Enovix (US:ENVX)2024-10-29 21:02Market Opportunity - Smartphone battery leadership opens up a $12 billion+ opportunity[7] - Winning in smartphones opens up an incremental $12 billion TAM in IoT and Computing, with '26 Battery TAM of $8 billion for IoT and $4 billion for Computing[9] - The EV battery TAM is projected to reach $523 billion by 2040[11] Technology and Performance - Enovix offers a multi-generational jump in battery performance with a 30%+ higher energy and faster charge compared to leading 2023 smartphone batteries[14] - Enovix's cell architecture maximizes silicon use, offering a significant advantage over incumbents with only 3-7% active silicon content[16, 17] - Enovix's BrakeFlow™ technology enhances battery safety[19] - Enovix's EV test cells achieved 0-80% state-of-charge in 5.2 minutes[61] - Demonstrated development cell cycle life >1,500 cycles and >10-year projected lifetime with 88% capacity retention after 1,500 cycles[64] Manufacturing and Production - Fab2 in Malaysia opened in 2024 with Agility Line, with capacity for 3 additional high volume lines[6] - Target smartphone production line unit economics include a cash gross margin of 50%+ and an estimated payback period of less than 1 year, with a CapEx per line of $60 million and revenue per line of ~$150 million[23] Financial Performance - Revenue for the quarter ended September 29, 2024, was $4.317 million, compared to $200 thousand for the quarter ended October 1, 2023[36] - Net loss attributable to Enovix for the quarter ended September 29, 2024, was $(22.536) million, compared to $(16.185) million for the quarter ended October 1, 2023[36] - Free Cash Flow for the fiscal year-to-date ended September 29, 2024, was $(152.505) million, compared to $(110.387) million for the fiscal year-to-date ended October 1, 2023[44]