In the first quarter of 2025, Enovix advanced across critical milestones with our lead smartphone customer, keeping us on track for a customer product launch later this year. We also strengthened our leadership team, expanded our manufacturing footprint through a strategic acquisition in South Korea, and accelerated progress towards mass production readiness at Fab2 in Malaysia. Recent Highlights Exhibit 99.1 Enovix Announces First Quarter 2025 Financial Results FREMONT, Calif., April 30, 2025 -- Enovix Cor ...

Core Insights - Enovix Corporation reported financial results for Q1 2025, highlighting significant operational progress and advancements towards mass production readiness, particularly with its lead smartphone customer [1][22]. Financial Performance - Preliminary and unaudited revenue for Q1 2025 was $5.1 million, exceeding the midpoint of guidance and reflecting a decline from $9.7 million in Q4 2024 due to seasonal buying patterns [7][15]. - GAAP net loss attributable to Enovix was $23.5 million in Q1 2025, an improvement from a loss of $37.5 million in the previous quarter [17]. - The company ended Q1 2025 with $248 million in cash, cash equivalents, and marketable securities, down from $272.9 million in the prior quarter [20]. Operational Highlights - Enovix achieved ISO 9001:2015 certification for its Fab2 facility in Malaysia, indicating readiness for mass production [9]. - The company acquired a second facility in South Korea for $10 million, enhancing its manufacturing capabilities and supporting defense programs [4][7]. - Development of smartphone battery cells is underway, with qualification deliveries scheduled for Q2 2025 [7][10]. Strategic Focus - The company is concentrating on the smartphone market due to its potential for rapid profitability and the demanding technical requirements that could open doors to other markets [6]. - Enovix is also expanding into the smart eyewear and handheld computer segments, having delivered initial samples to customers [6][11]. Technology and Innovation - Enovix's unique battery architecture, which incorporates 100% active silicon, is expected to maintain a competitive edge in energy density compared to conventional architectures [5][13]. - The company is advancing its electrochemistry with the EX-2M technology node, which is projected to solidify its leadership position through 2026 [13]. Future Outlook - The company anticipates continued growth in defense orders and is positioned to drive volume production and achieve key commercialization milestones in 2025 [7][22]. - Enovix is actively engaged with other smartphone OEMs to ensure a rapid ramp-up once established in the market [11].

FREMONT, Calif., April 17, 2025 (GLOBE NEWSWIRE) -- Enovix Corporation (NASDAQ:ENVX), a global high-performance battery company, announced the appointment of Ryan Benton as Chief Financial Officer (CFO). Mr. Benton brings over three decades of financial leadership experience. He previously held key roles at ASM International and served as CFO for multiple public companies including Silvaco and Exar Corporation. Enovix CEO Dr. Raj Talluri added, "Ryan's experience and transparent communication style make him ...

Since my last coverage on the stock, Enovix Corporation ( ENVX ) has seen its shares crater by 24%. This drop was exacerbated by the latest tariffs imposed by the Trump administration, following which, theAs a former managing editor at a financial media publication focused on mid and small caps, I am using my experience to present investment opportunities in undervalued companies. My experience, combined with my academic background in financial markets and institutions, allows me to bring thorough research ...

Acquisition will support company’s efforts to meet growing demand in the defense industryFREMONT, Calif., April 03, 2025 (GLOBE NEWSWIRE) -- Enovix Corporation (Nasdaq: ENVX), a global high-performance battery company, today announced the acquisition of battery cell manufacturing assets from SolarEdge, located in South Korea. The acquisition will expand the company’s manufacturing footprint and help position Enovix to meet growing demand in the defense industry. The transaction is expected to close in April ...

FREMONT, Calif., March 31, 2025 (GLOBE NEWSWIRE) -- Enovix Corporation ("Enovix") (Nasdaq: ENVX), a global high-performance battery company, today announced the completion of its second milestone, triggering a payment for sample battery cells shipped under a development agreement executed in October 2024 with a leading smartphone OEM. The samples were customized to specific requirements of the OEM, including cycle life, fast charge and energy density levels which Enovix believes are superior to any product ...

Core Viewpoint - The bullish rating on Enovix (NASDAQ: ENVX) is reiterated, driven by advancements in mass production capacity expected in Q4'24, indicating that commercialization is becoming more attainable [1]. Group 1: Company Insights - Enovix is making significant progress in its mass production capabilities, which is crucial for its commercialization efforts [1]. - The company is positioned within the technology, innovation, and sustainability sectors, focusing on emerging technologies and sustainable investing [1]. Group 2: Analyst Background - The analyst employs a "First Principles" approach to investment analysis, breaking down complex problems to identify overlooked opportunities [1]. - The analyst has a strong background in investment, private equity, and venture capital, with a proven track record of delivering strong returns [1].

