ENVX - Enovix: Growing Confidence In Execution

2024-06-03 07:11:07 ET

Summary

• Enovix is on track to produce its first battery samples with the EX-1M technology in Q2'24 and Fab-2 is expected to begin production in 2H24.
• Enovix has secured a development agreement with a top five smartphone OEM, representing a significant endorsement for the company.
• Enovix aims to launch multiple smartphones and IoT customers with the EX-1M battery by 2025.
• There is a clear product roadmap with continued innovation and improvement in battery attributes as the company continues to invest in research and development to stay ahead of the field.
• Enovix is extending cash runway through cost reductions, and it expects to have sufficient cash on hand to last through 2026.

Amidst depressed sentiment, the management team of Enovix ( ENVX ) fired on all cylinders in the first quarter of 2024.

Key milestones for manufacturing have been reached and Enovix is on track to produce and deliver its first samples with the EX-1M technology in the second quarter of 2024 and for Fab2 to be ready for production in the second half of 2024.

As sampling goes out, I expect to see more commercial interest in Enovix. This was further supported by a development agreement that was signed with a top five smartphone OEM by volume....

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