Enovix Corporation (ENVX)
NASDAQ:ENVX
Want to see ENVX full AI Analyst Report?
Top Page
Enovix
(NASDAQ:ENVX)
Select Model
Select Model
Rating:53Neutral
Price Target:
$6.50
▼(-1.81% Downside)
Action:Reiterated
Date:05/15/26
The score is held back primarily by weak financial performance (ongoing large losses and cash burn) and limited valuation support (negative earnings, no dividend). Offsetting factors include constructive earnings-call progress on commercialization and liquidity, plus moderately positive technical momentum and supportive corporate actions (new sales leadership and share buyback).
Positive Factors
Improving Gross Margins
Sustained positive gross profit and a 26.3% non‑GAAP gross margin indicate the silicon‑anode chemistry and manufacturing processes are reaching commercial unit economics. This durable improvement suggests the company can absorb fixed costs as volumes scale, supporting path to operating leverage and sustainable margins over coming quarters.
Negative Factors
Persistent Operating Losses
Despite margin improvements, large recurring operating losses and negative adjusted EBITDA indicate core profitability remains elusive. Continued high operating spend relative to nascent revenues sustains a structural earnings gap that must close via sustained revenue scale or material cost reductions to avoid ongoing capital raises.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving Gross Margins
Sustained positive gross profit and a 26.3% non‑GAAP gross margin indicate the silicon‑anode chemistry and manufacturing processes are reaching commercial unit economics. This durable improvement suggests the company can absorb fixed costs as volumes scale, supporting path to operating leverage and sustainable margins over coming quarters.
Read all positive factors
Enovix (ENVX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.29B
Dividend YieldN/A
Average Volume (3M)6.50M
Price to Earnings (P/E)―
Beta (1Y)2.33
Revenue Growth49.88%
EPS Growth27.54%
CountryUS
Employees570
SectorIndustrials
Sector Strength72
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)-0.82
Shares Outstanding218,153,440
10 Day Avg. Volume8,443,659
30 Day Avg. Volume6,497,605
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-51.95
Enterprise Value/Revenue-1.96K
Enterprise Value/Gross Profit4.03K
Enterprise Value/Ebitda471.42
Forecast
1Y Price Target
$12.50Price Target Upside88.82% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering10
EPS Forecast (FY)-0.59
Revenue Forecast (FY)$40.43M
Enovix Business Overview & Revenue Model
Company Description
Enovix Corporation designs, develops, and manufactures lithium-ion batteries. The company was founded in 2007 and is headquartered in Fremont, California....
How the Company Makes Money
Enovix makes money primarily by selling lithium-ion battery cells it manufactures using its proprietary silicon-anode battery architecture. Revenue is generated from (1) product sales of battery cells shipped to customers (recognized when control ...
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 | -142.56M | -142.83M | -172.18M | -176.30M | -43.65M | -68.03M |
| Net Income | -171.49M | -156.74M | -222.24M | -214.07M | -51.62M | -125.87M |
Balance Sheet | ||||||
| Total Assets | 833.89B | 880.35M | 527.17M | 564.30M | 440.59M | 482.56M |
| Cash, Cash Equivalents and Short-Term Investments | 528.74B | 512.04M | 272.87M | 306.81M | 322.85M | 385.29M |
| Total Debt | 20.34B | 540.38M | 192.56M | 190.61M | 8.23M | 9.07M |
| Total Liabilities | 591.16B | 606.34M | 277.77M | 303.20M | 84.16M | 156.45M |
| Stockholders Equity | 240.67B | 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
5.92
Negative
6.35
Negative
8.14
Negative
Market Momentum
<0.01
Positive
38.45
Neutral
11.23
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 6.58, above the 50-day MA of 5.92, and below the 200-day MA of 8.14, indicating a bearish trend. The MACD of <0.01 indicates Positive momentum. The RSI at 38.45 is Neutral, neither overbought nor oversold. The STOCH value of 11.23 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% | |
55 Neutral | $416.45M | 2.59 | -10.76% | ― | -10.44% | 67.16% | |
54 Neutral | $2.25B | -114.39 | -40.40% | ― | 172.57% | 25.87% | |
53 Neutral | $1.29B | -8.17 | -0.28% | ― | 49.88% | 27.54% | |
53 Neutral | $2.52B | 0.83 | 41.50% | ― | 725.76% | 20.97% | |
51 Neutral | $4.81B | -3.20 | -139.28% | ― | 15.19% | 42.87% | |
51 Neutral | $611.96M | -0.01 | -21.56% | ― | -6.92% | 4.50% |
* Industrials Sector Average
ENVX
Enovix
5.53
-2.33
-29.64%
PLUG
Plug Power
3.31
2.49
303.66%
MVST
Microvast Holdings
1.20
-2.57
-68.17%
EOSE
Eos Energy Enterprises
6.88
0.68
10.97%
SLDP
Solid Power
2.63
1.30
97.74%
AMPX
Amprius Technologies Inc
15.48
12.93
507.06%
Enovix Corporate Events
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...
Business Operations and StrategyStock BuybackFinancial Disclosures
Enovix Announces New Share Buyback and Record Revenue
Positive
Feb 25, 2026
On February 25, 2026, Enovix’s board authorized a new share repurchase plan for up to $75 million of common stock, supplementing its July 2025 program that had about $1.6 million of remaining capacity as of December 28, 2025 and runs through...
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.