Enovix
Designer of silicon-anode lithium-ion cells built on a 3D stacked-electrode architecture, targeting smartphone OEM supply chains.
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Profile
Designer and manufacturer of lithium-ion cells built on a 3D silicon-anode architecture, sold today primarily into defense and industrial markets through its Korea-based Routejade business while running a multi-year qualification process to enter the smartphone supply chain.
Batteries built on a 3D stacked-electrode architecture — substituting silicon for the conventional graphite anode — are the core product. The design supports a fully-active silicon anode, packing more energy into a smaller cell; the AI-1 smartphone platform achieved 935 Wh/L volumetric energy density in independent laboratory testing.
Revenue today is driven primarily by defense and industrial customers, with shipments concentrated in South Korea through the Routejade battery business acquired in 2023. That acquisition added electrode-coating and pack-assembly capacity and an established base of wearable, hearable, and industrial accounts.
Manufacturing operates across Fab-2 in Penang, Malaysia and expanded Korea facilities, with corporate and R&D functions at the Fremont, California headquarters. Smartphone commercialization is the central near-term gate: active engagements span most of the world's top handset makers, and lead-OEM qualification had met most of its criteria by late 2025.
Company facts
Key statistics
Year to date −57.3% · Average volume (30d) 7.9M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 17, 2026 | William Blair | Downgrade | Outperform | Market Perform | $5 | |
| Aug 14, 2026 | Canaccord Genuity | Reiterate | Buy | $17 | $10 | |
| Aug 13, 2026 | Craig-Hallum | Target | $8 | $7 | ||
| May 14, 2026 | Craig-Hallum | Reiterate | Buy | $25 | $8 | |
| May 14, 2026 | Oppenheimer | Reiterate | Outperform | $24 | $21 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 12, 2026Q2 FY26 | −$0.15 | −$0.13 | +10.7% | $8.4M | $9.0M | +6.8% | −6.34% |
| May 13, 2026Q1 FY26 | −$0.15 | −$0.14 | +6.7% | $7.0M | $7.6M | +9.3% | −13.58% |
| Feb 25, 2026Q4 FY25 | −$0.17 | −$0.14 | +17.6% | $10.3M | $11.3M | +9.6% | −3.25% |
| Nov 5, 2025Q3 FY25 | −$0.16 | −$0.14 | +12.5% | $10.2M | $8.0M | −22.0% | −20.23% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $5.1M | $7.5M | $8.0M | $11.3M | $7.6M | $9.0M | |
| Gross profit | −$8.2M | −$6.9M | −$3.3M | $1.3M | −$7.8M | $1.3M | |
| Operating income | −$42.6M | −$43.7M | −$47.0M | −$44.0M | −$43.9M | −$43.3M | |
| Net income | −$23.5M | −$44.5M | −$53.7M | −$35.0M | −$38.3M | −$43.1M | |
| Diluted EPS | −$0.12 | −$0.22 | −$0.27 | −$0.16 | −$0.18 | −$0.20 | |
| Gross margin | -160.6% | -92.2% | -41.3% | 11.6% | -102.9% | 14.4% | |
| Operating margin | -834.8% | -585.6% | -587.9% | -390.5% | -577.6% | -479.8% |
Fiscal years (4-quarter sums)FY21 $0 · FY22 $6.2M · FY23 $7.6M · FY24 $23.1M · FY25 $31.8M
Revenue by product · Q1 FY26
Revenue by geography · FY25
Balance sheet, Jul 5, 2026Cash & short-term investments $475.8M · Total debt $537.5M · Total assets $799.6M · Shareholders' equity $209.9M
Dividends
No dividends on record.
Ownership
Shares outstanding 218.15M · Float 189.07M · 86.7% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Thurman J. Rodgers · director, 10 percent owner: | 20.90M | 9.58% | Form 4 | Jun 15, 2026 |
| BlackRock, Inc. | 16.48M | 7.56% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 8.49M | 3.89% | 13F | Aug 13, 2026 |
| Vanguard Portfolio Management LLC | 8.37M | 3.84% | 13F | Aug 13, 2026 |
| UBS Group AG | 5.31M | 2.43% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jan 1, 2026 | Kristina Truong | officer: Chief Accounting Officer | −2,296 | $7.31 |
| Oct 8, 2025 | Ajay Marathe | officer: Chief Operating Officer | −18,614 | $13.00 |
| Oct 2, 2025 | Ajay Marathe | officer: Chief Operating Officer | −120,000 | $12.01 |
| Aug 28, 2025 | Kristina Truong | officer: Chief Accounting Officer | −4,358 | $8.75 |
| Aug 29, 2025 | Thurman J. Rodgers | director, 10 percent owner: | −1,259,211 | $8.75 |
Peers
- Amprius Technologies
Silicon nanowire-anode battery startup targeting defense, drones, and aviation
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Enovix | $3.40 | +0.89% | $733.0M | — | — | 20.4 | +20.5% |
| Amprius Technologies | $9.93 | +0.51% | $1.40B | — | — | 12.8 | +125.9% |
| Median | — | — | 12.8 | +125.9% |