Here are 1-2 brief analogies for Enovix (ENVX):

• The Intel of advanced batteries.
• Qualcomm for next-generation mobile device batteries.

• 3D Silicon Lithium-ion Batteries: Advanced lithium-ion batteries featuring a 3D cell architecture and 100% active silicon anodes, designed for higher energy density and faster charging in devices like smartwatches, smartphones, and electric vehicles.

Enovix (ENVX) sells primarily to other companies (B2B).

Due to confidentiality agreements and competitive reasons, Enovix does not publicly disclose the specific names of its major customers. However, in its public statements and SEC filings, the company indicates that its major customers are:

• Major global consumer electronics companies, including some of the largest smartphone manufacturers.
• Top-tier smartwatch manufacturers.
• Companies developing products in emerging markets such as augmented reality (AR) and virtual reality (VR) devices.
• Manufacturers of medical devices.
• Companies in other Internet of Things (IoT) and computing segments.

While specific customer names like Apple (AAPL), Samsung (005930.KS), or Google (GOOGL) are often speculated due to Enovix's focus on top-tier consumer electronics, Enovix has not confirmed any specific customer names publicly.

Dr. Raj Talluri, President & Chief Executive Officer

Dr. Raj Talluri joined Enovix as President and Chief Executive Officer in January 2023. He brings a strong track record of leading successful high-volume and highly profitable semiconductor franchises, with a focus on the portable electronics market, over nearly 30 years. Prior to Enovix, he was Senior Vice President and General Manager of the Mobile Business Unit at Micron Technology Inc. from 2018 to 2023, where he was responsible for over $7 billion in worldwide revenue. Before Micron, Dr. Talluri served as Senior Vice President and General Manager of Qualcomm Inc.'s IoT business unit from 2015 to 2018, growing the division from incubation to over $1 billion in product revenue. He also led product management for Qualcomm's Snapdragon applications processor business. He began his career at Texas Instruments, holding various leadership roles over a 16-year tenure, culminating as general manager of the OMAP wireless terminals business unit, an over $750 million revenue business.

Ryan Benton, Chief Financial Officer

Ryan Benton has served as Chief Financial Officer of Enovix since April 2025. He brings over 30 years of extensive financial, strategic, and operational experience. Mr. Benton previously served as CFO of Silvaco, Inc. from August 2023 until April 2025. From July 2020 to August 2023, he was CFO and a member of the Board of Tempo Automation, an electronics manufacturer. He also served as CFO of Revasum, a semiconductor capital equipment company, from September 2018 to July 2020, and as a Board Member until October 2023. From December 2012 to May 2017, Mr. Benton held multiple positions at Exar Corporation, including CFO, and served as Chief Executive Officer and Board Member from 2016 until the company's sale to MaxLinear, Inc. in May 2017. He has served on several public company boards.

Ajay Marathe, Chief Operating Officer

Ajay Marathe has served as Chief Operating Officer of Enovix since November 2022, bringing nearly 40 years of experience. Prior to Enovix, he was Senior Vice President of global operations at Western Digital, a $17 billion storage solution company. From November 2011 to October 2021, he served as Chief Operating Officer of Lumileds, a $1.4 billion lighting company with global manufacturing sites. Before Lumileds, Mr. Marathe was Senior Vice President, Operations at Solaria Corporation, a solar module manufacturer. For nearly 23 years, he held various positions at Advanced Micro Devices (AMD), including Thailand Plant Manager, Vice President of Operations for the Computation Products group, Vice President of Operations for all Asian assembly and test, and CEO of the AMD India LLC startup.

Arthi Chakravarthy, Chief Legal Officer

Arthi Chakravarthy has served as Chief Legal Officer of Enovix since April 2023. She has 20 years of experience as a business attorney for semiconductor and manufacturing companies. Most recently, Ms. Chakravarthy was the General Counsel of Lightning eMotors, Inc., a zero-emissions commercial vehicle manufacturing company. Previously, she served as Deputy General Counsel of Micron Technology, Inc., a semiconductor company. Before Micron, she was Vice President, Commercial Legal Affairs at TiVo, Inc. Ms. Chakravarthy co-founded and has served as a Board Member of Hospital for Hope India, a non-profit hospital in rural India, since 2009.

Kristina Truong, Chief Accounting Officer

Kristina Truong joined Enovix in June 2022 as Vice President of Finance and was appointed Senior Vice President and Chief Accounting Officer in December 2024. She brings over 25 years of experience guiding public and private technology, life science, and telecommunication companies worldwide. Ms. Truong was instrumental in transitioning Enovix from a privately held company to a publicly listed and commercial business. Prior to Enovix, she was a Senior Director, Corporate Controller at Spruce Biosciences. She has successfully managed finance organizations during numerous public and debt offerings, raising over $500 million in proceeds.

The key risks to Enovix's business are primarily centered around its ability to successfully scale manufacturing, achieve broad market adoption for its innovative battery technology amidst intense competition, and navigate its path to sustained profitability.

