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Enovix
(NASDAQ:ENVX)
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Rating:50Neutral
Price Target:
$3.00
▼(-11.24% Downside)
Action:Reiterated
Date:08/19/26
The score is held back primarily by weak financial performance (large losses and ongoing cash burn) and bearish technicals (price below all key moving averages with negative MACD). The latest earnings call adds support via improving gross profit and operational milestones alongside a strong cash position, but continued sizable losses and gating qualification/ramp timelines cap the upside. Valuation contributes only modestly because negative earnings and no dividend limit traditional valuation support.
Positive Factors
Commercial Revenue Growth
Sustained year-over-year growth and initial smart-eyewear revenue indicate improving commercial traction. Larger customer orders and multiple product programs could support a broader recurring revenue base as qualification and production advance.
Negative Factors
Persistent Losses and Cash Burn
Large operating losses and recurring negative free cash flow show that commercial activity has not yet produced sustainable profitability. Continued spending on manufacturing and development may require substantial liquidity before positive cash generation is achieved.
Read all positive and negative factors
Positive Factors
Negative Factors
Commercial Revenue Growth
Sustained year-over-year growth and initial smart-eyewear revenue indicate improving commercial traction. Larger customer orders and multiple product programs could support a broader recurring revenue base as qualification and production advance.
Read all positive factors
Enovix (ENVX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$728.57M
Dividend YieldN/A
Average Volume (3M)7.96M
Price to Earnings (P/E)―
Beta (1Y)2.49
Revenue Growth34.88%
EPS Growth-18.59%
CountryUS
Employees664
SectorIndustrials
Sector Strength72
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)-0.80
Shares Outstanding219,448,530
10 Day Avg. Volume5,292,069
30 Day Avg. Volume7,963,280
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
$11.06Price Target Upside227.29% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering10
EPS Forecast (FY)-0.56
Revenue Forecast (FY)$38.64M
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:Aug 12, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 10, 2026
Earnings Call Sentiment Positive
The call conveyed clear operational momentum across three target markets — smartphone qualification progress (lead customer >1,000 cycles), smart eyewear commercial shipments and a rapidly expanding drone/defense pipeline (pipeline +41% to ~$183M) — supported by improving manufacturing yields, new product samples (AI-2, MX1-B01), positive gross profit continuity and a strong cash balance (~$552M). Key near-term risks include a gating accelerated smartphone test (completion targeted end-2026), Zone 1 throughput constraints (yield ~84%), continued operating losses and margin variability during early smart eyewear ramp and capacity scaling timelines (notably South Korea mid-2027). On balance the call emphasized multiple credible paths to commercial scale, commercial traction and disciplined capital planning, while acknowledging expected short-term margin and ramp challenges.Positive Updates
Revenue Growth
Q2 revenue of $9.0M, up 21% year-over-year and 19% sequentially; fifth consecutive quarter of year-over-year revenue growth; Q3 revenue guide $9M–$10M (approx. +13% to +25% YoY).
Negative Updates
Ongoing Operating Losses
Non-GAAP loss from operations of $28.8M (though better than guidance); adjusted EBITDA negative $18.9M (vs -$20.1M prior year); non-GAAP net loss per share $0.13, unchanged year-over-year.
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue Growth
Q2 revenue of $9.0M, up 21% year-over-year and 19% sequentially; fifth consecutive quarter of year-over-year revenue growth; Q3 revenue guide $9M–$10M (approx. +13% to +25% YoY).
