Business Summary:

The Enovix Corporation creates, develops, and produces silicon-anode lithium-ion batteries. Manufacturers of consumer electronics have received prototype batteries that the company produced and provided. Custom three-dimensional (3D) silicon lithium-ion batteries are being developed by the company for use in wearable, mobile computing, and communication device applications.

Summary Table:

Key Highlights:

• A small number of batteries were supplied to clients for qualification programs and pre-production end-product constructions, accounting for the third quarter's USD 8000 total revenue. Most of the batteries that were sent throughout the quarter were samples that didn't bring in money.
• ENVX's third quarter non-GAAP gross profit was USD 5.6 million, compared to a loss of USD 6.6 million under GAAP (excluding stock-based compensation). The third quarter of 2021 saw USD 19.1 million in operational costs, while the third quarter of 2022 saw USD 27.1 million. On a year-over-year basis, the rise in operating expenditure was principally caused by manufacturing-related personnel growth and the addition of resources for sales, general support, and administrative assistance.
• The loss reported by ENVX under GAAP for the third quarter was USD 82.0 million, or USD 0.53 per share on a basic and diluted basis. This loss comprised a USD 50.2 million loss resulting from the quarterly change in the fair value of the obligation for the private warrants.
• ENVX's balance sheet with net cash of USD 349.0 million at the end of the third quarter. Capital expenditures in the third quarter of 2022 were USD 16.9 million.
• On February 22, 2023, the business is anticipated to release its FY22 results.

Updates on the Lawsuit on Enovix Corporation:

• The Company allegedly misled the market with its statements, according to the lawsuit. Enovix specifically overstated its capacity to manufacture batteries on a large scale. Enovix continues to have significant production issues even though it claimed to have made "substantial progress" in expanding its manufacturing skills. These findings indicate that during the class period, the Company's public statements were false and materially misleading.
• On behalf of Enovix investors who suffered losses because of suspected securities fraud, the action seeks to recoup damages. Any stockholders of Enovix who purchased or otherwise acquired Enovix common stock between February 22, 2021, and January 3, 2023, inclusive, are parties to this litigation.
• The deadline to propose that the Court designate a shareholder as lead plaintiff if they experienced a loss in Enovix throughout the pertinent period is March 7, 2023. The stockholders may be eligible for compensation without having to cover any out-of-pocket expenses or fees if they are class members. Participation is free and not required.
• After a person has registered as a shareholder who bought ENVX shares during the time mentioned above, he will be enrolled in a portfolio monitoring program to keep him updated on the status of the case.
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Key Technical Levels and Stock Price Chart

Markets are trading in a highly volatile zone currently due to certain macroeconomic and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is not a reliable indicator of future performance. 

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is February 16, 2022. The reference data in this report has been partly sourced from REFINITIV.

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