Enovix首季收入增49%至760萬美元 淨

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended April 5, 2026
OR
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from__________to __________
Enovix Corporation
(Exact Name of Registrant as Specified in Charter)

Delaware001-3975385-3174357
(State or Other Jurisdiction
of Incorporation)(Commission
File Number)(IRS Employer
Identification No.)

3501 W Warren Avenue
Fremont, California 94538
(Address of Principal Executive Offices)
(510) 695-2350
(Registrant’s Telephone Number)
Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.0001 per shareENVXThe Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filerxAccelerated filero
Non-accelerated fileroSmaller reporting companyo
Emerging growth companyo

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x
As of May 8, 2026, 218,153,440 shares of common stock, par value $0.0001 per share, were issued and outstanding.

Table of Contents

Table of Contents

Page
PART I.
FINANCIAL INFORMATION

Item 1.
Financial Statements (unaudited)
1

Condensed Consolidated Balance Sheets as of April 5, 2026 and December 28, 2025
1

Condensed Consolidated Statements of Operations for the fiscal quarters ended April 5, 2026 and March 30, 2025
2

Condensed Consolidated Statements of Comprehensive Income (Loss) for the fiscal quarters ended April 5, 2026 and March 30, 2025
3

Condensed Consolidated Statements of Stockholders’ Equity for the fiscal quarters ended April 5, 2026 and March 30, 2025
4

Condensed Consolidated Statements of Cash Flows for the fiscal quarters ended April 5, 2026 and March 30, 2025
5

Notes to Condensed Consolidated Financial Statements
7

Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
22

Item 3.
Quantitative and Qualitative Disclosure about Market Risks
30

Item 4.
Controls and Procedures
31

PART II.
OTHER INFORMATION

Item 1.
Legal Proceedings
31

Item 1A.
Risk Factors
31

Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds from Registered Securities
62

Item 3
Defaults Upon Senior Securities
63

Item 4
Mine Safety Disclosures
63

Item 5
Other Information
63

Item 6.
Exhibits
64

Signatures
66

Table of Contents

FORWARD LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The statements contained in this Quarterly Report on Form 10-Q that are not purely historical are forward-looking statements. Forward-looking statements generally relate to future events or our future financial or operating performance and can be identified by words such as anticipate, believe, continue, could, estimate, expect, intend, may, might, plan, possible, potential, predict, project, should, would and similar expressions that convey uncertainty about future events or outcomes. In addition, any statements that refer to projections, forecasts, management’s expectations, hopes, beliefs, intentions or strategies regarding the future, are forward-looking statements. Examples of forward-looking statements in this Quarterly Report on Form 10-Q include, without limitation, statements about our:
•ability to respond to customer and market demand;
•ability to build and scale manufacturing lines for our lithium-ion batteries, as well as production and commercialization timelines, and our ability to have adequate capacity to satisfy customer demands;
•ability to meet milestones and customer acceptance of key products, such as AI-1TM and AI class products and MX products, as well as the market readiness of such products, and the effectiveness of our product design;
•expectations and estimations of the total addressable market for our batteries, including the demand for more energy dense batteries and the suitability of our products to address this demand, and the impact of artificial intelligence features on the demand for energy dense batteries and the suitability of our products to address this demand;
•expectations relating to the timing of the launch of commercial smartphone and commercial smart eyewear products, the potential growth in sales to defense customers, and expectations regarding potential customer purchases, results of safety testing and customer qualification of our products;
•ability to manage our expenses and realize our cost savings goals; 
•ability to manage and achieve the benefits of our restructuring efforts;
•products, technologies, business model and growth strategy, including commercialization opportunities, market opportunity and the expansion of our customer base;
•product strategy for our conventional lithium-ion battery products;
•ability to meet the expectations of new and current customers, including safety and qualification requirements, and our ability to achieve market acceptance for our products;
•financial performance, including revenue from the sale of batteries and battery pack products and engineering revenue contracts, as well as expenses and projections thereof;
•operational capabilities of our manufacturing lines, including the anticipated growth and improvements in commercialization and R&D activities to support product innovation;
•ability to attract and hire additional personnel, including for our international locations and to facilitate the build-out of existing and additional production lines;
•ability to optimize our manufacturing process and execute on our future product development strategy and roadmap to profitability, including achieving improvements in yield, throughput, dicing processes, performance, cost efficiency and overall production economics;
•expectations regarding our development and other collaboration agreements with potential customers, including in the smartphone, smart eyewear, IoT and defense categories; 
•ability to validate the advantages of our cell architecture in the customer markets we are targeting, as well as our expectations relating to the recognition of revenue from these markets, and our ability to expand our relationships with partners in the markets we serve; and
•ability to align with increasing customer demand for geodiversity and supply chain resilience.
The forward-looking statements contained in this Quarterly Report on Form 10-Q are based on our current expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements, and the assumptions underlying such statements, involve a number of risks and uncertainties, some of which are beyond our 

