Revenue growth remains highly inconsistent, characterized by a 3.3% contraction in 2025Q1 and a gross margin that plummeted to -160.6% in the same period, reflecting significant challenges in absorbing fixed manufacturing costs.
| Sales/Revenue | 34.32M | 31.82M | 23.07M | 7.64M | 6.2M | 0 | 0 | 0 |
| Revenue Growth % | 49.88% | 37.91% | 201.86% | 23.25% | - | - | - | - |
| Cost of Goods Sold | 51.01M | 59.44M | 25.12M | 63.06M | 23.24M | 1.97M | 3.38M | 161K |
| COGS % of Revenue | - | 186.79% | 108.86% | 824.97% | 374.7% | - | - | - |
| Gross Profit | -16.69M | -27.62M | -2.04M | -55.42M | -17.04M | -1.97M | -3.38M | -161K |
| Gross Margin % | -48.63% | -86.79% | -8.86% | -724.97% | -274.7% | - | - | - |
| Gross Profit Growth % | - | -1250.51% | 96.31% | -225.27% | -766.14% | 41.72% | -1996.27% | - |
| Operating Expenses | 161.9M | 148.94M | 240.62M | 174.84M | 110.02M | 67.56M | 20.16M | 16.35M |
| OpEx % of Revenue | - | 468.04% | 1042.84% | 2287.26% | 1773.96% | - | - | - |
| Selling, General & Admin | 51.83M | 38.6M | 74.31M | 79.01M | 51.97M | 29.7M | 5.71M | 4.2M |
| SG&A % of Revenue | - | 121.32% | 322.06% | 1033.67% | 837.96% | - | - | - |
| Research & Development | 110.07M | 110.33M | 124.51M | 88.39M | 58.05M | 37.85M | 14.44M | 12.15M |
| R&D % of Revenue | - | 346.72% | 539.59% | 1156.36% | 936% | - | - | - |
| Other Operating Expenses | 0 | 0 | 41.81M | 7.43M | 0 | -24K | 0 | 0 |
| Operating Income | -178.59M | -176.55M | -242.67M | -230.25M | -127.06M | -69.52M | -23.53M | -16.51M |
| Operating Margin % | -520.32% | -554.83% | -1051.7% | -3012.23% | -2048.66% | - | - | - |
| Operating Income Growth % | - | 27.24% | -5.39% | -81.22% | -82.76% | -195.46% | -42.51% | - |
| EBITDA | -142.56M | -142.83M | -197.71M | -196.25M | -119.09M | -68.03M | -25.33M | -16M |
| EBITDA Margin % | -415.33% | -448.86% | -856.84% | -2567.32% | -1920.12% | - | - | - |
| EBITDA Growth % | 23.63% | 27.76% | -0.74% | -64.79% | -75.05% | -168.61% | -58.27% | - |
| D&A (Non-Cash Add-back) | 36.03M | 33.72M | 44.96M | 34.01M | 7.97M | 1.49M | -1.8M | 509K |
| EBIT | -178.59M | -176.55M | -217.14M | -210.31M | -51.62M | -69.52M | -23.53M | -16.51M |
| Net Interest Income | -10.55M | -8.6M | 5.54M | 9.61M | 0 | -187K | -107K | 23K |
| Interest Income | 16.34M | 13M | 12.33M | 14.07M | 5.23M | 0 | 0 | 23K |
| Interest Expense | 26.89M | 21.6M | 6.79M | 4.46M | 5.23M | 187K | 107K | 0 |
| Other Income/Expense | 5.98M | 18.64M | 18.74M | 15.49M | 75.44M | -56.35M | -16.12M | 323K |
| Pretax Income | -172.61M | -157.92M | -223.93M | -214.76M | -51.62M | -125.87M | -39.65M | -16.19M |
| Pretax Margin % | -502.91% | -496.27% | -970.47% | -2809.59% | -832.34% | - | - | - |
| Income Tax | -1.28M | -1.31M | -1.39M | -633K | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0.74% | 0.83% | 0.62% | 0.29% | 0% | 0% | 0% | 0% |
| Net Income | -171.49M | -156.74M | -222.24M | -214.07M | -51.62M | -125.87M | -39.65M | -16.19M |
| Net Margin % | -499.64% | -492.57% | -963.17% | -2800.51% | -832.34% | - | - | - |
| Net Income Growth % | 13.99% | 29.47% | -3.82% | -314.69% | 58.99% | -217.46% | -144.93% | - |
| Net Income (Continuing) | -171.33M | -156.61M | -222.53M | -214.13M | -51.62M | -125.87M | -39.65M | -16.19M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 2.06B | 2.8M | 2.66M | 2.96M | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.79 | -0.75 | -1.27 | -1.38 | -0.82 | -1.08 | -0.26 | -0.28 |
| EPS Growth % | 33.6% | 40.94% | 7.97% | -68.29% | 24.07% | -315.38% | 7.14% | - |
| EPS (Basic) | - | -0.75 | -1.27 | -1.35 | -0.34 | -1.08 | -0.26 | -0.28 |
