Enovix Corporation Financials
This page shows Enovix Corporation (ENVX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Enovix Corporation has an operating margin of -1051.7%, meaning the company retains $-1052 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -3012.2% the prior year.
Enovix Corporation's revenue surged 201.9% year-over-year to $23.1M, reflecting rapid business expansion. This strong growth earns a score of 100/100.
Enovix Corporation carries a low D/E ratio of 0.69, meaning only $0.69 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 86/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 5.49, Enovix Corporation holds $5.49 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
While Enovix Corporation generated -$108.6M in operating cash flow, capex of $76.2M consumed most of it, leaving -$184.8M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Enovix Corporation passes 4 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Enovix Corporation generates $0.49 in operating cash flow (-$108.6M OCF vs -$222.2M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Enovix Corporation earns $-35.8 in operating income for every $1 of interest expense (-$242.7M vs $6.8M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Enovix Corporation generated $23.1M in revenue in fiscal year 2024. This represents an increase of 201.9% from the prior year.
Enovix Corporation's EBITDA was -$197.7M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 0.7% from the prior year.
Enovix Corporation generated -$184.8M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 11.0% from the prior year.
Enovix Corporation reported -$222.2M in net income in fiscal year 2024. This represents a decrease of 3.8% from the prior year.
Enovix Corporation earned $-1.27 per diluted share (EPS) in fiscal year 2024. This represents an increase of 8.0% from the prior year.
Enovix Corporation held $272.9M in cash against $169.8M in long-term debt as of fiscal year 2024.
Enovix Corporation had 191M shares outstanding in fiscal year 2024. This represents an increase of 13.8% from the prior year.
Enovix Corporation's gross margin was -8.9% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 716.1 percentage points from the prior year.
Enovix Corporation's operating margin was -1051.7% in fiscal year 2024, reflecting core business profitability. This is up 1960.5 percentage points from the prior year.
Enovix Corporation's net profit margin was -963.2% in fiscal year 2024, showing the share of revenue converted to profit. This is up 1837.3 percentage points from the prior year.
Enovix Corporation invested $124.5M in research and development in fiscal year 2024. This represents an increase of 40.9% from the prior year.
Enovix Corporation spent $4K on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 84.6% from the prior year.
Enovix Corporation invested $76.2M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 23.3% from the prior year.
ENVX Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'23 | Q3'24 | Q2'24 | Q1'24 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $8.0M+7.0% | $7.5M+46.5% | $5.1M-30.9% | $7.4M+3590.5% | $200K+376.2% | $42K+100.0% | $21K+162.5% | $8K |
| Cost of Revenue | $6.6M+19.2% | $5.5M+14.2% | $4.8M-75.5% | $19.8M+17.6% | $16.8M+18.1% | $14.2M+16.2% | $12.2M+84.8% | $6.6M |
| Gross Profit | $1.4M-27.9% | $1.9M+644.1% | $261K+102.1% | -$12.4M+25.4% | -$16.6M-17.0% | -$14.2M-16.1% | -$12.2M-84.7% | -$6.6M |
| R&D Expenses | $28.2M+0.1% | $28.1M+8.6% | $25.9M-25.0% | $34.6M+156.0% | $13.5M-18.4% | $16.6M-30.3% | $23.7M+70.3% | $13.9M |
| SG&A Expenses | $20.2M+15.2% | $17.5M+3.8% | $16.9M-5.1% | $17.8M+3.3% | $17.2M+3.3% | $16.7M-38.8% | $27.3M+108.0% | $13.1M |
| Operating Income | -$47.0M-7.4% | -$43.7M-2.8% | -$42.6M+34.3% | -$64.8M-28.6% | -$50.4M+2.8% | -$51.8M+18.0% | -$63.3M-87.8% | -$33.7M |
| Interest Expense | $2.5M+49.1% | $1.7M-0.6% | $1.7M+5.3% | $1.6M+4.6% | $1.6M+22.6% | $1.3M | $0 | $0 |
