Fremont, California-based Enovix, a designer and manufacturer of Lithium-ion batteries, has announced a restructuring initiative that includes a 33% reduction in force at its Freemont, California facility.
The personnel realignment will impact 177 employees and is the second round of layoffs since last year's layoff of 185 employees.
It is believed that the decision was driven by the company's acquisition of an Asian company and the certification of the company's new Malaysian fabrication facility where the prototyping and manufacturing will take place. R&D will remain in Freemont.
According to Chief Financial Officer Farhan Ahmad, "We have made very dramatic, cuts to our cost structure. And, so we can have long runway before we need to raise capital. The company is taking decisive actions to reduce its cash burn, and accelerating plans to identify additional efficiencies as we scale. A more efficient cost structure significantly reduces our capital needs and accelerates our path to profitability.”
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?
