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1. Company Snapshot

1.a. Company Description

Enovix Corporation designs, develops, and manufactures lithium-ion batteries.The company was founded in 2007 and is headquartered in Fremont, California.

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1.b. Last Insights on ENVX

Enovix Corporation's recent performance was negatively impacted by persistent execution issues and competitive pressures. The company's Q3 2025 earnings revealed a loss of $0.14 per share, lagging revenue estimates. Additionally, Enovix's product failed to meet the life-cycle requirements of lead prospective customer Honor. The company also faced significant cash usage, although aggressive capital-raising efforts resulted in total cash and liquid investments of almost $650 million. Analysts have a consensus rating of "Hold" on the stock, with 5 buy, 4 hold, and 1 sell recommendation.

1.c. Company Highlights

2. Enovix Delivers Strong Q3 with 85% Revenue Growth

Enovix reported revenue of $8 million for Q3, representing an 85% year-over-year increase. The company achieved a non-GAAP gross profit of $1.7 million, or 21% margin, compared to a loss in the prior year. The actual EPS came out at -$0.14, beating estimates of -$0.16. The company's cash position stands at $648 million, providing a solid foundation for future growth.

Publication Date: Nov -09

📋 Highlights
  • Revenue Growth:: Q3 revenue surged 85% YoY to $8M, with non-GAAP gross profit of $1.7M (21% margin) vs. prior-year loss.
  • Funding & Cash Reserves:: Secured long-term financing for Fab2 and holds $648M in cash, supporting path to positive cash flow.
  • AI-1 Battery Validation:: Polaris Labs confirmed AI-1 as highest energy density smartphone battery, with 2026 Honor launch in final validation.
  • Production Capacity:: 9M annual smartphone battery capacity planned for 2025, with Line 2 expansion underway and 7/8 top OEMs sampled.
  • Defense Contracts & Pipeline:: $20M shipped to Korean defense clients, with $80M global pipeline and 2 major Korean military contractors engaged.

Operational Highlights

Enovix made significant advancements in developing its silicon battery technology, with its AI-1 smartphone battery validated by Polaris Labs as the highest energy density battery in the industry. The company's lead smartphone program with Honor has entered the final validation phase ahead of the planned 2026 smartphone launch. Enovix has agreements with two smartphone OEMs, with both in different stages of qualification, and has sampled seven of the top eight smartphone OEMs.

Manufacturing and Capacity

Enovix has a production line that can produce up to 9 million batteries per year and has started making initial payments towards augmenting Line 2. The company is confident in its ability to support customers as they ramp up production. According to Raj Talluri, "We absolutely do have the capacity to support both the customers as they ramp."

Valuation and Growth Prospects

Analysts estimate Enovix's revenue growth at 149.7% for next year. The company's current valuation metrics include a P/S Ratio of 69.78 and an EV/EBITDA of -21.88. With a strong cash position and advancing technology, Enovix is well-positioned for future growth. The company's progress in its lead smartphone and smart eyewear programs, as well as the ramping of its manufacturing capabilities at Fab2, is expected to drive future success.

Outlook and Guidance

Enovix expects revenue between $9.5 million and $10.5 million for Q4, representing a 25% sequential increase at the midpoint. The company expects a non-GAAP loss from operations between $30 million and $33 million, reflecting continued investment in manufacturing readiness and product launch preparation. As the company scales towards volume production, it is expected to become gross margin positive and achieve adjusted EBITDA positivity or cash flow positivity.

3. NewsRoom

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HALPER SADEH LLC ENCOURAGES GLOBE LIFE INC. SHAREHOLDERS TO CONTACT THE FIRM TO DISCUSS THEIR RIGHTS

Nov -28

Source: prnewswire.com

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Enovix Corporation (NASDAQ:ENVX) Given Consensus Rating of “Hold” by Analysts

Nov -22

Source: defenseworld.net

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INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Enovix Corporation - ENVX

Nov -20

Source: prnewswire.com

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Enovix: Commercial Ramps Progress, Despite Operational Hiccups

Nov -09

Source: seekingalpha.com

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Enovix: Sell On Persistent Execution Issues And Competitive Pressures

