Enovix Misstates Diluted EPS, Issues Correction Seven Days Later
Lithium ion battery manufacturer’s diluted quarterly loss increases $0.06 per share following discovery of calculation error.
November 16, 2021
After boasting it had hired an experienced Chief Financial Officer to remedy a material weakness in its internal controls over financial reporting (ICFR) in its latest quarterly filing, Enovix (ENVX), a 3D silicon lithium ion battery manufacturer, revealed it misstated diluted EPS seven days prior. In the filing, Enovix characterized the mistake like this:

“The calculation we used to determine diluted earnings per share erroneously omitted the treasury stock method to determine the impact of the Private Placement Warrants.”

The revision reduced third quarter diluted EPS 75% and year-to-date (YTD) diluted EPS 18.4%.

The revision was included in the footnotes of the filing. The company also corrected its letter to shareholders on its site. Enovix became public this year after merging with T.J. Rodgers special purpose acquisition company (SPAC).
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