ENVXNasdaqMiscellaneous Electrical Machinery, Equipment & SuppliesUS GAAP · USD

Enovix Corp

Enovix Corp designs and manufactures advanced lithium-ion batteries and battery packs built around its silicon-anode architecture. The company is commercializing its AI-1 platform for smartphones, smart eyewear and other AI-enabled devices, while also serving defense and industrial customers through its South Korea operations and global manufacturing footprint.

Kysy yhtiöstä
Liikevaihto31,8milj. USD
+37,9 %v/v
Liikevoitto (EBIT)−177milj. USD
+27,0 %v/v
EBIT-marginaali−557,0%
+494,7 %-yks.v/v
Nettotulos−157milj. USD
+29,5 %v/v
Vapaa kassavirta−114milj. USD
+38,6 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−300−200−1000100milj. USD2020: 0,00 milj. USD2020: EBIT −24 milj. USD20202021: EBIT −70 milj. USD20212022: 0,00 milj. USD2022: EBIT −70 milj. USD20222023: 7,6 milj. USD2023: EBIT −230 milj. USD20232024: 23 milj. USD2024: EBIT −243 milj. USD20242025: 32 milj. USD2025: EBIT −177 milj. USD202532−177
LiikevaihtoLiikevoitto (EBIT)

Liiketoiminta

Osuus liikevaihdosta
Battery cells and packs85 %

Lithium-ion battery cells and assembled battery pack products sold to commercial and defense customers.

AI-1 platform products10 %

High-energy-density batteries designed for smartphones, smart eyewear and AI-enabled devices.

Engineering services5 %

Customer-funded development work for lithium-ion battery technology and qualification support.

Asiakkaat

Enovix sells to a small number of qualified customers, with demand concentrated in defense, smartphone, smart eyewear and other consumer electronics applications. The company also works with commercial customers that need custom battery designs and extended testing before volume qualification. Customer relationships are important because qualification cycles can take years and revenue depends on successful product validation and repeat orders.

Defense subcontractors

Buy battery cells and packs for defense applications where reliability, supply continuity and qualification are critical.

Smartphone and mobile device customers

Evaluate and purchase AI-1 batteries for next-generation smartphones that need higher energy density.

Smart eyewear and AI-enabled device customers

Buy compact batteries that support local AI processing and constrained form factors.

Commercial electronics customers

Purchase lithium-ion batteries and packs for broader consumer and industrial electronics use cases.

Engineering and qualification customers

Fund development contracts and sample testing to validate designs before production orders.

Strategia

Enovix is focused on commercializing its silicon-anode battery platform and proving performance advantages in AI-enabled mobile devices. Near term, the company is prioritizing manufacturing readiness, customer qualification and capacity expansion so it can convert sample testing into volume orders. It is also using defense demand and South Korea production to support revenue while the smartphone platform matures.

Launch and qualify AI-1 batteriesLyhyt aikaväli

The company needs a differentiated product with higher energy density to win smartphone and AI-device designs.

Ramp manufacturing and improve yieldsLyhyt aikaväli

Volume production is required to convert technical progress into repeatable revenue and better unit economics.

Diversify the customer baseKeskipitkä aikaväli

Revenue concentration makes the business highly sensitive to the loss or slowdown of a single customer.

Scale defense and industrial shipmentsKeskipitkä aikaväli

Defense demand provides near-term revenue support while consumer platforms are still in qualification.

Maantiede

2025

Enovix is headquartered in Fremont, California, and runs corporate, sales, engineering and R&D functions from the United States. Manufacturing and R&D are concentrated in Malaysia, South Korea and India, with South Korea also important for defense-related assembly and shipments. The company’s revenue is exposed to Asia-based customers and supply chains, while its U.S. base supports product development and corporate control.

Asia Pacific71 %
Sveitsi14 %
USA6,9 %
Norja5,0 %
Taiwan3,3 %

Osuus liikevaihdosta, jonka yhtiö raportoi maantieteellisesti.

Riskit

Enovix faces execution risk because its battery technology and manufacturing process are complex, and volume production depends on yield, cost and performance improvements. Customer concentration is a major issue, with a single South Korea defense subcontractor historically accounting for a large share of revenue, while supply chain dependence on specific components and raw materials can disrupt production and margins. The company also operates in a competitive battery market where incumbents and emerging silicon-anode and solid-state developers are racing to improve energy density, safety and cycle life.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Customer concentration1Manufacturing scale-up risk2Single-supplier dependency3Technology competition4Raw material and logistics volatility5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Customer concentrationVaikutus: KriittinenTodennäköisyys: Korkea

    A limited number of customers, especially in defense, drive most revenue and create outsized dependence on renewals and demand.

    Kohdistuu: One South Korea defense subcontractor accounted for the majority of fiscal 2025 revenue.

  2. Manufacturing scale-up riskVaikutus: KorkeaTodennäköisyys: Korkea

    The company relies on a new and complex process, so yield, throughput and cost may not improve fast enough for commercial scale.

    Kohdistuu: Fab2 ramp and global production expansion.

  3. Single-supplier dependencyVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Defense products rely on a single supplier for certain components, creating operational fragility.

    Kohdistuu: Defense customer contracts in South Korea.

  4. Technology competitionVaikutus: KeskitasoTodennäköisyys: Korkea

    Incumbent battery makers and new entrants are investing in silicon-anode and solid-state alternatives.

    KohdistuuMobileIoTDefenseEVBESS markets
  5. Raw material and logistics volatilityVaikutus: KeskitasoTodennäköisyys: Korkea

    Lithium, silicon, graphite, nickel, cobalt and copper prices can move sharply and affect margins.

    Kohdistuu: Global sourcing and multi-country manufacturing footprint.

Kirjanpito

Harkinnanvaraiset erät
Revenue recognition timing

Product shipments and customer acceptance can shift revenue between quarters and affect comparability.

Vaikutus: Product revenue and quarterly volatility

Warrant fair value accounting

Changes in the estimated fair value of common stock warrants can materially affect other income and net loss.

Vaikutus: Earnings volatility

Inventory valuation

Ramp-up and technology changes increase the risk of obsolescence or lower net realizable value.

Vaikutus: Gross margin and asset values

Long-lived asset impairment

Manufacturing assets and acquired battery cell equipment must be supported by future cash flows.

Vaikutus: Balance sheet carrying values

Deferred tax asset valuation allowance

Persistent losses make realizability of tax assets uncertain and dependent on future profitability.

Vaikutus: Income tax benefit and equity

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Päivitetty: 24.9.2026