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control. These risks and uncertainties include, but are not limited to, those described in Part II, Item 1A. “Risk Factors” of this Quarterly Report on Form 10-Q. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may differ materially from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

ENOVIX CORPORATION 
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and par value amounts)
(Unaudited) 

As of April 5,
2026As of December 28,
2025
Assets
Current assets:
Cash and cash equivalents $88,751 $106,014 
Short-term investments439,985 406,026 
Accounts receivable, net3,943 4,421 
Notes receivable, net— 4,012 
Inventory16,451 13,617 

Prepaid expenses and other current assets 9,366 8,120 
Total current assets 558,496 542,210 
Property and equipment, net 164,952 170,263 
Long-term investments52,104 106,810 
Customer relationship intangibles and other intangibles, net30,357 31,638 
Operating lease, right-of-use assets 11,613 11,682 
Goodwill12,217 12,217 

Other assets, non-current 4,154 4,155 
Total assets $833,893 $878,975 
Liabilities and Equity
Current liabilities:
Accounts payable $14,938 $17,818 
Accrued expenses 8,761 13,992 
Accrued compensation 7,631 6,219 
Short-term debt9,436 9,865 
Deferred revenue 4,279 5,015 
Warrant liability181 6,578 
Other liabilities 5,668 5,529 
Total current liabilities 50,894 65,016 
Long-term debt, net520,160 519,271 

Operating lease liabilities, non-current 10,906 11,244 
Deferred revenue, non-current 300 300 
Deferred tax liability8,889 9,119 
Other liabilities, non-current 14 14 
Total liabilities 591,163 604,964 
Commitments and Contingencies (Note 7)
Stockholders’ equity:
Common stock, $0.0001 par value; authorized shares of 1,000,000,000; issued and outstanding shares of 217,698,339 and 216,556,238 as of April 5, 2026 and December 28, 2025, respectively 
22 22 

Additional paid-in-capital 1,316,363 1,307,912 
Treasury stock, at cost(58,385)(58,385)
Accumulated other comprehensive loss(1,241)(508)
Accumulated deficit (1,016,087)(977,827)
Total Enovix's stockholders’ equity 240,672 271,214 
Non-controlling interest2,058 2,797 
Total equity242,730 274,011 
Total liabilities and equity $833,893 $878,975 

See accompanying notes to these condensed consolidated financial statements.
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ENOVIX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share amounts)
(Unaudited)

Fiscal Quarters Ended
April 5,
2026March 30,
2025

Revenue $7,600 $5,098 

Cost of revenue6,048 4,837 
Gross profit1,552 261 
Operating expenses:
Research and development 26,528 25,929 
Selling, general and administrative 18,919 16,892 

Total operating expenses 45,447 42,821 
Loss from operations (43,895)(42,560)
Other income (expense):
Change in fair value of common stock warrants6,397 15,796 

Interest income5,776 2,434 
Interest expense(7,008)(1,716)
Other income, net 343 2,353 
Total other income (expense), net 5,508 18,867 
Loss before income tax benefit(38,387)(23,693)
Income tax benefit(129)(162)
Net loss(38,258)(23,531)
Net gain (loss) attributable to non-controlling interest2 (21)
Net loss attributable to Enovix$(38,260)$(23,510)

