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FREMONT, Calif. - Enovix Corporation (NASDAQ:ENVX), whose stock has surged over 10% in the past week according to InvestingPro data, has shipped its first 7,350 milliampere-hour (mAh) AI-1 batteries to a leading smartphone manufacturer for qualification testing, the company announced Monday.
The silicon-anode batteries, which Enovix claims exceed 900 watt-hours per liter (Wh/L) in energy density, are part of the company’s new AI-1 platform designed for smartphones running artificial intelligence applications locally. The company, currently valued at $2.19 billion, has maintained a strong financial position with a current ratio of 4.68, indicating robust short-term liquidity.
According to the company’s press release, the batteries feature fast charging capabilities, reaching 20% charge in 5 minutes and 50% in 15 minutes. Internal testing shows the batteries can maintain performance for more than 900 cycles under standard smartphone usage conditions.
"Enovix invented technology that led the industry in energy density for wearables in 2023 thanks to our unique architecture and the use of 100% silicon-anode technology," said Dr. Raj Talluri, CEO of Enovix.
The company’s patented battery architecture addresses silicon anode swelling issues that have challenged battery manufacturers. Enovix states the technology is protected by 190 architecture-specific patents.
T.J. Rodgers, Enovix Chairman, noted the development process required significant engineering changes: "To move from small wearable batteries to the big, high-power, AI Class batteries, we had to change the anode, the cathode, the electrolyte, and even the stainless-steel constraint and separator."
The AI-1 batteries are currently available to select smartphone manufacturers, with broader availability expected later in 2025. The company is targeting the smartphone market, which it estimates at 1.2 billion units.
Enovix, which reported having over $200 million in cash reserves, manufactures the batteries at its Malaysian production facility. The company’s focus on silicon-anode technology aims to address increasing power demands from AI-enabled mobile devices. With impressive revenue growth of 77.59% over the last twelve months and analysts forecasting 56% growth this year, InvestingPro analysis reveals 15+ additional investment insights and key metrics available for subscribers, including detailed profitability forecasts and valuation metrics.
In other recent news, Enovix Corporation reported a significant 98% increase in second-quarter revenue, reaching $7.5 million, surpassing its guidance of $4.5 million to $6.5 million. The company also achieved a gross profit for the third consecutive quarter, with a GAAP gross profit of $0.8 million and a non-GAAP gross profit of $1.2 million. Enovix’s adjusted EBITDA loss improved to $21.4 million, better than the projected range of $23 million to $29 million. The company ended the quarter with $203 million in cash and short-term investments, following an acquisition in South Korea. Additionally, Enovix announced a $60 million share repurchase program, a move seen as a positive indicator by Northland, which reiterated its Outperform rating. The research firm views this as a sign of Enovix’s strong financial trajectory and potential for future revenue growth. The share buyback program, effective from June 2025 to December 2026, is designed to offer flexibility in managing capital structure and returning value to shareholders.
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