Enovix (ENVX) financial statements
Enovix reported revenue of $32M in fiscal 2025, up 72.5% a year over 3 years.
Net income was -$157M.
Free cash flow was -$114M, and the company returned $58M in net buybacks.
The diluted share count rose 158% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Enovix's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $6M | $8M | $23M | $32M |
| Cost of revenue | $3M | $2M | $23M | $63M | $25M | $26M |
| Gross profit | -$3M | -$2M | -$17M | -$55M | -$2M | $6M |
| Research and development | $14M | $38M | $58M | $88M | $125M | $110M |
| Selling, general and admin | $6M | $30M | $52M | $79M | $74M | $73M |
| Operating income | -$24M | -$70M | -$132M | -$230M | -$243M | -$177M |
| Interest expense | — | $187,000 | $0 | $4M | $7M | $22M |
| Pre-tax income | -$40M | -$126M | -$52M | -$215M | -$224M | -$158M |
| Income tax | $0 | $0 | $0 | -$633,000 | -$1M | -$1M |
| Net income | -$40M | -$126M | -$52M | -$214M | -$222M | -$157M |
| EPS (diluted) | -$0.49 | -$1.07 | -$0.82 | -$1.30 | -$1.19 | -$0.75 |
| Diluted shares | 80M | 117M | 154M | 170M | 186M | 208M |
| Gross margin | — | — | -274.7% | -725.0% | -8.9% | 19.2% |
| Operating margin | — | — | -2128.0% | -3012.2% | -1051.7% | -557.0% |
| Net margin | — | — | -832.3% | -2800.5% | -963.2% | -492.6% |
Balance sheet
Fiscal years, from Enovix's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Cash and short-term investments | $29M | $385M | $323M | $307M | $273M | $512M |
| Receivables | — | $0 | $170,000 | $909,000 | $5M | $4M |
| Inventory | — | $0 | $634,000 | $9M | $8M | $14M |
| Total current assets | $33M | $398M | $330M | $323M | $295M | $542M |
| Property, plant and equipment | $31M | $77M | $104M | $166M | $168M | $170M |
| Goodwill | — | — | $0 | $12M | $12M | $12M |
| Total assets | $65M | $483M | $441M | $564M | $527M | $879M |
| Total current liabilities | $11M | $21M | $23M | $61M | $54M | $65M |
| Long-term debt | — | — | $0 | $169M | $170M | $519M |
| Total liabilities | $29M | $156M | $84M | $303M | $278M | $605M |
| Shareholders' equity | $36M | $326M | $356M | $258M | $247M | $271M |
| Net debt | -$29M | -$385M | -$323M | -$58M | -$94M | $423M |
Cash flow
Fiscal years, from Enovix's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Operating cash flow | -$20M | -$51M | -$83M | -$105M | -$109M | -$95M |
| Capital spending | $27M | $44M | $36M | $62M | $76M | $18M |
| Free cash flow | -$47M | -$95M | -$119M | -$166M | -$185M | -$114M |
| Stock-based compensation | $666,000 | $11M | $30M | $69M | $59M | $49M |
| Share buybacks (net) | $0 | -$27,000 | -$10,000 | $0 | $0 | -$58M |
| Net borrowing | $2M | -$15M | $0 | $172M | $4M | $359M |
| Free cash flow margin | — | — | -1918.0% | -2177.3% | -801.0% | -356.7% |
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Open ENVX in InvestinglyQuestions
What was Enovix's revenue in 2025?
$32M in fiscal 2025, from its 10-K filing.
How much free cash flow does Enovix generate?
-$114M in fiscal 2025 (operating cash flow minus capital spending).
From Enovix's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.