Net loss per share attributable to Enovix shareholders, basic and diluted (1)
$(0.18)$(0.12)
Weighted average number of common shares outstanding, basic and diluted (1)
217,371,926 203,328,890 

(1) As required by ASC 260, Earnings Per Share, the share and per share amounts presented in the above table for the fiscal quarter ended March 30, 2025 have been retroactively adjusted to reflect the warrant dividend issued in July 2025 (see Note 12 “Treasury Stock, Warrant Dividend and Warrants” in the Annual Report on Form 10-K for the fiscal year ended December 28, 2025 for more details). For more information on the adjusted net loss per share, refer to Note 9 “Net Loss per Share”.
See accompanying notes to these condensed consolidated financial statements.
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ENOVIX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In thousands)
(Unaudited)

Fiscal Quarters Ended
April 5,
2026March 30,
2025

Net loss$(38,258)$(23,531)
Other comprehensive income (loss), net of tax:
     Change in net foreign currency translation adjustments(5)2 
     Net unrealized loss on available-for-sale securities(728)(43)
Other comprehensive expense, net of tax(733)(41)
Comprehensive loss(38,991)(23,572)
Comprehensive income (loss) attributable to non-controlling interest2 (21)
Comprehensive loss attributable to Enovix$(38,993)$(23,551)

See accompanying notes to these condensed consolidated financial statements.
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ENOVIX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In thousands, except share amounts)
(Unaudited)

Common stock 
Additional paid-in capitalTreasury stock, at costAccumulated other comprehensive lossAccumulated 
deficitTotal
stockholders' equityNon-controlling interest
Total
 equity
SharesAmount
Balance as of December 28, 2025216,556,238 $22 $1,307,912 $(58,385)$(508)$(977,827)$271,214 $2,797 $274,011 
Net loss— — — — — (38,260)(38,260)2 (38,258)
Issuance of common stock upon exercise of stock options4,730 — —— — — — — — 

RSU vested, net of shares withheld1,137,371 — (1,663)— — — (1,663)— (1,663)
Purchase of additional Routejade shares— — — — — — — (740)(740)

Stock-based compensation— — 10,114 — — — 10,114 — 10,114 
Other comprehensive loss, net— — — — (733)— (733)(1)(734)
Balance as of April 5, 2026217,698,339 $22 $1,316,363 $(58,385)$(1,241)$(1,016,087)$240,672 $2,058 $242,730 

Common stockAdditional paid-in capitalTreasury stock, at costAccumulated other comprehensive lossAccumulated 
deficitTotal
stockholders' equityNon-controlling interest
Total
 equity
SharesAmount
Balance as of December 29, 2024190,559,335 $19 $1,067,951 $— $(143)$(821,086)$246,741 $2,662 $249,403 
Net loss— — — — — (23,510)(23,510)(21)(23,531)
Issuance of common stock upon exercise of stock options81,621 — 782 — — — 782 — 782 

RSU vested, net of shares withheld1,074,758 — (1,761)— — — (1,761)— (1,761)
Vesting of early exercised stock options— — 1 — — — 1 — 1 
Repurchase of unvested restricted common stock(597)— — — — — — — — 
Stock-based compensation— — 12,931 — — — 12,931 — 12,931 
Other comprehensive loss, net— — — — (41)— (41)— (41)
Balance as of March 30, 2025191,715,117 $19 $1,079,904 $— $(184)$(844,596)$235,143 $2,641 $237,784 

See accompanying notes to these condensed consolidated financial statements.
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ENOVIX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)

Fiscal Quarters Ended
April 5,
2026March 30,
2025
Cash flows used in operating activities:
Net loss$(38,258)$(23,531)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation, accretion and amortization9,370 8,448 
Stock-based compensation expense11,765 12,014 
Change in fair value of common stock warrants(6,397)(15,796)
Others(386)479 
Changes in operating assets and liabilities:
Accounts and notes receivables4,359 430 
Inventory(2,834)(2,826)
Prepaid expenses and other assets(1,252)2,440 
Accounts payable(3,600)4,420 
Accrued expenses and compensation(4,058)(4,167)
Deferred revenue(736)(457)
Deferred tax liability(241)(33)
Other liabilities(804)1,672 
Net cash used in operating activities(33,072)(16,907)
Cash flows from investing activities:
Purchase of property and equipment(3,220)(6,272)
Payment for business acquisition— (16)
Purchases of investments(103,458)(58,083)
Maturities of investments125,008 — 
Net cash provided by (used in) investing activities18,330 (64,371)
Cash flows from financing activities:

