
Assets:
Cash equivalents	0	0
Level 2 \| Short-term Investments \| U.S. Treasuries
Assets:
Long-term Investments	238,346	315,581
Level 2 \| Short-term Investments \| Corporate Notes and Debt Securities
Assets:
Long-term Investments	178,392	67,134
Level 2 \| Short-term Investments \| U.S. Government Agency Debt Securities
Assets:
Long-term Investments	25,302	23,311
Level 2 \| Long-term Investments \| U.S. Treasuries
Assets:
Long-term Investments	54,982	92,905
Level 2 \| Long-term Investments \| Corporate Notes and Debt Securities
Assets:
Long-term Investments	9,511	8,044
Level 2 \| Long-term Investments \| U.S. Government Agency Debt Securities
Assets:
Long-term Investments	9,937	5,861
Level 2 \| Private Placement Warrants
Liabilities:
Private Placement Warrants		0
Level 3
Assets:
Total assets measured at fair value	0	0
Level 3 \| Money Market Funds
Assets:
Cash equivalents	0	0
Level 3 \| Short-term Investments \| U.S. Treasuries
Assets:
Long-term Investments	0	0
Level 3 \| Short-term Investments \| Corporate Notes and Debt Securities
Assets:
Long-term Investments	0	0
Level 3 \| Short-term Investments \| U.S. Government Agency Debt Securities
Assets:
Long-term Investments	0	0
Level 3 \| Long-term Investments \| U.S. Treasuries
Assets:
Long-term Investments	0	0
Level 3 \| Long-term Investments \| Corporate Notes and Debt Securities
Assets:
Long-term Investments	0	0
Level 3 \| Long-term Investments \| U.S. Government Agency Debt Securities
Assets:
Long-term Investments	$ 0	0
Level 3 \| Private Placement Warrants
Liabilities:
Private Placement Warrants		$ 6,578

Fair Value Measurement

6 Months Ended

Jul. 05, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurement

Note 3. 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 July 5, 2026 and December 28, 2025, 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 July 5, 2026 and December 28, 2025, we had cash and cash equivalents of $33.7 million and $106.0 million, respectively.


	Fair Value Measurement using
	Level 1		Level 2		Level 3		Total
As of July 5, 2026
Assets:
Cash equivalents:
Money Market Funds	$	12,853	$	—	$	—	$	12,853

Short-term investments:
U.S. Treasuries	—		238,346		—		238,346
Corporate Notes and Debt Securities	—		178,392		—		178,392
U.S. Government Agency Debt Securities	—		25,302		—		25,302
Long-term investments:
U.S. Treasuries	—		54,982		—		54,982
Corporate Notes and Debt Securities	—		9,511		—		9,511
U.S. Government Agency Debt Securities	—		9,937		—		9,937
Total assets measured at fair value	$	12,853	$	516,470	$	—	$	529,323


	Fair Value Measurement using
	Level 1		Level 2		Level 3		Total
As of December 28, 2025
Assets:
Cash equivalents:
Money Market Funds	$	44,279	$	—	$	—	$	44,279

Short-term investments:
U.S. Treasuries	—		315,581		—		315,581
Corporate Notes and Debt Securities	—		67,134		—		67,134
U.S. Government Agency Debt Securities	—		23,311		—		23,311
Long-term investments:
U.S. Treasuries	—		92,905		—		92,905
Corporate Notes and Debt Securities	—		8,044		—		8,044
U.S. Government Agency Debt Securities	—		5,861		—		5,861
Total assets measured at fair value	$	44,279	$	512,836	$	—	$	557,115