Manufacturing Operations - The company initiated a restructuring plan in May 2024 to relocate its Fab1 manufacturing operations from Fremont, California to Malaysia, aiming to accelerate production at Fab2 in Malaysia [111]. - In 2024, the company completed site acceptance testing (SAT) and began production on its Agility line, while also completing factory acceptance testing (FAT) for its High-Volume Manufacturing (HVM) line in Malaysia [111]. - The company anticipates that its current manufacturing lines will not meet expected customer demand, necessitating the addition of more facilities at Fab2 to improve yields over time [112]. - The company has accelerated manufacturing operations at Fab2 in Malaysia, completing production on its Agility line and shipping samples to customers in late 2024 [155]. - The company initiated a strategic realignment of its Fab1 facility in October 2023, resulting in a workforce reduction and the relocation of manufacturing operations to Malaysia, with significant restructuring charges incurred [132]. Financial Performance - Enovix incurred a net loss of approximately $222.2 million for the fiscal year ended December 29, 2024, and an accumulated deficit of approximately $821.1 million as of the same date [149]. - The company expects to continue incurring losses due to ongoing expenses related to manufacturing process development, inventory buildup, and increased sales and marketing activities [150]. - The company incurred a net loss of $222.2 million and $214.1 million for the fiscal years ended December 29, 2024, and December 31, 2023, respectively, with an accumulated deficit of $821.1 million as of December 29, 2024 [193]. - The company anticipates continued losses in fiscal year 2025 as it scales manufacturing and adds capacity [193]. Customer and Market Risks - A single customer, a defense subcontractor in South Korea, accounted for approximately 50% of the company's total revenue for fiscal year 2024, highlighting customer concentration risk [138]. - The company may experience challenges in scaling up production for new uses of its batteries, particularly in the electric vehicle (EV) market [107]. - The company anticipates that lengthy customer qualification cycles could hinder its ability to grow revenue and improve financial results [142]. Supply Chain and Operational Risks - The company faces significant risks related to its reliance on third-party suppliers for key components necessary for lithium-ion battery production, which could lead to delays [124]. - The company faces risks from supply chain disruptions, including potential bankruptcy of suppliers, which could negatively impact production timelines and operational efficiency [127]. - Recent tensions in U.S.-China trade relations may create uncertainty and negatively affect the company's ability to obtain key components for its batteries [128]. - The company has faced and may continue to face operational challenges associated with a globally dispersed workforce, which could impact product innovation and operational standards [120]. - The company expects significant costs related to procuring materials for battery manufacturing, influenced by fluctuating prices and availability of raw materials such as lithium, nickel, and cobalt [126]. Competition and Market Position - The battery market is highly competitive, with existing and potential competitors having greater resources, which may impact Enovix's ability to maintain market position [167]. - The company must continue to invest in battery technology development to establish a competitive position, with no assurance that such investments will yield market-accepted products [169]. - Maintaining confidence among partners and customers in Enovix's long-term viability is crucial for business success, particularly given the competitive landscape and operational challenges [170]. Regulatory and Compliance Risks - The company is subject to operational, financial, and regulatory risks due to its international operations, including potential disruptions from geopolitical tensions and trade policies [121][122]. - The company may face regulatory approval difficulties that could delay the launch of its lithium-ion battery cells, negatively impacting revenue and customer relationships [221]. - Compliance with evolving battery and alternative energy regulations is expected to incur significant costs, which could adversely affect the company's business and operating results [223]. - The company is subject to numerous environmental laws and regulations, which may become more stringent, potentially increasing compliance costs and affecting production methods [228]. Intellectual Property Risks - The company relies heavily on its intellectual property portfolio, and failure to protect these rights could harm its competitive position and revenue [213]. - Patent applications may not result in issued patents, which could adversely affect the company's ability to prevent competitors from exploiting similar technologies [219]. - The company may incur substantial costs defending against intellectual property infringement claims, which could divert resources and management attention [215]. Financial Obligations and Capital Needs - The company faces significant cash flow risks related to servicing its substantial debt, including Convertible Senior Notes, which may not be sustainable in the future [196]. - The company may need to raise additional capital to expand production capabilities, which may not be available on acceptable terms [188]. - The company is subject to limitations on utilizing net operating losses (NOLs) due to ownership changes, which may increase future income tax liability [271]. External Economic Factors - Macroeconomic pressures, including inflation and rising interest rates, create a challenging environment for the company's business [268]. - Government actions to stabilize financial markets may not be successful, potentially impacting demand for lithium-ion battery cells [269]. Miscellaneous Risks - Cybersecurity threats, including data breaches and ransomware attacks, pose significant risks to the company's operations and sensitive information [253]. - Natural disasters and catastrophic events could adversely affect the company's operations and data integrity [267]. - The company may face litigation risks that could result in significant financial burdens and impact its reputation [186].

Company Overview - Enovix is a Silicon Valley-based battery design and manufacturing firm specializing in 100% silicon anode lithium-ion batteries for consumer electronics [1] - The primary fabrication line, Fab2, located in Malaysia, exited testing in January 2025 and is now prepared for large-scale order fulfillment [1] Leadership and Background - The founder of Building Benjamins, Benjamin Halliburton, has a distinguished investment background, having founded Tradition Capital Management in 2000 and received accolades such as "PSN Manager of the Decade" for All-Cap in the 2000s and for Dividend Value in the 2010s [1] - Halliburton began his investment career at Merrill Lynch in 1986 and has continuously been involved in investing, earning an MBA with a focus on finance from Duke's Fuqua School of Business in 1990 [1] - He also holds the Chartered Financial Analyst designation and was recognized as the top-performing portfolio manager at Brundage, Story and Rose during the 1990s bull market [1]

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