0001828318-22-000026 | 10-Q | XBRL Viewer

Print Document View Excel Document

Cover - shares	6 Months Ended
Cover - shares	Jul. 03, 2022	Aug. 11, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 03, 2022
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	Non-accelerated Filer
Entity Emerging Growth Company	true
Entity Small Business	true
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		157,148,372
Entity Shell Company	false
Entity Central Index Key	0001828318
Current Fiscal Year End Date	--01-01
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jul. 03, 2022	Jan. 02, 2022
Current assets:
Cash and cash equivalents	$ 384,730	$ 385,293
Accounts receivable, net	102	0
Inventory	669	0
Deferred contract costs	1,340	4,554
Prepaid expenses and other current assets	2,026	8,274
Total current assets	388,867	398,121
Property and equipment, net	90,932	76,613
Operating lease, right-of-use assets	6,407	6,669
Other assets, non-current	1,049	1,162
Total assets	487,255	482,565
Current liabilities:
Accounts payable	6,133	3,144
Accrued expenses	3,357	7,109
Accrued compensation	6,579	4,101
Deferred revenue	275	5,575
Other liabilities	722	707
Total current liabilities	17,066	20,636
Warrant liability	30,060	124,260
Operating lease liabilities, non-current	8,661	9,071
Deferred revenue, non-current	2,590	2,290
Other liabilities, non-current	138	191
Total liabilities	58,515	156,448
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 156,678,690 and 152,272,287 as of July 3, 2022 and January 2, 2022, respectively	15	15
Preferred stock, $0.0001 par value; authorized shares of 10,000,000; no shares issued or outstanding as of July 3, 2022 and January 2, 2022, respectively	0	0
Additional paid-in-capital	720,305	659,254
Accumulated deficit	(291,580)	(333,152)
Total stockholders’ equity	428,740	326,117
Total liabilities and stockholders’ equity	$ 487,255	$ 482,565

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jul. 03, 2022	Jan. 02, 2022
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)	156,678,690	152,272,287
Common stock, shares outstanding (in shares)	156,678,690	152,272,287
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares outstanding (in shares)	0	0
Preferred stock, shares issued (in shares)	0	0

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2022	Jun. 30, 2021	Jul. 03, 2022	Jun. 30, 2021
Income Statement [Abstract]
Revenue	$ 5,101	$ 0	$ 5,101	$ 0
Cost of revenue	5,739	112	6,254	1,743
Gross margin	(638)	(112)	(1,153)	(1,743)
Operating expenses:
Research and development	15,827	9,523	28,558	15,112
Selling, general and administrative	11,566	4,548	23,435	8,709
Total operating expenses	27,393	14,071	51,993	23,821
Loss from operations	(28,031)	(14,183)	(53,146)	(25,564)
Other income (expense):
Change in fair value of convertible preferred stock warrants and common stock warrants	26,400	0	94,200	(4,781)
Interest expense, net	0	(135)	0	(135)
Other income (expense), net	496	15	518	12
Total other income (expense), net	26,896	(120)	94,718	(4,904)
Net income (loss)	$ (1,135)	$ (14,303)	$ 41,572	$ (30,468)
Net income (loss) per share, basic (in dollars per share)	$ (0.01)	$ (0.15)	$ 0.27	$ (0.32)
Weighted average number of common shares outstanding, basic (in shares)	152,521,389	97,433,726	152,082,655	96,629,530
Net income (loss) per share, diluted (in dollars per share)	$ (0.18)	$ (0.15)	$ (0.34)	$ (0.32)
Weighted average number of common shares outstanding, diluted (in shares)	152,521,389	97,433,726	152,924,803	96,629,530

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2020		100,016,559
Beginning balance at Dec. 31, 2020	$ 36,216	$ 10	$ 243,484	$ (207,278)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)		2,112,373
Issuance of common stock upon exercise of stock options	30		30
Vesting of early exercised stock options	24		24
Repurchase of unvested restricted common stock (in shares)		(87,768)
Issuance of Series D convertible preferred stock upon exercise of warrants (in shares)		2,020,034
Issuance of Series D convertible preferred stock upon exercise of warrants	20,877		20,877
Stock-based compensation	1,555		1,555
Net income (loss)	(16,165)			(16,165)
Ending balance (in shares) at Mar. 31, 2021		104,061,198
Ending balance at Mar. 31, 2021	42,537	$ 10	265,970	(223,443)
Beginning balance (in shares) at Dec. 31, 2020		100,016,559
Beginning balance at Dec. 31, 2020	36,216	$ 10	243,484	(207,278)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(30,468)
Ending balance (in shares) at Jun. 30, 2021		103,995,529
Ending balance at Jun. 30, 2021	30,620	$ 10	268,356	(237,746)
Beginning balance (in shares) at Mar. 31, 2021		104,061,198
Beginning balance at Mar. 31, 2021	42,537	$ 10	265,970	(223,443)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)		9,442
Issuance of common stock upon exercise of stock options	4		4
Vesting of early exercised stock options	29		29
Repurchase of unvested restricted common stock (in shares)		(75,111)
Stock-based compensation	2,353		2,353
Net income (loss)	(14,303)			(14,303)
Ending balance (in shares) at Jun. 30, 2021		103,995,529
Ending balance at Jun. 30, 2021	30,620	$ 10	268,356	(237,746)
Beginning balance (in shares) at Jan. 02, 2022		152,272,287
Beginning balance at Jan. 02, 2022	326,117	$ 15	659,254	(333,152)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)		91,910
Issuance of common stock upon exercise of stock options	200		200
Issuance of common stock upon exercise of common stock warrants (in shares)		4,126,466
Issuance of common stock upon exercise of common stock warrants	47,452		47,452
Vesting of early exercised stock options	42		42
Vesting of restricted stock units (in shares)		34,941
Repurchase of unvested restricted common stock (in shares)		(105,886)
Stock-based compensation	4,536		4,536
Net income (loss)	42,707			42,707
Ending balance (in shares) at Apr. 03, 2022		156,419,718
Ending balance at Apr. 03, 2022	421,054	$ 15	711,484	(290,445)
Beginning balance (in shares) at Jan. 02, 2022		152,272,287
Beginning balance at Jan. 02, 2022	$ 326,117	$ 15	659,254	(333,152)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)	138,717
Net income (loss)	$ 41,572
Ending balance (in shares) at Jul. 03, 2022		156,678,690
Ending balance at Jul. 03, 2022	428,740	$ 15	720,305	(291,580)
Beginning balance (in shares) at Apr. 03, 2022		156,419,718
Beginning balance at Apr. 03, 2022	421,054	$ 15	711,484	(290,445)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)		46,807
Issuance of common stock upon exercise of stock options	77		77
Issuance of common stock under employee stock purchase plan (in shares)		126,574
Issuance of common stock under employee stock purchase plan	1,113		1,113
Vesting of early exercised stock options	28		28
Vesting of restricted stock units (in shares)		115,990
Repurchase of unvested restricted common stock (in shares)		(30,399)
Stock-based compensation	7,603		7,603
Net income (loss)	(1,135)			(1,135)
Ending balance (in shares) at Jul. 03, 2022		156,678,690
Ending balance at Jul. 03, 2022	$ 428,740	$ 15	$ 720,305	$ (291,580)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jul. 03, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net income (loss)	$ 41,572	$ (30,468)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Depreciation	1,531	375
Amortization of right-of-use assets	269	0
Stock-based compensation	13,418	3,675
Changes in fair value of convertible preferred stock warrants and common stock warrants	(94,200)	4,781
Changes in operating assets and liabilities:
Accounts receivable	(102)	0
Inventory	(669)	0
Prepaid expenses and other assets	613	493
Deferred contract costs	3,214	(693)
Accounts payable	249	3,904
Accrued expenses and compensation	(1,191)	1,592
Deferred revenue	(5,000)	1,100
Other liabilities	(3)	99
Net cash used in operating activities	(40,299)	(15,142)
Cash flows from investing activities:
Purchase of property and equipment	(14,473)	(20,573)
Net cash used in investing activities	(14,473)	(20,573)
Cash flows from financing activities:
Payments of transaction costs related to Business Combination and PIPE financing	0	(3,592)
Proceeds from exercise of common stock warrants, net	52,828	0
Proceeds from secured promissory notes, converted promissory notes and paycheck protection program loan	0	14,910
Proceeds from issuance of common stock under employee stock purchase plan	1,112	0
Proceeds from exercise of convertible preferred stock warrants	0	102
Proceeds from the exercise of stock options	277	163
Repurchase of unvested restricted common stock	(8)	(10)
Net cash provided by financing activities	54,209	11,573
Change in cash, cash equivalents, and restricted cash	(563)	(24,142)
Cash and cash equivalents and restricted cash, beginning of period	385,418	29,218
Cash and cash equivalents, and restricted cash, end of period	384,855	5,076
Supplemental cash flow data (Non-cash):
Purchase of property and equipment included in liabilities	6,303	2,298
Accrued transaction costs	0	2,133
Cash, cash equivalents and restricted cash
Cash and cash equivalents	384,730	4,951
Restricted cash included in prepaid expenses and other current assets	125	125
Total cash, cash equivalents, and restricted cash	$ 384,855	$ 5,076