Liabilities:
Private Placement Warrants	$	—	$	—	$	6,578	$	6,578

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		Long-term Investments
As of July 5, 2026
Money Market Funds	$	12,853	$	—	$	—	$	12,853	$	12,853	$	—	$	—
U.S. Treasuries	293,879		—		(551)		293,328		—		238,346		54,982
Corporate Notes and Debt Securities	188,119		—		(216)		187,903		—		178,392		9,511
U.S. Government Agency Debt Securities	35,320		—		(81)		35,239		—		25,302		9,937
Total	$	530,171	$	—	$	(848)	$	529,323	$	12,853	$	442,040	$	74,430
As of December 28, 2025
Money Market Funds	$	44,279	$	—	$	—	$	44,279	$	44,279	$	—	$	—
U.S. Treasuries	408,344		142		—		408,486		—		315,581		92,905
Corporate Notes and Debt Securities	75,199		—		(21)		75,178		—		67,134		8,044
U.S. Government Agency Debt Securities	29,144		28		—		29,172		—		23,311		5,861
Total	$	556,966	$	170	$	(21)	$	557,115	$	44,279	$	406,026	$	106,810

As of July 5, 2026, 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 5,500,000 Private Placement Warrants outstanding that are held by Rodgers Capital, LLC (the “Sponsor”), certain of its board of directors and third-parties (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 $10.66 per share.

As of July 5, 2026 and December 28, 2025, we had 5,500,000 Private Placement Warrants outstanding. The fair value of the Private Placement Warrants was $0.00 per share as of July 5, 2026 and $1.20 per share as of December 28,
2025. 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 28, 2025	$	6,578


Change in fair value	(6,578)
Fair value as of July 5, 2026	$	—


	Private Placement Warrants
Fair value as of December 29, 2024	$	28,380


Change in fair value	(9,911)
Fair value as of June 29, 2025	$	18,469

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


	Private Placement Warrants Outstanding as of July 5, 2026	Private Placement Warrants Outstanding as of December 28, 2025
Expected term (in years)	0.0	0.5
Expected volatility	76.3%	90.8%
Risk-free interest rate	3.7%	3.6%
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 July 5, 2026, the fair values of the 2028 Convertible Senior Notes and the 2030 Convertible Senior Notes were approximately $165.1 million and $292.3 million, respectively. As of December 28, 2025, the fair values of the 2028 Convertible Senior Notes and 2030 Convertible Senior Notes were approximately $164.4 million and $359.6 million, respectively. As of July 5, 2026, we consider the fair value of the other long-term loans as approximately equal to their carrying values of $0.3 million.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jul. 05, 2026	Jun. 29, 2025
Cash flows used in operating activities:
Net loss	$ (81,335)	$ (67,797)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation, accretion and amortization	19,406	17,277
Stock-based compensation expense	24,799	26,136
Change in fair value of common stock warrants	(6,578)	(9,911)
Gain on bargain purchase of assets	0	(4,761)
Others	(1,452)	1,405
Changes in operating assets and liabilities:
Accounts and notes receivables	5,125	(552)
Inventory	(4,249)	(5,410)
Prepaid expenses and other assets	(1,369)	1,765
Accounts payable	(3,677)	2,241
Accrued expenses and compensation	(1,660)	(5,001)
Deferred revenue	(1,328)	1,044
Deferred tax liability	(803)	(683)
Other liabilities	(1,732)	1,481
Net cash used in operating activities	(54,853)	(42,766)
Cash flows from investing activities:
Purchase of property and equipment	(12,844)	(14,243)
Payment for business acquisition	0	(10,000)
Purchases of investments	(230,074)	(85,473)
Maturities of investments	227,580	18,627
Net cash used in investing activities	(15,338)	(91,089)
Cash flows from financing activities:
Proceeds from loan borrowing	1,300	0
Proceeds from issuance of common stock under employee stock purchase plan	938	711
Payroll tax payments for shares withheld upon vesting of RSUs	(3,382)	(2,853)
Purchase of Routejade shares from non-controlling interest	(740)	0
Repayment of debt	(108)	(813)
Proceeds from the exercise of stock options	0	782
Payments of transaction costs related to common stock issuance	0	(512)
Net cash used in financing activities	(1,992)	(2,685)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(202)	(102)
Change in cash, cash equivalents, and restricted cash	(72,385)	(136,642)
Cash and cash equivalents and restricted cash, beginning of period	107,979	274,691
Cash and cash equivalents and restricted cash, end of period	35,594	138,049
Supplemental cash flow disclosure:
Cash paid for interest	11,377	2,971
Cash paid for income taxes	103	190
Purchase of property and equipment included in liabilities	$ 6,887	$ 7,072

