Enovix Corp

Listed Company

ENVXCIK 0001828318NasdaqLarge AcceleratedMiscellaneous Electrical Machinery, Equipment & SuppliesFY ends Dec 28

Period

FY 2025

Revenue

$31.82M

Net Income

$-156.74M

Total Assets

$878.98M

Equity

$271.21M

Shares Out

217.22M

Op. Cash Flow

$-95.29M

Business

Enovix Corp designs, develops, manufactures and commercializes next‑generation lithium‑ion battery cells based on a proprietary 3D roll‑to‑stack architecture that enables 100% active silicon anodes. It offers high energy‑density battery cells and battery nodes (e.g., EX‑1M, EX‑2M), electrode fabrication and pack assembly capabilities, as well as products acquired via Routejade including encapsulated coin, FLPB/ASDB and Z‑Folding high‑power batteries. The company operates a single reportable segment encompassing R&D, manufacturing and commercialization activities and proprietary manufacturing processes. It sells to OEMs and customers in mobile, computing, IoT, defense and EV markets through direct customer engagements and global supply chains across the U.S., Malaysia, South Korea and India.

Summary from filing dated 2025-02-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	32	23	8	6	0
Cost of revenue	26	25	63	—	—
Gross profit (loss)	6	−2	−55	−17	−2
Research and development	110	125	88	58	38
Selling, general and administrative	73	74	79	52	30
Impairment of equipment	0	0	4	5	0
Restructuring cost	0	42	3	0	0
Total operating expenses	183	241	175	115	68
Loss from operations	−177	−243	−230	−132	−70
Change in fair value of common stock warrants	22	12	6	75	−56
Gain on bargain purchase of assets	5	0	0	—	—
Interest income	13	12	14	5	37,000
Interest expense	−22	−7	−4	0	—
Other income (expense), net	1	954,000	−304,000	−54,000	−61,000
Total other income (expense), net	19	19	15	80	−56
Loss before income tax benefit	−158	−224	−215	−52	−126
Income tax benefit	−1	−1	−633,000	0	0
Net loss	−157	−223	−214	−52	−126
Net gain (loss) attributable to non-controlling interests	134,000	−293,000	−61,000	0	0
Net loss attributable to Enovix	−157	−222	−214	−52	−126
Net loss per share attributable to Enovix shareholders, basic (in dollars per share)	−0.75	−1.19	−1.27	−0.34	−1.07
Weighted average number of common shares outstanding, basic (in shares)	208	186	169	153	117
Net loss per share attributable to Enovix shareholders, diluted (in dollars per share)	−0.75	−1.19	−1.3	−0.82	−1.07
Weighted average number of common shares outstanding, diluted (in shares)	208	186	170	154	117

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	106	273	233	323	385
Short-term investments	406	0	74	0	—
Accounts receivable, net	4	5	900,000	170,000	0
Notes receivable, net	4	0	2	0	—
Inventory	14	8	9	634,000	0
Prepaid expenses and other current assets	8	10	5	6	8
Total current assets	542	295	323	330	398
Property and equipment, net	170	168	166	104	77
Long-term investments	107	0	—	—	—
Customer relationship intangibles and other intangibles, net	32	36	42	0	—
Operating lease, right-of-use assets	12	13	15	6	7
Goodwill	12	12	12	0	—
Other assets, non-current	4	2	5	937,000	1
Total assets	879	527	564	441	483
Accounts payable	18	9	21	7	3
Accrued expenses	14	20	14	7	7
Accrued compensation	6	8	11	8	4
Short-term debt	10	10	6	0	—
Deferred revenue	5	4	7	50,000	6
Warrant liability	7	0	—	—	—
Other liabilities	6	3	2	716,000	707,000
Total current liabilities	65	54	61	23	21
Long-term debt, net	519	170	169	0	—
Warrant liability, non-current	0	28	—	—	—
Operating lease liabilities, non-current	11	13	16	8	9
Deferred revenue, non-current	300,000	4	4	4	2
Deferred tax liability	9	9	11	0	—
Other liabilities, non-current	14,000	14,000	13,000	92,000	191,000
Total liabilities	605	278	303	84	156
Commitments and Contingencies (Note 10)	—	—	—	—	—
Common stock, $0.0001 par value; authorized shares of 1,000,000,000; issued and outstanding shares of 216,556,238 and 190,559,335 as of December 28, 2025 and December 29, 2024, respectively	22,000	19,000	17,000	15,000	15,000
Additional paid-in-capital	1,308	1,068	857	741	659
Treasury stock, at cost	−58	0	—	—	—
Accumulated other comprehensive loss	−508,000	−143,000	−62,000	0	—
Accumulated deficit	−978	−821	−599	−385	−333
Total Enovix's stockholders equity	271	247	258	356	326
Non-controlling interest	3	3	3	0	—
Total equity	274	249	261	356	326
Total liabilities and equity	879	527	564	441	483

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation, accretion and amortization	35	45	34	8	2
Stock-based compensation	49	59	69	30	11
Gain on bargain purchase of assets	−5	0	0	—	—
Impairment and loss on disposal of long-lived assets	0	38	4	5	—
Interest expense (non-cash)	9	0	0	—	—
Others	711,000	448,000	703,000	0	60,000
Accounts and notes receivables	−4	−2	−370,000	−170,000	0
Inventory	−6	1	5	−634,000	0
Prepaid expenses and other assets	−85,000	−2	−626,000	926,000	−3
Accounts payable	5	−8	6	2	2
Accrued expenses and compensation	2	3	2	3	5
Deferred revenue	−2	−3	−4	−4	2
Deferred tax liability	−1	−3	−813,000	0	0
Other liabilities	75,000	−2	188,000	−48,000	519,000
Net cash used in operating activities	−95	−109	−105	−83	−51
Purchase of property and equipment	−18	−76	−62	−36	−44
Payment for business acquisition	−10	0	0	—	—
Routejade acquisition, net of cash and restricted cash acquired	0	0	−10	0	0
Purchases of investments	−585	−32	−138	0	0
Maturities of investments	75	107	67	0	0
Net cash used in investing activities	−538	−1	−143	−36	−44
Proceeds from issuance of common stock, net of issuance costs	0	107	0	0	—
Proceeds from exercise of common stock warrants	232	0	0	53	77
Payments of issuance costs related to common stock and warrant dividends	−7	0	0	—	—
Proceeds from issuance of convertible senior notes and loan borrowing	360	5	173	—	—
Payments of debt issuance costs	−11	0	−6	0	−90,000
Purchase of Capped Calls	−45	0	−17	0	0
Repayment of debt	−919,000	−209,000	−69,000	0	−15
Proceeds from issuance of common stock under employee stock purchase plan	1	2	2	2	0
Payroll tax payments for shares withheld upon vesting of RSUs	−7	−7	−4	−587,000	0
Proceeds from the exercise of stock options and issuance of common stock under ATM, net of issuance costs	3	45	12	2	190,000
Repurchase of unvested restricted common stock	0	−4,000	−26,000	—	—
Repurchase of common stock	−58	0	0	−10,000	−27,000
Net cash provided by financing activities	467	151	160	57	451
Effect of exchange rate changes on cash, cash equivalents and restricted cash	−536,000	−1	154,000	0	0
Change in cash, cash equivalents, and restricted cash	−167	40	−88	−62	356
Cash paid for interest	6	6	3	0	0
Cash paid for income taxes	1	185,000	0	0	—
Purchase of property and equipment included in liabilities	10	13	16	7	5
Cashless warrant exercise	0	2	0	—	—
Accrued issuance costs	0	512,000	0	0	—

Filings

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