Enovix CorpENVX
Enovix Corp Earnings Per Share Disclosure
Net Loss per Share
We compute net earnings per share (“EPS”) of common stock using the two-class method. Basic EPS is computed using net income (loss) divided by the weighted-average number of common stock shares outstanding. Diluted EPS is computed using net income (loss) with an adjustment of changes in fair value of the Private Placement Warrants recorded in earnings divided by the total of weighted-average number of common stock shares outstanding and any dilutive potential common stock shares outstanding. Dilutive potential common stock shares included the assumed stock options exercises, vesting and issuance activities of restricted stock units and estimated common stock issuance under the employee stock purchase plan.
The following table shows the computation of the basic and diluted net EPS of common stock for the periods presented below (in thousands, except share and per share amount).
| Fiscal Years | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Numerator: | |||||||||||||||||
| Net loss attributable to common stockholders - basic | $ | (156,741) | $ | (222,241) | $ | (214,071) | |||||||||||
| Decrease in fair value of Private Placement Warrants | — | — | (6,180) | ||||||||||||||
| Net loss attributable to common stockholders - diluted | $ | (156,741) | $ | (222,241) | $ | (220,251) | |||||||||||
| Denominator: | |||||||||||||||||
Weighted-average shares outstanding used in computing net loss per share of common stock, basic (1) | 207,635,870 | 186,039,616 | 169,063,306 | ||||||||||||||
Dilutive effect of Private Placement Warrants | — | — | 509,858 | ||||||||||||||
Weighted-average shares outstanding used in computing net loss per share of common stock, diluted (1) | 207,635,870 | 186,039,616 | 169,573,164 | ||||||||||||||
Net loss per share of common stock: (1) | |||||||||||||||||
Basic | $ | (0.75) | $ | (1.19) | $ | (1.27) | |||||||||||
Diluted | (0.75) | (1.19) | (1.30) | ||||||||||||||
(1) As required by ASC 260, Earnings Per Share, the share and per share amounts presented in the above table for the fiscal years 2024 and 2023, have been retroactively adjusted to reflect the Warrants issued in July 2025 (see Note 12 “Treasury Stock, Warrant Dividend and Warrants” for more details). The following reconciliation table shows the effect of the Warrants on the previously reported shares and net loss per share amount (in thousands, except share and per share amount).
| Fiscal Years | ||||||||||||||
| 2024 | 2023 | |||||||||||||
| Numerators: | ||||||||||||||
| Net loss attributable to common stockholders, basic (as previously reported) | $ | (222,241) | $ | (214,071) | ||||||||||
| Decrease in fair value of Private Placement Warrants | — | (6,180) | ||||||||||||
| Net loss attributable to common stockholders, diluted (as previously reported) | (222,241) | (220,251) | ||||||||||||
| Fiscal Years | ||||||||||||||
| 2024 | 2023 | |||||||||||||
| Denominators: | ||||||||||||||
| Weighted-average shares outstanding used in computing net loss per share of common stock, basic (as previously reported) | 175,038,107 | 159,065,697 | ||||||||||||
| Effect of the Warrants | 11,001,509 | 9,997,609 | ||||||||||||
| Weighted-average shares outstanding used in computing net loss per share of common stock, basic (as adjusted) | 186,039,616 | 169,063,306 | ||||||||||||
| Weighted-average shares outstanding used in computing net loss per share of common stock, diluted (as previously reported) | 175,038,107 | 159,575,555 | ||||||||||||
| Effect of the Warrants | 11,001,509 | 9,997,609 | ||||||||||||
| Weighted-average shares outstanding used in computing net loss per share of common stock, diluted (as adjusted) | 186,039,616 | 169,573,164 | ||||||||||||
| Net loss per share of common stock: | ||||||||||||||
| Basic (as previously reported) | $ | (1.27) | $ | (1.35) | ||||||||||
| Basic (as adjusted) | (1.19) | (1.27) | ||||||||||||
| Diluted (as previously reported) | (1.27) | (1.38) | ||||||||||||
| Diluted (as adjusted) | (1.19) | (1.30) | ||||||||||||
As we reported net loss for the periods presented above, the potentially dilutive securities were anti-dilutive and were excluded in the computation of diluted net loss per share. The following table discloses shares of the securities that were not included in the diluted EPS calculation above because they were anti-dilutive for the periods presented above.
| Fiscal Years | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Stock options outstanding | 1,206,554 | 1,751,118 | 2,615,199 | ||||||||||||||
| Restricted stock units and performance restricted stock units outstanding | 12,384,266 | 13,172,101 | 11,424,740 | ||||||||||||||
| Private Placement Warrants outstanding | 5,500,000 | 5,500,000 | — | ||||||||||||||
| Employee stock purchase plan estimated shares | 318,714 | 238,368 | 442,146 | ||||||||||||||
| Assumed conversion of Convertible Senior Notes | 20,318,538 | 11,053,800 | 11,053,800 | ||||||||||||||
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.