Enovix Corporation · NASDAQ:ENVX
Enovix — Investor Presentation (September 2025)
41 slides from Enovix's investor presentation, Sep 9, 2025
Slide 1: Investor Overview September 2025
Investor Overview September 2025
Slide 2: Forward-Looking Statements
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 manufacturing lines for our advanced silicon-anode
Slide 3: Enovix at a Glance
3 Product — AI-1 : 900+ Wh/L silicon-anode battery for AI-enabled products — best-in-class energy density and unmatched combination of cycle life, and fast charging at this capacity Capital Strength — $370M1 2Q25 unaudited Pro forma cash balance; warrant dividend proceeds secured to fund Fab2 ramp a
Slide 4: Recent updates
Recent updates Commercial • Shipped AI-1 sample batteries to our lead smartphone OEM customer • Shipped AI-1 sample batteries to second smartphone OEM customer, lead smart eyewear customer, and leading processing supplier in AR market • Signed contract with one of the leading industrial handheld com
Slide 5: AI-1 Product Platform
Q2 2025 Investor Overview | 5 → World’s first 100% active silicon-anode smartphone battery in commercial qualification → Highest energy density battery commercially available today → Enables on-device AI without sacrificing battery life → Unlocks multi-billion-dollar smartphone market for Enovix AI-
Slide 6: Market Opportunity & Differentiation
Market Opportunity & Differentiation Smartphone AR/VR + Smart Eyewear EV / Defense / IoT / Computing 6
Slide 7: Smartphone battery leadership opens $12B+ TAM
Smartphone battery leadership opens $12B+ TAM2 7 Others To p S m a rt p h o n e O E M s b y 20 24 U n it s S h ip p e d (1 .2 B T o ta l) 1 1) IDC Mobile Phone Tracker, 2024 Smartphone Units. 2) Company estimates as of April 2025, including with respect to unit shipments and estimated average sellin
Slide 8: Smartphone batteries have gotten bigger, not better
0 1000 2000 3000 4000 5000 6000 7000 8000 9000 10000 2005 2010 2015 2020 2024 m A h Series 1 Smartphone batteries have gotten bigger, not better Q2 2025 Investor Overview | 8 1 Based on select flagship smartphone models 2” display 900 mAh battery 3.5”, display 5”, display 6”+ HDR display 6.9” XDR di
Slide 9: All-day battery life at risk as AI usage grows
All-day battery life at risk as AI usage grows 9 1) Capacity used per hour for conventional apps based on internal Company approximations and estimates derived from data sourced from: “Battery Technology Trailing Smartphone Innovation,” January 2024, Tirias Research for Enovix, reporting battery cap
Slide 10: Enovix delivers a generational leap in performance
Enovix delivers a generational leap in performance 10 1) Methodology: Measured battery capacities and battery cell dimensions for flagship models of eight leading smartphone OEMs (Apple, Samsung, Xiaomi, Vivo, Oppo, Honor, Google, and Lenovo) adjusted to estimated 0% state-of-charge; Enovix capaciti
Slide 11: Market Opportunity & Differentiation
Market Opportunity & Differentiation Smartphone AR/VR + Smart Eyewear EV / Defense / IoT / Computing 11
Slide 12: AI breakthrough unlocks augmented reality
AI breakthrough unlocks augmented reality 12 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 Content Diversity — AI-driven a
Slide 13: Smart eyewear market is reaching a tipping point
13 1) IDC, December 2024 Growth Drivers — → Hardware advancements → Ecosystem maturity → AI → Expanding use cases in Consumer & Enterprise Key Players — Smart eyewear market is reaching a tipping point Smart eyewear to reach multiple 10s of millions by 20281 2013 2019 2025
Slide 14: Powering the future of smart eyewear
Powering the future of smart eyewear 14 1) Methodology: Measured capacity and cell dimensions of Enovix batteries against the incumbent AR batteries used in existing products for Meta, Amazon and Snap. Enovix capacities adjusted to same size of smart glasses battery cell sizes for equivalent compari
Slide 15: Market Opportunity & Differentiation
Market Opportunity & Differentiation Smartphone AR/VR + Smart Eyewear EV / Defense / IoT / Computing 15
Slide 16: Enovix cell architecture is well-suited to EVs
16 1) Company estimates based on internal test data. Company estimates based on internal software modeling and R&D testing of small set of test batteries. 2) The New Oil: Investment Implications of the Global Battery Economy - Morgan Stanley Research, Nov. 15, 2021 Advantages vs. Conventional Cells1
Slide 17: Smartphones success opens up incremental $15B+ TAM
Market Opportunity & Differentiation Key Takeaway Smartphones success opens up incremental $15B+ TAM Defense Success in the smartphone space creates a gateway into additional industries with relative ease. $8B 2026 Battery TAM 17 1) Company estimates as of January 2023; IDTechEx Forecast Wearable Te
Slide 18: Battery Design & Architecture
Battery Design & Architecture 18
Slide 19: Enovix cell architecture
Enovix cell architecture 19 Note: Images are renders and not actual product. Anode & Cathode Tabs End Plate Constraints Anodes / Separators / Cathode Stacks 100% Silicon Anode vs. Conventional Wound Lithium-Ion Cell
Slide 20: Our innovative BrakeFlow technology
Our innovative BrakeFlow technology 20 Off-the-shelf Cell Fire vs. BrakeFlow — Off-the-shelf cell phone battery at 0:04 min T = 283oC & rising Enovix BrakeFlow Battery at 4:00 min T(max) = 74.8oC
