Enovix Corp (ENVX) FY2025 10-K Annual Report
Filed: Feb 25, 2026
Information Technology
Miscellaneous Electrical Machinery, Equipment & SuppliesSEC EDGAR Enovix Corp (ENVX) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 25, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Enovix Corp FY2025 10-K Analysis
Business Overview
- • Core business model: design, develop, manufacture advanced lithium-ion batteries with proprietary 100% silicon-anode architecture for smartphones, smart eyewear, defense, industrial, AI edge devices
- • New product: launched AI-1™ battery platform in 2025, delivering 935Wh/L volumetric energy density, 12% higher than leading silicon-doped smartphone battery
- • Strategic shift: transitioned in 2023 from horizontal standard batteries to vertical custom cell strategy focusing on select large customers (smartphones, AI devices)
- • Quantitative growth: expanded manufacturing with 3 lines at Fab2 in Malaysia, acquired Routejade in South Korea, and established R&D center in Hyderabad, India in 2023
- • Noteworthy fact: demonstrated fast charge capability—0-80% charge in 5.2 minutes on test cells using proprietary architecture and stainless steel constraint system
Management Discussion & Analysis
- • Revenue not explicitly stated; discussion focuses on fiscal 2025 vs 2024 comparison only
- • No profitability or margin figures provided in text
- • Best performing segment implied: next-gen silicon-anode AI-1™ batteries for smartphones and AI devices; worst not defined
- • Operations in Malaysia and South Korea, no cash flow, buybacks, dividends, or capex details disclosed
- • Forward-looking risks include dependency on commercialization, manufacturing efficiency, market adoption, and competitive supply-chain challenges
Risk Factors
- • Regulatory risk from ISO 9001 audit dependence for Fab2 in Malaysia impacting customer qualification and manufacturing credibility
- • Geopolitical exposure to South Korean defense contractors contributing $7.3M of $31.8M revenue, reliant on Asia-Pacific defense demand
- • Supply chain and operational risk from Fab2 lease expiration in July 2026 with uncertain renewal and potential manufacturing disruption
- • Competitive risk from smartphone OEM product qualification process delays for AI-1™ battery platform amid competition in silicon-doped batteries
- • Financial risk with $360M 4.75% Convertible Senior Notes due 2030 increasing interest expense by $14.8M in fiscal 2025 versus prior year
Enovix Corp FY2025 Key Financial MetricsXBRL
Revenue
$32M
▲ +37.9% YoY
Net Income
-$157M
▲ +29.5% YoY
Gross Margin
19.2%
Operating Margin
-557.0%
▲ +49466bp YoY
Net Margin
-492.6%
▲ +47060bp YoY
ROE
-57.8%
▲ +3228bp YoY
Total Assets
$879M
▲ +66.7% YoY
EPS (Diluted)
$-0.75
▲ +40.9% YoY
Operating Cash Flow
-$95M
▲ +12.3% YoY
Source: XBRL data from Enovix Corp FY2025 10-K filing on SEC EDGAR. All figures in USD.
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