Slide 1: Investor Presentation
Investor Presentation April 2025
Slide 2: Safe Harbor Statement
Safe Harbor Statement Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, including, without limitation, statements regarding our ability to build and scale our advanced silicon-anode l
Slide 3: An Advanced Silicon Battery Company
An Advanced Silicon Battery Company Innovative Product Established Manufacturing Customers in Mobile, IoT, Architecture Capability EV and Defense Markets Patented design and manufacturing Patented Laser Patterning and Electrode Contracts with OEM leaders in the process for 100% Active Silicon Anode
Slide 4: Smartphone Battery Leadership Opens $12B+ Opportunity
Smartphone Battery Leadership Opens $12B+ Opportunity Top Smartphone OEMs by 2023 Units Shipped (1.2B Total)1 Others Top 8 represent 1B units (80%+)1 7 of top 8 ~$9.5B receiving samples of Enovix smartphone of $12B+ Lithium-Ion batteries Smartphone Battery TAM2 280+ $7B+ of Smartphone Battery Smartp
Slide 5: Winning in Smartphones Opens Up Incremental $15B+ TAM
Winning in Smartphones Opens Up Incremental $15B+ TAM IoT Computing Defense ’26 Battery TAM: $8B1 ’26 Battery TAM: $4B2 ’26 Battery TAM: $3B3 1 Company estimates as of January 2023; IDTechEx Forecast Wearable Technology 2021-2031; IDC Worldwide AR/VR Headset Forecast 2022Q3; Avicenne Energy Battery
Slide 6: Smart Eyewear Market
Smart Eyewear Market Reaching A Tipping Point Smart Eyewear to reach multiple 10s of millions by 20281 Growth Drivers Hardware advancements Ecosystem maturity AI Expanding use cases in Consumer & Enterprise 2013 2019 2025 Key Players 1 IDC, December 2024 6
Slide 7: Enovix Cell Architecture Well-Suited to EVs
Enovix Cell Architecture Well-Suited to EVs Thermal Advantages Enable Fast Charge; Cycle Life and Calendar Life Demonstrated Advantages vs. Pursuing Industry $523B EV Battery TAM Conventional Cells1 Partner Strategy by 20402 ~10x Improvement in Cell Actively Working with Internal Temperature Gradien
Slide 8: Smartphone OEMs Have Increased Battery Size to Keep Up
Smartphone OEMs Have Increased Battery Size to Keep Up Battery Capacity (mAh) of Leading Smartphones1 6.8” HDR10+ display 12,000 Octo-Core processor 100x zoom camera 6”+ HDR display 5G Cellular 11,000 5,450 mAh battery Octo-Core processor Triple camera/zoom 26 ml battery 10,000 5”, 550+ ppi display
Slide 9: Increasing Battery Size is Limited As Device Size Maxes Out
Increasing Battery Size is Limited As Device Size Maxes Out1 2010 2023 1.8x Increase in Device Size (ml) 2.4x Increase in Battery Size (ml) Battery Volume as % of X, Y-Dimensions 40% 43% Battery Volume as % of Z-Dimension 43% 57% Battery Volume as % of Total Smartphone Volume 17% 23% 1 2010: iPhone;
Slide 10: Growth of AI Apps Threatens All-Day Smartphone Battery Life
Growth of AI Apps Threatens All-Day Smartphone Battery Life1 150x+ Growth for AI… …AI-Based Apps Consume Much More Power Global GenAI Output Forecast: Battery Capacity Used Per Hour (mAh) Video/Image Frames (Billions) 1,400 3,000 1,200 2,500 2,500 1,000 2,000 800 1,500 600 1,000 400 500 200 15 59 -
Slide 11: Enovix Offers Multi-Generational Jump in Battery Performance
Enovix Offers Multi-Generational Jump in Battery Performance Enovix Smartphone Battery Roadmap Capacity Advantage Over Leading 2024 Smartphone Batteries1 30% + 22% 9% Conventional Cells EX-1M EX-2M EX-3M EX-4M Customized for 2025 Launches Graphite and Silicon 800 Cycles 1,000 Cycles Higher Energy, F
Slide 12: AI – The Breakthrough That Unlocks AR
AI – The Breakthrough That Unlocks AR Conversational AI Voice-based interactions, content aware assistants Hand, Eye & Gesture Recognition Natural and intuitive controls Holographic Display with 2D/3D Content Real-time personalized content recommendations Meta Orion Content Diversity AI driven apps,
Slide 13: Powering the Future of Smart Eyewear
Powering the Future of Smart Eyewear Battery A Key Bottleneck Enovix AR Battery Roadmap Capacity Advantage Over Leading AR Batteries1 +68% +57% +41% Baseline Conventional EX-1M EX-2M EX-3M Cells Hardware advanced, but battery remains a major limitation Enovix’s high-energy-density batteries unlock l
Slide 14: Enovix Cell Architecture
Enovix Cell Architecture Constraints Anode & Cathode tabs Anodes / Separators / End Plates Cathode Stacks 14
Slide 15: Maximizing Silicon to Drive High Energy Density
Maximizing Silicon to Drive High Energy Density Silicon Can Theoretically Store Over 2x the Lithium in the Anode vs. Graphite1 100% Fully Replacing Graphite with 90% % Active Silicon Content Higher-Performing Silicon 80% Requires an Architecture Change 70% 60% Enovix 3D Architecture + Integrated Con
Slide 16: Our Innovative BrakeFlow Technology