Organization and Basis of Presentation	6 Months Ended
Organization and Basis of Presentation	Jul. 03, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Organization Enovix Corporation (“Enovix” or the “Company”) was incorporated in Delaware in 2006. The Company designs, develops, and manufactures an advanced silicon-anode lithium-ion battery using proprietary 3D cell architecture that increases energy density and maintains a high cycle life. The Company is headquartered in Fremont, California. The Company is focused on the development and commercialization of its silicon-anode lithium-ion batteries. Starting in the second quarter of 2022, the Company has commenced its planned principal operations of commercial manufacturing and has begun to generate revenue from its planned principal business activities. Business Combination On July 14, 2021 (the “Closing Date”), Enovix Corporation, a Delaware Corporation (“Legacy Enovix”), Rodgers Silicon Valley Acquisition Corp. (“RSVAC”), and RSVAC Merger Sub Inc., a Delaware Corporation and wholly owned subsidiary of RSVAC (“Merger Sub”), consummated the closing of the transactions contemplated by the Agreement and Plan of Merger, dated February 22, 2021 (the “Business Combination”), by and among RSVAC, Merger Sub and Legacy Enovix (the “Merger Agreement”), following the approval at a special meeting of the stockholders of RSVAC held on July 12, 2021 (the “Special Meeting”). Following the consummation of the Business Combination on the Closing Date, Legacy Enovix changed its name to Enovix Operations Inc., and RSVAC changed its name from Rodgers Silicon Valley Acquisition Corp. to Enovix Corporation. Please refer to Note 3 “Business Combination” to the consolidated financial statements for the fiscal year ended January 2, 2022 included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 2, 2022, filed with the Securities and Exchange Commission (the “SEC”) on March 25, 2022 (the “Annual Report”) for further details of the Business Combination.

Summary of Significant Accounting Policies

6 Months Ended

Jul. 03, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation and Consolidation

The accompanying condensed consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States (“GAAP”). The condensed consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries, and the Business Combination from the Closing Date. All intercompany balances and transactions have been eliminated in consolidation.

The Business Combination has been accounted for as a reverse recapitalization under GAAP. This determination is primarily based on Legacy Enovix stockholders comprising a relative majority of the voting power of Enovix and having the ability to nominate the members of the Board, Legacy Enovix’s operations prior to the acquisition comprising the only ongoing operations of Enovix, and Legacy Enovix’s senior management comprising a majority of the senior management of Enovix. Under this accounting method, RSVAC was treated as the “acquired” company and Legacy Enovix was treated as the acquirer for financial reporting purposes. Accordingly, for accounting purposes, the financial statements of Enovix represent a continuation of the financial statements of Legacy Enovix with the Business Combination being treated as the equivalent of Enovix issuing common stock for the net assets of RSVAC, accompanied by a recapitalization. The net liabilities of RSVAC, other than its warrant liabilities, were stated at historical cost, which approximates to its fair values. Its warrant liabilities were stated at its fair values and no goodwill or other intangible assets were recorded. Results of operations prior to the Business Combination are presented as those of Enovix. Beginning in the third quarter of 2021, historical shares and corresponding capital amounts, as well as for net loss per share, prior to the Business Combination, have been retrospectively adjusted using the exchange ratio as defined in the Business Combination for the equivalent number of shares outstanding immediately after the Business Combination to the effect the reverse recapitalization.

The Company did not have any other comprehensive income or loss for the periods presented. Accordingly, net income (loss) and comprehensive income (loss) are the same for the periods presented. Additionally, the Company did not have any income tax expenses for the periods presented.

Liquidity and Capital Resources

The Company has incurred operating losses and negative cash flows from operations since its inception through July 3, 2022 and expects to incur operating losses for the foreseeable future. As of July 3, 2022, the Company had a working capital of $371.8 million and an accumulated deficit of $291.6 million. In connection with the Business Combination in July 2021, the Company raised approximately $373.7 million of net proceeds, after deducting transaction costs and estimated offering related expenses. Please refer to Note 3 “Business Combination” of the notes to the consolidated financial statements for the fiscal year ended January 2, 2022 included in the Annual Report for more information. In December 2021, the Company received $77.2 million of gross proceeds from the exercises of the Public Warrants (as defined under the heading “Common Stock Warrants” in Note 8 “Warrants”), which were being traded in the Nasdaq Global Select Market (“Nasdaq”). In January 2022, the Company received $52.8 million of net proceeds from the exercise of the Public Warrants. The Company plans to use the proceeds from the exercises of the Public Warrants for general corporate purposes.

Based on the anticipated spending, cash received from the Business Combination and timing of expenditure, the Company currently expects that its cash will be sufficient to meet its funding requirements over the next twelve months. Going forward, the Company may require additional financing for its future operation expansion. The accompanying condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business.

Unaudited Interim Condensed Consolidated Financial Statements

The Condensed Consolidated Balance Sheet as of July 3, 2022, the Condensed Consolidated Statements of Operations, Condensed Consolidated Statements of Changes in Shareholders’ equity for the quarters and fiscal years-to-date ended July 3, 2022 and June 30, 2021, and the Condensed Consolidated Statements of Cash Flows for the fiscal years-to-date ended July 3, 2022 and June 30, 2021 are unaudited. These accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the 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 the Company’s financial condition, results of operations, stockholders’ equity and cash flows for the periods presented above. The results of operations for the quarter and fiscal year-to-date ended July 3, 2022 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 January 2, 2022 included herein was derived from the audited consolidated financial statements as of that date. The accompanying condensed consolidated financial statements and related notes included in the Annual Report.

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, the valuation allowance on deferred tax assets, assumptions used in stock-based compensation, incremental borrowing rate for operating right-of-use assets and lease liabilities, and estimates to fair value convertible preferred stock warrants and common stock warrants. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that it believes to be reasonable under the circumstances. In the preparation of our condensed consolidated financial statements, the Company has considered potential impacts of the COVID-19 pandemic on its critical and significant accounting estimates. There was no significant impact to its condensed consolidated financial statements. The Company will continue to evaluate the nature and extent of the potential impacts to its business and its condensed consolidated financial statements.

Summary of Significant Accounting Policies

As the Company has commenced its planned principal operations of commercial manufacturing in the second quarter of 2022 and adopted Accounting Standards Update (“ASU”), 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), the Company has the following new additions and updates to the 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 January 2, 2022 included in the Annual Report.

Revenue Recognition

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

1.Identify the contract with the customer;

2.Identify the performance obligations in the contract;

3.Determine the transaction price;

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

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

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

Service Revenue

For more details on revenue recognition on Service Revenue, please refer to Note 2 “Summary of Significant Accounting Policies” to the consolidated financial statements for the fiscal year ended January 2, 2022 included in the Annual Report.

Product Revenue

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

For the quarter ended July 3, 2022, the Company recognized $5.1 million of total revenue, of which $5.1 million represented Service Revenue and an immaterial amount was for Product Revenue. Customer A represented $5.0 million of the Company's total revenue.

As of July 3, 2022 and January 2, 2022, total deferred revenue was $2.9 million and $7.9 million, respectively, and total deferred contract costs were $1.3 million and $4.6 million, respectively.

Product Warranties

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

reported claims differ from the estimates, the Company may be required to revise its estimated warranty liability. As of July 3, 2022, the Company's warranty liability on the Condensed Consolidated Balance Sheet was immaterial.

Trade Accounts Receivable and Allowance for Credit Losses

The Company’s accounts receivables are recorded at invoiced amounts less allowance for any credit losses. According to ASU 2016-13, the Company recognizes credit losses based on a forward-looking current expected credit losses (“CECL”). The Company makes estimates of expected credit losses based upon its assessment of various factors, including the age of accounts receivable balances, credit quality of its customers, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect its ability to collect from customers. The allowance for credit losses are recognized in the Condensed Consolidated Statement of Operations. The uncollectible accounts receivables are written off in the period in which a determination is made that all commercially reasonable means of recovering them have been exhausted. The Company recognized an immaterial amount of allowance for expected credit loss as of July 3, 2022 and there was no write-off of accounts receivable for the periods presented. As of July 3, 2022, the Company's accounts receivable, net was insignificant.

