Enovix Corp ENVX
Enovix Corporation (the "Company," "we," "us," "our" and "Enovix") is a global high-performance battery company focused on designing, developing, manufacturing, and commercializing advanced Lithium-ion, or Li-ion, batteries, including proprietary silicon-anode architectures, for smartphones, smart eyewear, defense, industrial and emerging edge-AI applications. Our proprietary silicon-anode battery architecture enables higher energy density and performance relative to conventional battery cells, particularly in space-constrained devices. Our battery's mechanical design, or "architecture," allows us to use high performance chemistries while maintaining safety and reliability, supporting commercialization opportunities across various consumer and industrial markets.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $31.8M | $23.1M | $7.6M | $6.2M | $0 | $0 | — |
| Cost of revenue | $25.7M | $25.1M | $63.1M | $23.2M | $2.0M | $3.4M | — |
| Gross profit | $6.1M | -$2.0M | -$55.4M | -$17.0M | -$2.0M | -$3.4M | — |
| R&D | $110.3M | $124.5M | $88.4M | $58.1M | $37.9M | $14.4M | — |
| SG&A | $73.0M | $74.3M | $79.0M | $52.0M | $29.7M | $5.7M | — |
| Total operating expenses | $183.4M | $240.6M | $174.8M | $114.9M | $67.6M | $20.2M | — |
| Operating income | -$177.3M | -$242.7M | -$230.3M | -$132.0M | -$69.5M | -$23.5M | — |
| Interest expense | $21.6M | $6.8M | $4.5M | $0 | $187.0K | $107.0K | — |
| Pre-tax income | -$157.9M | -$223.9M | -$214.8M | -$51.6M | -$125.9M | -$39.6M | — |
| Income tax | $1.3M | $1.4M | $633.0K | $0 | $0 | $0 | — |
| Net income | -$156.6M | -$222.5M | -$214.1M | -$51.6M | -$125.9M | -$39.6M | — |
| EPS, basic | -0.75 | -1.19 | -1.27 | -0.34 | -1.07 | -0.49 | — |
| EPS, diluted | -0.75 | -1.19 | -1.30 | -0.82 | -1.07 | -0.49 | — |
| Shares, diluted (wtd. avg.) | $207.6M | $186.0M | $169.6M | $154.1M | $117.2M | $80.4M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $106.0M | $272.9M | $233.1M | $323.0M | $385.4M | $29.2M | $10.3M |
| Short-term investments | $406.0M | $0 | $73.7M | $0 | $0 | $0 | — |
| Receivables | $4.4M | $4.6M | $909.0K | $170.0K | $0 | — | — |
| Inventory | $13.6M | $7.7M | $8.7M | $634.0K | $0 | — | — |
| Total current assets | $542.2M | $295.0M | $323.2M | $329.6M | $398.1M | $33.0M | — |
| Property, plant and equipment | $170.3M | $167.9M | $166.5M | $103.9M | $76.6M | $31.3M | — |
| Goodwill | $12.2M | $12.2M | $12.1M | $0 | — | — | — |
| Other intangibles | $31.6M | $36.4M | $42.2M | $0 | — | — | — |
| Total assets | $879.0M | $527.2M | $564.3M | $440.6M | $482.6M | $65.0M | — |
| Accounts payable | $17.8M | $9.5M | $21.3M | $7.1M | $3.1M | $2.1M | — |
| Short-term debt | $230.0K | $170.0K | $1.6M | $0 | — | — | — |
| Total current liabilities | $65.0M | $53.7M | $61.0M | $23.0M | $20.6M | $10.9M | — |
| Long-term debt | $519.3M | $169.8M | $169.1M | $0 | — | — | — |
| Total liabilities | $605.0M | $277.8M | $303.2M | $84.2M | $156.4M | $28.7M | — |
| Retained earnings | -$977.8M | -$821.1M | -$598.8M | -$384.8M | -$333.2M | -$207.3M | — |
| Total equity | $271.2M | $246.7M | $261.1M | $356.4M | $326.1M | $36.2M | $3.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$95.3M | -$108.6M | -$104.6M | -$82.7M | -$51.3M | -$20.1M | — |
| Depreciation and amortisation | $35.1M | $45.0M | $34.0M | $8.0M | $1.5M | $579.0K | — |
| Capital expenditure | $18.2M | $76.2M | $61.8M | $36.2M | $43.6M | $27.0M | — |
| Investing cash flow | -$538.3M | -$1.4M | -$143.0M | -$36.2M | -$43.6M | -$27.0M | — |
| Financing cash flow | $467.4M | $150.7M | $159.6M | $56.5M | $451.1M | $65.9M | — |
| Buybacks | $58.4M | $0 | $0 | $10.0K | $27.0K | $0 | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001828318-26-000018.
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