olivLaw · US equity research
Enovix Corporation ENVX
Miscellaneous Electrical Machinery, Equipment & Supplies · SIC 3690 · Vertical: Miscellaneous Electrical Machinery, Equipment & Supplies (SIC 3690)
Enovix Corporation develops and manufactures advanced lithium-ion batteries with a proprietary silicon-anode architecture for smartphones, smart eyewear and, increasingly, defense and drone applications. Revenue grew 38% in fiscal 2025, and the company is now focusing execution on defense demand, where capacity in South Korea is being expanded.
At the close of 04 Nov 2026, Enovix Corporation (ENVX) stock was 2.79 USD (−5.10% on the day), with market capitalisation 612.3 m USD, beta 2.80, 52-week range 2.25–11.32 USD. Latest reported quarter (Q2 2026): revenue of 9.0 m USD (+20.8% YoY), net income of -43.1 m USD, diluted EPS -0.20 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 47.5
- neutral
- Bollinger (20, 2)
- 2.02 – 3.48
- in the upper half of the band · %B 0.53 · band width 53.1%
- SMA 50 / 200
- 2.93 / 5.08
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- 0.05 / 0.00
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +4.5% | −1.1% | +5.6 pp | — |
| 3 months | −35.0% | −0.5% | −34.5 pp | — |
| 6 months | −58.3% | +4.4% | −62.7 pp | — |
| Year to date | −61.8% | +12.3% | −74.1 pp | — |
| 1 year | −74.9% | +13.5% | −88.4 pp | −59.3% |
| 3 years | −73.7% | +76.4% | −150.1 pp | −43.2% |
| 5 years | −90.6% | +63.7% | −154.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 05 Jul 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4.3 m | 9.7 m | 5.1 m | 7.5 m | 8.0 m | 11.3 m | 7.6 m | 9.0 m |
| Cost of revenue | 5.0 m | 8.7 m | 4.8 m | 5.5 m | 6.6 m | 8.8 m | 6.0 m | 7.7 m |
| Gross profit | -642.0 k | 1.1 m | 261.0 k | 1.9 m | 1.4 m | 2.5 m | 1.6 m | 1.3 m |
| Research & development | 24.2 m | 22.4 m | 25.9 m | 28.1 m | 28.2 m | 28.1 m | 26.5 m | 24.4 m |
| SG&A | 20.7 m | 13.1 m | 16.9 m | 17.5 m | 20.2 m | 18.4 m | 18.9 m | 20.2 m |
| Operating income | -49.3 m | -34.5 m | -42.6 m | -43.7 m | -47.0 m | -44.0 m | -43.9 m | -43.3 m |
| Depreciation & amortisation | 6.5 m ≈ | 7.5 m | 8.4 m | 8.8 m ≈ | 9.4 m ≈ | 8.4 m | 9.4 m | 10.0 m ≈ |
| Interest expense | 1.7 m | 1.7 m | 1.7 m | 1.7 m | 11.8 m | 6.4 m | 7.0 m | 6.5 m |
| Pre-tax income | -20.4 m | -36.3 m | -23.7 m | -45.1 m | -54.2 m | -34.9 m | -38.4 m | -43.5 m |
| Income tax | 2.2 m | 1.2 m | -162.0 k | -861.0 k | -422.0 k | 133.0 k | -129.0 k | -441.0 k |
| Net income | -22.5 m | -37.5 m | -23.5 m | -44.5 m | -53.7 m | -35.0 m | -38.3 m | -43.1 m |
| Diluted EPS | -0.28 | -0.19 ≈ | -0.12 | -0.22 | -0.27 | -0.16 ≈ | -0.18 | -0.20 |
| Operating cash flow | -30.7 m ≈ | -16.0 m | -16.9 m | -25.9 m ≈ | -25.5 m ≈ | -27.0 m | -33.1 m | -21.8 m ≈ |
| Capex | 19.5 m ≈ | 16.4 m | 6.3 m | 8.0 m ≈ | 3.0 m ≈ | 1.0 m | 3.2 m | 9.6 m ≈ |
| Share repurchases | -1.0 k ≈ | 0 | — | — | 58.4 m ≈ | 0 | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2020 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 7.6 m | 23.1 m | 31.8 m |
| Revenue YoY | unavailable | unavailable | unavailable | +201.9% | +37.9% |
| Net income | -39.7 m | -125.9 m | -214.1 m | -222.2 m | -156.7 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -0.49 | -1.07 | -1.30 | -1.19 | -0.75 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | -2,800.5% | -963.2% | -492.6% |
| Free cash flow | -47.0 m | -94.9 m | -166.4 m | -184.8 m | -113.5 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 28 Dec 2025
- Cash
- 106.0 m USD
- Financial debt
- 529.1 m USD
- Net debt
- 423.1 m USD
- Equity
- 274.0 m USD
- Total assets
- 879.0 m USD
- Debt / equity
- 1.93x
- Current ratio
- 8.34x
- ROE
- -59.9%
- ROA
- -22.3%
- FCF margin
- -356.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 7.6 m | 23.1 m | 31.8 m | SEC (XBRL)· 25 Feb 2026verified |
| Cost of revenue | 3.4 m | 2.0 m | 63.1 m | 25.1 m | 25.7 m | SEC (XBRL)· 25 Feb 2026verified |