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Total stockholders' equity	Common stock	Additional paid-in capital	Treasury stock, at cost	Accumulated other comprehensive loss	Accumulated deficit	Non-controlling interest
Beginning balance (in shares) at Dec. 29, 2024			190,559,335
Beginning balance at Dec. 29, 2024	$ 249,403	$ 246,741	$ 19	$ 1,067,951	$ 0	$ (143)	$ (821,086)	$ 2,662
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(23,531)	(23,510)					(23,510)	(21)
Issuance of common stock upon exercise of stock options (in shares)			81,621
Issuance of common stock upon exercise of stock options	782	782		782
RSUs vested, net of shares withheld for taxes (in shares)			1,074,758
RSU vested, net of shares withheld	(1,761)	(1,761)		(1,761)
Vesting of early exercised stock options	1	1		1
Repurchase of unvested restricted common stock (in shares)			(597)
Stock-based compensation	12,931	12,931		12,931
Other comprehensive loss, net	(41)	(41)				(41)
Ending balance (in shares) at Mar. 30, 2025			191,715,117
Ending balance at Mar. 30, 2025	237,784	235,143	$ 19	1,079,904	0	(184)	(844,596)	2,641
Beginning balance (in shares) at Dec. 29, 2024			190,559,335
Beginning balance at Dec. 29, 2024	249,403	246,741	$ 19	1,067,951	0	(143)	(821,086)	2,662
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(67,797)
Ending balance (in shares) at Jun. 29, 2025			192,957,823
Ending balance at Jun. 29, 2025	206,652	203,749	$ 19	1,093,245		(391)	(889,124)	2,903
Beginning balance (in shares) at Mar. 30, 2025			191,715,117
Beginning balance at Mar. 30, 2025	237,784	235,143	$ 19	1,079,904	0	(184)	(844,596)	2,641
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(44,266)	(44,528)					(44,528)	262
Issuance of common stock under employee stock purchase plan (in shares)			129,038
Issuance of common stock under employee stock purchase plan	711	711		711
RSUs vested, net of shares withheld for taxes (in shares)			1,113,668
RSU vested, net of shares withheld	(1,092)	(1,092)		(1,092)
Stock-based compensation	13,722	13,722		13,722
Other comprehensive loss, net	(207)	(207)				(207)
Ending balance (in shares) at Jun. 29, 2025			192,957,823
Ending balance at Jun. 29, 2025	$ 206,652	203,749	$ 19	1,093,245		(391)	(889,124)	2,903
Beginning balance (in shares) at Dec. 28, 2025	216,556,238		216,556,238
Beginning balance at Dec. 28, 2025	$ 274,011	271,214	$ 22	1,307,912	(58,385)	(508)	(977,827)	2,797
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(38,258)	(38,260)					(38,260)	2
Issuance of common stock upon exercise of stock options (in shares)			4,730
Issuance of common stock upon exercise of stock options	0
RSUs vested, net of shares withheld for taxes (in shares)			1,137,371
RSU vested, net of shares withheld	(1,663)	(1,663)		(1,663)
Purchase of additional Routejade shares	(740)							(740)
Stock-based compensation	10,114	10,114		10,114
Other comprehensive loss, net	(734)	(733)				(733)		(1)
Ending balance (in shares) at Apr. 05, 2026			217,698,339
Ending balance at Apr. 05, 2026	$ 242,730	240,672	$ 22	1,316,363	(58,385)	(1,241)	(1,016,087)	2,058
Beginning balance (in shares) at Dec. 28, 2025	216,556,238		216,556,238
Beginning balance at Dec. 28, 2025	$ 274,011	271,214	$ 22	1,307,912	(58,385)	(508)	(977,827)	2,797
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (81,335)
Issuance of common stock upon exercise of stock options (in shares)	4,730
Ending balance (in shares) at Jul. 05, 2026	219,195,932		219,195,932
Ending balance at Jul. 05, 2026	$ 211,989	209,945	$ 23	1,328,872	(58,385)	(1,415)	(1,059,150)	2,044
Beginning balance (in shares) at Apr. 05, 2026			217,698,339
Beginning balance at Apr. 05, 2026	242,730	240,672	$ 22	1,316,363	(58,385)	(1,241)	(1,016,087)	2,058
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(43,077)	(43,063)					(43,063)	(14)
Issuance of common stock under employee stock purchase plan (in shares)			167,535
Issuance of common stock under employee stock purchase plan	938	938		938
RSUs vested, net of shares withheld for taxes (in shares)			1,330,058
RSU vested, net of shares withheld	(1,718)	(1,718)	$ 1	(1,719)
Stock-based compensation	13,290	13,290		13,290
Other comprehensive loss, net	$ (174)	(174)				(174)
Ending balance (in shares) at Jul. 05, 2026	219,195,932		219,195,932
Ending balance at Jul. 05, 2026	$ 211,989	$ 209,945	$ 23	$ 1,328,872	$ (58,385)	$ (1,415)	$ (1,059,150)	$ 2,044