1. Manufacturing and Scaling Challenges: Enovix faces significant hurdles in transitioning from small-scale production to mass manufacturing. The company's core challenge involves ramping up production at its facilities, such as Fab2 in Malaysia, to achieve consistent yields and cost efficiencies for its Gen2 Agility Line and Gen2 Autoline. Delays or unforeseen technical issues in reaching planned production rates and yield targets could severely impact the company's ability to fulfill customer orders and drive revenue growth.
2. Commercialization and Customer Adoption in a Competitive Market: Enovix's success is highly dependent on securing design wins with major original equipment manufacturers (OEMs) across key sectors like smartphones, augmented reality/virtual reality (AR/VR), and electric vehicles. The battery industry is intensely competitive, with established global players and emerging technologies vying for market share. There are concerns about slower-than-expected customer adoption, the potential for customers to choose cheaper alternatives, and the company's ability to compete on price. Recent reports indicate challenges with a lead smartphone OEM customer regarding product life-cycle requirements, necessitating chemistry changes and further delaying initial volume shipments.
3. Financial Risks and Path to Profitability: Enovix continues to experience significant financial challenges, including ongoing operating losses, negative cash flow, and a substantial cash burn rate from its research and development efforts and manufacturing capital expenditures. While the company has undertaken capital-raising efforts, its long-term financial stability and path to achieving sustained profitability, positive gross margins, and EBITDA breakeven remain uncertain. The need for continued investment could necessitate further dilutive financing.

• Direct competition in silicon-anode battery technology: Companies such as Amprius Technologies (AMPX), Sila Nanotechnologies, and Group14 Technologies are actively developing and commercializing advanced silicon-anode battery solutions. These direct competitors may achieve superior performance, lower costs, or secure critical customer partnerships faster than Enovix, potentially capturing market share in key segments like consumer electronics, electric vehicles, and other high-performance applications.
• Advancements in solid-state battery technology: Developers like QuantumScape (QS), Solid Power (SLDP), and major automotive/battery players (e.g., Toyota, CATL) are making significant investments and progress in solid-state battery technology. If these companies successfully overcome manufacturing challenges and achieve commercial viability at scale, solid-state batteries could offer a fundamentally superior alternative to liquid-electrolyte batteries, including advanced silicon-anode types, by providing higher energy density, faster charging, and enhanced safety. This could disrupt the market that Enovix aims to serve.

The estimated addressable markets for Enovix's main products and services are:

• Smartphones: Over $12 billion (global)
• Smart eyewear and IoT devices: Over $8 billion (global)
• Defense and drone applications: Over $3 billion (global)
• Emerging EV and computing markets: Over $500 billion (global)

Enovix primarily focuses on Original Equipment Manufacturers (OEMs) in key manufacturing regions such as China, South Korea, and Taiwan for its consumer electronics and wearable products.

Here are 3-5 expected drivers of future revenue growth for Enovix (ENVX) over the next 2-3 years:

1. Commercialization of AI-1 Smartphone Batteries: Enovix's AI-1 smartphone battery, validated as having the highest energy density for smartphones, is a key revenue driver. While the lead smartphone program with Honor is in its final validation phase with an anticipated launch in the first half of 2026, the initiation of smartphone production is expected to significantly contribute to revenue growth in the coming years.
2. Expansion into Smart Eyewear and IoT Devices: The company is actively penetrating the smart eyewear and broader IoT markets. Enovix has already delivered battery packs to its lead smart eyewear customer and is sampling to multiple other original equipment manufacturers (OEMs) and original design manufacturers (ODMs, with product launches anticipated in 2026.
3. Growth in Defense and Industrial Programs: Enovix is experiencing strong and increasing revenue from the defense and industrial sectors. The company's Korean operations are serving major military contractors, and its global pipeline for these segments is expanding, with projections exceeding $80 million for 2026.
4. Scaling of Manufacturing Operations and Improved Efficiencies (Fab2): Operational improvements and increased throughput at its Fab2 facility in Malaysia, alongside expanded coating capacity in Korea, are critical for supporting anticipated commercial ramps and increasing production volumes. These manufacturing advancements are essential for meeting growing demand and enhancing gross margins, thereby fueling revenue growth.

Share Repurchases

• Enovix announced a $60 million share repurchase program, authorized by its Board of Directors, effective from June 30, 2025, through December 31, 2026.
• This $60 million share repurchase program was part of capital market activities in Q3 2025, which also included a warrant dividend, generating approximately $224 million in net proceeds.

Share Issuance

• Enovix completed a secondary equity offering in November 2024, raising approximately $96 million net of fees.
• In September 2025, Enovix priced $300.0 million aggregate principal amount of 4.75% Convertible Senior Notes due 2030 in a private placement, with estimated net proceeds of approximately $290.4 million (or up to $348.6 million if an option to purchase additional notes was fully exercised).
• The number of shares outstanding increased by 10.47% in one year as of November 2025, with 210.38 million shares outstanding.

Inbound Investments

• In Q2 2021, Enovix became a publicly listed company through a merger with Rodgers Silicon Valley Acquisition Corp., receiving approximately $385 million in net cash, which included a $175 million PIPE of common stock issued at $14 per share.
• Enovix secured long-term funding to support its Fab2 development and issued new convertible notes due in 2030, resulting in a cash and marketable securities balance of $648 million as of Q3 2025.
• As of November 2025, institutional investors hold 50.92% of the company's stock, with 469 institutional owners holding a total of 100,531,165 shares.

Outbound Investments

• In April 2025, Enovix acquired a second facility in South Korea for $10 million, which included equipment for additional coating capacity at Fab2 and expanded production for Korean defense programs.
• Capital-raising efforts in August and September 2025, including a $360 million convertible note issuance, are earmarked for strategic acquisitions in the battery ecosystem and EBITDA-accretive opportunities.

Capital Expenditures

• Enovix's total capital expenditures for the last 12 months as of November 2025 were -$33.57 million.
• The company reported capital expenditures of $16.4 million for Q4 2024 and $6.3 million for Q1 2025.
• Enovix projects capital expenditures between $9 million and $12 million for Q4 2025, primarily for its Fab2 facility in Malaysia and a new production line in South Korea.