Payroll tax payments for shares withheld upon vesting of RSUs(1,663)(1,761)
Purchase of Routejade shares from non-controlling interest(740)— 
Repayment of debt(55)— 

Proceeds from the exercise of stock options— 782 

Payments of transaction costs related to common stock issuance— (512)

Net cash used in financing activities(2,458)(1,491)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(147)(228)
Change in cash, cash equivalents, and restricted cash(17,347)(82,997)
Cash and cash equivalents and restricted cash, beginning of period107,979 274,691 
Cash and cash equivalents and restricted cash, end of period$90,632 $191,694 

See accompanying notes to these condensed consolidated financial statements.
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ENOVIX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(In thousands)
(Unaudited)

Fiscal Quarters Ended
April 5,
2026March 30,
2025
Supplemental cash flow disclosure:
Cash paid for interest$8,671 $128 
Cash paid for income taxes63 39 
Supplemental non-cash investing and financing activities:

Purchase of property and equipment included in liabilities9,290 11,689 

The following presents our cash, cash equivalents and restricted cash by category in the Condensed Consolidated Balance Sheets:

As of
April 5,
2026March 30,
2025
Cash and cash equivalents$88,751 $189,874 
Restricted cash included in prepaid expenses, other current assets and other assets, non-current1,881 1,820 
Total cash, cash equivalents, and restricted cash$90,632 $191,694 

See accompanying notes to these condensed consolidated financial statements.
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ENOVIX CORPORATION
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

 

Note 1. Organization and Basis of Presentation
Organization 
Enovix Corporation was incorporated in Delaware in 2006. All references to “Enovix,” “we,” “us,” “our,” or the “Company” mean Enovix Corporation and its subsidiaries. We design, develop, manufacture and commercialize next generation Lithium-ion, or Li-ion, battery cells that significantly increase the amount of energy density and storage capacity relative to conventional battery cells. Our batteries’ mechanical design, or “architecture,” allows us to use high performance chemistries while enabling safety and charge time advantages. Enovix is headquartered in Silicon Valley, a region of California, with offices and facilities in Asia.
Basis of Presentation and Consolidation
The accompanying condensed consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States (“GAAP”). The condensed consolidated financial statements include our accounts, our wholly-owned subsidiaries and majority-owned subsidiaries and the business combinations from the closing dates. All intercompany balances and transactions have been eliminated in consolidation. 
Liquidity and Capital Resources 
We have incurred operating losses and negative cash flows from operations since our inception through April 5, 2026 and expect to incur operating losses for the foreseeable future. As of April 5, 2026, we had working capital of $507.6 million and an accumulated deficit of $1.02 billion. Based on the anticipated spending and timing of expenditures, we currently expect that our cash will be sufficient to meet our funding requirements over the next twelve months. Going forward, we may require additional financing for our future operations and expansion. The accompanying condensed consolidated financial statements have been prepared assuming we will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business.
Unaudited Interim Condensed Consolidated Financial Statements 
These accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial reporting. In the opinion of management, these unaudited condensed consolidated financial statements reflect all adjustments, consisting of normal recurring items, considered necessary to present fairly our financial condition, results of operations, comprehensive income (loss), stockholders’ equity and cash flows for the periods presented above. The results of operations for the fiscal quarter ended April 5, 2026 are not necessarily indicative of the operating results for the full year, and therefore should not be relied upon as an indicator of future results. The Condensed Consolidated Balance Sheet as of December 28, 2025 included herein was derived from the audited consolidated financial statements as of that date and the accompanying consolidated financial statements and related notes are included in our Annual Report on Form 10-K for the fiscal year ended December 28, 2025 (“Annual Report on Form 10-K”).
Use of Estimates 
The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the condensed consolidated financial statements and accompanying notes during the reporting periods. Estimates and assumptions include but are not limited to: depreciable lives for property and equipment and intangible assets, valuation for inventory, valuation allowance on deferred tax assets, assumptions used in income tax provisions, assumptions used in stock-based compensation, incremental borrowing rate for operating right-of-use assets and lease liabilities and estimates to fair value common stock warrants. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that it believes to be reasonable under the circumstances.
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ENOVIX CORPORATION
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)