| Gross profit | -3.4 m | -2.0 m | -55.4 m | -2.0 m | 6.1 m | SEC (XBRL)· 25 Feb 2026verified |
| Research & development | 14.4 m | 37.9 m | 88.4 m | 124.5 m | 110.3 m | SEC (XBRL)· 25 Feb 2026verified |
| SG&A | 5.7 m | 29.7 m | 79.0 m | 74.3 m | 73.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Operating income | -23.5 m | -69.5 m | -230.3 m | -242.7 m | -177.3 m | SEC (XBRL)· 25 Feb 2026verified |
| Depreciation & amortisation | 1.0 m | 1.5 m | 34.0 m | 45.0 m | 35.1 m | SEC (XBRL)· 25 Feb 2026verified |
| EBITDA | -22.5 m ≈ | -68.0 m ≈ | -196.2 m ≈ | -197.7 m ≈ | -142.1 m ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Interest expense | — | 187.0 k | 4.5 m | 6.8 m | 21.6 m | SEC (XBRL)· 25 Feb 2026verified |
| Pre-tax income | -39.7 m | -125.9 m | -214.8 m | -223.9 m | -157.9 m | SEC (XBRL)· 25 Feb 2026verified |
| Income tax | 0 | 0 | -633.0 k | -1.4 m | -1.3 m | SEC (XBRL)· 25 Feb 2026verified |
| Net income | -39.7 m | -125.9 m | -214.1 m | -222.2 m | -156.7 m | SEC (XBRL)· 25 Feb 2026verified |
| Diluted EPS | -0.49 | -1.07 | -1.30 | -1.19 | -0.75 | SEC (XBRL)· 25 Feb 2026verified |
| Weighted average diluted shares | 80.4 m | 117.2 m | 169.6 m | 186.0 m | 207.6 m | SEC (XBRL)· 25 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Cash | 29.1 m | 385.3 m | 233.1 m | 272.9 m | 106.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Receivables | — | 0 | 909.0 k | 4.6 m | 4.4 m | SEC (XBRL)· 25 Feb 2026verified |
| Inventories | — | 0 | 8.7 m | 7.7 m | 13.6 m | SEC (XBRL)· 25 Feb 2026verified |
| Current assets | 33.0 m | 398.1 m | 323.2 m | 295.0 m | 542.2 m | SEC (XBRL)· 25 Feb 2026verified |
| Property, plant & equipment, net | 31.3 m | 76.6 m | 166.5 m | 167.9 m | 170.3 m | SEC (XBRL)· 25 Feb 2026verified |
| Goodwill | — | — | 12.1 m | 12.2 m | 12.2 m | SEC (XBRL)· 25 Feb 2026verified |
| Intangibles (excl. goodwill) | — | — | 42.2 m | 36.4 m | 31.6 m | SEC (XBRL)· 25 Feb 2026verified |
| Total assets | 65.0 m | 482.6 m | 564.3 m | 527.2 m | 879.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Accounts payable | 2.1 m | 3.1 m | 21.3 m | 9.5 m | 17.8 m | SEC (XBRL)· 25 Feb 2026verified |
| Short-term debt | — | — | 5.9 m | 9.5 m | 9.9 m | SEC (XBRL)· 25 Feb 2026verified |
| Long-term debt | — | — | 169.1 m | 169.8 m | 519.3 m | SEC (XBRL)· 25 Feb 2026verified |
| Current liabilities | 10.9 m | 20.6 m | 61.0 m | 53.7 m | 65.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Total liabilities | 28.7 m | 156.4 m | 303.2 m | 277.8 m | 605.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Equity | 36.2 m | 326.1 m | 261.1 m | 249.4 m | 274.0 m | SEC (XBRL)· 25 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Operating cash flow | -20.1 m | -51.3 m | -104.6 m | -108.6 m | -95.3 m | SEC (XBRL)· 25 Feb 2026verified |
| Capex | 27.0 m | 43.6 m | 61.8 m | 76.2 m | 18.2 m | SEC (XBRL)· 25 Feb 2026verified |
| Free cash flow | -47.0 m ≈ | -94.9 m ≈ | -166.4 m ≈ | -184.8 m ≈ | -113.5 m ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Investing cash flow | -27.0 m | -43.6 m | -143.0 m | -1.4 m | -538.3 m | SEC (XBRL)· 25 Feb 2026verified |
| Financing cash flow | 65.9 m | 451.1 m | 159.6 m | 150.7 m | 467.4 m | SEC (XBRL)· 25 Feb 2026verified |
| Share repurchases | 0 | 27.0 k | 0 | 0 | 58.4 m | SEC (XBRL)· 25 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 612.3 m USD
Key indicators
Coverage and freshness
Score by group
77% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/Salesunavailable · insufficient data
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 18.8% | 0 (on a fixed band) | 14% |
| EBIT margin · Quality | -496.5% | 9 (vs peers) | 11% |
| FCF margin · Quality | -346.2% | 0 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| Revenue growth (YoY) · Growth | 37.9% | 75 (vs peers) | 11% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 9.7x | 100 (on a fixed band) | 8% |