Our Innovative BrakeFlowTM Technology Off-the-shelf Cell Fire vs. BrakeFlow Off-the-shelf cell phone battery at 0:04 min Enovix BrakeFlow Battery at 4:00 min T = 283oC & rising T(max) = 74.8oC https://vimeo.com/742273681 (full video) 16
Slide 17: Enovix Manufacturing Process
Enovix Manufacturing Process 2. The patterned rolls are then fed into the stacking machine where they are punched onto skewers until 1. Rolls of anode, cathode and they equal the width of the cell separator are precisely laser patterned 6. The cell is finished and 4. Busbars are inserted and boxed f
Slide 18: Global Footprint to Support World-Class Manufacturing and R&D
Global Footprint to Support World-Class Manufacturing and R&D South Korea Nonsan City ✓ Electrode Coating and Battery Production ✓ Three factories USA Silicon Valley (HQ) ✓ Corporate HQ/Center for Innovation India ✓ Process Engineering ✓ Materials Research Hyderabad ✓ Automotive R&D ✓ R&D Malaysia ✓
Slide 19: South Korea Footprint
South Korea Footprint 2023 Acquisition • 75,000 sq ft • Multiple battery production and coating lines 2025 Acquisition • 330,000 sq ft • Coating equipment and ~80 MWh battery Cell capacity 19
Slide 20: Projected Scale-Up Timeline
Projected Scale-Up Timeline 2024 2025 2026+ EX–2M Sampling Smartphone Scale Launches Sampling of EX-2M in Support Goal to Launch in Multiple Target Multiple Lines at Fab2 of 2026 Product Launches Smartphone Models with Generating Multi-Hundred- Progress Leading to Multiple Million-Dollar Revenue Lin
Slide 21: Target Smartphone Production Line Unit Economics
Target Smartphone Production Line Unit Economics1 CapEx Per Line $60M Key Drivers • Unmatched Energy Density Enabling AI Applications Throughput 1,650 Units Per Hour • Superior Product Roadmap Given Architecture Advantage • Continuous Improvement Driving Lower CapEx per Battery • Scale Advantages Re
Slide 22: Leadership Team
Leadership Team Ryan Benton | CFO Ajay Marathe | COO Experience Education Experience Education Silvaco BS, Business Western Digital MS, Industrial Eng/Ops Exar Corporation Administration in Lumileds Research ASMi Accounting, University of AMD Texas Tech University eFunds Texas Arthi Chakravarthy | C
Slide 23: Board of Directors
Board of Directors T.J. Rodgers | Chairman Pegah Ebrahimi Joined Board 2012 Joined Board 2021 Founder & 34-year tenure as CEO of Cypress Co-Founder and Managing Partner of FPV Ventures Semiconductor Investor and Advisor to Canva, Guild, Snyk & PsiQuantum CEO of SunPower; Board Member, Enphase Energy
Slide 24: Appendix
Appendix os “©
Slide 25: Financials
Financials ENOVIX CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share and per share amounts) (Unaudited) Fiscal Quarters Ended March 30, 2025 March 31, 2024 Revenue $ 5,098 $ 5,272 Cost of revenue 4,837 7,072 Gross profit 261 (1,800) Operating expenses: Research a
Slide 26: GAAP to Non-GAAP Reconciliation: Adjusted EBITDA
Financials GAAP TO NON-GAAP RECONCILIATION (In thousands, except share and per share amounts) (Unaudited) Below is a reconciliation of net income (loss) on a GAAP basis to the non-GAAP EBITDA and adjusted EBITDA financial measures for the periods presented below: Fiscal Quarters Ended March 30, 2025
Slide 27: GAAP to Non-GAAP Reconciliation: Free Cash Flow
Financials GAAP TO NON-GAAP RECONCILIATION (In thousands, except share and per share amounts) (Unaudited) Below is a reconciliation of Net cash used in operating activities to the Free Cash Flow financial measures for the periods presented below (in thousands): Fiscal Quarters Ended March 30, 2025 M
Slide 28: EV: Reoriented Electrodes Delivers Excellent Thermal Performance
EV: Reoriented Electrodes Delivers Excellent Thermal Performance 33X Higher* thermal conductivity to large face of prismatic cell 2.5C Fast Charging Temperature Profile Cell Dimensions: 173 x 115 x 32 mm 32 32 (seconds) 115 Conventional Stack Conventional Stack Cell Enovix Stack Side Cell Bottom-Coo
Slide 29: EV: Architecture & Chemistry for Fast Charge
EV: Architecture & Chemistry for Fast Charge 0.27 Ah EV test cells achieved 0-80% state-of-charge in 5.2 minutes 10C 2CCharge Rate C/3 C C C V – C/3 97% capacity after 400 cycles 6C C C C V – 1C 6C Potential Customer Target1 Industry Target1 NMC-622 CELL DATA 267 mAh (29 mm x 17 mm x 3.4 mm) 541 Wh/
Slide 30: EV: High Cycle and Calendar Life
EV: High Cycle and Calendar Life Demonstrated development cell cycle life >1,500 cycles and >10-year projected lifetime1 88% capacity retention after 1,500 cycles Projecting >10-year calendar life based on high temperature testing performance Program Target Program Collaborators 0.27Ah NMC-622 Cycle
Slide 31: Thank You
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