Credit Losses

The Company is exposed to credit losses primarily through its available-for-sale investments. The Company invests excess cash in marketable securities with high credit ratings that are classified in Level 1 and Level 2 of the fair value hierarchy. The Company’s investment portfolio at any point in time contains investments in U.S. treasury and U.S. government agency securities, taxable and tax-exempt municipal notes, corporate notes and bonds, commercial paper, non-U.S. government agency securities and money market funds, and are classified as available-for-sale. The Company assesses whether its available-for sale investments are impaired at each reporting period. Unrealized losses or impairments resulting from the fair value of the available-for-sale debt security being below the amortized cost basis are evaluated for identification of credit losses and non-credit related losses. Any credit losses are charged to earnings against the allowance for credit losses of the debt security, limited to the difference between the fair value and the amortized cost basis of the debt security. Any difference between the fair value of the debt security and the amortized cost basis, less the allowance for credit losses, are reported in other comprehensive income (loss). Expected cash inflows due to improvements in credit are recognized through a reversal of the allowance for credit losses subject to the total allowance previously recognized. The Company’s expected loss allowance methodology for the debt securities is developed by reviewing the extent of the unrealized loss, the size, term, geographical location, and industry of the issuer, the issuers’ credit ratings and any changes in those ratings, as well as reviewing current and future economic market conditions and the issuers’ current status and financial condition. The Company considered the current and expected future economic and market conditions and determined that the estimate of credit losses was not significantly impacted. As of July 3, 2022, the Company has not recognized an allowance for expected credit losses related to available-for-sale investments as the Company did not have available-for-sale investments.

Inventory

Inventory is stated at the lower of cost or net realizable value on a first-in and first-out basis. Inventory costs include direct materials, direct labor, and normal manufacturing overhead. The cost basis of the Company’s inventory is reduced for any products that are considered excessive or obsolete based upon assumptions about future demand and market conditions. Additionally, the cost basis of the Company’s inventory does not include any unallocated fixed overhead costs associated with abnormally low utilization of its factories. See Note 5 “Inventory” for more information.

Property and Equipment

Property and equipment are stated at the Company’s original cost, net of accumulated depreciation. Construction in process is related to the construction or development of property and equipment that have not yet been placed in service for their intended use.

In the second quarter of 2022, the Company has placed its leasehold improvement and machinery and equipment into service for the Company's first production line and has updated the estimated useful lives for its property and equipment. As of July 3, 2022, the Company’s second production line was not yet placed into service as it remains under construction.

Costs for capital assets not yet placed into service are capitalized as construction in process on the Condensed Consolidated Balance Sheets and will be depreciated once placed into service.

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


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

When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in the Condensed Consolidated Statement of Operations in the period of disposition. Maintenance and repairs that do not improve or extend the lives of the respective assets are expensed in the Condensed Consolidated Statement of Operations in the period incurred. See Note 4 “Property and Equipment” for more information.

Emerging Growth Company Status

The Company currently qualifies as an “emerging growth company” (“EGC”), as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, EGC’s can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. Other than the adoption of Accounting Standards Codification (“ASC”) 842, Leases, as discussed below, the Company has elected to use this extended transition period under the JOBS Act until such time the Company is no longer considered to be an EGC.

On the last business day of the second fiscal quarter of 2022, the aggregate worldwide market value of shares of common stock held by the Company's non-affiliate stockholders exceeded $700 million. As a result, as of this fiscal year end, January 1, 2023, the Company will be deemed a “large accelerated filer” as defined in Rule 12b-2 under the Securities Exchange Act of 1934 and the Company will cease to be an EGC. The Company will no longer be exempt from the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act of 2002, as amended, and the independent registered public accounting firm will evaluate and report on the effectiveness of internal control over financial reporting.

Recently Adopted Accounting Pronouncements

Effective January 3, 2022, the Company adopted ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which changed the impairment model for most financial assets and certain other instruments. The Company adopted ASU 2016-13 using a modified retrospective transition method, which required a cumulative-effect adjustment, if any, to the opening balance of retained earnings to be recognized on the date of adoption with prior periods not restated. The adoption of this ASU 2016-13 did not have a material impact on its condensed consolidated financial statements. See “Credit Losses” above for a description of the Company’s credit losses accounting policy.

Fair Value Measurement

6 Months Ended

Jul. 03, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurement

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


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

The Company's financial instruments consist primarily of cash and cash equivalents, accounts payable and the warrant liabilities. Cash and cash equivalents are reported at their respective fair values on the Company's Condensed Consolidated Balance Sheets. 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 3, 2022 and January 2, 2022 (in thousands).


	Fair Value Measurement using
	Level 1		Level 2		Level 3		Total Fair Value
As of July 3, 2022
Assets:
Money Market Funds	$	384,146	$	—	$	—	$	384,146
Liabilities:
Private Placement Warrants	$	—	$	—	$	30,060	$	30,060

As of January 2, 2022
Liabilities:
Private Placement Warrants	$	—	$	—	$	124,260	$	124,260

The Company’s liabilities are measured at fair value on a non-recurring basis, including 6,000,000 warrants that were assumed from the Business Combination and were held by Rodgers Capital, LLC (the “Sponsor”) and certain of its members (the “Private Placement Warrants”). The fair value of the Private Placement Warrants is considered a Level 3 valuation and is determined using the Black-Scholes valuation model. As of July 3, 2022, the fair value of the Private Placement Warrants was $5.01 per share with an exercise price of $11.50 per share. The changes for Level 3 items measured at fair value on a recurring basis using significant unobservable inputs are as follows (in thousands):


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


Change in fair value	(94,200)
Fair value as of July 3, 2022	$	30,060


	Convertible Preferred Stock Warrants
Fair value as of December 31, 2020	$	15,995

Settlements	(20,776)
Change in fair value	4,781
Fair value as of June 30, 2021	$	—

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


	Private Placement Warrants Outstanding as of July 3, 2022	Private Placement Warrants Outstanding as of January 2, 2022	Convertible Preferred Stock Warrants Exercised on February 22, 2021
Expected term (in years)	4.0	4.5	2.5 - 4.1
Expected volatility	85.0%	77.5%	75.0%
Risk-free interest rate	2.9%	1.2%	0.2% - 0.4%
Expected dividend rate	0.0%	0.0%	0.0%

- Definition

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

+ References + Details

Property and Equipment

6 Months Ended

Jul. 03, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets. Property and equipment as of July 3, 2022 and January 2, 2022, consisted of the following (in thousands):


	July 3, 2022		January 2, 2022
Machinery and equipment	$	47,884	$	6,636
Office equipment and software	1,236		918
Furniture and fixtures	721		639
Leasehold improvements	23,297		1,878
Construction in process	23,916		71,133
Total property and equipment	97,054		81,204
Less: Accumulated depreciation	(6,122)		(4,591)
Property and equipment, net	$	90,932	$	76,613

In the second quarter of 2022, the Company has placed its leasehold improvement and machinery and equipment into service for the Company's first production line and transferred the amount that was previously capitalized as construction in process into the machinery and equipment category. The Company has begun its depreciation using the straight-line method on the date that machinery and equipment and leasehold improvement were placed into service. As of July 3, 2022, the Company’s second production line was not yet placed into service as it remains under construction.

The following table summarizes the depreciation and amortization expenses related to property and equipment (in thousands).


	Quarters Ended				Fiscal Years-to-Date Ended
	July 3, 2022		June 30, 2021		July 3, 2022		June 30, 2021
Depreciation expense	$	1,217	$	234	$	1,531	$	375

Inventory

6 Months Ended

Jul. 03, 2022

Inventory Disclosure [Abstract]

Inventory

Inventory consists of the following components (in thousands).


	July 3, 2022
Raw materials	$	552
Work-in-process	81
Finished goods	36
Total inventory	$	669

Leases

6 Months Ended

Jul. 03, 2022

Leases [Abstract]

Leases

The Company leases its headquarters, engineering and manufacturing space in Fremont, California under a single non-cancelable operating lease, right of use asset with an expiration date of August 31, 2030. In March 2021, the Company entered into a new agreement to lease office space in Fremont, California under a non-cancelable operating lease that expires in April 2026 with an option to extend for five years.

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


	Quarters Ended				Fiscal Years-to-Date Ended
	July 3, 2022		June 30, 2021		July 3, 2022		June 30, 2021
Operating lease cost	$	419	$	504	$	839	$	742

Supplemental lease information:

As of

Operating leases

July 3, 2022

January 2, 2022

Weighted-average remaining lease term

8.2 years

8.7 years

Weighted-average discount rate

6.8%

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


	Fiscal Years-to-Date Ended
	July 3, 2022		June 30, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	679	$	640
Lease liabilities arising from obtaining ROU assets:
Operating leases	—		$	8,763

Maturities of Lease Liabilities

The following is a schedule of maturities of lease liabilities as of July 3, 2022 (in thousands).


