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Enovix (ENVX) AI Stock Analysis
Enovix
(NASDAQ:ENVX)
ENVX scores as moderate-risk: financial performance is the main constraint due to persistent losses and negative free cash flow despite strong revenue growth. The earnings update and corporate actions are constructive (commercial traction, expanding defense pipeline, strong cash position, and discounted note buyback), while technicals show improving trend but somewhat extended momentum. Valuation remains difficult to support with a negative P/E and no dividend yield provided.
Enovix (ENVX) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- $612.26M
- Dividend Yield
- ―
- Average Volume (3M)
- 8.65M
- Price to Earnings (P/E)
- -3.5
- Beta (1Y)
- 2.20
- Revenue Growth
- 34.88%
- EPS Growth
- -18.59%
- Country
- US
- Employees
- 664
- Sector
- Industrials
- Sector Strength
- 63
- Industry
- Electrical Equipment & Parts
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 to customers (i.e., product revenue from shipments). Its revenue model depends on qualifying its cells with device makers and then supplying cells at agree...
Enovix Earnings Call Summary
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.
Q2-2026 Updates
Positive Updates
Negative 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
Revenue is accelerating rapidly, but fundamentals remain constrained by heavy losses and cash burn. Income statement quality is weak (losses and poor margins in the provided analysis), the balance sheet is mixed with leverage uncertainty and consistently negative ROE, and cash flow remains negative with ongoing free-cash-flow outflows.
Income Statement
18Very NegativeBalance Sheet
35NegativeCash Flow
22Negative| 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 |
| Gross Profit | -8.50M | -27.62M | -2.04M | -55.42M | -17.04M | -1.97M |
| EBITDA | -102.06M | -101.21M | -172.18M | -176.30M | -43.65M | -124.17M |
| 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
Price Trends
Market Momentum
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 2.79 is above the 20-day moving average (MA) of 2.75, below the 50-day MA of 2.93, and below the 200-day MA of 5.08, indicating a neutral trend. The MACD of 0.05 indicates Negative momentum. The RSI at 47.51 is Neutral, neither overbought nor oversold. The STOCH value of 42.84 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.
Latest Risks Added
0 New RisksEnovix Peers Comparison
Overall Rating
MVST53Neutral- ENVX52Neutral
PLUG51Neutral
AMPX50Neutral
EOSE44Neutral
SLDP44Neutral
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| Sector * | 63Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% |
| MVST | 53Neutral | $233.21M | 4.12 | 11.54% | ― | -13.03% | ― |
| ENVX | 52Neutral | $645.18M | -3.49 | -66.93% | ― | 34.88% | -18.59% |
| PLUG | 51Neutral | $1.97B | -1.07 | -176.19% | ― | 10.59% | 41.83% |
| AMPX | 50Neutral | $1.29B | -29.14 | -34.75% | ― | 143.61% | 13.94% |
| EOSE | 44Neutral | $691.92M | -0.47 | 55.63% | ― | 533.87% | 31.49% |
| SLDP | 44Neutral | $463.21M | -5.23 | -18.32% | ― | -66.07% | 23.26% |
* Industrials Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| ENVX | Enovix Corporation | 2.79 | -6.24 | -69.10% | |
| PLUG | Plug Power Inc | 1.46 | -1.05 | -41.83% | |
| MVST | Microvast Holdings, Inc. | 0.66 | -4.17 | -86.25% | |
| EOSE | Eos Energy Enterprises, Inc. | 2.14 | -13.15 | -86.00% | |
| SLDP | Solid Power Inc. | 2.25 | -4.50 | -66.67% | |
| AMPX | Amprius Technologies Inc | 8.47 | -2.79 | -24.78% |
Enovix Corporate Events
Enovix Announces Departure of Chief Legal Officer
NeutralEnovix Corporation was the company identified in the release. On October 30, 2026, Arthi Chakravarthy, the company’s Chief Legal Officer and Corporate Secretary, departed from the company. The most recent analyst rating on (ENVX) stock is a Buy...
Enovix Announces Special Warrant Dividend and Note Buyback
PositiveOn October 28, 2026, Enovix declared a special warrant dividend, granting one warrant for every four common shares held as of November 13, 2026, with distribution expected around November 18, 2026. Holders of its 2028 and 2030 convertible notes will...
Enovix Updates Outlook, Highlights Shift Toward Industrial Markets
NeutralOn October 21, 2026, Enovix moved to correct statements attributed to one of its officers in a media article that cited an estimated $100 million in 2027 revenue, largely from smartphone customers. The company said this revenue figure was not an auth...
Enovix Boosts Q3 Revenue, Refocuses on Defense Markets
PositiveEnovix reported on October 12, 2026 that its preliminary, unaudited Q3 2026 revenue reached about $11.0 million, a 38% increase year over year and above guidance, marking its sixth consecutive quarter of revenue growth even as it remained loss-making...
Enovix Appoints Interim CEO Following Leadership Transition
NeutralOn 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 perma...
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.
Date of analysis: Oct 29, 2026