Enovix Corp at JPMorgan Industrials Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: William Chapman Peterson - JPMorgan Chase & Co, Research Division - Analyst : Okay. Great. Thanks for that overview. Just I want to kind of start on that last point. So in many ways, you and Ajay and Ralph, obviously, more prominent faces of the organization. And I think you announced some further leadership additions this week. At this stage, how do you -- the new additions, what are they working on? And I guess, how would you characterize the team at this point? Any other sort of holes to fill? Or how is it looking?

Question: William Chapman Peterson - JPMorgan Chase & Co, Research Division - Analyst : Great. And I also offer the opportunity to ask questions. Just one thing to clarify, though. In the Q1, you talked about -- well, at the earnings call, you talked about doubling to around 9,000. I just want to make sure that, that's a forecast, not that you're calling that you hit that. Just...

Question: William Chapman Peterson - JPMorgan Chase & Co, Research Division - Analyst : Great. in terms of productization, you've had a personal history of bringing products to market, whether it be TI or Qualcomm, Micron. And I recall from the recent earnings call, the importance that you attribute to customization. Deriving from your prior experience, why is that important when you're working with customers? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 15, 2023 / 2:30PM, ENVX.OQ - Enovix Corp at JPMorgan Industrials Conference

Question: William Chapman Peterson - JPMorgan Chase & Co, Research Division - Analyst : As we're in an industrial conference, I think a lot of people think mobile and maybe IoT as it relates to wearables like watches. Tying into the theme of industrial conference, what can your battery offer to, I'd say, broader industries that don't really -- people don't think about when it comes to lithium-ion batteries?

Question: William Chapman Peterson - JPMorgan Chase & Co, Research Division - Analyst : Makes sense. I want to make sure if anyone has any questions in the audience before moving forward. Let's pivot to manufacturing. It's -- sorry, go ahead, please. Unidentified Analyst Just a quick question on sort of cash. With $300 million of cash on the balance sheet, could you sort of remind us on the cadence of cash burn from here? Is it your view that a capital raise isn't a necessary outcome? Or as you think about ramping new lines, what the appetite is for customers to REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 15, 2023 / 2:30PM, ENVX.OQ - Enovix Corp at JPMorgan Industrials Conference take on that funding, what the trade-off is between sort of that route versus you taking it on yourselves? Just if you could talk through the puts and takes there.

Question: William Chapman Peterson - JPMorgan Chase & Co, Research Division - Analyst : The design activity has been pretty exciting. That was kind of what, I'd say, drove a lot of the interest maybe last year. But as the year progressed, it became more clear that it's all about sort of your ability to make this at scale and manufacturing and costs. So it was a good milestone last week with the completion of the design review. I guess what gave you and the Board confidence to move forward with that? And maybe more importantly, what's next in terms of timing? When will the POs get cut? I guess, how should we look at the progress this year to really be the first, as we think about next year when you really start to ramp in volume?

Question: William Chapman Peterson - JPMorgan Chase & Co, Research Division - Analyst : I want to see if there's any last-minute questions here. All right. So you and I both work in semiconductors at fab companies, fabless companies as well. I've seen the Fab-1 line. But I guess from your perspective, how do you compare and contrast this process with a manufacturing process. I guess from your view, what's hard and what's comparably easier?

Question: William Chapman Peterson - JPMorgan Chase & Co, Research Division - Analyst : That's a great explanation. Well, unfortunately, we're out of time. We really could go on and talk about all the great things the company is doing, but thanks for supporting the conference, and we look forward to following the progress. Thank you.