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Enovix
(NASDAQ:ENVX)
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Rating:49Neutral
Price Target:
$5.00
▼(-24.47% Downside)
Action:Reiterated
Date:07/10/26
ENVX scores below average primarily due to weak financial performance (large ongoing losses and persistent cash burn) and bearish technicals (price below key moving averages with negative MACD). Offsetting factors include constructive earnings-call signals around improving margins, revenue beating guidance, and strong liquidity, plus positive execution-focused leadership additions, but these do not yet outweigh the current profitability and cash-flow risks.
Positive Factors
Strong liquidity runway
A cash balance near $583M provides multi-quarter runway to fund commercialization, qualification tests, and capacity expansion without immediate reliance on dilutive financing. This liquidity materially reduces near-term funding risk and gives management flexibility to execute strategic investments and complete customer qualifications.
Negative Factors
Large operating losses
Material and persistent operating losses mean the business remains far from break-even even as revenue grows. High ongoing opex relative to revenue implies prolonged dependence on cash reserves or external capital and raises execution risk until scale materially reduces fixed cost absorption.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong liquidity runway
A cash balance near $583M provides multi-quarter runway to fund commercialization, qualification tests, and capacity expansion without immediate reliance on dilutive financing. This liquidity materially reduces near-term funding risk and gives management flexibility to execute strategic investments and complete customer qualifications.
Read all positive factors
Enovix (ENVX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.03B
Dividend YieldN/A
Average Volume (3M)5.42M
Price to Earnings (P/E)―
Beta (1Y)2.36
Revenue Growth49.88%
EPS Growth27.54%
CountryUS
Employees664
SectorIndustrials
Sector Strength72
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)-0.82
Shares Outstanding218,153,440
10 Day Avg. Volume6,218,976
30 Day Avg. Volume5,424,820
Financial Highlights & Ratios
PEG Ratio0.25
Price to Book (P/B)5.83
Price to Sales (P/S)49.72
P/FCF Ratio-13.94
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit>-0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$12.86Price Target Upside94.22% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering9
EPS Forecast (FY)-0.56
Revenue Forecast (FY)$40.46M
Enovix Business Overview & Revenue Model
Company Description
Founded in 2007 and based in Fremont, California, Enovix Corporation specializes in the innovation, development, and production of lithium-ion battery technology....
How the Company Makes Money
Enovix makes money primarily by selling lithium-ion battery cells (and related battery products) manufactured using its proprietary silicon-anode architecture. Revenue is generated from (1) product sales to customers that integrate Enovix cells in...
Enovix Earnings Call Summary
Earnings Call Date:May 13, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call highlights meaningful commercialization and technical milestones (commercial production of A1, AI2 samples with >20% energy density gains, MX1 drone cell, alignment with smartphone OEMs on qualification framework), strong YoY revenue growth (+49%), improving manufacturing yields and a robust cash position (~$582.7M). Key challenges remain: operating losses and negative EBITDA, Q1 free cash outflow, a current zone dicing throughput bottleneck (yield ~80%) pending mechanical dicer implementation, and potentially longer smartphone qualification timelines due to slower but more realistic 0.1–0.2C testing. Overall, the progress on product readiness, customer engagement and manufacturing improvements, together with a solid liquidity position, outweighs the near-term financial and operational headwinds, supporting a constructive outlook.Positive Updates
Commercial production start for smart eyewear (A1) and initial shipments
Commenced commercial production of A1 silicon-anode battery for lead customer's reference platform; initial shipments underway with production expected to ramp through H2 2026; smart eyewear sampling for AI2 planned this quarter; company expects ~50,000 smart eyewear units in 2026 and projects the market could exceed $1B by 2030.
Negative Updates
Ongoing operating losses and negative EBITDA
Non-GAAP operating expenses of $30.8 million in Q1; non-GAAP loss from operations of $28.8 million (better than guidance but still material); non-GAAP net loss per share $0.14; adjusted EBITDA negative $20.3 million and roughly flat year-over-year.
Read all updates
Q1-2026 Updates
Positive
Negative
Commercial production start for smart eyewear (A1) and initial shipments
Commenced commercial production of A1 silicon-anode battery for lead customer's reference platform; initial shipments underway with production expected to ramp through H2 2026; smart eyewear sampling for AI2 planned this quarter; company expects ~50,000 smart eyewear units in 2026 and projects the market could exceed $1B by 2030.
