Enovix Corporation · NASDAQ:ENVX
Enovix — Investor Presentation (September 2025)
42 slides from Enovix's investor presentation, September 2025
Slide 1: Investor Overview September 2025
Investor Overview September 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 manufacturing lines for our
Slide 3: Enovix at a Glance
Enovix at a Glance Powering the next generation of high-performance batteries Mission Commercialization Global footprint Public Company — — — — To deliver high-performance Lead smartphone & AR/VR smart Fremont, CA Hyderabad, India Founded 2006 battery technology that eyewear OEMs in qualification US
Slide 4: Recent updates
Recent updates Product Commercial • Launched AI-1 product platform • Shipped AI-1 sample batteries to our lead smartphone OEM customer • First AI-1 smartphone product tested with >900Wh/L Energy Density, >1000 cycles, and 3C fast charging2 • Shipped AI-1 sample batteries to second smartphone OEM cus
Slide 5: AI-1 Product Platform
AI-1 Product Platform AI ClassTM batteries for the next generation of smartphones that require significantly higher total energy storage and power to perform AI functions locally → World’s first 100% active silicon-anode smartphone battery in commercial qualification → Highest energy density battery
Slide 6: Market Opportunity & Differentiation: Smartphone Market
Smartphone Market Opportunity & AR/VR + Smart Eyewear Differentiation EV / Defense / IoT / Computing 6
Slide 7: Smartphone battery leadership opens $12B+ TAM
Smartphone battery leadership opens $12B+ TAM2 Top Smartphone OEMs by 2024 Units Shipped Others Top 8 7 of top 8 represent 1B units (80%+)1 receiving samples (1.2B Total)1 of Enovix smartphone batteries — — ~$10B of $12B+ Lithium-Ion ~$9B Smartphone Battery TAM2 of Smartphone Battery TAM represented
Slide 8: Smartphone batteries have gotten bigger, not better
Smartphone batteries have gotten bigger, not better Battery size is limited as device size maxes out Battery Capacity (mAh) of Leading Smartphones1 — 6.9” XDR display 1.8x 2.4x 5,450 mAh increase in device size (ml) increase in battery size (ml) battery Series 1 10000 6”+ HDR display 9000 5”, displa
Slide 9: All-day battery life at risk as AI usage grows
All-day battery life at risk as AI usage grows 1 Enovix is the only scalable solution for ever-growing demand of AI on battery life 150x growth for AI AI-based apps consume much more power1 Global GenAI Output Forecast: Battery Capacity Used Per Hour (mAh) Video/Image Frames (Billions) 1400 3,000 8K
Slide 10: Enovix delivers a generational leap in performance
Enovix delivers a generational leap in performance Enovix Smartphone Battery Roadmap Capacity Advantage Over Leading 2024 Smartphone Batteries1 — Average Capacity (mAh) Conventional Graphite and Silicon Conventional Cells of Select Leading Smartphone Cells Enhanced Anode Cells Batteries in 2024 800
Slide 11: Market Opportunity & Differentiation: AR/VR + Smart Eyewear
Smartphone Market Opportunity & AR/VR + Smart Eyewear Differentiation EV / Defense / IoT / Computing 11
Slide 12: AI breakthrough unlocks augmented reality
AI breakthrough unlocks augmented reality Conversational AI — Voice-based interactions, content aware assistants Google Hand, Eye & Gesture Recognition — Natural and intuitive controls Meta Orion Holographic Display with 2D/3D Content Snap Spectacles — Real-time personalized content recommendations
Slide 13: Smart eyewear market is reaching a tipping point
Smart eyewear market is 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 Key Players — 2013 2019 2025 1) IDC, December 2024 13
Slide 14: Powering the future of smart eyewear
Powering the future of smart eyewear Battery technology is a key bottleneck—Enovix clears the way Hardware advanced, but battery remains a major limitation Enovix AR Battery Roadmap Capacity Advantage Over Incumbent AR Batteries1 — — • Today’s devices last 1-3 hours — not viable for all-day use Conv
Slide 15: Market Opportunity & Differentiation: EV / Defense / IoT / Computing
Smartphone Market Opportunity & AR/VR + Smart Eyewear Differentiation EV / Defense / IoT / Computing 15
Slide 16: Enovix cell architecture is well-suited to EVs
Enovix cell architecture is well-suited to EVs Thermal advantages enable fast charge, $523B EV Battery TAM by 20402 leading to cycle and calendar life demonstration Advantages vs. Conventional Cells1 — Projected Global EV Battery TAM ($B) • ~10x improvement in cell internal temperature gradient • 0-
Slide 17: Market Opportunity & Differentiation Key Takeaway
