The strong full-year growth and margin improvement are positive, but the significant sequential revenue decline in guidance raises near-term concerns. Traders should monitor progress on smartphone qualification and whether smart eyewear can offset slower defense segment growth. The $75M buyback provides some shareholder support.
Price Chart
Executive Summary
Enovix reported record Q4 and full-year 2025 revenue growth of 16% and 38% YoY respectively, driven by defense and industrial shipments. The company achieved a full-year non-GAAP gross margin of 23% and improved cash flow, while maintaining its focus on qualifying its AI-1 battery for smartphones and smart eyewear. However, it issued soft Q1 2026 revenue guidance of $6.5–7.5M, down from $11.3M in Q4 2025.
Key Financial Metrics
Key Facts
- Record Q4 2025 revenue of $11.3M (+16% YoY) and full-year 2025 revenue of $31.8M (+38% YoY)
- Full-year non-GAAP gross margin improved to 23% from 0.9% in 2024
- Free cash flow improved to -$113.5M in 2025 from -$184.8M in 2024
- Cash balance of $621M at year-end provides liquidity for commercialization
- Q1 2026 revenue guidance of $6.5–7.5M is significantly below Q4 2025's $11.3M
- Smart eyewear qualification progressing with initial production demand received
- Smartphone qualification ongoing; cycle-life testing under high power remains key gating requirement
- Board authorized $75M share repurchase program
Financial Impact
Revenue grew 38% YoY to $31.8M with improved gross margins, but Q1 2026 guidance suggests near-term slowdown. Free cash flow improved by $71.3M YoY.
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| defense and industrial | $31.8M | +38.0% |
Risk Factors
- Q1 2026 revenue guidance is 34-42% lower than Q4 2025, indicating potential slowdown
- Smartphone qualification remains pending with cycle-life testing as key gating item
- Continued operating losses and negative cash flow despite improvements
- High customer concentration in defense sector
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001828318-26-000005 |
| Document: envx-20260225.htm | 0001828318-26-000005 |
| Document: 0001828318-26-000005-index-headers.html | 0001828318-26-000005 |
| Document: 0001828318-26-000005-index.html | 0001828318-26-000005 |
| Document: 0001828318-26-000005.txt | 0001828318-26-000005 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 4d ago | 8-K | $2.79 | awaiting T+5 | — | $2.68 (−3.94%) |
Oct 13, 2026 13d ago | 8-K | $2.51 $2.25 | ▼ −10.36% | ▼ −9.21% | $2.68 (+6.77%) |
Aug 18, 2026 9w ago | Press Release | $3.40 $3.40 | · 0.00% | ▲ +0.39% | $2.68 (−21.18%) |
Aug 17, 2026 10w ago | 8-K | $3.60 $3.27 | ▼ −9.04% | ▼ −7.85% | $2.68 (−25.45%) |
Aug 13, 2026 10w ago | Institutional Cluster | $4.43 $3.27 | ▼ −26.19% | ▼ −24.22% | $2.68 (−39.50%) |
Jul 9, 2026 15w ago | 8-K | $5.40 $4.70 | ▼ −12.96% | ▼ −12.83% | $2.68 (−50.37%) |
Jun 10, 2026 19w ago | DEFA14A | $6.70 $6.69 | ▼ −0.15% | ▼ −0.58% | $2.68 (−60.00%) |
Jun 4, 2026 20w ago | DEFA14A | $7.28 $6.66 | ▼ −8.52% | ▼ −9.09% | $2.68 (−63.19%) |
May 28, 2026 21w ago | DEFA14A | $7.98 $8.23 | ▲ +3.13% | ▲ +3.43% | $2.68 (−66.42%) |
May 5, 2026 24w ago | 8-K | $6.88 $7.18 | ▲ +4.36% | ▲ +2.38% | $2.68 (−61.05%) |
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