| Diluted Shares Outstanding | 217.37M | 207.64M | 175.04M | 158.26M | 154.15M | 117.22M | 145.25M | 57.74M |
| Basic Shares Outstanding | 217.37M | 207.64M | 175.04M | 157.56M | 152.92M | 117.22M | 145.25M | 57.74M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Manufacturing yield and scale execution
According to the provided quarterly income statements, Enovix's revenue growth remains highly volatile, fluctuating between a 3.3% contraction in 2025Q1 and an 85.1% expansion in 2025Q3, which suggests that the current top-line trajectory is driven by sporadic project-based milestones rather than a stable commercial ramp.
The lack of a consistent growth trend indicates that the company has yet to secure a reliable, high-volume supply cadence with its OEM partners. Investors should monitor whether future revenue reflects sustained product shipments or continues to rely on non-recurring engineering fees that provide little visibility into long-term demand.
As reported in financial statements, Enovix continues to struggle with deep margin compression, evidenced by a gross margin that reached -160.6% in 2025Q1, highlighting the significant challenge of absorbing fixed manufacturing costs before achieving the necessary scale for its proprietary 3D cell architecture.
The recurring negative gross margins suggest that the cost of production currently far exceeds the market price of the units being shipped. This structural deficit appears to be a direct consequence of the high fixed-cost burden associated with the Malaysia facility, which warrants further investigation into the company's path toward unit-level profitability.
Based on the income statement data, R&D expenditures remain consistently elevated, often exceeding $25M per quarter, which, when combined with substantial manufacturing overhead, creates a high-burn cost structure that appears to be outpacing the company's ability to generate meaningful gross profit from its current operations.
The company's expense discipline is currently secondary to the massive capital requirements of its manufacturing transition. The persistent R&D spend suggests that the technology is still in a developmental phase, and investors should monitor whether these costs can be rationalized once the Gen2 Autoline reaches target throughput.
A critical analysis of the income statement suggests that the company's reliance on high-speed laser-stacking technology introduces significant mechanical execution risk, as evidenced by the erratic gross margin performance that may indicate ongoing yield issues during the transition to high-volume manufacturing in the Malaysia facility.
Short-sellers would likely focus on the potential for further margin volatility if the company fails to stabilize its production yields. The current financial profile implies that any delay in the qualification cycle could force the company to seek dilutive financing to sustain its high operating burn rate.
Quick answers to the most common questions about buying ENVX stock.
For fiscal year 2025, Enovix Corporation (ENVX) reported total revenue of $31.8M.
Enovix Corporation (ENVX) reported a net loss of $156.7M for the fiscal year ending 2025.
Enovix Corporation (ENVX) reported an operating income of $-176.6M, resulting in an operating profit margin of -554.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Enovix Corporation (ENVX) generated $-27.6M in gross profit for the year, representing a gross profit margin of -86.8%. This demonstrates the company's core pricing power and production efficiency.