Read all positive updates
Company Guidance
Management's Q2 2026 guidance and Q1 results were summarized with numerous metrics: Q1 revenue was $7.6 million (up 49% YoY and above the high end of guidance), non‑GAAP gross margin 26.3%, non‑GAAP operating expenses $30.8 million, non‑GAAP loss from operations $28.8 million (better than the prior $29–$32M guidance), non‑GAAP net loss per share $0.14, adjusted EBITDA negative $20.3M, cash and equivalents approximately $582.7M, free cash flow outflow $36.3M, and Q1 CapEx payments of $3.2M; they also noted this was the sixth consecutive quarter of positive gross profit on both a GAAP and non‑GAAP basis. For Q2 2026 management guided revenue of $8.0–$9.0 million, non‑GAAP loss from operations of $29–$32 million, non‑GAAP net loss per share of $0.13–$0.17, and CapEx payments of $9–$13 million.Enovix Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
52
Neutral
Cash Flow
21
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 34.32M | 31.82M | 23.07M | 7.64M | 6.20M | 0.00 |
| Gross Profit | -16.69M | -27.62M | -2.04M | -55.42M | -17.04M | -1.97M |
| EBITDA | -109.69M | -102.60M | -172.18M | -176.30M | -43.65M | -124.20M |
| Net Income | -171.49M | -156.74M | -222.24M | -214.07M | -51.62M | -125.87M |
Balance Sheet | ||||||
| Total Assets | 833.89M | 880.35M | 527.17M | 564.30M | 440.59M | 482.56M |
| Cash, Cash Equivalents and Short-Term Investments | 528.74M | 512.04M | 272.87M | 306.81M | 322.85M | 385.29M |
| Total Debt | 540.50M | 540.38M | 192.56M | 190.61M | 8.23M | 9.07M |
| Total Liabilities | 591.16M | 606.34M | 277.77M | 303.20M | 84.16M | 156.45M |
| Stockholders Equity | 240.67M | 271.21M | 246.74M | 258.15M | 356.43M | 326.12M |
Cash Flow | ||||||
| Free Cash Flow | -126.63M | -113.51M | -184.82M | -166.43M | -118.95M | -95.29M |
| Operating Cash Flow | -111.46M | -95.29M | -108.63M | -104.64M | -82.74M | -51.70M |
| Investing Cash Flow | -455.57M | -538.27M | -1.38M | -142.96M | -36.21M | -43.58M |
| Financing Cash Flow | 466.42M | 467.38M | 150.75M | 159.59M | 56.51M | 451.49M |
Enovix Technical Analysis
Negative
6.62
Price Trends
6.41
Negative
6.06
Negative
7.40
Negative
Market Momentum
-0.52
Positive
33.04
Neutral
10.20
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ENVX, the sentiment is Negative. The current price of 6.62 is above the 20-day moving average (MA) of 5.51, above the 50-day MA of 6.41, and below the 200-day MA of 7.40, indicating a bearish trend. The MACD of -0.52 indicates Positive momentum. The RSI at 33.04 is Neutral, neither overbought nor oversold. The STOCH value of 10.20 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ENVX.
Enovix Risk Analysis
Enovix disclosed 65 risk factors in its most recent earnings report. Enovix reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Enovix Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
54 Neutral | $300.54M | -6.72 | -10.76% | ― | -10.44% | 67.16% | |
51 Neutral | $519.71M | -4.71 | -21.56% | ― | -6.92% | 4.50% | |
49 Neutral | $1.03B | -5.57 | -67.92% | ― | 49.88% | 27.54% | |
49 Neutral | $1.44B | -33.47 | -40.40% | ― | 172.57% | 25.87% | |
48 Neutral | $3.03B | -1.50 | -139.28% | ― | 15.19% | 42.87% | |
47 Neutral | $1.46B | -0.93 | 41.50% | ― | 725.76% | 20.97% |
* Industrials Sector Average
ENVX
Enovix
4.57
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-68.33%
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Enovix Corporate Events
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
Enovix Appoints Former Apple Executive as New COO
Positive
Jul 9, 2026
On July 9, 2026, Enovix announced it will appoint former Apple operations leader Dr. Michael Vyvoda as chief operating officer effective July 29, 2026, consolidating global manufacturing, supply chain and operations engineering under a unified org...
Executive/Board ChangesShareholder Meetings
Enovix Shareholders Back Board, Pay and Auditor at Meeting
Positive
Jun 12, 2026
On June 11, 2026, Enovix Corporation held its 2026 Annual Meeting of Stockholders, with 70.3% of voting power represented, and shareholders elected eight directors to serve until the 2027 annual meeting. Investors also approved on an advisory basi...
Business Operations and StrategyExecutive/Board Changes
Enovix Advances Commercial Execution With New Sales Leadership
Positive
May 5, 2026
On May 5, 2026, Enovix announced it had appointed semiconductor industry veteran Steve Bakos as Senior Vice President of Worldwide Sales, a new role reporting to the Chief Business Officer, as the company moves from technology qualification toward...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.