Enovix (ENVX) AI Stock Analysis

• Market Cap: $2.18B
• Dividend Yield: N/A
• Average Volume (3M): 7.28M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.46
• Revenue Growth: 45.98%
• EPS Growth: 44.14%
• Country: US
• Employees: 570
• Sector: Industrials
• Sector Strength: 72
• Industry: Electrical Equipment & Parts
• EPS (TTM): -0.14
• Shares Outstanding: 196,600,000
• 10 Day Avg. Volume: 5,739,006
• 30 Day Avg. Volume: 7,276,631
• PEG Ratio: 1.44
• Price to Book (P/B): 7.71
• Price to Sales (P/S): 82.46
• P/FCF Ratio: -10.29
• Enterprise Value/Market Cap: 0.00
• Enterprise Value/Revenue: 0.00
• Enterprise Value/Gross Profit: 0.00
• Enterprise Value/Ebitda: 0.00
• 1Y Price Target: $17.60
• Price Target Upside: 55.48% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 6
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 50 Neutral
• Price Target: $9.00 ▼(-20.49% Downside)

Enovix's overall stock score reflects a mix of strong revenue growth and financial positioning against challenges in profitability and technical indicators. The earnings call provided positive guidance, but technical analysis and valuation concerns weigh on the score.

Positive Factors

Revenue Growth

Strong revenue growth indicates increasing market demand and successful product adoption, enhancing long-term business prospects.

Financial Position

A robust financial position with significant cash reserves supports strategic investments and operational stability.

Product Innovation

Leading product innovation enhances competitive advantage, positioning Enovix as a leader in battery technology.

Negative Factors

Profitability Challenges

Ongoing profitability issues may hinder long-term financial health and limit the ability to reinvest in growth.

Smartphone Battery Delays

Delays in product commercialization can impact revenue timelines and market competitiveness.

Increased Operating Expenses

Rising operating expenses may pressure margins and reduce financial flexibility, affecting long-term profitability.

Enovix Business Overview & Revenue Model

Company Description

Enovix Corporation (ENVX) is a technology company specializing in the design and manufacturing of advanced lithium-ion batteries. The company operates primarily in the energy sector, focusing on enhancing battery performance for applications in consumer electronics, electric vehicles, and industrial uses. Enovix is known for its innovative 3D Silicon™ architecture, which aims to significantly increase energy density and improve battery life compared to traditional lithium-ion batteries.

How the Company Makes Money

Enovix generates revenue primarily through the sale of its advanced battery products to various industries, including consumer electronics and electric vehicles. The company operates on a business-to-business (B2B) model, partnering with leading manufacturers to integrate its battery technology into their products. Key revenue streams include direct sales of battery cells, licensing agreements for its proprietary technology, and potential joint ventures with automotive and tech firms seeking to enhance their energy storage solutions. Additionally, strategic partnerships with major companies in the electric vehicle and consumer electronics markets contribute to its earnings, as these collaborations often involve long-term contracts for battery supply.

Enovix Financial Statement Overview

Summary

Enovix is experiencing revenue growth but struggles with profitability and cash flow management. The balance sheet shows moderate leverage, but improvements in operational efficiency and profitability are needed for long-term financial health.

Income Statement

Enovix shows a positive revenue growth rate of 16.16% TTM, indicating potential market expansion. However, the company struggles with profitability, as evidenced by negative net profit and EBIT margins. The gross profit margin is slightly positive, suggesting some improvement in cost management, but overall profitability remains a concern.

Balance Sheet

The debt-to-equity ratio of 0.82 TTM indicates moderate leverage, which is manageable but requires monitoring. The return on equity is negative, reflecting ongoing losses. The equity ratio is stable, suggesting a solid capital structure, but the company needs to improve profitability to enhance shareholder returns.

Cash Flow

Enovix's cash flow situation is challenging, with negative operating and free cash flows. The free cash flow to net income ratio is positive, indicating some efficiency in cash usage relative to net losses. However, the negative growth in free cash flow and operating cash flow coverage ratio highlight liquidity concerns.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	16.88M	23.07M	7.64M	6.20M	0.00	0.00
Gross Profit	1.56M	-2.04M	-55.42M	-17.04M	-1.97M	-3.38M
EBITDA	-60.35M	-172.18M	-175.64M	-189.34M	-68.03M	-25.33M
Net Income	-90.57M	-222.24M	-214.07M	-51.62M	-125.87M	-37.38M
Balance Sheet
Total Assets	469.11M	527.17M	564.30M	440.59M	482.56M	64.96M
Cash, Cash Equivalents and Short-Term Investments	203.41M	272.87M	306.81M	322.85M	385.29M	29.14M
Total Debt	192.03M	192.56M	190.61M	8.23M	9.07M	0.00
Total Liabilities	262.46M	277.77M	303.20M	84.16M	156.45M	28.75M
Stockholders Equity	203.75M	246.74M	258.15M	356.43M	326.12M	36.22M
Cash Flow
Free Cash Flow	-107.22M	-184.82M	-110.39M	-118.95M	-95.29M	-47.00M
Operating Cash Flow	-73.45M	-108.63M	-77.41M	-82.74M	-51.70M	-20.05M
Investing Cash Flow	-95.62M	-1.38M	-132.01M	-36.21M	-43.58M	-26.95M
Financing Cash Flow	-3.55M	150.75M	159.59M	56.51M	451.49M	65.92M

Enovix Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 11.32
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: 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 11.32 is below the 20-day moving average (MA) of 11.80, above the 50-day MA of 10.80, and above the 200-day MA of 9.84, indicating a bearish trend. The MACD of -0.13 indicates Positive momentum. The RSI at 35.46 is Neutral, neither overbought nor oversold. The STOCH value of 9.17 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ENVX.

