Short answer
Enovix Corp (ENVX) filed its fiscal 2025 10-K annual report with the SEC on Feb 25, 2026. It reported revenue of $32M (+37.9% year over year) and net income of −$157M.
- Top risk flagged: Regulatory risk from ISO 9001 audit dependence for Fab2 in Malaysia impacting customer qualification and manufacturing credibility
FY2025 key financial metrics · XBRL
- Revenue
- $32M
- +37.9% YoY
- Net income
- −$157M
- +29.5% YoY
- Operating margin
- -557.0%
- +494.7 pp YoY
- Gross margin
- 19.2%
- EPS (diluted)
- −$0.75
- +40.9% YoY
- ROE
- -57.8%
- +32.3 pp YoY
- Operating cash flow
- −$95M
- +12.3% YoY
Source: XBRL data from the Enovix Corp (ENVX) FY2025 10-K on SEC EDGAR. USD.
Enovix Corp FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
Generated from the filing text; verify against the original. How to read a 10-K
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