| EV/Sales · Valuation | 30.9x | 10 (vs peers) | 22% |
| FCF yield · Valuation | -20.3% | 0 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 9.5% | 100 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/2 factors with a value
- Growth· partial75/100 · 1/2 factors with a value
- Quality3/100 · 3/3 factors with a value
- Returns100/100 · 1/1 factors with a value
- Valuation5/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Enovix Corporation (ENVX). Latest full fiscal year: 2025; data up to 2026-07-05.
Figures computed from the financial statements: revenue 31.8 m USD in 2025; YoY growth 37.9%; net margin -473.9%; ROE -82.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue growth (YoY): 37.9%
- Current ratio: 9.7x
- Shareholder yield (distributions): 9.5%
What contradicts it
- Gross margin: 18.8%
- EBIT margin: -496.5%
- FCF margin: -346.2%
- EV/Sales: 30.9x
- FCF yield: -20.3%
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, Net debt / EBITDA.
Versus the vertical median
Miscellaneous Electrical Machinery, Equipment & Supplies (SIC 3690) · same industry (4-digit SIC) · compared with 38 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ENSEnerSys | 5.6 bn | 16.7 | 18.4% | 9.3% | +3.7% | +9% / +76% |
| NOVTNovanta Inc. | 5.5 bn | 92.8 | 5.1% | 6.0% | +3.3% | +28% / +1% |
| ATKRAtkore Inc. | 3.2 bn | — | -11.9% | -5.5% | −11.0% | +37% / −24% |
| SPBSpectrum Brands Holdings, Inc. | 2.1 bn | 28.0 | 4.2% | 2.8% | −5.2% | +54% / +32% |
| NVXNOVONIX Ltd | 1.9 bn | — | -62.0% | -1,650.8% | −4.1% | −81% / −88% |
| ENREnergizer Holdings, Inc. | 1.7 bn | 21.3 | 42.2% | 2.7% | +2.3% | +38% / −18% |
| AMPXAmprius Technologies, Inc. | 1.2 bn | — | -36.1% | -33.4% | +202.1% | −25% / +106% |
| EMATEvolution Metals & Technologies Corp. | 1.2 bn | — | — | — | unavailable | unavailable / unavailable |
| EOSEEos Energy Enterprises, Inc. | 779.3 m | — | — | -246.8% | +631.8% | −86% / +95% |
| ENVXEnovix Corporation | 612.3 m | — | -82.2% | -473.9% | +37.9% | −75% / −74% |
| NRGVEnergy Vault Holdings, Inc. | 578.2 m | — | -225.9% | -48.6% | +340.9% | −8% / +38% |
| SLDPSolid Power, Inc. | 515.7 m | — | -20.5% | -1,152.2% | +8.0% | −57% / +60% |
| FLNCFluence Energy, Inc. | 312.1 m | — | -20.7% | -3.1% | −16.1% | −69% / −76% |
| CHPTChargePoint Holdings, Inc. | 306.4 m | — | -1,015.1% | -40.6% | −1.4% | +39% / −69% |
| SESSES AI Corporation | 286.4 m | — | -31.2% | -289.6% | +929.4% | −60% / −63% |
| ULBIEnerSys | 260.3 m | 1.4 | -4.8% | -3.5% | +16.2% | +175% / +109% |
| MVSTMicrovast Holdings, Inc. | 255.7 m | — | 11.4% | 13.9% | +12.6% | −81% / −43% |
| ELVAElectrovaya Inc. | 173.4 m | — | -673.8% | -3.4% | +170.8% | +7% / +94% |
| ELPWElong Power Holding Ltd. | 145.7 m | — | — | -271.3% | +430.7% | −100% / −100% |
| NEOVNeoVolta, Inc. | 134.6 m | — | -101.1% | -161.0% | +58.2% | −44% / +28% |
| GAUZGauzy Ltd. | 127.5 m | — | — | -51.4% | +32.8% | −86% / unavailable |
| BYRNByrna Technologies Inc. | 97.4 m | — | -14.9% | -9.2% | +37.7% | −77% / −29% |
| EPOWE-Power Inc. | 88.8 m | — | — | -35.8% | −28.6% | −88% / −87% |
| BLNKBlink Charging Co. | 65.4 m | — | -79.9% | -52.2% | −18.0% | −66% / −86% |
| STISolidion Technology, Inc. | 37.8 m | — | -1,382.4% | -23,852.8% | unavailable | −59% / −99% |
1- and 3-year price returns: for ENVX from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Enovix Corporation develops and manufactures advanced lithium-ion batteries with a proprietary silicon-anode architecture for smartphones, smart eyewear and, increasingly, defense and drone applications. Revenue grew 38% in fiscal 2025 1, and the company is now focusing execution on defense demand, where capacity in South Korea is being expanded 3.
SWOT
Strengths
- The silicon-anode architecture and structural constraint are proprietary technologies, and the declared energy density performance is supported by an independent test 1.
