Enovix Corp (NASDAQ: ENVX)

Enovix Corporation is a global high-performance battery company focused on designing, developing, manufacturing, and commercializing advanced Lithium-ion batteries, including proprietary silicon-anode architectures, for smartphones, smart eyewear, defense, industrial and emerging edge-AI applications. The company's proprietary silicon-anode battery architecture enables higher energy density and performance relative to conventional battery cells, particularly in space-constrained devices. Enovix's battery mechanical design allows the use of high-performance chemistries while maintaining safety and reliability, supporting commercialization opportunities across various consumer and industrial markets. The company's current AI-1™ battery platform is architected as a unified silicon-anode platform designed to address the most demanding requirements across high-performance consumer electronics and defense applications.

Enovix generates revenue through the sale of its advanced battery cells and battery packs to original equipment manufacturers and original design manufacturers. The company's primary products include its AI-1™ smartphone battery, which demonstrated a volumetric energy density of 935Wh/L in independent testing, and its AI-1™ battery packs for smart eyewear, with over 1,000 units delivered to a lead customer under a supply agreement. Enovix also supplies battery solutions for defense and industrial applications, including high-power batteries for medical, industrial, aviation, and defense sectors produced at its South Korean facility. The company's revenue model is based on direct engagement with customers to understand specific performance requirements such as energy density, cycle life, charge rate, and battery size, with a focus on custom cells for a select group of large customers rather than standard-sized batteries for hundreds of customers.

The company operates through the following segments: Enovix Corporation operates in a single operating segment as of December 28, 2025.

• Enovix Corporation: This segment encompasses the company's global operations in designing, developing, manufacturing, and commercializing advanced Lithium-ion batteries with proprietary silicon-anode architectures. The segment serves smartphones, smart eyewear, defense, industrial and emerging edge-AI applications requiring high energy density in space-constrained devices. Enovix's AI-1™ battery platform represents its current product generation targeting next-generation mobile smartphones, smart eyewear and other AI-enabled devices.

Enovix competes in the highly competitive lithium-ion battery supplier market against both large incumbent suppliers and emerging new suppliers. Major incumbent suppliers include Amperex Technology Limited, Panasonic Corporation, Samsung SDI Co., Ltd., Contemporary Amperex Technology Co., Limited, SK On Co., Ltd., BYD Company Limited, and LG-Energy Solution, Ltd. The company's competitive advantages stem from its proprietary silicon-anode architecture that enables 100% active silicon use, its patented manufacturing processes including the Roll-to-Stack assembly and structural constraint system, and its demonstrated performance metrics such as the AI-1™ smartphone battery exceeding the performance of a leading silicon-doped commercially available smartphone battery by 12% in volumetric energy density. Enovix's ability to achieve 1,000 charge/discharge cycles to 80% remaining capacity with its silicon-anode technology addresses a key industry limitation that has hindered broader adoption of silicon anodes.

Enovix serves original equipment manufacturers and original design manufacturers in the smartphone, smart eyewear, defense, industrial and emerging edge-AI markets. The company has partnered with a top-tier mobile original equipment manufacturer on the development of its AI-1™ smartphone battery. In the smart eyewear market, Enovix delivered over 1,000 AI-1™ battery packs to its lead customer under a supply agreement and provided samples to nine additional OEMs and ODMs. For defense and industrial applications, the company supplies both standard and customized solutions to customers in South Korea, North America, and Europe, including products for unmanned aerial systems, subsea equipment, public safety devices, and other mission-critical applications through its South Korean manufacturing facility.