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| Statement |
|---|
| It's pretty amazing |
| Been a really great year in '23 recap, super excited by where we are on '24 |
| First, we reported record revenue of $7.4 million in Q4, well above our expectations |
| It's very exciting to see that progress |
| And again, super excited by the technology and acceptance, the customer base |
| So, super exciting and it's very fortunate us that we were able to get the acquisition done quickly |
| And more importantly, their coating expertise is phenomenal |
| Now, this significantly increases the addressable market for Enovix technology, and we have a strong pipeline of additional opportunities in this space |
| It's really phenomenal |
| And we're feeling good about both these things |
| We have our factory coming up now, and we feel pretty good that we'll be able to get some samples in April from that |
| So if you think about where we are in our journey, we now have a recipe with EX-1M that we feel pretty good about that actually meets the requirements of the market |
| So, that has caused some amount of back and forth with our suppliers, but we feel good now that it's within reach, and we feel good about the machines we have received |
| We were very excited by the results we got from the Group14 material, and that team has been super supportive |
| So we have now looked at all the different phones out shipping in the market, and we believe that we can provide an advantage compared to that, while keeping fast charge, while keeping -- increasing the cycle life and also different temperatures |
| And we accomplished a great deal in a very short amount of time, and I'm really proud of everything the team has done |
| Once that's done, we do expect that they will end up in higher volume production, and we will have a good business opportunity there |
| And I'm super excited by -- as you can tell, by all the stuff we have going on in our manufacturing fabs and executing to these key milestones |
| In closing, I'm super excited by all the work we've done in '23, and we set the framework for our business to scale in the years forward |
| For Q4, we delivered revenue of $7.4 million, well ahead of our expectation |
| With our product roadmap and our customer relations, we are well positioned to enable the smartphone industry to really usher a new era of mobile computing |
| But basically, we feel very confident that we're going to get samples out in April time frame to our customers |
| We had a strong finish to 2023 |
| Some very promising results |
| As you can see, our confidence is very high around Fab-2 |
| To do that safely and to do that in a way that it doesn't hurt the battery longer term is a very key care-about, and that's one thing that we feel good about now |
| And we have significant proof points to deliver in '24 |
| And this is what I've mentioned when I first came to this job is that the performance and the end user experience that great processors, great memory devices, great displays, great cameras can deliver is huge |
| Now, in contrast to that, we exited this year with a manufacturing base in Malaysia, ready to produce industry-leading batteries, a seasoned team in Korea that has shipped batteries over 20 years that we acquired, and close alignment with our customers that led us to gain a really in-depth knowledge and detailed product specifications that is helping us build category-leading products targeted at the largest portion of the market, which is the smartphones |
| The good news is our agility line and the high-volume manufacturing line, use the exact same modules |
| Statement |
|---|
| It's -- the single biggest problem with the device is the battery life |
| Now, there is some impact, a meaningful impact to our Q1 guidance because of the war in Middle East, which is causing a longer time for the ships to go from Korea to Europe |
| So, it's very important you own the incoming material quality and specification, and which is one of the problems we had when we were running in Gen1, that we were relying on, third-party tool coaters who weren't that motivated to really to coat it like how we wanted it |
| And also like, quarter-on-quarter decline, also it contributed to it |
| And we did announce some delays on FAT of one of the zones |
| So if you think about a smartphone, when you have a smartphone, what a lot of customers do is, particularly with these AI applications, a whole day battery life is getting harder and harder |
| We expect for Q1 an adjusted EBITDA loss of $24 million to $31 million and expect non-GAAP EPS between $0.29 loss and $0.35 loss |
| I'm not sure how good the line is |
| We haven't seen how good that can be |
| From Q1 to Q2, there should be a decline, because of the $18.5 million of the depreciation that we talked about, and also because of the actions that we have taken in Fremont, some of those benefits will come through |
| Please note that the shareholder letter, press release and this conference call all contain forward-looking statements that are subject to risks and uncertainties |
| I would like to note that our non-GAAP EPS loss does include the impact of the accelerated depreciation that I talked, which is about $0.10 |
| So, you should get additional low single-digit kind of a benefit like that should also decline |
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