Enovix Corporation (NASDAQ:ENVX) Q1 2023 Earnings Call Transcript

Chip Moore: Actually wanted to go back to YBS real quickly. I imagine seeing the equipment orders. And the recent financing probably helped them in their discussions around localized financing and tax incentives and things like that. And based on your commentary around revising CapEx next quarter sounds like, we should expect something fairly soon. So just curious anything to bear in mind there, and then my follow up would be, have you seen any more interest in similar type of conversations? Thanks.

Raj Talluri: Yes. I didn’t hear it fully well, but I think the question was on, how are we feeling about YBS financing. And like I said, in my prepared remarks, we talked to them constantly, and they’re making good progress. It’s going through the approval process that they need to go through, they’re a public company. And it’s going like how we thought it would so no cause for concern on our side. We are in close contact with them. We are just going through the due diligence, and we’re going through all the right step to make sure it’s done right. There are other options like that. And we’ve thought this was the best one that we should pick now. And that’s about all I want to comment at this point is that we do have what we need for the next four lines with this one, once this one gets worked out.

And I still reiterate the comment I made before, which is there is a lot of interest from customers, as we begin to scale these batteries where they want surety of supply, there is interest from other parties, like we talked about YBS, and so on, and we will explore all of them. And I also mentioned that we’ll be opportunistic about capital markets, and we were and we were able to accomplish that. So I’m just continuing to execute to what I told you guys, I would last quarter.

Operator: There are no further questions at this time. With that, I’d like to turn it over to Raj Talluri for closing remarks.

Raj Talluri: Yes. I really want to take just a couple of minutes to thank you all for joining in and for all the great questions. Phenomenal team at Enovix. We’ve done really well this quarter and a lot of work ahead of us but we are committed to executing this and really appreciate all the support of our partners and investors to allow us to do what we are trying to do. Thank you.