	Operating lease
2022 (remaining six months)	$	686
2023	1,406
2024	1,449
2025	1,492
2026	1,491
Thereafter	5,774
Total	12,298
Less: imputed interest	(3,058)
Present value of lease liabilities	$	9,240

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jul. 03, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Purchase Commitments As of July 3, 2022 and January 2, 2022, the Company’s commitments included an estimated amount of approximately $10.4 million and $17.4 million, respectively, relating to the Company’s open purchase orders and contractual obligations that occurred in the ordinary course of business, including commitments with contract manufacturers and suppliers for which the Company has not received the goods or services, commitments for capital expenditures and construction-related activities for which the Company has not received the services. Although open purchase orders are considered enforceable and legally binding, the terms generally allow the Company the option to cancel, reschedule, and adjust its requirements based on its business needs prior to the delivery of goods or performance of services. For lease obligations, please refer to Note 6 “Leases” for more details. Litigation Michael Costello v. Rodgers Silicon Valley Acquisition Corp., et al., 21-CV-01536, Superior Court of California, San Mateo County On March 22, 2021, Michael Costello filed a complaint in the Superior Court of California, San Mateo County, against RSVAC and RSVAC’s board of directors. The plaintiff alleged, among other things, that the RSVAC directors breached their fiduciary duties in connection with the terms of a proposed transaction, and that the disclosures in RSVAC’s registration statement regarding the proposed transaction were materially deficient. The plaintiff sought, among other things, unspecified monetary damages, attorney’s fees and costs and injunctive relief, including enjoining the Business Combination. The case was voluntarily dismissed on August 24, 2021. Derek Boxhorn v. Rodgers Silicon Valley Acquisition Corp., et al., 1:21-cv-02900 (SDNY) On April 5, 2021, Derek Boxhorn filed a complaint in the United States District Court for the Southern District of New York against RSVAC and RSVAC’s board of directors. The plaintiff alleged, among other things, that the defendants violated Sections 14(a) and 20(a) of the Securities Exchange Act of 1934, and that the individual defendants breached their fiduciary duties, in connection with the terms of the Business Combination, and that RSVAC’s registration statement contained materially incomplete and misleading information regarding the Business Combination. The plaintiff sought, among other things, unspecified monetary damages, attorney’s fees and costs and injunctive relief, including enjoining the Business Combination. The case was voluntarily dismissed on October 19, 2021. After the dismissal and on December 3, 2021, the plaintiff filed a motion for attorneys’ fees and costs, which is pending before the court. Sopheap Prak et al. v. Enovix Corporation et al., 22CV005846, Superior Court of California, Alameda County On January 21, 2022, two former machine operator employees filed a putative wage and hour class action lawsuit against Enovix and co-defendant Legendary Staffing, Inc. in the Superior Court of California, County of Alameda. The case is captioned Sopheak Prak & Ricardo Pimentel v Enovix Corporation and Legendary Staffing, Inc., 22CV005846. The Prak complaint alleges, among other things, on a putative class-wide basis, that the defendants failed to pay all overtime wages and committed meal period, rest period and wage statement violations under the California Labor Code and applicable Wage Orders. The plaintiffs are seeking unpaid wages, statutory penalties and interest and reasonable costs and attorney fees. From time to time, the Company may become involved in various legal proceedings arising in the ordinary course of its business. The Company is not currently a party to any other potentially material legal proceedings, and the Company is not aware of any pending or threatened legal proceeding against the Company that the Company believes could have a material adverse effect on the Company’s business, operating results or financial condition. Guarantees and Indemnifications In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnifications. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future but have not yet been made. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. However, the Company may record charges in the future as a result of these indemnification obligations. The Company also has indemnification obligations to its officers and directors for specified events or occurrences, subject to some limits, while they are serving at the Company’s request in such capacities. There have been no claims to date and the Company has director and officer insurance that may enable the Company to recover a portion of any amounts paid for future potential claims. The Company believes the fair value of these indemnification agreements is minimal. Accordingly, the Company has not recorded any liabilities relating to these obligations for the period presented.

Warrants	6 Months Ended
Warrants	Jul. 03, 2022
Other Liabilities Disclosure [Abstract]
Warrants	Warrants Legacy Enovix Series D Convertible Preferred Stock Warrants On February 22, 2021, in a transaction separate from the Merger Agreement, the then outstanding Legacy Enovix Series D convertible preferred stock warrants were exercised at $0.01 per share, resulting in the issuance of 10,160,936 shares of Legacy Enovix Series D convertible preferred stock to the holders of such warrants, for a total of $0.1 million. As of July 3, 2022 and January 2, 2022, there were no convertible preferred stock warrants outstanding. Common Stock Warrants In connection with the Business Combination in July 2021, the Company assumed 17,500,000 Common Stock Warrants outstanding, which consisted of 11,500,000 warrants held by third-party investors (the “Public Warrants”) and 6,000,000 Private Placement Warrants. The Public Warrants met the criteria for equity classification and the Private Placement Warrants are classified as liability. Public Warrants On December 7, 2021, the Company delivered the notice of redemption to the holders of the outstanding Public Warrants to redeem all of its outstanding Public Warrants. The holders of the Public Warrants had until January 7, 2022 to exercise their Public Warrants. Any pubic warrants that remained unexercised after 5:00 pm, New York City Time, on January 7, 2022 were voided and were no longer exercisable, and the holders of the Public Warrants would be entitled to receive $0.01 per warrant. As of January 2, 2022, the Company had 4,322,106 Public Warrants outstanding. During the period from January 3, 2022 through January 7, 2022, there were 4,126,466 shares of the Public Warrants exercised with gross proceeds of $47.5 million. As of January 7, 2022 after 5:00 pm New York City time, there were 195,640 warrant remained unexercised, which were voided and were no longer exercisable. Pursuant to the warrant agreement, the holders of the Public Warrants were entitled to receive $0.01 per warrant from the Company. In addition, the Public Warrants were delisted and were no longer available for trading in the Nasdaq on January 7, 2022 after close of market. On January 19, 2022, the Company received net proceeds of $52.8 million from the warrant exercises, including the $5.3 million of other receivable included in Prepaids and other current assets on the Consolidated Balance Sheet as of January 2, 2022. As of July 3, 2022, there were no Public Warrants outstanding. Private Placement Warrant The 6,000,000 Private Placement Warrants were originally issued in a private placement to the initial stockholder of the Sponsor in connection with the initial public offering of RSVAC. Each whole Private Placement Warrant became exercisable for one whole share of the Company's common stock at a price of $11.50 per share on December 5, 2021. As of July 3, 2022, the Company had 6,000,000 Private Placement Warrants outstanding. See Note 3 “Fair Value Measurement” for more information.

Net Earnings (Loss) per Share

6 Months Ended

Jul. 03, 2022

Earnings Per Share [Abstract]

Net Earnings (Loss) per Share

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

In connection with the Business Combination, shares of the Company’s common stock and all potentially dilutive securities for the prior periods were retroactively adjusted based on the exchange ratio established in the Business Combination. Please refer to Note 3 “Business Combination” to the consolidated financial statements for the fiscal year ended January 2, 2022 included in the Annual Report.

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


	Quarters Ended				Fiscal Years-to-Date Ended
	July 3, 2022		June 30, 2021		July 3, 2022		June 30, 2021

Numerator:
Net income (loss) attributable to common stockholders - basic	$	(1,135)	$	(14,303)	$	41,572	$	(30,468)
Increase in fair value of Private Placement Warrants	(26,400)		—		(94,200)		—
Net loss attributable to common stockholders - diluted	$	(27,535)	$	(14,303)	$	(52,628)	$	(30,468)

Denominator:
Weighted-average shares outstanding used in computing net income (loss) per share of common stock, basic	152,521,389		97,433,726		152,082,655		96,629,530
Dilutive effect of Private Placement Warrants	—		—		842,148		—
Weighted-average shares outstanding used in computing net loss per share of common stock, diluted	152,521,389		97,433,726		152,924,803		96,629,530

Net income (loss) per share of common stock:
Basic	$	(0.01)	$	(0.15)	$	0.27	$	(0.32)
Diluted	$	(0.18)	$	(0.15)	$	(0.34)	$	(0.32)

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. As the Company reported net loss for the quarters ended July 3, 2022 and June 30, 2021 and the year-to-date ended June 30, 2021, all of these potentially dilutive securities were anti-dilutive and are excluded in the computation of diluted net loss per share. Accordingly, the diluted net loss per share for those periods equal to the basic net loss per share.


