Enovix Corp
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Yellow, and the reasoning has nothing to do with the share price decline — a fallen price is not a quality argument. The hard findings for red are absent: the Form 10-Q for the quarter ended July 5, 2026 contains no going-concern warning, equity is positive at $209.9 million, $552.1 million of cash covers $543.2 million of total debt, the first note does not mature until May 1, 2028, and four fifths of interest expense is paid out of interest income. What is missing for green is proof that the technology becomes a business: after twenty years of development and $1.06 billion of accumulated deficit, two thirds of revenue comes from a single defense subcontractor in South Korea, while the plant carrying the valuation shipped its first meaningful products in the quarter ended July 5, 2026 — roughly 2,100 batteries. On top of that sits an open leadership question: the chief executive left one day after the most important milestone, and the chief financial officer is running the company on an interim basis. Whether the final cycle-life test succeeds in the fourth quarter of 2026 and turns into volume revenue will only show in the coming reports. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
In August 2026 Enovix documented the most important technical milestone in its history — the lead customer confirmed more than 1,000 charge cycles — and lost its chief executive one day later. Fiscal 2025 revenue of $31.8 million comes overwhelmingly from the Korean defense business acquired in 2023: a single customer accounted for 65 percent of revenue in the quarter ended July 5, 2026, while $125.3 million of the $170.3 million in property and equipment sits in the Malaysian smartphone plant. All of it is funded with $532.5 million of convertible notes that could create 43.2 million new shares. Not investment advice.
Technical proof
In the quarter ended July 5, 2026, the lead customer confirmed more than 1,000 charge cycles under the 0.2C test; an independent laboratory had confirmed 935 Wh/L of volumetric energy density for the AI-1 smartphone cell in December 2025, 12 percent above a leading silicon-doped cell tested.
Commercialization
The $31.8 million of fiscal 2025 revenue comes overwhelmingly from the Korean defense business acquired in 2023; the Malaysian plant contributed roughly 2,100 AI-1 batteries and a first revenue contribution the company itself calls "modest" in the quarter ended July 5, 2026.
Customer concentration
A single customer — described in the 10-Q risk factors as a defense subcontractor in South Korea — accounted for 65 percent of revenue in the quarter ended July 5, 2026, with two customers at 80 percent combined. In fiscal 2023 one customer represented 75 percent.
Funding and liquidity
$552.1 million of cash and securities against $543.2 million of total debt (July 5, 2026); no material maturity before May 1, 2028 — aside from $10.4 million in continuously rolled-over short-term loans —, no going-concern warning, and $6.5 million of interest expense offset by $5.1 million of interest income — but $67.7 million of free cash outflow in six months.
Dilution
Shares outstanding rose from 156.5 million (March 21, 2022) to 219,448,535 (August 7, 2026); roughly 59.9 million potential shares sit on top, 43,171,560 of them from the convertible notes — about 27 percent of dilution potential.
Leadership
Chief executive Raj Talluri resigned effective August 13, 2026, one day after the report on the 1,000 charge cycles; chief financial officer Ryan Benton has since run the company on an interim basis in a dual role, with chairman T. J. Rodgers as executive chairman. Third-quarter guidance was reaffirmed on August 17, 2026.
Worth Noting
This analysis originated from our daily Reddit sweep of the most heavily discussed U.S. stocks (run of August 21, 2026), not from a fundamental hit in our in-house stock scanner.
Data status: the Form 10-Q for the quarter ended July 5, 2026 (filed August 12, 2026) was fully evaluated, and every filing from that date onward was reviewed. The earnings release Form 8-K of August 12, 2026 and the Form 8-K of August 17, 2026 are incorporated; the insider filing (Form 4) of August 17, 2026 covers only 1,015 shares withheld for taxes and does not change the picture. Price, valuation and analyst data as of August 20, 2026.
The leadership change of August 13-14, 2026 postdates the quarterly report: the officers named in the 10-Q, Raj Talluri (chief executive) and T. J. Rodgers (non-executive chairman), have since been replaced by Ryan Benton (interim chief executive alongside his CFO role) and T. J. Rodgers as executive chairman.
The Altman Z-Score of −0.82 and the Piotroski F-Score of 3 (as of August 20, 2026) come from our in-house stock scanner. Both measures were designed for profitable industrial companies and describe a research-driven, cash-rich loss maker only imperfectly.
Possible confusion: Enovix Corporation was named Rodgers Silicon Valley Acquisition Corp until July 2021 and is not the same company as silicon-anode competitor Amprius Technologies (AMPX) or solid-state developer QuantumScape (QS).