Nov -06

Source: seekingalpha.com

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Enovix Corporation (ENVX) Q3 2025 Earnings Call Transcript

Nov -06

Source: seekingalpha.com

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Enovix Corporation (ENVX) Reports Q3 Loss, Lags Revenue Estimates

Nov -06

Source: zacks.com

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Enovix Announces Third Quarter 2025 Financial Results

Nov -05

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (13.40%)

6. Segments

Silicon-anode Lithium-ion Batteries

Expected Growth: 13.4%

Enovix Corporation's Silicon-anode Lithium-ion Batteries' 13.4% growth is driven by increasing adoption in Electric Vehicles (EVs), rising demand for renewable energy storage, and advancements in battery technology. Additionally, government incentives for sustainable energy solutions and growing consumer preference for eco-friendly products contribute to the segment's growth.

7. Detailed Products

3D Silicon Lithium-Ion Batteries

Enovix's 3D Silicon Lithium-Ion Batteries are designed to provide high energy density and long cycle life, making them suitable for electric vehicles, renewable energy systems, and other high-performance applications.

Advanced Battery Management Systems (BMS)

Enovix's Advanced BMS is a sophisticated battery management system that monitors and controls battery performance, ensuring safe and efficient operation of lithium-ion batteries.

High-Energy Density Cells

Enovix's High-Energy Density Cells are designed to provide high energy density and long cycle life, making them suitable for applications that require high performance and reliability.

Custom Battery Solutions

Enovix's Custom Battery Solutions are designed to meet specific customer requirements, providing tailored battery solutions for unique applications.

8. Enovix Corporation's Porter Forces

Forces Ranking

Threat Of Substitutes

Enovix Corporation's battery technology is unique, but not impossible to replicate. While there are substitutes in the market, Enovix's technology has a competitive advantage.

Bargaining Power Of Customers

Enovix Corporation's customers are mainly large technology companies, which have limited bargaining power due to their reliance on Enovix's battery technology.

Bargaining Power Of Suppliers

Enovix Corporation relies on a few key suppliers for its raw materials, giving them some bargaining power. However, Enovix's strong relationships with its suppliers mitigate this risk.

Threat Of New Entrants

The battery technology industry has high barriers to entry, including significant capital requirements and complex manufacturing processes, making it difficult for new entrants to compete with Enovix Corporation.

Intensity Of Rivalry

The battery technology industry is highly competitive, with several established players competing for market share. Enovix Corporation must continue to innovate and improve its technology to stay ahead of its competitors.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 0.00%
Debt Cost 3.95%
Equity Weight 100.00%
Equity Cost 12.43%
WACC 12.43%
Leverage 0.00%

11. Quality Control: Enovix Corporation passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Amprius Technologies

A-Score: 3.8/10

Value: 6.0

Growth: 3.2

Quality: 3.3

Yield: 0.0

Momentum: 10.0

Volatility: 0.3

1-Year Total Return ->

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Enovix

A-Score: 2.9/10

Value: 6.0

Growth: 4.0

Quality: 3.1

Yield: 0.0

Momentum: 3.5

Volatility: 1.0

1-Year Total Return ->

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ESS Tech

A-Score: 2.8/10

Value: 6.0

Growth: 7.2

Quality: 3.3

Yield: 0.0

Momentum: 0.0

Volatility: 0.0

1-Year Total Return ->

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GrafTech

A-Score: 2.7/10

Value: 6.2

Growth: 1.1

Quality: 4.2

Yield: 0.0

Momentum: 3.5

Volatility: 1.0

1-Year Total Return ->

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Ideal Power

A-Score: 2.7/10

Value: 6.4

Growth: 4.1

Quality: 3.4

Yield: 0.0

Momentum: 1.0

Volatility: 1.0

1-Year Total Return ->

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Stock-Card
Expion360

A-Score: 2.5/10

Value: 8.6

Growth: 3.3

Quality: 3.3

Yield: 0.0

Momentum: 0.0

Volatility: 0.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

8.96$

Current Price

8.96$

Potential

-0.00%

Expected Cash-Flows