Enovix Corporation

Company Overview: Enovix Corporation (NASDAQ: ENVX) is a global high-performance battery company specializing in designing, developing, manufacturing, and commercializing lithium-ion (Li-ion) battery cells that deliver higher energy density and storage capacity compared to traditional battery cells. Kalkine’s Global Fully Charged Report covers the Investment Highlights, Management Insights, Key Financial Metrics, Risks, and Technical Analysis along with the Valuation, Target Price, and Recommendation on the stock.

1.2 The Key Positives, Negatives, Investment Highlights, and Risks

1.3 Top 10 Shareholders:

The top 10 shareholders together form ~37.08% of the total shareholding. Rodgers (Thurman John), and The Vanguard Group, Inc. hold maximum stakes in the company at ~11.31% and ~8.19%, respectively.

1.4 Key Metrics: ENVX's cost of sales decreased by 32% YoY to USD 4.84mn in Q1FY25 vs USD 7.07mn in Q1FY24.  Below are captured other metrics:

2.1 Recent Business Updates:

2.2 Q1FY25 Results Highlights (for the period ended 30 March 2025): Below mentioned are some key financial highlights:   

2.3 Historical Financial Trend

 4.1 Price Performance and Technical Summary

The stock has gone up by ~14.32% in the last nine months, whereas over the last one year, the stock has decreased by ~19.18%. The stock has a 52-week low and 52-week high of USD 5.27 and USD 18.68, respectively, and is currently trading above the average of 52-week high and low. ENVX was last covered in a report dated ‘17 September 2024’.

4.2 Fundamental Valuation

Valuation Methodology: EV/Sales Multiple Based Relative Valuation (Illustrative)

Markets are trading in a highly volatile zone currently due to certain macro-economic issues and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is neither an indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 14 July 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided have been achieved and is subject to the factors discussed above. 

Note 4: Kalkine reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 25-30 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice. 

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.

Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.