Market Opportunity & Differentiation Key Takeaway Smartphones success opens up incremental $15B+ TAM Success in the smartphone space creates a gateway into additional industries with relative ease. Smartphone Defense IoT Computing $3B $8B $4B 1 2 2026 Defense TAM 3 2026 Battery TAM 2026 Computing TA
Slide 18: Battery Design & Architecture
Battery Design & Architecture 18
Slide 19: Enovix cell architecture
Enovix cell architecture Constraints Anode & Cathode Tabs Anodes / Separators / Cathode Stacks End Plate 100% Silicon Anode vs. Conventional Wound Lithium-Ion Cell Note: Images are renders and not actual product. 19
Slide 20: Our innovative BrakeFlow technology
Our innovative BrakeFlow 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 20
Slide 21: Manufacturing Execution
Manufacturing Execution | 21
Slide 22: Enovix patented manufacturing process
Enovix patented manufacturing process 01 02 Rolls of anode, cathode and separator are precisely laser patterned The patterned rolls are then fed into the stacking machine where they are punched onto skewers until they equal the width of the cell Top View 03 04 05 06 The constraint is applied Busbars
Slide 23: Global footprint
Global footprint World-class manufacturing and R&D USA India — — Silicon Valley (HQ) Hyderabad • Corporate HQ • R&D hub for AI-2 platform • Center for innovation development • Process engineering • Battery modeling, • Materials research AI/ML materials research, and rapid • Automotive R&D prototypin
Slide 24: South Korea expansion supports HVM ramp
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 24
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 → Proven track records at world-class technology companies → Deep experience across battery, semiconductors, defense, and consumer electronics Dr. Raj Talluri → Expertise in scaling innovation, navigating public President / CEO / Director markets, and managing globa
Slide 28: Experienced public company board of directors
Experienced public company board of directors T.J. Rodgers Dr. Raj Talluri Chairman joined board 2023 joined board 2012 — — President and Chief Executive Officer of Enovix Founder & 34-year tenure as CEO of Cypress Semiconductor Former SVP of Micron; former SVP of Qualcomm; former GM of Texas Instru
Slide 29: Key Takeaways
Key Takeaways Disruptive Multi-Billion Manufacturing Experienced Strategic Battery TAM Across at Scale Public Alignment Architecture Devices Company Team & Capital to Execute $12B+ smartphone Fab2 Malaysia Leadership from Strategic alignment 100% Active Silicon battery market1 operational with Agili
Slide 30: Financials
Financials Q2 2025 Investor Overview | 30
Slide 31: Q2 2025 Results
Q2 2025 Results Revenue Non-GAAP — Operating Loss1 $7.5M — $26.5M Adjusted EBITDA Non-GAAP Net Loss Loss1 Per Share1,2 — — $20.1M ($0.13) 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 the
Slide 32: Q2 2025 Results
Q2 2025 Results Enovix Corporation Summary Consolidated Statements of Operations (Unaudited) (In Thousands, except %GM) 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
Slide 33: Smartphone target production line unit economics
Smartphone target production line unit economics 1 Based upon estimate of Smartphone production CapEx per Line $60M Throughput 1,650 units/hour Key Drivers — • Unmatched energy density Revenue per Line ~$150M enabling AI applications • Superior product roadmap given architecture advantage Cash Gross
Slide 34: ENOVIX
ENOVIX
Slide 35: Appendix
Appendix Q2 2025 Investor Overview | 35
Slide 36: Balance Sheet
Balance Sheet (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 Pr
Slide 37: Profit & Loss Statement
Profit & Loss Statement (In thousands, except share and per share amounts) (Unaudited) Fiscal Quarters Ended Fiscal Quarters Ended FiscalFiscal Years-to-Date Ended Years-to-Date Ended June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2025 June 29, 2025 June 30, 2025 Reve
Slide 38: Statement of Cash Flows
Statement of Cash Flows (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 Depreciation,
Slide 39: Reconciliation of Net Loss to Adjusted EBITDA
Reconciliation of Net Loss to Adjusted EBITDA (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 Fiscal Year
Slide 40: Reconciliation of Operating Loss to Adjusted EBITDA
Reconciliation of Operating Loss to Adjusted EBITDA (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-to
Slide 41: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation (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 Reve
Slide 42: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation (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 GAAP