Enovix (US:ENVX)2022-11-01 22:55Technology and Product - Enovix's roadmap targets significant energy density increases for smartphone-sized batteries, including EX-1 at 900 Wh/l, EX-1.5 at 965 Wh/l, EX-2 at 1,030 Wh/l, and EX-3 at 1,255 Wh/l[6, 23] - Enovix EX-1 batteries offer capacity increases ranging from 32% to 133% and energy density improvements from 21% to 113% compared to existing batteries in various products[8] - Enovix's BrakeFlow™ technology enhances battery safety by regulating current flux during internal shorts, preventing overheating and thermal runaway[6, 15, 18, 32] Market and Commercialization - The mobile computing battery market is estimated at $13 billion by 2025[10] - Enovix has a $14 billion revenue funnel, representing the potential value of a full production year for all projects[11, 23] - Enovix has secured nine design wins in targeted areas, including wearables, industrial/medical, computing, and AR/VR[13] Manufacturing and Financials - Enovix is targeting a long-term operating model with over $1 billion in revenue run-rate, 50% gross margin, and 30% EBIT[20] - The company had $349 million in net cash at the end of Q3 2022[23] - Gen-2 production line is designed to scale with target economics of $50 million - $70 million CapEx per line and >9 million units produced annually at 80% OEE[20] Regulatory - The Inflation Reduction Act includes a $35/kWh battery cell manufacturing tax credit and a $10/kWh battery module manufacturing tax credit, potentially benefiting Enovix[22]