| Income Tax | -$422K+51.0% | -$861K-431.5% | -$162K+74.4% | -$633K | $0 | $0 | $0 | N/A |
| Net Income | -$53.7M-20.6% | -$44.5M-89.4% | -$23.5M+60.8% | -$60.0M-270.6% | -$16.2M+74.8% | -$64.3M+12.6% | -$73.6M+10.3% | -$82.0M |
| EPS (Diluted) | $-0.27-22.7% | $-0.22-83.3% | $-0.12+42.9% | $-0.21+27.6% | $-0.29+29.3% | $-0.41+12.8% | $-0.47+11.3% | $-0.53 |
ENVX Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'23 | Q3'24 | Q2'24 | Q1'24 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $913.7M+94.8% | $469.1M-6.0% | $499.0M-11.6% | $564.3M+8.5% | $519.9M-3.5% | $539.0M+31.3% | $410.6M-12.2% | $467.6M |
| Current Assets | $588.6M+157.8% | $228.3M-15.5% | $270.2M-16.4% | $323.2M-14.0% | $375.7M-9.2% | $413.8M+37.4% | $301.2M-15.3% | $355.5M |
| Cash & Equivalents | $335.5M+146.7% | $136.0M-28.4% | $189.9M-18.6% | $233.1M-13.9% | $270.8M-21.1% | $343.2M+16.8% | $293.8M-15.8% | $349.0M |
| Inventory | $15.2M+13.7% | $13.4M+27.7% | $10.5M+20.0% | $8.7M+3963.7% | $215K-73.0% | $796K-2.3% | $815K+80.3% | $452K |
| Accounts Receivable | $4.6M+9.1% | $4.2M+46.5% | $2.9M+218.7% | $909K+90800.0% | $1K-97.6% | $42K+100.0% | $21K+250.0% | $6K |
| Goodwill | $12.2M0.0% | $12.2M0.0% | $12.2M+1.0% | $12.1M | N/A | N/A | N/A | N/A |
| Total Liabilities | $616.6M+134.9% | $262.5M+0.5% | $261.3M-13.8% | $303.2M+13.4% | $267.5M-8.3% | $291.7M+196.1% | $98.5M-9.9% | $109.3M |
| Current Liabilities | $60.6M+15.9% | $52.3M-9.5% | $57.8M-5.3% | $61.0M+38.3% | $44.1M+18.0% | $37.4M+48.9% | $25.1M+43.2% | $17.5M |
| Long-Term Debt | $518.3M+205.9% | $169.4M+0.2% | $169.2M+0.1% | $169.1M+1.2% | $167.1M+0.2% | $166.8M | N/A | N/A |
| Total Equity | $294.3M+44.4% | $203.7M-13.4% | $235.1M-8.9% | $258.1M+2.2% | $252.5M+2.1% | $247.3M-20.8% | $312.1M-12.9% | $358.3M |
| Retained Earnings | -$942.8M-6.0% | -$889.1M-5.3% | -$844.6M-41.0% | -$598.8M-11.1% | -$538.9M-3.1% | -$522.7M-14.0% | -$458.4M-22.7% | -$373.6M |
ENVX Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'23 | Q3'24 | Q2'24 | Q1'24 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$25.5M+1.3% | -$25.9M-52.9% | -$16.9M+37.9% | -$27.2M+3.6% | -$28.2M-19.9% | -$23.6M+8.0% | -$25.6M-24.3% | -$20.6M |
| Capital Expenditures | $3.0M-62.7% | $8.0M+27.1% | $6.3M-78.2% | $28.8M+67.0% | $17.3M+36.0% | $12.7M+318.6% | $3.0M-82.1% | $16.9M |
| Free Cash Flow | -$28.5M+15.8% | -$33.8M-46.0% | -$23.2M+58.6% | -$56.0M-23.2% | -$45.5M-25.5% | -$36.2M-26.5% | -$28.6M+23.6% | -$37.5M |
| Investing Cash Flow | -$248.1M-828.6% | -$26.7M+58.5% | -$64.4M-488.3% | -$10.9M+78.4% | -$50.6M+35.5% | -$78.4M-2486.7% | -$3.0M+82.1% | -$16.9M |
| Financing Cash Flow | $473.4M+39749.7% | -$1.2M+19.9% | -$1.5M-167.9% | $2.2M-66.0% | $6.5M-95.7% | $151.4M+33224.9% | -$457K-125.8% | $1.8M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $58.4M+5838400.0% | $1K | $0-100.0% | $3K-70.0% | $10K+150.0% | $4K-55.6% | $9K+800.0% | $1K |
ENVX Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'23 | Q3'24 | Q2'24 | Q1'24 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 17.5%-8.5pp | 26.0%+20.9pp | 5.1%+173.0pp | -167.8%+8136.7pp | -8304.5%+25488.4pp | -33792.9%+24431.0pp | -58223.8%+24538.7pp | -82762.5% |
| Operating Margin | -587.9%-2.3pp | -585.6%+249.2pp | -834.8%+42.8pp | -877.6%+24313.9pp | -25191.5%+98249.0pp | -123440.5%+177750.0pp | -301190.5%+119797.0pp | -420987.5% |
| Net Margin | -672.3%-76.0pp | -596.3%-135.1pp | -461.2%+351.4pp | -812.6%+7279.9pp | -8092.5%+145017.0pp | -153109.5%+197381.0pp | -350490.5%+674672.0pp | -1025162.5% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -5.9%+3.6pp | -9.5%-4.8pp | -4.7%+5.9pp | -10.6%-7.5pp | -3.1%+8.8pp | -11.9%+6.0pp | -17.9%-0.4pp | -17.5% |
| Current Ratio | 9.72+5.3 | 4.37-0.3 | 4.68-0.6 | 5.30-3.2 | 8.52-2.6 | 11.07-0.9 | 12.00-8.3 | 20.28 |
| Debt-to-Equity | 1.76+0.9 | 0.83+0.1 | 0.72+0.1 | 0.660.0 | 0.66-0.0 | 0.67+0.4 | 0.32+0.0 | 0.30 |