	July 3, 2022	June 30, 2021
Stock options outstanding	5,359,658	5,547,490
Restricted stock units and performance restricted stock units outstanding	5,902,643	—
Private Placement Warrants	6,000,000	—

Employee stock purchase plan estimated shares	380,847	—

Stock-based Compensation

6 Months Ended

Jul. 03, 2022

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

The Company issues equity awards to employees and non-employees in the form of stock options and restricted stock units (“RSUs”). Additionally, the Company also offers an employee stock purchase plan (“ESPP”) to its eligible employees. In the second quarter of 2022, the Company began to grant performance based RSU (“PRSU”) subject to performance and service vesting conditions. The Company uses Black-Scholes option pricing model to value its stock options granted and the estimated shares to be purchased under the ESPP. For both RSUs and PRSUs, the Company uses its common stock price, which is the last reported sales price on the grant date to value those securities.

In general, the Company recognizes its stock-based compensation expense on a straight-line basis over the requisite service period and records forfeitures as they occur. For PRSUs, the Company uses the graded vesting method to calculate

the stock-based compensation expense. At each reporting period, the Company would recognize and adjust the stock-based compensation expense based on its probability assessment in meeting its PRSUs' performance conditions.

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


	Quarters Ended				Fiscal Years-to-Date Ended
	July 3, 2022		June 30, 2021		July 3, 2022		June 30, 2021
Cost of revenue	$	250	$	—	$	250	$	274
Research and development	3,821		1,948		6,333		2,907
Selling, general and administrative	4,109		309		6,835		494
Total stock-based compensation expense	$	8,180	$	2,257	$	13,418	$	3,675

For the fiscal year-to-date ended July 3, 2022, the Company capitalized $0.6 million of stock-based compensation as property and equipment, net in the Condensed Consolidated Balance Sheet. For the year-to-date ended June 30, 2021, the Company capitalized an immaterial amount of stock-based compensation as deferred contract costs and property and equipment, net in the Condensed Consolidated Balance Sheet. There was no recognized tax benefit related to stock-based compensation for the periods presented. In addition, the Company accrued $1.8 million of bonus to be settled in equity awards as accrued compensation on the Condensed Consolidated Balance Sheet as of July 3, 2022.

As of July 3, 2022, there was approximately $108.9 million of total unrecognized stock-based compensation expense related to unvested equity awards, which are expected to be recognized over a weighted-average period of 3.5 years. As of July 3, 2022, there was approximately $1.8 million of total unrecognized stock-based compensation related to the ESPP, which is expected to be recognized over a period of 1.4 years.

Stock Option Activity

The following table summarized stock option activities for the fiscal year-to-date ended July 3, 2022 (in thousands, except share and per share amount).


	Number of Options Outstanding	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (1) (2)
Balances as of January 3, 2021	5,753,005	$	8.88
Granted	46,190	13.82
Exercised	(138,717)	2.00			$	1,765
Forfeited	(300,820)	8.71
Balances as of July 3, 2022	5,359,658	$	9.11	8.7	$	3,952


(1)			The intrinsic value of options exercised is based upon the value of the Company’s stock at exercise.
(2)			The aggregate intrinsic value of the stock options outstanding as of July 3, 2022 represents the value of the Company’s closing stock price at $8.72 on July 1, 2022 in excess of the exercise price multiplied by the number of options outstanding.

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

As of July 3, 2022, 3,810,881 shares remained subject to the Company’s right of repurchase as a result of early exercised stock options. The remaining liability related to early exercised shares as of July 3, 2022 was $0.2 million and was recorded in other current and non-current liabilities in the Condensed Consolidated Balance Sheets.

Restricted Stock Unit and Performance Restricted Stock Unit Activities

The Company generally grants RSUs with service vesting condition and PRSUs with both performance and service vesting conditions. Each RSU or PRSU is not considered issued and outstanding and does not have voting rights until it is converted into one share of the Company’s common stock upon vesting. The following table summarized RSUs and PRSUs activities for the fiscal year-to-date ended July 3, 2022 (in thousands, except share and per share amount).


	RSUs			PRSUs
	Number of Shares Outstanding	Weighted Average Grant Date Fair Value		Number of Shares Outstanding	Weighted Average Grant Date Fair Value
Issued and unvested shares balances as of January 2, 2022	535,449	$	23.38	—	$	—
Granted	4,110,591	13.35		1,500,845	13.41
Vested	(149,777)	14.40		—	—
Forfeited	(94,465)	18.85		—	—
Issued and unvested shares outstanding as of July 3, 2022	4,401,798	$	14.42	1,500,845	$	13.41

Related Party	6 Months Ended
Related Party	Jul. 03, 2022
Related Party Transactions [Abstract]
Related Party	Related Party Founder Shares On September 24, 2020, RSVAC issued an aggregate of 5,750,000 shares of common stock (the “Founder Shares”) to the Sponsor, Rodgers Capital LLC, for an aggregate purchase price of $25,000 in cash. The Sponsor agreed, subject to limited exceptions, not to transfer, assign or sell any of the Founder Shares until the earlier to occur of: (A) one year after the completion of Business Combination or (B) subsequent to a Business Combination, (x) if the last reported sale price of the Company’s common stock equals or exceeds $14.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after Business Combination, or (y) the date on which the Company completes a liquidation, merger, capital stock exchange, reorganization or other similar transaction that results in all of the Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property. On September 8, 2021, the Sponsor made an in-kind distribution of a portion of its Founder Shares to certain members of Rodgers Capital LLC. Related Party Loans On May 24, 2021, the Company issued to a member of the board of directors a secured promissory note (the “Secured Promissory Note”) with an aggregate principal balance of $15.0 million and an interest at a rate of 7.5% per annum, payable monthly and on the maturity date. On July 14, 2021, the Company repaid all amounts outstanding under the Secured Promissory Note, which totaled $15.2 million in principal and interest. In the connection with the note repayment, the Company incurred $0.1 million of loss on early debt extinguishment related to the write-off of unamortized debt issuance costs in the third quarter of 2021. The Company paid $0.2 million of interest for the fiscal year ended January 2, 2022. As of July 3, 2022 and January 2, 2022, the Company had no outstanding debt. Employment Relationship The Company employs two family members of the Company’s Chief Executive Officer, who perform engineering work in Fremont.

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jul. 03, 2022

Accounting Policies [Abstract]

Basis of presentation

The accompanying condensed consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States (“GAAP”).The Condensed Consolidated Balance Sheet as of July 3, 2022, the Condensed Consolidated Statements of Operations, Condensed Consolidated Statements of Changes in Shareholders’ equity for the quarters and fiscal years-to-date ended July 3, 2022 and June 30, 2021, and the Condensed Consolidated Statements of Cash Flows for the fiscal years-to-date ended July 3, 2022 and June 30, 2021 are unaudited. These accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the 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 the Company’s financial condition, results of operations, stockholders’ equity and cash flows for the periods presented above. The results of operations for the quarter and fiscal year-to-date ended July 3, 2022 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 January 2, 2022 included herein was derived from the audited consolidated financial statements as of that date. The accompanying condensed consolidated financial statements and related notes included in the Annual Report.

Consolidation

The condensed consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries, and the Business Combination from the Closing Date. All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the condensed consolidated financial statements and accompanying notes during the reporting periods. Estimates and assumptions include but are not limited to: depreciable lives for property and equipment, the valuation allowance on deferred tax assets, assumptions used in stock-based compensation, incremental borrowing rate for operating right-of-use assets and lease liabilities, and estimates to fair value convertible preferred stock warrants and common stock warrants. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that it believes to be reasonable under the circumstances. In the preparation of our condensed consolidated financial statements, the Company has considered potential impacts of the COVID-19 pandemic on its critical and significant accounting estimates. There was no significant impact to its condensed consolidated financial statements. The Company will continue to evaluate the nature and extent of the potential impacts to its business and its condensed consolidated financial statements.

Revenue Recognition

1.Identify the contract with the customer;

2.Identify the performance obligations in the contract;

3.Determine the transaction price;

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

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

Service Revenue

Product Revenue

Product Warranties

reported claims differ from the estimates, the Company may be required to revise its estimated warranty liability.

Trade Accounts Receivable and Allowance for Credit Losses

Trade Accounts Receivable and Allowance for Credit LossesThe Company’s accounts receivables are recorded at invoiced amounts less allowance for any credit losses. According to ASU 2016-13, the Company recognizes credit losses based on a forward-looking current expected credit losses (“CECL”). The Company makes estimates of expected credit losses based upon its assessment of various factors, including the age of accounts receivable balances, credit quality of its customers, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect its ability to collect from customers. The allowance for credit losses are recognized in the Condensed Consolidated Statement of Operations. The uncollectible accounts receivables are written off in the period in which a determination is made that all commercially reasonable means of recovering them have been exhausted.