- Production capacity in South Korea is qualified for defense and provides an auditable supply chain 3.
- The company obtained significant liquidity from convertible notes and other financing transactions in 2025, which gives it flexibility 1.
Weaknesses
- The operating loss remains large relative to revenue, and research and development costs were high in fiscal 2025 1.
- Yield and throughput on the Malaysian production lines are still below the level needed for production at scale, and customer qualifications take a long time 2.
- Revenue is concentrated in a few defense customers, while revenue from smartphones and smart eyewear is still negligible 23.
Opportunities
- The drone, defense and industrial pipeline could be converted into firm orders if customers confirm designs and capacity grows as planned 3.
- Expansion of South Korean capacity, planned for mid-2027, could allow larger orders to be delivered 2.
- If long-duration smartphone tests succeed, the AI-1 platform could become a benchmark for other devices with local AI 1.
Threats
- Lower-cost competition from China could limit prices and margins outside the defense sector 3.
- Changes in trade policy, tariffs and export restrictions could disrupt the supply chain in Malaysia and South Korea 2.
- Delays in customer qualification or failure to improve yields could postpone expected revenue from smartphones and drones 1.
Risks
- Production scale-uphigh
Production is not yet running at scale, and reaching target yields and throughput could take longer than estimated 1.
- Customer qualificationhigh
Major smartphone customers require long testing, and the results could delay or stop shipments 2.
- Revenue concentration in defensemedium
A large share of revenue comes from defense, and changes in policy or budgets could affect orders 3.
- Trade and geopolitical risksmedium
The Malaysian and Korean plants depend on trade policies, tariffs and geopolitical tensions, which could disrupt supply 2.
- High spending and operating lossesmedium
Operating losses remain large and the cost reduction plan is only beginning, which could prolong the loss period 3.
Investment thesis
What would need to be true (bull case)
- Defense demand for batteries free of Chinese components could grow durably, and the company already has qualified capacity in South Korea 3.
- The drone pipeline grew rapidly in the third quarter of 2026, and management expects it to keep growing through 2027 3.
- If smartphone and smart eyewear long-duration tests succeed, consumer revenue could become an important additional source 2.
What would break the thesis
- Scale production is not yet proven, and yields and costs could remain below company targets, which could keep losses high 1.
- Revenue is concentrated in defense, and a delay or loss of large orders could quickly affect quarterly results 3.
- Smartphone qualification remains uncertain, and a failure in final testing could postpone or cancel consumer projects 2.
What to watch
- Full third quarter 2026 results and progress of the cost reduction planQ3 2026
- Completion of the lead smartphone customer's long-duration test and start of sample deliveries to the second customerQ4 2026
- Conversion of the drone, defense and industrial pipeline into firm orders and deliveries2027
- Commissioning of additional production capacity in South Koreamid-2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Enovix designs, develops, manufactures and commercializes high-performance lithium-ion batteries, with a core technology being a proprietary silicon-anode architecture that enables higher energy density in space-constrained devices 1. The architecture uses a stacked rather than rolled design and a stainless steel constraint system that manages silicon swelling 1. The company operates as one segment and conducts its manufacturing primarily in Malaysia and South Korea 1.