Note 2. Summary of Significant Accounting Policies
Summary of Significant Accounting Policies
There have been no changes to our significant accounting policies disclosed in Note 2 “Summary of Significant Accounting Policies,” of the notes to the consolidated financial statements for the fiscal year ended December 28, 2025, included in Part II, Item 8 of our Form 10-K.

Revenue
We recognize revenue in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers. We generate revenue from selling lithium-ion batteries or battery packs to commercial customers and military contractors. Product revenue is recognized once we have satisfied the performance obligations as defined in the sales agreement, which is generally satisfied upon transfer of control of goods. Control is transferred upon delivery for our products. For certain customized products with customer acceptance criteria specified in the sales agreement, the performance obligations are generally satisfied upon our customer’s acceptance. Payment terms can vary depending on the contract and it is generally required within 90 days or less from the delivery date or the acceptance date of our product. The amounts of revenue recognized reflect the consideration for the product sold.

For the fiscal quarters ended April 5, 2026 and March 30, 2025, our product revenue was $7.6 million and $5.1 million, respectively. Of our total product revenue for the quarter ended April 5, 2026, approximately 69% and 14%, were from South Korea and Switzerland, respectively, based on the billing location of our customers. Of our total product revenue for the quarter ended March 30, 2025, approximately 47% were from South Korea based on the billing location of our customers.

Recently Issued or Adopted Accounting Pronouncements
Adoption of New Accounting Standards
In July 2025, the FASB issued ASU 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets, which simplifies the application of the current expected credit loss model for current accounts receivable and current contract assets under ASC 606. This ASU is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted. We adopted this ASU prospectively, effective with our fiscal 2026 interim financial statements and the adoption did not have a material impact on our condensed consolidated financial statements and disclosures.
Accounting Standard Issued But Not Yet Adopted
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures, which requires disclosure of certain costs and expenses on an interim and annual basis in the notes to the financial statements. The standard is effective for the annual reporting periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the potential impact of the adoption of this ASU on our financial statement disclosures.
In September 2025, the FASB issued ASU 2025-06, “Targeted Improvements to the Accounting for Internal-Use Software” (“ASU 2025-06”), which simplifies the capitalization guidance by removing all references to software development project stages so that the guidance is neutral to different software development methods. ASU 2025-06 is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted. ASU 2025-06 permits an entity to apply the new guidance using a prospective, retrospective or modified transition approach. The Company is currently evaluating the impact from ASU 2025-06 on its condensed consolidated financial statements.
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ENOVIX CORPORATION
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)

Note 3. Fair Value Measurement
The fair value of our financial assets and liabilities are determined in accordance with the fair value hierarchy established in ASC 820, Fair Value Measurements, issued by the FASB. The fair value hierarchy of ASC 820 requires an entity to maximize the use of observable inputs when measuring fair value and classifies those inputs into three levels:

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

Our financial instruments consist primarily of cash and cash equivalents, short-term investments, accounts receivable, notes receivable, accounts payable, short-term and long-term debt, and warrant liabilities. Cash and cash equivalents are reported at their respective fair values on our Condensed Consolidated Balance Sheets. As of April 5, 2026 and December 28, 2025, the carrying values of accounts and notes receivables, accounts payable, short-term debt and accrued liabilities approximated the fair value based on the short maturity of those instruments. As of April 5, 2026 and December 28, 2025, we had cash and cash equivalents of $88.8 million and $106.0 million, respectively.
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ENOVIX CORPORATION
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)

