Liquidity remains under pressure as the company continues to burn cash, with free cash flow outflows reaching $56.0M in 2023Q4 and a persistent working capital drain of $9.2M reported in 2026Q1.
| Cash from Operations | -111.46M | -95.29M | -108.63M | -104.64M | -82.74M | -51.7M | -20.05M | -10.98M |
| Operating CF Margin % | - | -299.46% | -470.8% | -1368.86% | -1334.09% | - | - | - |
| Operating CF Growth % | -143.95% | 12.28% | -3.82% | -26.46% | -60.02% | -157.88% | -82.62% | - |
| Net Income | -171.49M | -156.61M | -222.53M | -214.13M | -51.62M | -125.87M | -39.65M | -16.19M |
| Depreciation & Amortization | 36.03M | 35.11M | 44.96M | 34.01M | 7.97M | 1.51M | 579K | 509K |
| Stock-Based Compensation | 37.35M | 49.37M | 58.84M | 69.45M | 30.37M | 10.71M | 666K | 328K |
| Deferred Taxes | -1.3M | -1.3M | 0 | 0 | 0 | 0 | 13.64M | 0 |
| Other Non-Cash Items | 4.95M | -15.36M | 26.46M | -1.07M | -70.26M | 56.2M | 2.53M | 5.29M |
| Working Capital Changes | -17.15M | -6.5M | -16.36M | 7.1M | 802K | 5.74M | 2.19M | -922K |
| Change in Receivables | -6K | -3.94M | -2.46M | -370K | -170K | 0 | 0 | 0 |
| Change in Inventory | -5.52M | -5.51M | 1.07M | 4.51M | -634K | 0 | 0 | 0 |
| Change in Payables | -3.33M | 4.69M | -7.97M | 6.1M | 2.27M | 1.52M | 1.83M | 0 |
| Cash from Investing | -455.57M | -538.27M | -1.38M | -142.96M | -36.21M | -43.58M | -26.95M | -1.65M |
| Capital Expenditures | -15.17M | -18.22M | -76.19M | -32.98M | -36.21M | -43.58M | -26.95M | -1.65M |
| CapEx % of Revenue | 44.2% | 57.27% | 330.19% | 431.44% | 583.88% | - | - | - |
| Acquisitions | -9.98M | -10M | 0 | -9.97M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | -973K | 0 | 0 | 0 | 0 |
| Cash from Financing | 466.42M | 467.38M | 150.75M | 159.59M | 56.51M | 451.49M | 65.92M | 5.79M |
| Debt Issued (Net) | -55K | 302.62M | 4.36M | 172.43M | 0 | 0 | 0 | - |
| Equity Issued (Net) | -57.94M | 171.31M | 107.19M | 14.25M | 57.1M | 77.44M | 0 | - |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -58.38M | -58.38M | -4K | -26K | -10K | -27K | -27K | 0 |
| Other Financing | 524.41M | -6.54M | 39.2M | -27.1M | -587K | 374.05M | 65.92M | 137K |
| Net Change in Cash | -100.98M | -166.71M | 39.57M | -87.85M | -62.44M | 356.2M | 18.92M | -6.84M |
| Free Cash Flow | -126.63M | -113.51M | -184.82M | -166.43M | -118.95M | -95.29M | -47M | -12.63M |
| FCF Margin % | -368.93% | -356.73% | -800.99% | -2177.28% | -1917.96% | - | - | - |
| FCF Growth % | 19.79% | 38.58% | -11.05% | -39.91% | -24.83% | -102.73% | -272.18% | - |
| FCF per Share | -0.58 | -0.55 | -1.06 | -1.05 | -0.77 | -0.81 | -0.32 | -0.22 |
| FCF Conversion (FCF/Net Income) | 0.74x | 0.61x | 0.49x | 0.49x | 1.60x | 0.41x | 0.51x | 0.68x |
| Interest Paid | -128K | 0 | 5.69M | 0 | 0 | 0 | 0 | - |
| Taxes Paid | -39K | 0 | 185K | 0 | 0 | 0 | 0 | - |
Manufacturing scale execution risk
As reported in quarterly filings, the OCF/NI ratio has fluctuated significantly, reaching a low of 0.23 in 2024Q2, which suggests that Enovix's operating cash flow is consistently failing to track with net income, highlighting the challenges of converting accounting losses into sustainable cash generation.
The persistent divergence between net income and operating cash flow indicates that non-cash charges and working capital requirements are heavily weighing on the company's liquidity. Investors should monitor whether this gap narrows as the Malaysia facility reaches higher utilization, or if it reflects structural inefficiencies in the production process.
According to recent financial statements, Enovix has maintained a consistently negative free cash flow trajectory, with quarterly outflows peaking at $56.0M in 2023Q4, underscoring the substantial capital requirements needed to support the ongoing transition to high-volume manufacturing in its new Malaysian facility.
The company's inability to generate positive free cash flow suggests that the current business model remains in a heavy investment phase. The lack of a clear path to FCF breakeven warrants further investigation into the timing of expected volume shipments and the associated margin improvements.
Based on reported figures, Enovix's capital intensity has been erratic, with CapEx/Revenue ratios spiking as high as 168.3% in 2024Q4, reflecting the aggressive and non-linear investment required to build out the proprietary laser-stacking production lines necessary for its 3D cell architecture.
The high variability in capital expenditures suggests that the company is still in the process of calibrating its manufacturing footprint. This level of spending may indicate that the company is prioritizing capacity expansion over immediate operational efficiency, which increases the risk of further cash burn if yield targets are missed.
As indicated by the quarterly cash flow data, Enovix has experienced consistent working capital outflows, including a $9.2M drain in 2026Q1, which suggests that the company is struggling to manage its inventory and payables cycle effectively during this critical pre-commercialization phase.
The recurring negative working capital changes may imply that the company is building inventory in anticipation of future demand that has yet to materialize at scale. This trend warrants close monitoring, as it further depletes the cash runway and increases the sensitivity of the balance sheet to operational delays.
Quick answers to the most common questions about buying ENVX stock.
Enovix Corporation (ENVX) generated $-95.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Enovix Corporation (ENVX) reported negative free cash flow of $113.5M in 2025, indicating capital requirements exceeded cash from operations.
Enovix Corporation (ENVX) spent $18.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Enovix Corporation (ENVX) spent $58.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.