Enovix Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
SLDP	58 Neutral	$1.02B	―	-23.63%	―	25.24%	-12.96%
MVST	54 Neutral	$1.62B	―	-33.65%	―	20.84%	24.84%
EOSE	54 Neutral	$4.15B	―	―	―	128.49%	-697.81%
ENVX	50 Neutral	$2.18B	―	-68.95%	―	45.98%	44.14%
AMPX	49 Neutral	$1.51B	―	―	―	209.20%	4.24%
PLUG	47 Neutral	$3.25B	―	-84.40%	―	-1.70%	9.93%

Enovix Corporate Events

Enovix Corp’s Earnings Call: Growth Amid Challenges

Enovix Corporation’s recent earnings call showcased a strong financial performance and operational progress, despite some challenges. The sentiment expressed during the call was generally positive, with significant growth in revenue and profitability, although delays in smartphone battery qualification and increased expenses were noted as areas of concern. Overall, the company appears well-positioned for future success, supported by a robust financial foundation and promising market opportunities.

Enovix Corporation Reports Strong Q3 2025 Results

Enovix Corporation is a high-performance battery company specializing in innovative battery technology for various applications, including smartphones and smart eyewear, with a focus on delivering high energy density solutions. In its third quarter of 2025, Enovix Corporation reported significant progress towards the commercialization of its AI-1 battery technology, particularly with a leading smartphone customer. The company also strengthened its financial position through strategic capital market activities, securing substantial funding to support its growth initiatives.

Enovix Completes $360M Convertible Notes Offering

On September 10, 2025, Enovix Corporation completed a private offering of $360 million in Convertible Senior Notes due 2030, with the proceeds intended for general corporate purposes and potential acquisitions. The offering is expected to enhance Enovix’s financial flexibility and support its strategic initiatives, potentially accelerating the adoption of its battery technology in new markets.

The most recent analyst rating on (ENVX) stock is a Hold with a $9.50 price target. To see the full list of analyst forecasts on Enovix stock, see the ENVX Stock Forecast page.

Enovix Advances AI-1 Battery Platform with New Certifications

Enovix Corporation has announced significant advancements in its AI-1 battery platform, which boasts a high energy density of over 900 Wh/L and is designed for AI-enabled products. The company has shipped sample batteries to leading smartphone and smart eyewear OEMs and has completed the UN38.3 certification for its smartphone batteries. Financially, Enovix reported a second-quarter revenue of $7.5 million, nearly double from the previous year, and raised approximately $232 million from a warrant dividend distribution. These developments position Enovix to capitalize on a multi-billion-dollar market opportunity in the smartphone industry, with their technology enabling on-device AI without compromising battery life.

The most recent analyst rating on (ENVX) stock is a Hold with a $10.50 price target. To see the full list of analyst forecasts on Enovix stock, see the ENVX Stock Forecast page.

Enovix Warrants Expiration Set for August 29, 2025

On August 28, 2025, Enovix Corporation announced that the alternate price condition for its Nasdaq-traded warrants under ENVXW was satisfied, setting August 29, 2025, as the expiration date. Consequently, the warrants will cease trading and must be exercised by 5:00 p.m. New York City time on that date, after which they will become void. As of August 27, 2025, approximately 12.6 million warrants had been exercised, generating around $110.1 million in gross proceeds, with further proceeds expected before expiration. This development is significant for stakeholders as it impacts the company’s financial inflow and the rights of warrant holders.

The most recent analyst rating on (ENVX) stock is a Hold with a $10.50 price target. To see the full list of analyst forecasts on Enovix stock, see the ENVX Stock Forecast page.

Enovix Announces Early Expiration of Warrants

On August 28, 2025, Enovix Corporation announced that the volume-weighted average price of its common stock exceeded $10.50, meeting the early expiration price condition for its warrants traded under ENVXW. Consequently, Enovix set August 29, 2025, as the alternate expiration date for these warrants, which must be exercised by 5:00 p.m. on that day. Approximately 12.3 million warrants have already been exercised, generating $107.5 million in gross proceeds, which will support the company’s production and commercialization efforts. This milestone reflects strong shareholder confidence and positions Enovix for future growth in the battery technology industry.

The most recent analyst rating on (ENVX) stock is a Hold with a $10.50 price target. To see the full list of analyst forecasts on Enovix stock, see the ENVX Stock Forecast page.

Enovix Appoints Dan McCranie to Board of Directors

On August 12, 2025, Enovix Corporation appointed J. Daniel ‘Dan’ McCranie to its Board of Directors, expanding the board to eight members, six of whom are independent. McCranie, a veteran in the semiconductor and technology sectors, brings extensive experience in board governance and leadership, having served in various roles at companies like onsemi and Freescale Semiconductor. His appointment is expected to strengthen Enovix’s board as the company focuses on expanding commercialization and manufacturing of its advanced battery technology.

The most recent analyst rating on (ENVX) stock is a Buy with a $36.00 price target. To see the full list of analyst forecasts on Enovix stock, see the ENVX Stock Forecast page.