Below is a reconciliation of net cash used in operating activities to the Free Cash Flow financial measures for the periods presented below (in thousands): Quarters Ended March 31, 2024 April 2, 2023Net cash used in operating activities$(35,044) $(25,611)Capital expenditures (15,088) (3,032)Free Cash Flow$(50,132) $(28,643) Other Non-GAAP Financial Measures Reconciliation (In Thousands, Except Share and per Share Amounts) Quarters Ended March 31, 2024 April 2, 2023 Revenue $5,272 $21 GAAP cost of revenue $7,072 $12,248 Stock-based compensation expense — (951) Inventory step-up (1,907) — Non-GAAP cost of revenue $5,165 $11,297 GAAP gross margin $(1,800) $(12,227) Stock-based compensation expense — 951 Inventory step-up 1,907 — Non-GAAP gross margin $107 $(11,276) GAAP research and development (R&D) expense $48,788 $23,749 Stock-based compensation expense (6,554) (11,667) Amortization of intangible assets (416) — Non-GAAP R&D expense $41,818 $12,082 GAAP selling, general and administrative (SG&A) expense $19,548 $27,274 Stock-based compensation expense (6,206) (16,539) Amortization of intangible assets (756) — Non-GAAP SG&A expense $12,586 $10,735 GAAP operating expenses $68,336 $51,023 Stock-based compensation expense included in R&D expense (6,554) (11,667) Stock-based compensation expense included in SG&A expense (6,206) (16,539) Amortization of intangible assets (1,172) — Non-GAAP operating expenses $54,404 $22,817 Quarters Ended March 31, 2024 April 2, 2023 GAAP loss from operations $(70,136) $(63,250) Stock-based compensation expense 12,760 29,157 Amortization of intangible assets 1,172 — Inventory step-up 1,907 — Non-GAAP loss from operations $(54,297) $(34,093) GAAP net loss attributable to Enovix $(46,368) $(73,603) Stock-based compensation expense 12,760 29,157 Change in fair value of common stock warrants (21,120) 12,840 Inventory step-up 1,907 — Amortization of intangible assets 1,172 — Non-GAAP net loss attributable to Enovix shareholders $(51,649) $(31,606) GAAP net loss per share attributable to Enovix, basic $(0.28) $(0.47) GAAP weighted average number of common shares outstanding, basic 168,144,918 155,626,977 GAAP net loss per share attributable to Enovix, diluted $(0.28) $(0.47) GAAP weighted average number of common shares outstanding, diluted 168,144,918 155,626,977 Non-GAAP net loss per share attributable to Enovix, basic $(0.31) $(0.20) GAAP weighted average number of common shares outstanding, basic 168,144,918 155,626,977 Non-GAAP net loss per share attributable to Enovix, diluted $(0.31) $(0.
Forward-looking statements in this letter to shareholders include, without limitation, our expectations regarding, and our ability to respond to, market and customer demand; our customers’ releases of products using our batteries; our financial and business performance; projected improvements in our manufacturing, commercialization and R&D activities, including operational efficiencies as a result of reduced R&D cycle times in India; our expectations regarding FAT and SAT for the Gen2 Agility and Autolines in Malaysia; our ability to meet goals for yield and throughput; our expectations regarding the Malaysia factory buildout and its capacity to support multiple customer qualifications; the anticipated contributions of and benefits from personnel, including our operations teams in Malaysia and India; our revenue funnel; our efforts in the portable electronics and EV markets, including IoT, Mobile, and Computing categories; our ability to meet milestones and deliver on our objectives and expectations, including our ability to manufacture and ship EX-IM samples to smartphone customers; the implementation and success of our business model and growth strategy, including targeting various addressable markets and our Mobile-first approach to product development; our ability to manage our expenses and identify additional efficiencies on our Journey to Scale; our ability to effectively integrate our graphite-based battery business acquired from Routejade; and our forecasts of our financial and performance guidance and metrics.
Below is a reconciliation of net loss attributable to Enovix on a GAAP basis to the non-GAAP EBITDA and Adjusted EBITDA financial measures for the periods presented below (in thousands): Quarters Ended March 31, 2024 April 2, 2023 Net loss attributable to Enovix$(46,368) $(73,603) Interest expense 1,659 — Income tax benefit (152) — Depreciation and amortization 24,974 3,598 EBITDA (19,887) (70,005) Stock-based compensation expense 12,760 29,157 Change in fair value of common stock warrants (21,120) 12,840 Inventory step-up 1,907 — Adjusted EBITDA$(26,340) $(28,008) Free Cash Flow We define "Free Cash Flow” as (i) net cash from operating activities less (ii) capital expenditures, net of proceeds from disposals of property and equipment, all of which are derived from our Consolidated Statements of Cash Flow.
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