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jul. 05, 2026	Dec. 28, 2025
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)	219,195,932	216,556,238
Common stock, shares outstanding (in shares)	219,195,932	216,556,238

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-Subparagraph (SX 210.6-09(7))
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+ Details

Stock-based Compensation (Tables)

6 Months Ended

Jul. 05, 2026

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).


	Fiscal Quarters Ended				Fiscal Years-to-Date Ended
	July 5, 2026		June 29, 2025		July 5, 2026		June 29, 2025
Cost of revenue	$	490	$	356	$	935	$	477
Research and development	4,620		6,941		9,690		13,296
Selling, general and administrative	7,924		6,825		14,174		12,363

Total stock-based compensation expense	$	13,034	$	14,122	$	24,799	$	26,136

Schedule of Stock Option Activity

The following table summarizes stock option activities for the fiscal year-to-date ended July 5, 2026 (in thousands, except share, per share and contractual life amounts).


	Number of Options Outstanding	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (1) (2)
Balances as of December 29, 2025	1,206,554	$	9.69	5.2	$	219

Exercised	(4,730)	0.05
Forfeited	(69,623)	8.81
Balances as of July 5, 2026	1,132,201	$	9.78	4.4	$	99
Vested and expected to vest at July 5, 2026	1,132,201	$	9.78	4.4	$	99
Vested and exercisable at July 5, 2026	1,131,367	$	9.77	4.4	$	99
Unvested and exercisable at July 5, 2026	834	$	17.99	0.3	$	—


(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 July 5, 2026 represents the value of our closing stock price at $5.36 on the last trading day of the quarter ended July 5, 2026 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 July 5, 2026 (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 December 29, 2025	10,336,628	$	8.75	2,047,638	$	7.51
Granted	6,078,478	5.45		2,230,318	5.14
Vested	(2,856,396)	8.37		(16,748)	8.25
Forfeited	(1,489,300)	9.43		(945,580)	7.35
Issued and unvested shares outstanding as of July 5, 2026	12,069,410	$	7.09	3,315,628	$	5.99

Borrowings (Tables)

6 Months Ended

Jul. 05, 2026

Debt Disclosure [Abstract]

Schedule of Components of Long-Term Debt, Net

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


	Annual Interest Rate		Maturity Date	As of July 5, 2026		As of December 28, 2025

2028 Convertible Senior Notes	3.00	%	May 1, 2028	$	172,500	$	172,500
2030 Convertible Senior Notes	4.75	%	September 15, 2030	360,000		360,000
Long-term loans
Floating rate	3.40	%	June 30, 2027	108		173
Floating rate	3.40	%	June 30, 2028	216		287


Total Convertible Senior Notes and other borrowings				532,824		532,960
Less: unamortized debt issuance costs				(11,614)		(13,459)
Long-term debt				521,210		519,501
Current portion of long-term debt				(216)		(230)
Long-term debt, net				$	520,994	$	519,271