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at ENVX since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 2.90 $ to 13.20 $ · Last price: 2.90 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Electrical Equipment & Parts
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Enovix Corp ENVX | 0.7 | – | -4.9 | 18.8 | – | 37.9 | -68.4 |
| Vertiv Holdings Co VRT | 104.3 | 55.5 | 38.8 | 38.0 | 16.4 | 27.7 | 76.7 |
| Bloom Energy Corp BE | 79.9 | – | 232.5 | 31.7 | 9.6 | 37.3 | 252.4 |
| nVent Electric PLC NVT | 24.5 | 48.7 | 23.6 | 36.4 | 16.0 | 29.5 | 54.5 |
| Hubbell Inc HUBB | 23.7 | 26.3 | 19.4 | 35.3 | 17.8 | 3.8 | 2.1 |
| Forgent Power Solutions, Inc. FPS | 11.6 | 1,906.0 | 68.3 | 34.3 | 10.4 | 315.4 | – |
| Advanced Energy Industries Inc AEIS | 10.8 | 50.1 | 31.6 | 40.0 | 14.3 | 21.4 | 61.5 |
| Acuity Brands Inc AYI | 9.1 | 20.1 | 11.7 | 48.7 | 16.1 | 13.1 | -11.6 |
| Enersys ENS | 6.7 | 22.6 | 11.4 | 29.8 | 13.4 | 3.7 | 63.7 |
| Median of companies shown | 11.6 | 48.7 | 23.6 | 35.3 | 15.2 | 27.7 | 58.0 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2019 | – | -17 | -16 | -0.28 | -11 | 4 | 17 |
| 2020 | 0 | -24 | -40 | -0.27 | -20 | 36 | 65 |
| 2021 | 0 | -70 | -126 | -1.07 | -51 | 326 | 483 |
| 2022 | 6 | -127 | -52 | -0.33 | -83 | 356 | 441 |
| 2023 | 0 | -165 | -154 | -0.97 | -105 | 258 | 564 |
| 2024 | 23 | -243 | -222 | -1.27 | -109 | 247 | 527 |
| 2025 | 32 | -177 | -157 | -0.75 | -95 | 271 | 880 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.20 | – | 10 | 31.60 | -385.60 | -16 | -32 |
| 2025: Q1 | -0.12 | – | 5 | -3.30 | -461.20 | -17 | -23 |
| 2025: Q2 | -0.22 | – | 8 | 98.20 | -596.30 | -26 | -34 |
| 2025: Q3 | -0.26 | – | 8 | 85.10 | -672.30 | -26 | -29 |
| 2025: Q4 | -0.17 | – | 11 | 15.90 | -310.60 | -27 | -28 |
| 2026: Q1 | -0.18 | – | 8 | 49.10 | -503.40 | -33 | -36 |
| 2026: Q2 | -0.20 | 9.10 | 9 | 20.00 | -478.90 | -22 | -31 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 6 of our scanner strategies — each hit links to the scanner.
Breakout & Setup
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -0.57 | -0.60 – -0.53 | 39 | -4.9% | 10 |
| 12/31/2027 | -0.63 | -1.02 – -0.51 | 77 | -11.6% | 9 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Enovix vermarktet seine Silizium-Anoden-Zellen als eigene Produktlinie AI-1™ („Artificial Intelligence Class™“) ausdrücklich für KI-fähige Smartphones, KI-Brillen und weitere Edge-KI-Geräte; im zweiten Quartal 2026 wurden mit diesen Zellen erstmals Produktumsätze erzielt (rund 2.100 ausgelieferte AI-1-Batterien aus einem Auftrag über 50.000 Packs).
View the full file — quotes, sources, reviewed filings
„We recently launched the AI-1™ product platform, our Artificial Intelligence Class™ batteries for the next generation of mobile smartphones, smart eyewear and other AI-enabled devices that require significantly higher total energy storage and power to perform AI functions locally."
Wir haben kürzlich die Produktplattform AI-1™ eingeführt, unsere Batterien der Klasse „Artificial Intelligence Class™“ für die nächste Generation mobiler Smartphones, KI-Brillen und anderer KI-fähiger Geräte, die deutlich mehr Gesamtenergie und Leistung benötigen, um KI-Funktionen lokal auszuführen.
10-Q · 2026-08-12 · View SEC filing
„Following the start of commercial production in the first quarter, we shipped approximately 2,100 silicon-anode AI-1 batteries and recognized initial smart eyewear product revenue under a customer order for 50,000 packs for delivery in 2026."
Nach dem Start der Serienfertigung im ersten Quartal haben wir rund 2.100 Silizium-Anoden-Batterien vom Typ AI-1 ausgeliefert und erste Produktumsätze im Bereich KI-Brillen aus einem Kundenauftrag über 50.000 Packs mit Lieferung im Jahr 2026 erfasst.