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

Fair Value Measurement using 
Level 1Level 2Level 3Total
As of April 5, 2026

Assets:
Cash equivalents:
Money Market Funds$62,461 $— $— $62,461 
Corporate Notes and Debt Securities— 5,428 — 5,428 
Short-term investments:
U.S. Treasuries— 293,824 — 293,824 
Corporate Notes and Debt Securities— 122,656 — 122,656 
U.S. Government Agency Debt Securities— 23,505 — 23,505 
Long-term investments:
U.S. Treasuries— 38,268 — 38,268 
Corporate Notes and Debt Securities— 11,845 — 11,845 
U.S. Government Agency Debt Securities— 1,991 — 1,991 
Total assets measured at fair value$62,461 $497,517 $— $559,978 

Liabilities:
Private Placement Warrants$— $— $181 $181 

As of December 28, 2025

Assets:
Cash equivalents:
Money Market Funds$44,279 $— $— $44,279 

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

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

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ENOVIX CORPORATION
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)

Cash Equivalents and Short-term Investments:
The following is a summary of cash equivalents and short-term investments (in thousands).

Reported as
Amortized CostUnrealized GainUnrealized LossEstimated Fair ValueCash EquivalentsShort-term InvestmentsLong-term Investments
As of April 5, 2026
Money Market Funds$62,461 $— $— $62,461 $62,461 $— $— 
U.S. Treasuries332,487 — (395)332,092 — 293,824 38,268 
Corporate Notes and Debt Securities140,088 — (159)139,929 5,428 122,656 11,845 
U.S. Government Agency Debt Securities25,521 — (25)25,496 — 23,505 1,991 
Total$560,557 $— $(579)$559,978 $67,889 $439,985 $52,104 
As of December 28, 2025
Money Market Funds$44,279 $— $— $44,279 $44,279 $— $— 
U.S. Treasuries408,344 142 — 408,486 — 315,581 92,905 
Corporate Notes and Debt Securities75,199 — (21)75,178 — 67,134 8,044 
U.S. Government Agency Debt Securities29,144 28 — 29,172 — 23,311 5,861 
Total$556,966 $170 $(21)$557,115 $44,279 $406,026 $106,810 

As of April 5, 2026, the short-term investments had contractual maturity due within one year. 
Private Placement Warrants
Our liabilities are measured at fair value on a recurring basis, including 5,500,000 Private Placement Warrants outstanding that are held by Rodgers Capital, LLC (the “Sponsor”), certain of its board of directors and third-parties (the “Private Placement Warrants”). The fair value of the Private Placement Warrants is considered a Level 3 valuation and is determined using the Black-Scholes valuation model. Each whole Private Placement Warrant became exercisable for one whole share of our common stock at a price of $10.66 per share. 
As of April 5, 2026 and December 28, 2025, we had 5,500,000 Private Placement Warrants outstanding. The fair value of the Private Placement Warrants was $0.03 per share as of April 5, 2026 and $1.20 per share as of December 28,
2025. The following tables summarize the changes for Level 3 items measured at fair value on a recurring basis using significant unobservable inputs (in thousands). 

Private Placement Warrants 

Fair value as of December 28, 2025
$6,578 

Change in fair value(6,397)
Fair value as of April 5, 2026
$181 

Private Placement Warrants 

Fair value as of December 29, 2024
$28,380 

Change in fair value(15,796)
Fair value as of March 30, 2025
$12,584 

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ENOVIX CORPORATION
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)

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

Private Placement Warrants Outstanding as of April 5, 2026Private Placement Warrants Outstanding as of December 28, 2025
Expected term (in years)0.30.5
Expected volatility75.2%90.8%
Risk-free interest rate3.7%3.6%
Expected dividend rate0.0%0.0%

Convertible Senior Notes and Long-term Loans
We consider the fair value of our convertible senior notes to be a Level 2 measurement as they are not actively traded in the market. As of April 5, 2026, the fair values of the 2028 Convertible Senior Notes and the 2030 Convertible Senior Notes were approximately $135.1 million and $326.7 million, respectively. As of December 28, 2025, the fair values of the 2028 Convertible Senior Notes and 2030 Convertible Senior Notes were approximately $164.4 million and $359.6 million, respectively. As of April 5, 2026, we consider the fair value of the other long-term loans as approximately equal to their carrying values of $0.4 million.

Note 4. Inventory
Inventory consists of the fo