Why Enovix (ENVX) Is Up 19.1% After Defense-Driven Q3 Revenue Surges 85% Year Over Year

• Enovix recently reported an 85% year-over-year revenue increase for its fiscal 2025 third quarter, largely powered by growing demand from defense customers following heightened global military spending.
• This surge in defense-driven sales comes as the company’s valuation has pulled back toward multi-year lows, sharpening investor focus on how its technology fits into expanding security budgets.
• We’ll now examine how this defense-fueled revenue momentum could influence Enovix’s existing investment narrative and expectations for future growth.

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Enovix Investment Narrative Recap

To own Enovix, you have to believe its silicon battery technology can scale from niche wins to meaningful volumes in consumer and defense markets, while losses narrow over time. The latest 85% revenue jump, fueled by defense customers, supports the near term catalyst around expanding defense demand but does not remove the biggest risk that high capital spending and smartphone-focused production ramps may not translate into timely, profitable volume.

Against this backdrop, the company’s Q3 2025 update, including guidance for Q4 revenue of US$9.5 million to US$10.5 million, stands out as most relevant. It ties the defense-driven upside directly into near term expectations while reminding investors that Enovix is still operating with sizeable net losses and needs successful customer qualifications in smartphones and other categories to justify its manufacturing buildout.

Yet while defense demand looks encouraging, investors should be aware that the heavy manufacturing ramp required for smartphones could still...

Read the full narrative on Enovix (it's free!)

Enovix's narrative projects $460.3 million revenue and $48.3 million earnings by 2028. This requires 171.2% yearly revenue growth and a $270.5 million earnings increase from -$222.2 million today.

Uncover how Enovix's forecasts yield a $26.90 fair value, a 210% upside to its current price.

Exploring Other Perspectives

Seven fair value estimates from the Simply Wall St Community span roughly US$0.81 to about US$35 per share, with views scattered across that range. When you set those opinions against the current reliance on successful customer qualification and volume ramps, it underlines why many readers may want to explore several viewpoints before forming a view on Enovix’s longer term prospects.

Explore 7 other fair value estimates on Enovix - why the stock might be worth less than half the current price!

Build Your Own Enovix Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Enovix research is our analysis highlighting 2 key rewards and 1 important warning sign that could impact your investment decision.
• Our free Enovix research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Enovix's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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