10-Q · 2026-08-12 · View SEC filing
„Throughout 2025, we focused on the development and launch of the AI-1™ platform, our Artificial Intelligence Class™ batteries for the next generation of mobile smartphones, smart eyewear and other AI-enabled devices that require significantly higher total energy storage and power to perform AI functions locally."
Im gesamten Jahr 2025 haben wir uns auf die Entwicklung und Markteinführung der AI-1™-Plattform konzentriert, unserer Batterien der Klasse „Artificial Intelligence Class™“ für die nächste Generation mobiler Smartphones, KI-Brillen und anderer KI-fähiger Geräte, die deutlich mehr Gesamtenergie und Leistung benötigen, um KI-Funktionen lokal auszuführen.
10-K · 2026-02-25 · View SEC filing
Filings Reviewed: 10-Q 2026-08-12 · 10-Q 2026-05-14 · 10-K 2026-02-25 · 10-Q 2025-11-05 · 10-Q 2025-07-31 · 10-K 2025-02-25
Rated on August 21, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 72.5%
- More than 10% revenue growth is expected for the coming year 125.2%
- Share count grows by less than 3% a year 10.4%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -318.8%
- Gross margin at 40% or higher and without meaningful erosion -86.8%
- Goodwill from acquisitions does not grow faster than revenue 1.4%
- Net debt below twice EBITDA failed
- Operating cash flow covers the profits of the last three years 225 m
- Return on capital at 15% or higher, or up versus two years ago -21.7%
- Insiders hold at least 10% or are net buyers 11.4%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
3/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% –
- Exp. sales growth 3Y > 5% 56.0%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 56.0%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 0
- Max. EBIT decline < 50% –
- Return on equity > 15% -68.9%
- ROCE > 15% -21.7%
- Expected return > 10% 29.7%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 13, 2026 | Truong Kristina | Chief Accounting Officer | Other | 1,014 | 3.10 | 3,143 |
| Sep 10, 2026 | Truong Kristina | Chief Accounting Officer | Other | 253 | 3.14 | 794 |
| Sep 8, 2026 | Chakravarthy Arthi | Chief Legal Officer | Other | 936 | 3.47 | 3,248 |
| Aug 28, 2026 | Truong Kristina | Chief Accounting Officer | Other | 6,626 | 3.36 | 22,263 |
| Aug 28, 2026 | Truong Kristina | Chief Accounting Officer | Other | 12,512 | 0.00 | – |
| Aug 28, 2026 | Chakravarthy Arthi | Chief Legal Officer | Other | 9,821 | 3.36 | 32,999 |
| Aug 28, 2026 | Chakravarthy Arthi | Chief Legal Officer | Other | 18,546 | 0.00 | – |
| Aug 28, 2026 | Benton Ryan A | Interim CEO | Other | 10,093 | 3.36 | 33,912 |
| Aug 28, 2026 | Benton Ryan A | Interim CEO | Other | 19,060 | 0.00 | – |
| Aug 24, 2026 | Chakravarthy Arthi | Chief Legal Officer | Other | 2,221 | 3.27 | 7,263 |
The company
About the Company
Enovix Corporation entwirft, entwickelt und fertigt Lithium-Ionen-Batteriezellen in den USA und international. Es bedient die Bereiche Wearables und IoT, Smartphones, Computer, Elektrofahrzeuge und Erstausrüster.
- Employees
- 664
- Headquarters
- Fremont, CA
- Address
- 3501 West Warren Avenue, 94538 Fremont, United States
- Phone
- 510 695 2350
- Website
- enovix.com
- IPO Date
- 07/15/2021
- ISIN
- US2935941078
Management
| Name | Title | Birth Year |
|---|---|---|
| Ryan A. Benton | CFO & Interim CEO | 1971 |
| Arthi Chakravarthy | Chief Legal Officer, General Counsel, Secretary & Head of Corporate Development | 1979 |
| Robert M. Spotnitz | Founder | – |
| Michael Vyvoda | Chief Operating Officer | 1973 |
| Kristina Truong | Senior VP & Chief Accounting Officer | – |
| Hongwei Yan | Chief Technology Officer | – |
| Robert Lahey | Head of Investor Relations | – |
| Steven R. Bakos | Senior Vice President of Worldwide Sales | 1967 |
| Iryna Romaniv | Chief Human Resources Officer | – |
| James Wilcox Ph.D. | VP of Business Development & Head of Enovix Mobility | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/17/2026 Enovix Corp (ENVX): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 08/12/2026 Enovix Corp (ENVX): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
- 07/09/2026 Enovix Corp (ENVX): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.