Slide 21: Manufacturing Execution
Manufacturing Execution | 21
Slide 22: Enovix patented manufacturing process
Enovix patented manufacturing process 22 01 Rolls of anode, cathode and separator are precisely laser patterned 02 The patterned rolls are then fed into the stacking machine where they are punched onto skewers until they equal the width of the cell 03 The constraint is applied to the stack 04 Busbar
Slide 23: Global footprint
Global footprint 23 World-class manufacturing and R&D USA — Silicon Valley (HQ) • Corporate HQ • Center for innovation • Process engineering • Materials research • Automotive R&D India — Hyderabad • R&D hub for AI-2 platform development • Battery modeling, AI/ML materials research, and rapid prototy
Slide 24: South Korea expansion supports HVM ramp
24 South Korea expansion supports HVM ramp 2023 Acquisition • 75,000 sq ft • Four battery production lines and two coating lines 2025 Acquisition • 330,000 sq ft • Coating equipment and ~80 MWh battery Cell capacity
Slide 25: Fab2 Malaysia
Fab2 Malaysia
Slide 26: Our Team & Key Takeaways
Our Team & Key Takeaways Q2 2025 Investor Overview | 26
Slide 27: Trusted public company leadership
Trusted public company leadership Q2 2025 Investor Overview | 27 Dr. Raj Talluri President / CEO / Director → Proven track records at world-class technology companies → Deep experience across battery, semiconductors, defense, and consumer electronics → Expertise in scaling innovation, navigating pub
Slide 28: Experienced public company board of directors
Experienced public company board of directors Q2 2025 Investor Overview | 28 T.J. Rodgers Chairman joined board 2012 — Founder & 34-year tenure as CEO of Cypress Semiconductor CEO of Complete Solaria; Board Member, Enphase Energy; former Chairman of SunPower Dartmouth: Physics & Chemistry Stanford:
Slide 29: Key Takeaways
Key Takeaways 29 Disruptive Battery Architecture Multi-Billion TAM Across Devices Manufacturing at Scale Experienced Public Company Team Strategic Alignment & Capital to Execute 100% Active Silicon Anode Proprietary constraint system ensures cycle life and safety Step-change in energy density $12B+
Slide 30: Financials
Financials Q2 2025 Investor Overview | 30
Slide 31: Q2 2025 Results
Non-GAAP Operating Loss1 — $26.5M Q2 2025 Results Revenue — $7.5M Non-GAAP Net Loss Per Share1,2 — ($0.13) Adjusted EBITDA Loss1 — $20.1M 31 1 See Appendix for definitions and reconciliations of non-GAAP Operating Loss, Adjusted EBITDA Loss, and Non-GAAP Net Loss Per Share Attributable to Enovix to
Slide 32: Q2 2025 Results
Q2 2025 Results 32 GAAP Non-GAAP(7) Q2 2025 Q2 2024 Q2 2025 Q2 2024 Revenue $ 7,468 $ 3,768 $ 7,468 $ 3,768 Gross profit (loss) 1,942 (655) 2,298 (560) Gross Margin 26 % (17) % 31 % (15) % Operating expenses 45,675 88,095 28,810 30,400 Loss from operations (43,733) (88,750) (26,512) (30,960) Cash ba
Slide 33: ENSVIX
ENSVIX
Slide 34: Appendix
Appendix Q2 2025 Investor Overview | 35
Slide 35: Balance Sheet
Balance Sheet 36 (In thousands, except share and per share amounts) (Unaudited) June 29, 2025 December 29, 2024 Assets Current assets: Cash and cash equivalents $135,978 $272,869 Short-term investments 67,434 — Accounts receivable, net 4,244 4,566 Notes receivable, net 1,110 4 Inventory 13,385 7,664
Slide 36: Profit & Loss Statement
Fiscal Quarters Ended Fiscal Years-to-Date Ended June 29, 2025 June 30, 2025 June 29, 2025 June 30, 2025 Net loss attributable to Enovix ($44,528) ($115,872) ($68,038) ($162,240) Interest income, net (722) (1,635) (1,440) (3,536) Income tax benefit (861) (4,586) (1,023) (4,738) Depreciation and amor
Slide 37: Statement of Cash Flows
Statement of Cash Flows 38 (In thousands, except share and per share amounts) (Unaudited) Fiscal Years-to-Date Ended June 29, 2025 June 30, 2024 Cash flows used in operating activities: Net loss (67,797) (162,444) Adjustments to reconcile net loss to net cash used in operating activities Depreciatio
Slide 38: Reconciliation of Net Loss to Adjusted EBITDA
Reconciliation of Net Loss to Adjusted EBITDA 39 1) $1.1 million of stock-based compensation expense is included in restructuring cost for the fiscal quarter and the fiscal year ended June 30, 2024. 2) These amounts represent certain legal costs related to the defense of an ongoing securities class
Slide 39: Reconciliation of Operating Loss to Adjusted EBITDA
Reconciliation of Operating Loss to Adjusted EBITDA 40 (In thousands, except share and per share amounts) (Unaudited) Below is a reconciliation of GAAP operating loss to non-GAAP operating loss and adjusted EBITDA financial measures for the periods presented below: Fiscal Quarters Ended Fiscal Years
Slide 40: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation 41 (In thousands, except share and per share amounts) (Unaudited) Below is a reconciliation of other non-GAAP financial measures for the periods presented below: Fiscal Quarters Ended Fiscal Years-to-Date Ended June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024 R
Slide 41: GAAP to Non-GAAP Reconciliation
Fiscal Quarters Ended Fiscal Years-to-Date Ended June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024 GAAP loss from operations (43,733) (88,750) (86,293) (158,886) Stock-based compensation expense(1) 14,122 17,932 26,136 30,692 Amortization of intangible assets 1,188 1,189 2,378 2,361 Inventory