Credit Losses

Credit LossesThe Company is exposed to credit losses primarily through its available-for-sale investments. The Company invests excess cash in marketable securities with high credit ratings that are classified in Level 1 and Level 2 of the fair value hierarchy. The Company’s investment portfolio at any point in time contains investments in U.S. treasury and U.S. government agency securities, taxable and tax-exempt municipal notes, corporate notes and bonds, commercial paper, non-U.S. government agency securities and money market funds, and are classified as available-for-sale. The Company assesses whether its available-for sale investments are impaired at each reporting period. Unrealized losses or impairments resulting from the fair value of the available-for-sale debt security being below the amortized cost basis are evaluated for identification of credit losses and non-credit related losses. Any credit losses are charged to earnings against the allowance for credit losses of the debt security, limited to the difference between the fair value and the amortized cost basis of the debt security. Any difference between the fair value of the debt security and the amortized cost basis, less the allowance for credit losses, are reported in other comprehensive income (loss). Expected cash inflows due to improvements in credit are recognized through a reversal of the allowance for credit losses subject to the total allowance previously recognized. The Company’s expected loss allowance methodology for the debt securities is developed by reviewing the extent of the unrealized loss, the size, term, geographical location, and industry of the issuer, the issuers’ credit ratings and any changes in those ratings, as well as reviewing current and future economic market conditions and the issuers’ current status and financial condition.

Inventory

InventoryInventory is stated at the lower of cost or net realizable value on a first-in and first-out basis. Inventory costs include direct materials, direct labor, and normal manufacturing overhead. The cost basis of the Company’s inventory is reduced for any products that are considered excessive or obsolete based upon assumptions about future demand and market conditions. Additionally, the cost basis of the Company’s inventory does not include any unallocated fixed overhead costs associated with abnormally low utilization of its factories.

Property and Equipment

Costs for capital assets not yet placed into service are capitalized as construction in process on the Condensed Consolidated Balance Sheets and will be depreciated once placed into service.

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


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

Recently Adopted Accounting Pronouncements

Recently Adopted Accounting PronouncementsEffective January 3, 2022, the Company adopted ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which changed the impairment model for most financial assets and certain other instruments. The Company adopted ASU 2016-13 using a modified retrospective transition method, which required a cumulative-effect adjustment, if any, to the opening balance of retained earnings to be recognized on the date of adoption with prior periods not restated. The adoption of this ASU 2016-13 did not have a material impact on its condensed consolidated financial statements. See “Credit Losses” above for a description of the Company’s credit losses accounting policy.

Accounting Policies (Tables)

6 Months Ended

Jul. 03, 2022

Accounting Policies [Abstract]

Estimated Useful Lives of Property and Equipment

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


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

Property and equipment as of July 3, 2022 and January 2, 2022, consisted of the following (in thousands):


	July 3, 2022		January 2, 2022
Machinery and equipment	$	47,884	$	6,636
Office equipment and software	1,236		918
Furniture and fixtures	721		639
Leasehold improvements	23,297		1,878
Construction in process	23,916		71,133
Total property and equipment	97,054		81,204
Less: Accumulated depreciation	(6,122)		(4,591)
Property and equipment, net	$	90,932	$	76,613

The following table summarizes the depreciation and amortization expenses related to property and equipment (in thousands).


	Quarters Ended				Fiscal Years-to-Date Ended
	July 3, 2022		June 30, 2021		July 3, 2022		June 30, 2021
Depreciation expense	$	1,217	$	234	$	1,531	$	375

Fair Value Measurement (Tables)

6 Months Ended

Jul. 03, 2022

Fair Value Disclosures [Abstract]

Schedule of 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 3, 2022 and January 2, 2022 (in thousands).


	Fair Value Measurement using
	Level 1		Level 2		Level 3		Total Fair Value
As of July 3, 2022
Assets:
Money Market Funds	$	384,146	$	—	$	—	$	384,146
Liabilities:
Private Placement Warrants	$	—	$	—	$	30,060	$	30,060

As of January 2, 2022
Liabilities:
Private Placement Warrants	$	—	$	—	$	124,260	$	124,260

Schedule of Changes in Fair Value for Level 3

The changes for Level 3 items measured at fair value on a recurring basis using significant unobservable inputs are as follows (in thousands):


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


Change in fair value	(94,200)
Fair value as of July 3, 2022	$	30,060


	Convertible Preferred Stock Warrants
Fair value as of December 31, 2020	$	15,995

Settlements	(20,776)
Change in fair value	4,781
Fair value as of June 30, 2021	$	—

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

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


	Private Placement Warrants Outstanding as of July 3, 2022	Private Placement Warrants Outstanding as of January 2, 2022	Convertible Preferred Stock Warrants Exercised on February 22, 2021
Expected term (in years)	4.0	4.5	2.5 - 4.1
Expected volatility	85.0%	77.5%	75.0%
Risk-free interest rate	2.9%	1.2%	0.2% - 0.4%
Expected dividend rate	0.0%	0.0%	0.0%

Property and Equipment (Tables)

6 Months Ended

Jul. 03, 2022

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment and Depreciation Expense

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


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

Property and equipment as of July 3, 2022 and January 2, 2022, consisted of the following (in thousands):


	July 3, 2022		January 2, 2022
Machinery and equipment	$	47,884	$	6,636
Office equipment and software	1,236		918
Furniture and fixtures	721		639
Leasehold improvements	23,297		1,878
Construction in process	23,916		71,133
Total property and equipment	97,054		81,204
Less: Accumulated depreciation	(6,122)		(4,591)
Property and equipment, net	$	90,932	$	76,613

The following table summarizes the depreciation and amortization expenses related to property and equipment (in thousands).


	Quarters Ended				Fiscal Years-to-Date Ended
	July 3, 2022		June 30, 2021		July 3, 2022		June 30, 2021
Depreciation expense	$	1,217	$	234	$	1,531	$	375

Inventory (Tables)

6 Months Ended

Jul. 03, 2022

Inventory Disclosure [Abstract]

Components of Inventory

Inventory consists of the following components (in thousands).


	July 3, 2022
Raw materials	$	552
Work-in-process	81
Finished goods	36
Total inventory	$	669

Lease (Tables)

6 Months Ended

Jul. 03, 2022

Leases [Abstract]

Summary of Lease Cost and Supplemental Lease and Cash Flow Information

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


	Quarters Ended				Fiscal Years-to-Date Ended
	July 3, 2022		June 30, 2021		July 3, 2022		June 30, 2021
Operating lease cost	$	419	$	504	$	839	$	742

Supplemental lease information:

As of

Operating leases

July 3, 2022

January 2, 2022

Weighted-average remaining lease term

8.2 years

8.7 years

Weighted-average discount rate

6.8%

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


	Fiscal Years-to-Date Ended
	July 3, 2022		June 30, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	679	$	640
Lease liabilities arising from obtaining ROU assets:
Operating leases	—		$	8,763

Schedule of Maturity of Lease Liabilities

The following is a schedule of maturities of lease liabilities as of July 3, 2022 (in thousands).


	Operating lease
2022 (remaining six months)	$	686
2023	1,406
2024	1,449
2025	1,492
2026	1,491
Thereafter	5,774
Total	12,298
Less: imputed interest	(3,058)
Present value of lease liabilities	$	9,240

Net Earnings (Loss) per Share (Tables)

6 Months Ended

Jul. 03, 2022

Earnings Per Share [Abstract]

Computation of Basic and Dilute Net EPS

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


	Quarters Ended				Fiscal Years-to-Date Ended
	July 3, 2022		June 30, 2021		July 3, 2022		June 30, 2021

Numerator:
Net income (loss) attributable to common stockholders - basic	$	(1,135)	$	(14,303)	$	41,572	$	(30,468)
Increase in fair value of Private Placement Warrants	(26,400)		—		(94,200)		—
Net loss attributable to common stockholders - diluted	$	(27,535)	$	(14,303)	$	(52,628)	$	(30,468)

Denominator:
Weighted-average shares outstanding used in computing net income (loss) per share of common stock, basic	152,521,389		97,433,726		152,082,655		96,629,530
Dilutive effect of Private Placement Warrants	—		—		842,148		—
Weighted-average shares outstanding used in computing net loss per share of common stock, diluted	152,521,389		97,433,726		152,924,803		96,629,530

Net income (loss) per share of common stock:
Basic	$	(0.01)	$	(0.15)	$	0.27	$	(0.32)
Diluted	$	(0.18)	$	(0.15)	$	(0.34)	$	(0.32)

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


	July 3, 2022	June 30, 2021
Stock options outstanding	5,359,658	5,547,490
Restricted stock units and performance restricted stock units outstanding	5,902,643	—
Private Placement Warrants	6,000,000	—

Employee stock purchase plan estimated shares	380,847	—

Stock-based Compensation (Tables)

6 Months Ended

Jul. 03, 2022

Share-Based Payment Arrangement [Abstract]

Summary of total stock-based compensation expense, by operating expense category


	Quarters Ended				Fiscal Years-to-Date Ended
	July 3, 2022		June 30, 2021		July 3, 2022		June 30, 2021
Cost of revenue	$	250	$	—	$	250	$	274
Research and development	3,821		1,948		6,333		2,907
Selling, general and administrative	4,109		309		6,835		494
Total stock-based compensation expense	$	8,180	$	2,257	$	13,418	$	3,675

Summary of Stock Option Activity

The following table summarized stock option activities for the fiscal year-to-date ended July 3, 2022 (in thousands, except share and per share amount).


