Enovix Corporation

Thank you for standing by. And welcome to Inovix Corporation's first quarter 2022 earnings conference call. Currently, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. As a reminder, today's conference will be recorded. And now I'd like to introduce your host for today's program, Charles Anderson, Vice President of Investor Relations. Please go ahead.

Thank you. Hello, everyone, and welcome to Inovix Corporation's first quarter 2022 results conference call. With us today are President, Chief Executive Officer, and Co-Founder, Harold Rust, and Chief Financial Officer, Stefan Pitska. We will also be joined today by Chief Commercial Officer, Cam Dales, and Chief Technology Officer and Co-Founder, Ashok Lahiri, for the Q&A portion of the call. Harold and Stefan will review the operating and financial highlights, and then we'll take your questions. After the Q&A session, we'll conclude the call. Before we continue, let me kindly remind you that we released our first quarter 2022 shareholder letter after the market closed today. It's available on our website at ir.novix.com. A replay of this conference call will be available later today on the investor relations page of our website. Please note that the shareholder letter press release in this conference call all contain forward-looking statements that are subject to risks and uncertainties. These forward-looking statements are based on current expectations and and may differ materially from actual future events or results due to a variety of factors. For discussion of factors that could affect our future financial results in business, please refer to the disclosure in today's shareholder letter and our filings with the Securities and Exchange Commission. All our statements are made as of today, May 11, 2022, based on the information currently available to us. We can give no assurance that these statements will prove to be correct, and we do not intend and undertake no duty to update these statements except as required by law. During this call, we will also discuss non-GAAP financial measures, which are not prepared in accordance with generally accepted accounting principles. You can find a reconciliation of the GAAP financial measures to non-GAAP financial measures in our shareholder letter, which is posted on the investor relations page of our website. I will now turn the call over to Harold to begin. Harold?

Thank you, Charlie. Hopefully, everyone had a chance to review our shareholder letter, which detailed our first quarter. I'll keep my comments high level around our progress in technology, manufacturing, and commercialization. Then Stefan will cover our financials, and we'll take your questions. As Charlie mentioned, we'll be joined by Cam and Ashok for that portion of the call. So let's dive in. Most important, our first production line at Fab One in Fremont is up and running, and we began shipping qualification cells in Q1. We expect to make our first shipments for product revenue to a technology leader in the wearable category in Q2. This marks a significant milestone and delivers on a commitment we made over a year ago, highly differentiating us from other advanced battery companies still working to develop and bring new battery technologies to market. Moving into commercialization has not gone unnoticed by our customers. We have engagements with leading companies that want our revolutionary battery in order to enable features, functions, and form factors not previously available. Last week, we announced that we received an order from one of the largest consumer electronics companies in the world for our smartwatch battery. What makes this engagement so exciting is the potential for our technology to proliferate across this customer's broad consumer electronics product portfolio. After touring our Fab One, a senior leader at this customer told us, quote, we need to move this technology into our mobile products quickly, and quote, the line proves you can scale. Bolstering our value proposition to industry-leading customers was our announcement in March of BreakFlow, a breakthrough technology in advanced lithium-ion battery safety. This innovation is enabled by our unique 3D architecture. and allows us to add a significant layer of safety as we boost energy density. All of us are aware of the restrictions we face checking luggage with lithium ion batteries when flying. And we've all seen the headlines of battery fires and the terrible impact they've had on our industry and consumers. With break flow, we are pioneering a new path in battery safety. Customer response has been extremely positive, and we look forward to making break flow available in our battery cells next year. Now let's talk about scaling our capacity beyond Fab 1. Many of you have been wondering where we stand on Fab 2, our second planned production facility. We recognize that we've taken longer than we previously communicated to announce a Fab 2 location, but it's for a very good reason. Our engineering team has taken the learnings from Fab 1 and designed a significantly improved production line we call Gen 2 that is designed to be faster and require far less space than our current generation. Major portions of the Gen 2 line will occupy half the space of Gen 1 with significantly higher output. This gave us the opportunity to reevaluate the optimum size for Fab 2. and caused us to shift gears and focus on smaller facilities than we had been considering. On that note, I'm pleased to share today that we have begun placing orders for our Gen 2 equipment and expect to have the full line ordered over the next several weeks. That will allow us to take delivery at a Fab 2 location in the first half of 2023, and we are confident in our ability to close on a site selection later this year that meets our needs. Our overriding goal remains the same, install capacity to scale to $1 billion in annual revenue with leading margins, and serve the tremendous demand we see forming in our funnel. We intend to further augment our direct capacity with strategic joint venture or licensing deals that allow us to capture battery markets that require more capacity than we can put in on our own. Now, I'll turn the call over to our CFO, Stephan, who will discuss our financials. Stephan?