Schedule of Interest Expense Related to Convertible Notes


	Fiscal Quarters Ended				Fiscal Years-to-Date Ended
	July 5, 2026		June 29, 2025		July 5, 2026		June 29, 2025
Coupon interest	$	5,509	$	1,294	$	11,442	$	2,588
Amortization of debt issuance costs	890		283		1,844		563
Total interest expense on Convertible Senior Notes	6,399		1,577		13,286		3,151
Loan interest	122		128		243		270
Total interest expenses related to Convertible Senior Notes and loans	$	6,521	$	1,705	$	13,529	$	3,421

Schedule of Maturities of Long-Term Debt

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


	Debt Maturity
2026 (remaining six months)	$	108
2027	162
2028	172,554
2029	—
2030	360,000

Total gross amount of long-term debt	$	532,824

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.9-06)
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

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-Section 50
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-Publisher FASB
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+ Details

Stock-based Compensation

6 Months Ended

Jul. 05, 2026

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

Note 10. 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 the 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 record forfeitures as they occur. For PRSUs, we use the graded vesting method to calculate the stock-based compensation expense. At each reporting period, we recognize and adjust the stock-based compensation expense based on our probability assessment in meeting our PRSUs' performance conditions.

Stock-based Compensation Expense


	Fiscal Quarters Ended				Fiscal Years-to-Date Ended
	July 5, 2026		June 29, 2025		July 5, 2026		June 29, 2025
Cost of revenue	$	490	$	356	$	935	$	477
Research and development	4,620		6,941		9,690		13,296
Selling, general and administrative	7,924		6,825		14,174		12,363

Total stock-based compensation expense	$	13,034	$	14,122	$	24,799	$	26,136

For the fiscal year-to-date ended July 5, 2026 and June 29, 2025, we capitalized $0.7 million and $0.2 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 $2.1 million of bonus to be settled in equity awards as accrued compensation on the Condensed Consolidated Balance Sheet as of July 5, 2026.

As of July 5, 2026, there was approximately $96.1 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 2.8 years. As of July 5, 2026, 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 0.98 years.

Stock Option Activity

The following table summarizes stock option activities for the fiscal year-to-date ended July 5, 2026 (in thousands, except share, per share and contractual life amounts).


	Number of Options Outstanding	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (1) (2)
Balances as of December 29, 2025	1,206,554	$	9.69	5.2	$	219

Exercised	(4,730)	0.05
Forfeited	(69,623)	8.81
Balances as of July 5, 2026	1,132,201	$	9.78	4.4	$	99
Vested and expected to vest at July 5, 2026	1,132,201	$	9.78	4.4	$	99
Vested and exercisable at July 5, 2026	1,131,367	$	9.77	4.4	$	99
Unvested and exercisable at July 5, 2026	834	$	17.99	0.3	$	—


(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 July 5, 2026 represents the value of our closing stock price at $5.36 on the last trading day of the quarter ended July 5, 2026 in excess of the exercise price multiplied by the number of options outstanding.

Restricted Stock Unit and Performance Restricted Stock Unit Activities

The following table summarizes RSUs and PRSUs activities for the fiscal year-to-date ended July 5, 2026 (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 December 29, 2025	10,336,628	$	8.75	2,047,638	$	7.51
Granted	6,078,478	5.45		2,230,318	5.14
Vested	(2,856,396)	8.37		(16,748)	8.25
Forfeited	(1,489,300)	9.43		(945,580)	7.35
Issued and unvested shares outstanding as of July 5, 2026	12,069,410	$	7.09	3,315,628	$	5.99

Net Loss per Share (Tables)

6 Months Ended

Jul. 05, 2026

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).


	Fiscal Quarters Ended				Fiscal Years-to-Date Ended
	July 5, 2026		June 29, 2025		July 5, 2026		June 29, 2025

Numerator:
Net loss attributable to common stockholders - basic and diluted	$	(43,063)	$	(44,528)	$	(81,323)	$	(68,038)




Denominator:
Weighted-average shares outstanding used in computing net loss per share of common stock - basic and diluted(1)	218,502,098		204,819,119		217,908,465		204,086,108




Net loss per share of common stock:
Basic and diluted(1)	$	(0.20)	$	(0.22)	$	(0.37)	$	(0.33)

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.