	Number of Options Outstanding	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (1) (2)
Balances as of January 3, 2021	5,753,005	$	8.88
Granted	46,190	13.82
Exercised	(138,717)	2.00			$	1,765
Forfeited	(300,820)	8.71
Balances as of July 3, 2022	5,359,658	$	9.11	8.7	$	3,952


(1)			The intrinsic value of options exercised is based upon the value of the Company’s stock at exercise.
(2)			The aggregate intrinsic value of the stock options outstanding as of July 3, 2022 represents the value of the Company’s closing stock price at $8.72 on July 1, 2022 in excess of the exercise price multiplied by the number of options outstanding.

RSUs and PRSUs Activity

The following table summarized RSUs and PRSUs activities for the fiscal year-to-date ended July 3, 2022 (in thousands, except share and per share amount).


	RSUs			PRSUs
	Number of Shares Outstanding	Weighted Average Grant Date Fair Value		Number of Shares Outstanding	Weighted Average Grant Date Fair Value
Issued and unvested shares balances as of January 2, 2022	535,449	$	23.38	—	$	—
Granted	4,110,591	13.35		1,500,845	13.41
Vested	(149,777)	14.40		—	—
Forfeited	(94,465)	18.85		—	—
Issued and unvested shares outstanding as of July 3, 2022	4,401,798	$	14.42	1,500,845	$	13.41

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands		1 Months Ended		3 Months Ended		6 Months Ended
	Jan. 07, 2022	Dec. 31, 2021	Jul. 31, 2021	Jul. 03, 2022	Jun. 30, 2021	Jul. 03, 2022	Jun. 30, 2021	Jan. 02, 2022
Class of Warrant or Right [Line Items]
Accumulated deficit				$ (291,580)		$ (291,580)		$ (333,152)
Working capital				371,800		371,800
Proceeds from business acquisition			$ 373,700
Proceeds from exercise of common stock warrants, net	$ 47,500					52,828	$ 0
Revenue				5,101	$ 0	5,101	$ 0
Deferred revenue				2,900		2,900		7,900
Deferred contract cost				1,300		$ 1,300		$ 4,600
Customer A
Class of Warrant or Right [Line Items]
Revenue				5,000
Minimum
Class of Warrant or Right [Line Items]
Term of product warranties						1 year
Maximum
Class of Warrant or Right [Line Items]
Term of product warranties						3 years
Service
Class of Warrant or Right [Line Items]
Revenue				$ 5,100
Common Stock Warrants
Class of Warrant or Right [Line Items]
Proceeds from exercise of common stock warrants, net		$ 77,200

Summary of Significant Accounting Policies - Useful Lives (Details)	6 Months Ended
	Jul. 03, 2022
Machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in Years)	2 years
Machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in Years)	10 years
Office equipment and software \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in Years)	3 years
Office equipment and software \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in Years)	5 years
Furniture and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in Years)	3 years
Furniture and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in Years)	5 years

Fair Value Measurement - Schedule of Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Jul. 03, 2022	Jan. 02, 2022
Money Market Funds
Assets:
Money Market Funds	$ 384,146
Level 1 \| Money Market Funds
Assets:
Money Market Funds	384,146
Level 2 \| Money Market Funds
Assets:
Money Market Funds	0
Level 3 \| Money Market Funds
Assets:
Money Market Funds	0
Private Placement Warrants
Liabilities:
Warrant liability	30,060	$ 124,260
Private Placement Warrants \| Level 1
Liabilities:
Warrant liability	0	0
Private Placement Warrants \| Level 2
Liabilities:
Warrant liability	0	0
Private Placement Warrants \| Level 3
Liabilities:
Warrant liability	$ 30,060	$ 124,260

Fair Value Measurement - Additional Information (Details) - Private Placement Warrants - $ / shares	Jul. 03, 2022	Dec. 05, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrants outstanding (in shares)	6,000,000
Exercise price of warrants (in dollars per share)		$ 11.50
Level 3 \| Fair Value, Nonrecurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrants outstanding (in shares)	6,000,000
Fair value of warrant per share (in dollars per share)	$ 5.01
Exercise price of warrants (in dollars per share)	$ 11.50

Fair Value Measurement - Schedule of Changes in Fair Value for Level 3 (Details) - Level 3 - USD ($) $ in Thousands	6 Months Ended
	Jul. 03, 2022	Jun. 30, 2021
Private Placement Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Warrant liabilities at beginning of period	$ 124,260
Change in fair value	(94,200)
Warrant liabilities at end of period	$ 30,060
Convertible Preferred Stock Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Warrant liabilities at beginning of period		$ 15,995
Settlements		(20,776)
Change in fair value		4,781
Warrant liabilities at end of period		$ 0

Fair Value Measurement - Schedule of Key Assumptions for Determining Fair Value of Convertible Preferred Stock Warrants and Common Stock Warrants (Details)	Jul. 03, 2022	Jan. 02, 2022	Feb. 22, 2021
Expected term (in years) \| Private Placement Warrants
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Public warrants expiration term	4 years	4 years 6 months
Expected term (in years) \| Convertible Preferred Stock Warrants \| Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Public warrants expiration term			2 years 6 months
Expected term (in years) \| Convertible Preferred Stock Warrants \| Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Public warrants expiration term			4 years 1 month 6 days
Expected volatility \| Private Placement Warrants
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrants, measurement input	0.850	0.775
Expected volatility \| Convertible Preferred Stock Warrants
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrants, measurement input			0.750
Risk-free interest rate \| Private Placement Warrants
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrants, measurement input	0.029	0.012
Risk-free interest rate \| Convertible Preferred Stock Warrants \| Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrants, measurement input			0.002
Risk-free interest rate \| Convertible Preferred Stock Warrants \| Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrants, measurement input			0.004
Expected dividend rate \| Private Placement Warrants
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrants, measurement input	0.0	0.0
Expected dividend rate \| Convertible Preferred Stock Warrants
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrants, measurement input			0.0

Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Jul. 03, 2022	Jan. 02, 2022
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 97,054	$ 81,204
Less: Accumulated depreciation	(6,122)	(4,591)
Property and equipment, net	90,932	76,613
Machinery and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	47,884	6,636
Office equipment and software
Property, Plant and Equipment [Line Items]
Total property and equipment	1,236	918
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	721	639
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	23,297	1,878
Construction in process
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 23,916	$ 71,133

Property and Equipment - Summary of Depreciation Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2022	Jun. 30, 2021	Jul. 03, 2022	Jun. 30, 2021
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 1,217	$ 234	$ 1,531	$ 375

Inventory (Details) - USD ($) $ in Thousands	Jul. 03, 2022	Jan. 02, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 552
Work-in-process	81
Finished goods	36
Total inventory	$ 669	$ 0

Leases - Additional Information (Details)	Mar. 31, 2021
Leases [Abstract]
Option to extend, term	5 years

Leases - Summary of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2022	Jun. 30, 2021	Jul. 03, 2022	Jun. 30, 2021
Leases [Abstract]
Operating lease cost	$ 419	$ 504	$ 839	$ 742

Leases - Supplemental Lease Information (Details)	Jul. 03, 2022	Jun. 30, 2021
Leases [Abstract]
Weighted-average remaining lease term	8 years 2 months 12 days	8 years 8 months 12 days
Weighted average discount rate (in percent)	6.80%	6.80%

Leases - Supplemental Cash Flow Information Related To Leases (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 03, 2022	Jun. 30, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 679	$ 640
Lease liabilities arising from obtaining ROU assets:
Operating leases	$ 0	$ 8,763

Leases - Schedule of Maturity of Lease Liabilities (Details) $ in Thousands	Jul. 03, 2022 USD ($)
Leases [Abstract]
2022 (remaining six months)	$ 686
2023	1,406
2024	1,449
2025	1,492
2026	1,491
Thereafter	5,774
Total lease payments	12,298
Less: imputed interest	(3,058)
Present value of lease liabilities	$ 9,240

Commitments and Contingencies - Additional Information (Details) $ in Millions	Jan. 21, 2022 plaintiff	Jul. 03, 2022 USD ($)	Jan. 02, 2022 USD ($)
Loss Contingencies [Line Items]
Purchase commitments \| $		$ 10.4	$ 17.4
Sopheak Prak & Ricardo Pimentel v Enovix
Loss Contingencies [Line Items]
Number of plaintiffs \| plaintiff	2