Read all positive updates
Company Guidance
Enovix guided Q3 revenue of $9.0–$10.0M (up ~13%–25% YoY), non‑GAAP loss from operations of $29–$32M, non‑GAAP net loss per share of $0.13–$0.17, and capital expenditures of $8–$12M; this follows Q2 results of $9.0M revenue (+21% YoY, +19% QoQ), GAAP gross profit $1.3M (14.4% margin), non‑GAAP gross profit $1.8M (19.9% margin), non‑GAAP loss from operations $28.8M, adjusted EBITDA –$18.9M, non‑GAAP EPS –$0.13, CapEx $9.6M, net cash used in ops $21.8M, free cash flow –$31.4M and cash/cash equivalents of ~$552.1M; operational guidance and milestones include Q3 smart‑eyewear deliveries of ~19,000 packs (≈9× Q2 shipments of ~2,100) toward a 50,000 pack order (remainder expected in Q4), completion of the accelerated smartphone hybrid cycle life test by end‑2026 with second OEM sampling in Q4, a South Korea drone/defense pipeline that grew 41% to ~$183M (>$100M in drone opportunities, >$40M in active evaluation), MX1‑B01 at ~360 Wh/kg with added MX1 capacity and initial commercial shipments expected mid‑2027 (MX‑2 targeted for 2027 at ~400 Wh/kg), Fab2 yield improvements (integral yield up three quarters, Zone‑1 yield ~84% from 80%, most steps ≥95% and some 99.6%), HVM‑1 nameplate ~1,350 UPH, and planned Korea equipment adds supporting roughly 1M units of capacity as part of a capital‑efficient mid‑2027 ramp.Enovix Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
35
Negative
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 35.88M | 31.82M | 23.07M | 7.64M | 6.20M | 0.00 |
| Gross Profit | -8.50M | -27.62M | -2.04M | -55.42M | -17.04M | -1.97M |
| EBITDA | -92.69M | -102.60M | -172.18M | -176.30M | -43.65M | -124.20M |
| Net Income | -170.03M | -156.74M | -222.24M | -214.07M | -51.62M | -125.87M |
Balance Sheet | ||||||
| Total Assets | 799.62M | 880.35M | 527.17M | 564.30M | 440.59M | 482.56M |
| Cash, Cash Equivalents and Short-Term Investments | 475.78M | 512.04M | 272.87M | 306.81M | 322.85M | 385.29M |
| Total Debt | 537.48M | 540.38M | 192.56M | 190.61M | 8.23M | 9.07M |
| Total Liabilities | 587.63M | 606.34M | 277.77M | 303.20M | 84.16M | 156.45M |
| Stockholders Equity | 209.94M | 271.21M | 246.74M | 258.15M | 356.43M | 326.12M |
Cash Flow | ||||||
| Free Cash Flow | -124.20M | -113.51M | -184.82M | -166.43M | -118.95M | -94.89M |
| Operating Cash Flow | -107.38M | -95.29M | -108.63M | -104.64M | -82.74M | -51.31M |
| Investing Cash Flow | -462.52M | -538.27M | -1.38M | -142.96M | -36.21M | -43.58M |
| Financing Cash Flow | 468.08M | 467.38M | 150.75M | 159.59M | 56.51M | 451.09M |
Enovix Technical Analysis
Negative
3.38
Price Trends
4.36
Negative
5.60
Negative
6.16
Negative
Market Momentum
-0.33
Negative
37.94
Neutral
29.22
Neutral
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 3.38 is below the 20-day moving average (MA) of 3.68, below the 50-day MA of 4.36, and below the 200-day MA of 6.16, indicating a bearish trend. The MACD of -0.33 indicates Negative momentum. The RSI at 37.94 is Neutral, neither overbought nor oversold. The STOCH value of 29.22 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ENVX.
Enovix Risk Analysis
Enovix disclosed 64 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% | |
52 Neutral | $3.03B | -1.60 | -176.19% | ― | 10.59% | 41.83% | |
51 Neutral | $265.83M | 4.28 | 11.54% | ― | -13.03% | ― | |
50 Neutral | $728.57M | -4.15 | -66.93% | ― | 34.88% | -18.59% | |
50 Neutral | $1.44B | -34.02 | -34.75% | ― | 143.61% | 13.94% | |
48 Neutral | $573.88M | -5.47 | -19.68% | ― | -51.49% | 14.04% | |
47 Neutral | $1.41B | -0.86 | 55.63% | ― | 533.87% | 31.49% |
* Industrials Sector Average
ENVX
Enovix
3.32
-6.07
-64.64%
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Enovix Corporate Events
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
Enovix Appoints Interim CEO Following Leadership Transition
Neutral
Aug 17, 2026
On August 13, 2026, Enovix CEO and president Raj Talluri resigned from his roles, with the board appointing chairman and largest shareholder T.J. Rodgers as executive chairman and CFO Ryan Benton as interim CEO on August 14 while a search for a pe...
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...
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.