| FCF Margin | -356.7%+96.3pp | -453.0%+1.7pp | -454.7%+304.6pp | -759.3%+21990.7pp | -22750.0%+63545.2pp | -86295.2%+50100.0pp | -136395.2%+332317.3pp | -468712.5% |
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Frequently Asked Questions
What is Enovix Corporation's annual revenue?
Enovix Corporation (ENVX) reported $23.1M in total revenue for fiscal year 2024. This represents a 201.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Enovix Corporation's revenue growing?
Enovix Corporation (ENVX) revenue grew by 201.9% year-over-year, from $7.6M to $23.1M in fiscal year 2024.
Is Enovix Corporation profitable?
No, Enovix Corporation (ENVX) reported a net income of -$222.2M in fiscal year 2024, with a net profit margin of -963.2%.
What is Enovix Corporation's earnings per share (EPS)?
Enovix Corporation (ENVX) reported diluted earnings per share of $-1.27 for fiscal year 2024. This represents a 8.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Enovix Corporation's EBITDA?
Enovix Corporation (ENVX) had EBITDA of -$197.7M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Enovix Corporation have?
As of fiscal year 2024, Enovix Corporation (ENVX) had $272.9M in cash and equivalents against $169.8M in long-term debt.
What is Enovix Corporation's gross margin?
Enovix Corporation (ENVX) had a gross margin of -8.9% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Enovix Corporation's operating margin?
Enovix Corporation (ENVX) had an operating margin of -1051.7% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Enovix Corporation's net profit margin?
Enovix Corporation (ENVX) had a net profit margin of -963.2% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Enovix Corporation's free cash flow?
Enovix Corporation (ENVX) generated -$184.8M in free cash flow during fiscal year 2024. This represents a -11.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Enovix Corporation's operating cash flow?
Enovix Corporation (ENVX) generated -$108.6M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Enovix Corporation's total assets?
Enovix Corporation (ENVX) had $527.2M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Enovix Corporation's capital expenditures?
Enovix Corporation (ENVX) invested $76.2M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Enovix Corporation spend on research and development?
Enovix Corporation (ENVX) invested $124.5M in research and development during fiscal year 2024.
Does Enovix Corporation buy back shares?
Yes, Enovix Corporation (ENVX) spent $4K on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.
How many shares does Enovix Corporation have outstanding?
Enovix Corporation (ENVX) had 191M shares outstanding as of fiscal year 2024.
What is Enovix Corporation's current ratio?
Enovix Corporation (ENVX) had a current ratio of 5.49 as of fiscal year 2024, which is generally considered healthy.
What is Enovix Corporation's debt-to-equity ratio?
Enovix Corporation (ENVX) had a debt-to-equity ratio of 0.69 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Enovix Corporation's return on assets (ROA)?
Enovix Corporation (ENVX) had a return on assets of -42.2% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Enovix Corporation's cash runway?
Based on fiscal year 2024 data, Enovix Corporation (ENVX) had $272.9M in cash against an annual operating cash burn of $108.6M. This gives an estimated cash runway of approximately 30 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Enovix Corporation's Piotroski F-Score?
Enovix Corporation (ENVX) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Enovix Corporation's earnings high quality?
Enovix Corporation (ENVX) has an earnings quality ratio of 0.49x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Enovix Corporation cover its interest payments?
Enovix Corporation (ENVX) has an interest coverage ratio of -35.8x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Enovix Corporation?
Enovix Corporation (ENVX) scores 57 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.