The current AI-1 platform targets smartphones, smart eyewear and other devices with local AI functions, while in defense the company offers conventional and silicon-doped graphite batteries for drones and subsea systems 12. The 2023 acquisition of Routejade brought electrode coating and battery pack assembly in-house 1. A significant part of the business is therefore now produced in South Korea for defense customers 3.
The manufacturing footprint was reorganized after 2024, when production moved from Fremont to Malaysia, and in 2025 assets in South Korea were integrated 1. In October 2026 the leadership was realigned, with a Chief Revenue Officer responsible for the global defense and commercial business 3.
Segments
Defense and industrial
Batteries for drones, subsea systems and munitions are produced mainly in South Korea and are the company's largest revenue contributor 12. Management estimates that drone and defense customers accounted for about 70% of revenue in the third quarter of 2026 3.
Smartphones and smart eyewear
Formal qualification with major smartphone OEMs continues, and for smart eyewear the company has shipped AI-1 batteries to a lead customer with delivery orders in 2026 2. Revenue from these segments is still small compared with defense, and realization depends on completing long-duration testing 2.
Market context
The market for batteries in smartphones, IoT devices, computing and electric vehicles demands ever higher energy density, and silicon is regarded as an important anode material that is difficult to integrate at scale 1. In defense, demand is growing for battery supply that avoids Chinese content under NDAA and TAA rules 3. The drone pipeline grew in the third quarter of 2026 and management expects it to continue growing through 2027 3.
Management states that supply of drone batteries meeting U.S. sourcing rules could exceed available industry supply by the end of the decade, if certification and production capacity materialize 2. Realizing these opportunities nevertheless depends on customer qualification and production scale-up 2.
Trends
- Demand for batteries without Chinese componentstailwind
Defense programs are seeking non-Chinese sources, and the NDAA, TAA and FEOC framework limits the use of Chinese content, which could favor the company's Korean production 3.
- Growing drone demandtailwind
Drones prioritize energy density and flight endurance, and the drone pipeline grew significantly in the third quarter of 2026 3.
- Slow smartphone qualificationheadwind
Long-duration customer testing for smartphones continues and completion is expected in the fourth quarter of 2026, which could delay revenue from this segment 2.
- Yield and production scale-upmixed
Zone 1 dicing yield remains a key throughput driver, and improvements are expected toward the end of 2026 if execution succeeds 2.
Competitive position
Enovix competes with conventional lithium-ion battery producers and with Chinese cell suppliers, which dominate the market at lower cost, while in defense the decisive factor is often who can offer a supply chain free of Chinese components 3. The company's stated edge is its higher silicon content and qualified Korean capacity 3. The sources do not identify competitors with a U.S. ticker.
The company says its battery outperforms a silicon-doped competitor by 12%, but this comparison comes from a test by an independent laboratory and is limited to smartphones 1. Its competitive position depends on completing qualifications and reducing production costs 1.
- Chinese lithium-ion cell manufacturers
Dominate the global lithium-ion cell market, and defense sourcing rules limit their use in U.S. programs 3.
- Conventional graphite-anode battery producers
Make up most of today's lithium-ion batteries, and the company compares its energy density against them 1.
- Silicon-doped battery suppliers
A silicon-doped competitor product served as the reference in the energy density test run by an independent laboratory 1.
- Korean and allied defense cell suppliers
Compete for defense programs that require qualified sources free of Chinese content, which the company pursues through its Korean plant 3.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Enovix (ENVX) Plans to Double Drone Battery Capacity. Is a $183M Pipeline Enough to Justify the Expansion?Yahoo Finance — News · 25 Aug 2026 · EN
The latest news item in our archive is from 25 Aug 2026; the newest SEC filing is from 03 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report03 Nov 2026Departure or appointment of officers
- Current report28 Oct 2026Regulation FD disclosure · Other events
- Current report22 Oct 2026Regulation FD disclosure
- Current report13 Oct 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report17 Aug 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report12 Aug 2026
- Current report12 Aug 2026Results of operations · Financial statements and exhibits
- Current report09 Jul 2026Departure or appointment of officers · Financial statements and exhibits
- Current report12 Jun 2026Shareholder vote
- Quarterly report14 May 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-28 · SEC / Enovix Corporation · 25 Feb 2026
- [2] Form 10-Q, quarter ended 2026-07-05 · SEC / Enovix Corporation · 12 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Enovix Corporation · 13 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.