	Fiscal Quarters Ended		Fiscal Years-to-Date Ended
	July 5, 2026	June 29, 2025	July 5, 2026	June 29, 2025
Stock options outstanding	1,132,201	1,618,980	1,132,201	1,618,980
Restricted stock units and performance restricted stock units outstanding	15,385,038	14,954,849	15,385,038	14,954,849
Assumed conversion of Convertible Senior Notes	43,171,560	11,053,800	43,171,560	11,053,800
Private Placement Warrants outstanding	5,500,000	5,500,000	5,500,000	5,500,000

Employee stock purchase plan estimated shares	166,059	296,202	166,059	296,202

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 05, 2026	Jun. 29, 2025	Jul. 05, 2026	Jun. 29, 2025
Statement of Comprehensive Income [Abstract]
Net loss	$ (43,077)	$ (44,266)	$ (81,335)	$ (67,797)
Other comprehensive income (loss), net of tax:
Change in net foreign currency translation adjustments	95	(233)	90	(231)
Net unrealized loss on available-for-sale securities	(269)	26	(997)	(17)
Other comprehensive income (expense), net of tax	(174)	(207)	(907)	(248)
Comprehensive loss	(43,251)	(44,473)	(82,242)	(68,045)
Comprehensive income (loss) attributable to non-controlling interest	(14)	262	(12)	241
Comprehensive loss attributable to Enovix	$ (43,237)	$ (44,735)	$ (82,230)	$ (68,286)

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Fair Value Measurement - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Jul. 05, 2026	Dec. 28, 2025	Jun. 29, 2025	Dec. 05, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	$ 33,741	$ 106,014	$ 135,978
Long-term debt, fair value	300	500
3.0 % Convertible Senior Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value of the convertible senior notes	165,100	164,400
Convertible Senior Notes Due 2030
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value of the convertible senior notes	$ 292,300	$ 359,600
Private Placement Warrants
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrants outstanding (in shares)	5,500,000	5,500,000		5,500,000
Each whole private placement warrant became exercisable for number of whole shares (in shares)				1
Exercise price of warrants (in dollars per share)				$ 10.66
Level 3 \| 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)	$ 0.00	$ 1.20

Related Parties (Details) $ in Thousands	3 Months Ended		6 Months Ended
Related Parties (Details) $ in Thousands	Jul. 05, 2026 USD ($) family_member	Jun. 29, 2025 USD ($)	Jul. 05, 2026 USD ($) family_member	Jun. 29, 2025 USD ($)	Apr. 20, 2023 USD ($)
Related Party Transaction [Line Items]
Interest expense	$ 6,521	$ 1,705	$ 13,529	$ 3,421
3.0 % Convertible Senior Notes \| Convertible Debt
Related Party Transaction [Line Items]
Principal balance					$ 172,500
Related Party
Related Party Transaction [Line Items]
Number of employed family members \| family_member	1		1
Related Party \| Affiliate Notes \| Convertible Debt
Related Party Transaction [Line Items]
Principal balance					$ 10,000

- 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

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jul. 05, 2026

Accounting Policies [Abstract]

Fiscal Year

Our fiscal year is the 52 or 53-week period ending on the Sunday closest to December 31 depending on the calendar year. Accordingly, we will have a 53-week fiscal year every five or six years. Our fiscal year 2026 consists of 53 weeks, which will end on January 3, 2027, while our fiscal year 2025 consisted of 52 weeks, which ended on December 28, 2025. All period references are to the fiscal periods unless otherwise indicated.

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.

Consolidation

The condensed consolidated financial statements include our accounts, our wholly-owned subsidiaries and majority-owned subsidiaries and the business combinations from the closing dates. All intercompany balances and transactions have been eliminated in consolidation.

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, assumptions used in stock-based compensation, incremental borrowing rate for operating right-of-use assets and lease liabilities 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.

Segment Reporting

Revenue

Recently Issued or Adopted Accounting Pronouncements

Adoption of New Accounting Standards

Accounting Standard Issued But Not Yet Adopted

Fair Value of Financial Instruments


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

- Definition

Disclosure of accounting policy for revenue from contract with customer.

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