Warrants - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands				1 Months Ended		6 Months Ended
	Jan. 19, 2022	Jan. 07, 2022	Feb. 22, 2021	Dec. 31, 2021	Jul. 31, 2021	Jul. 03, 2022	Jun. 30, 2021	Jan. 02, 2022	Dec. 05, 2021
Class of Warrant or Right [Line Items]
Proceeds from exercise of common stock warrants, net		$ 47,500				$ 52,828	$ 0
Preferred stock, shares outstanding (in shares)						0		0
Legacy Enovix Series D Convertible Preferred Stock
Class of Warrant or Right [Line Items]
Exercise price of warrants (in dollars per share)			$ 0.01
Warrants outstanding (in shares)			10,160,936
Proceeds from exercise of common stock warrants, net			$ 100
Common Stock Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)					17,500,000
Proceeds from exercise of common stock warrants, net				$ 77,200
Public Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)					11,500,000	0		4,322,106
Proceeds from exercise of common stock warrants, net	$ 52,800
Outstanding public warrant redemption price (in dollars per share)		$ 0.01
Issuance of common stock upon exercise of common stock warrants (in shares)		4,126,466
Warrants unexercised (in shares)		195,640
Other receivables	$ 5,300
Private Placement Warrants
Class of Warrant or Right [Line Items]
Exercise price of warrants (in dollars per share)									$ 11.50
Warrants outstanding (in shares)						6,000,000
Class of warrant or right issued (in shares)					6,000,000

Net Earnings (Loss) per Share - Reconciliation of Net Loss Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2022	Jun. 30, 2021	Jul. 03, 2022	Jun. 30, 2021
Numerator:
Net income (loss) attributable to common stockholders - basic	$ (1,135)	$ (14,303)	$ 41,572	$ (30,468)
Increase in fair value of Private Placement Warrants	(26,400)	0	(94,200)	0
Net loss attributable to common stockholders - diluted	$ (27,535)	$ (14,303)	$ (52,628)	$ (30,468)
Denominator:
Weighted-average shares outstanding used in computing net income (loss) per share of common stock, basic (in shares)	152,521,389	97,433,726	152,082,655	96,629,530
Dilutive effect of Private Placement Warrants (in shares)	0	0	842,148	0
Weighted-average shares outstanding used in computing net loss per share of common stock, diluted (in shares)	152,521,389	97,433,726	152,924,803	96,629,530
Net income (loss) per share of common stock:
Basic (in dollars per share)	$ (0.01)	$ (0.15)	$ 0.27	$ (0.32)
Diluted (in dollars per share)	$ (0.18)	$ (0.15)	$ (0.34)	$ (0.32)

Net Earnings (Loss) per Share - Summary Of Potentially Dilutive Securities Excluded From Computation of Diluted Net Loss Per Share (Details) - shares	6 Months Ended
	Jul. 03, 2022	Jun. 30, 2021
Subsidiary Sale Of Stock [Line Items]
Anti-dilutive securities (in shares)		0
Stock options
Subsidiary Sale Of Stock [Line Items]
Anti-dilutive securities (in shares)	5,359,658	5,547,490
Restricted stock units and performance restricted stock units outstanding
Subsidiary Sale Of Stock [Line Items]
Anti-dilutive securities (in shares)	5,902,643	0
Private Placement Warrants
Subsidiary Sale Of Stock [Line Items]
Anti-dilutive securities (in shares)	6,000,000
Employee stock purchase plan estimated shares
Subsidiary Sale Of Stock [Line Items]
Anti-dilutive securities (in shares)	380,847	0

Stock-based Compensation - Summary of Total Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2022	Jun. 30, 2021	Jul. 03, 2022	Jun. 30, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 8,180	$ 2,257	$ 13,418	$ 3,675
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	250	0	250	274
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	3,821	1,948	6,333	2,907
Selling, general and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 4,109	$ 309	$ 6,835	$ 494

Stock-based Compensation - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 03, 2022	Jun. 30, 2021	Jul. 03, 2022	Jun. 30, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation capitalized			$ 600,000
Unrecognized tax benefit	$ 0	$ 0	0	$ 0
Unrecognized stock-based compensation expenses related to nonvested equity awards	108,900,000		$ 108,900,000
Weighted average period of recognition for unrecognized stock-based compensation related to nonvested equity awards			3 years 6 months
Equity Awards
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Accrued bonuses to be settled in equity awards	1,800,000		$ 1,800,000
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	1,800,000		$ 1,800,000
Weighted average period of recognition for unrecognized stock-based compensation related to nonvested equity awards			1 year 4 months 24 days
Stock options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Shares remained subject to right of repurchase			3,810,881
Early exercised liability	$ 200,000		$ 200,000

Stock-based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jul. 03, 2022	Jul. 01, 2022
Number of Options Outstanding
Beginning balance (in shares)	5,753,005
Granted (in shares)	46,190
Exercised (in shares)	(138,717)
Forfeited (in shares)	(300,820)
Ending balance (in shares)	5,359,658
Weighted Average Exercise Price
Beginning balance (in dollars per share)	$ 8.88
Granted (in dollars per share)	13.82
Exercised (in dollars per share)	2.00
Forfeited (in dollars per share)	8.71
Ending balance (in dollars per share)	$ 9.11
Weighted Average Remaining Contractual Life (Years)
Ending balance	8 years 8 months 12 days
Aggregate Intrinsic Value
Exercised	$ 1,765
Ending balance	$ 3,952
Share price (in dollars per share)		$ 8.72

Stock-based Compensation - RSUs and PRSUs Activity (Details)	6 Months Ended
	Jul. 03, 2022 $ / shares shares
RSUs
Number of Shares Outstanding
Issued and unvested shares balances as of January 2, 2022 (in shares) \| shares	535,449
Granted (in shares) \| shares	4,110,591
Vested (in shares) \| shares	(149,777)
Forfeited (in shares) \| shares	(94,465)
Issued and unvested shares outstanding as of July 3, 2022 (in shares) \| shares	4,401,798
Weighted Average Grant Date Fair Value
Issued and unvested shares balances as of January 2, 2022 (in dollars per share) \| $ / shares	$ 23.38
Granted (in dollars per share) \| $ / shares	13.35
Vested (in dollars per share) \| $ / shares	14.40
Forfeited (in dollars per share) \| $ / shares	18.85
Issued and unvested shares outstanding as of July 3, 2022 (in dollars per share) \| $ / shares	$ 14.42
Performance Shares
Number of Shares Outstanding
Issued and unvested shares balances as of January 2, 2022 (in shares) \| shares	0
Granted (in shares) \| shares	1,500,845
Vested (in shares) \| shares	0
Forfeited (in shares) \| shares	0
Issued and unvested shares outstanding as of July 3, 2022 (in shares) \| shares	1,500,845
Weighted Average Grant Date Fair Value
Issued and unvested shares balances as of January 2, 2022 (in dollars per share) \| $ / shares	$ 0
Granted (in dollars per share) \| $ / shares	13.41
Vested (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	0
Issued and unvested shares outstanding as of July 3, 2022 (in dollars per share) \| $ / shares	$ 13.41

Related Party - Additional Information (Details) $ / shares in Units, $ in Thousands			3 Months Ended	6 Months Ended	12 Months Ended
	Jul. 14, 2021 USD ($)	Sep. 24, 2020 USD ($) day $ / shares shares	Mar. 31, 2021 USD ($) shares	Jul. 03, 2022 familyMember	Jan. 02, 2022 USD ($)	May 31, 2021 USD ($)
Related Party Transaction [Line Items]
Issuance of common stock upon exercise of stock options			$ 20,877
Chief Executive Officer
Related Party Transaction [Line Items]
Number of employed family members \| familyMember				2
Common Stock
Related Party Transaction [Line Items]
Number of shares issued (in shares) \| shares			2,020,034
Founder Shares \| Sponsor, Rodgers Capital LLC \| Common Stock
Related Party Transaction [Line Items]
Number of shares issued (in shares) \| shares		5,750,000
Issuance of common stock upon exercise of stock options		$ 25
Restrictions on transfer period of time after business combination completion		1 year
Stock price trigger to transfer, assign or sell any shares or warrants of the company, after the completion of the initial business combination (in dollars per share) \| $ / shares		$ 14.00
Threshold trading days for transfer, assign or sale of shares or warrants, after the completion of the initial business combination \| day		20
Threshold consecutive trading days for transfer, assign or sale of shares or warrants, after the completion of the initial business combination \| day		30
Threshold period after the business combination in which the 20 trading days within any 30 trading day period commences \| day		150
Related Party Loans \| Promissory Note \| Board of Directors
Related Party Transaction [Line Items]
Principal balance						$ 15,000
Interest rate						7.50%
Repayment of debt	$ 15,200
Loss on debt extinguishment	$ 100
Interest expense					$ 200