ENVX — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-08-12

• We generate revenue from the sale of batteries and battery pack products. As we continue to commercialize our battery technologies and expand our product offerings, our operating results and future growth will depend on, among other factors, the successful qualification and adoption of our products …

• Advanced smartphone qualification continues with our lead smartphone original equipment manufacturer (“OEM”) customer. During the second quarter of 2026, our lead smartphone customer confirmed that our batteries passed more than 1,000 cycles under the 0.2C discharge cycle test. The final accelerated…

• customer is currently evaluating our cells, including an enhanced design, across these multiple variants. We anticipate completing this final test in the fourth quarter of 2026, with targeted system-level field testing to follow.  Our second smartphone OEM customer continues moving toward a similar …

• In smart eyewear, we continued to make significant progress toward broader commercialization during the second quarter of 2026. Following the start of commercial production in the first quarter, we shipped approximately 2,100 silicon-anode AI-1 batteries and recognized initial smart eyewear product …

• Demand across our drone, defense and industrial end markets continued to expand during the second quarter of 2026. Our global pipeline for products manufactured at our South Korea facility grew approximately 41% to approximately $183 million, up from $130 million at the end of the first quarter, wit…

Text removed vs the prior filing · source: 10-Q · 2026-05-14

• We generate revenue from the sale of batteries and battery pack products (“Product Revenue”). Our performance and future success depend on several factors that present significant opportunities, but also pose risks and challenges as described in the section titled “Risk Factors” included elsewhere i…

• Advanced smartphone qualification and commercialization efforts. Advanced smartphone qualification is progressing with our lead smartphone Original Equipment Manufacturer (“OEM”) customer, Honor, and a second smartphone OEM. We have aligned with our lead customer on utilizing a silicon-specific eval…

• Expanded customer engagement and commercial traction across end markets. Our engagement with customers continues to expand across AI-powered applications requiring high energy density in compact form factors. We have commenced early production and initial shipments of our smart eyewear platform, rep…

• We have also secured additional design wins in defense, drone, and industrial applications, with deployments expected to begin in 2027. Our global pipeline for products manufactured in South Korea has grown to more than $130 million as of the end of the first quarter of 2026, driven primarily by inc…

• Advanced technology development roadmap. We produced our initial AI-2 engineering samples for smart eyewear applications incorporating EX-3M technology innovations, which are expected to deliver more than 20% improved volumetric energy density relative to our AI-1 product. Customer sampling is plann…

Text added vs the prior filing · source: 10-Q · 2026-08-12

• These exclusive-forum provisions may limit a stockholder’s ability to bring a claim in a judicial forum that it finds favorable for disputes with us or our directors, officers or other employees. While the Delaware courts have determined that such choice of forum provisions are facially valid, a sto…

• increase our costs, disrupt our supply chain, reduce our sales and earnings, impair our ability to raise additional capital when needed on acceptable terms, if at all, or otherwise adversely affect our business, financial condition and results of operations.

• Any of the previously identified or similar threats could cause a security incident or other interruption that could result in unauthorized, unlawful, or accidental acquisition, modification, destruction, loss, alteration, encryption, disclosure of, or access to our sensitive information or our info…

• upon whom we rely. A security incident or other interruption could disrupt our ability (and that of third parties upon whom we rely) to provide our products. We may expend significant resources or modify our business activities to try to protect against security incidents. Certain data privacy and s…

• actions, and lawsuits. If we are unable to use generative AI, it could make our business less efficient and result in competitive disadvantages.

Text removed vs the prior filing · source: 10-Q · 2026-05-14

• Private Placement Warrants are exercisable for our common stock, which would increase the number of shares eligible for future resale in the public market and result in dilution to our stockholders.

• In connection with the initial public offering of our predecessor entity, Rodgers Silicon Valley Acquisition Corp. (“RSVAC”), RSVAC issued and sold 6,000,000 private placement warrants (the “Private Placement Warrants”) to Rodgers Capital, LLC, which entity subsequently distributed the Private Place…

• To the extent Private Placement Warrants are exercised, additional shares of our common stock will be issued, which will result in dilution to our existing common stockholders, and increase the number of our shares eligible for resale in the public market.

• Sales of a substantial number of these shares in the public market, or the perception of such sales, could adversely affect the market price of our common stock. The Private Placement Warrants expire on July 14, 2026, or earlier upon redemption or liquidation, as more fully described in the Warrant …

• These exclusive-forum provisions may limit a stockholder’s ability to bring a claim in a judicial forum that it finds favorable for disputes with us or our directors, officers or other employees. While the Delaware courts have determined that such choice of forum provisions are facially valid, a sto…