ENVX - Enovix Q1: Time To Buy As Revenue Inflection Nears
2024-05-06 11:49:26 ET
Summary
- Enovix secured its first development agreement with a top 5 smartphone OEM and plans to sample its batteries with 6 of the world’s top 8 smartphone OEMs this quarter.
- They shared its targeted unit economics per line for the first time, showcasing high margins and an impressive payback period of less than 6 months.
- Enovix’s expected low labor costs due to operating in Malaysia, Pioneer status in Malaysia, and Routejade acquisition are tailwinds to future profitability prospects.
- My price target for Enovix ranges between $31.9, in the worst case scenario, and $52.9, in the best case scenario, by 2027 based on my scenario analysis.
Enovix Corporation ( ENVX ) is nearing a key inflection point with its first revenues from silicon anode batteries approaching. After reporting its Q1 earnings recently, Enovix’s stock rallied 45% thanks to several promising updates. The company entered its first development agreement with a top 5 smartphone OEM and expects to sample its first samples this quarter with 6 of the world’s top 8 smartphone OEMs which could be a sign that Enovix’s batteries could be in high demand if their technology is proven....
Enovix Q1: Time To Buy As Revenue Inflection Nears