Enovix Corp (ENVX) Business

Item 1. Business

Company Overview

Enovix Corporation (the “Company,” “we,” “us,” “our” and “Enovix”) is a global high-performance battery company focused on designing, developing, manufacturing, and commercializing advanced Lithium-ion, or Li-ion, batteries, including proprietary silicon-anode architectures, for smartphones, smart eyewear, defense, industrial and emerging edge-AI applications. Our proprietary silicon-anode battery architecture enables higher energy density and performance relative to conventional battery cells, particularly in space-constrained devices. Our battery’s mechanical design, or “architecture,” allows us to use high performance chemistries while maintaining safety and reliability, supporting commercialization opportunities across various consumer and industrial markets.

Battery performance has become a critical constraint for modern electronic devices as they continue to incorporate slimmer designs with greater functionality, longer runtime, and higher power needs. Smartphones, smart eyewear, and defense and industrial systems, as well as emerging edge-AI applications, increasingly require batteries that can deliver higher energy density to support compact, always-on devices and advanced functionality – all without compromising safety, reliability, or manufacturability.

From inception, we have focused on developing a battery architecture that allows the use of 100% active silicon and no graphite in the battery’s anode, which is the negative electrode that stores lithium ions when a battery is charged. The battery industry has long recognized silicon’s potential to significantly increase energy density relative to graphite, the anode material used in most lithium-ion batteries today. Silicon can theoretically store more than twice as much lithium as graphite, but the battery industry has historically struggled to incorporate more than a small amount of silicon in the anode because it can swell and crack in conventional battery architectures, impacting safety, cycle life and overall performance. By contrast, our architecture is designed to accommodate silicon’s swelling and apply pressure that alleviates the cracking problem.

Over the last several years, we have continued to refine our go-to-market approach and focused on advancing customer programs and product validation for our next-generation batteries with a select group of customers and targeted applications. Our current AI-1TM battery platform is architected as a unified silicon-anode platform designed to address the most demanding requirements across high-performance consumer electronics and defense applications. We have initially prioritized smartphones as the lead qualification market because smartphones impose the most stringent battery requirements across energy density, fast charge, safety, and cycle life. We believe that demonstrated performance in smartphones will thereafter serve as a benchmark for the broader applicability of our AI-1TM battery architecture across other emerging, fast-growing markets, including smart eyewear and other AI-powered applications that require higher energy density in increasingly space-constrained designs.

Most recently, we partnered with a top-tier mobile original equipment manufacturer (“OEM”) on the development of our AI-1TM smartphone battery, which demonstrated high volumetric energy density and fast-charge performance verified by an independent testing laboratory. In the smart eyewear market, we also delivered over 1,000 AI-1TM battery packs to our lead customer under a supply agreement and samples to nine additional OEMs and original design manufacturers (“ODM”) as customer programs progressed toward production readiness.

Our History and Development

Enovix was established in 2006 based on the fundamental premise that meaningful advances in battery performance would require a reinvention of the battery’s architecture. This approach formed the technical foundation for our battery platform and has guided subsequent development and manufacturing decisions. We have devoted significant funds, time and resources to develop our proprietary architecture and the unique patterning and stacking assembly process for manufacturing our cells. This development was supported by partnerships and investments from several strategic participants in the solar and semiconductor industries, whose experience in precision manufacturing and scalable production informed our approach.

A significant step in our path to commercialization began in 2018, when we started providing sample batteries to customers to validate the performance of our products. Then in 2020, we began procuring equipment for our first production line (“Fab1”) at our headquarters in Silicon Valley and we recognized our first production revenue in the second quarter of 2022 from Fab1.

5

Table of Contents

We expanded our manufacturing capability further in 2023 by identifying and building a facility for high-volume production in Malaysia (“Fab2”) and acquiring Routejade, Inc. (“Routejade”), a battery manufacturer in South Korea. The Routejade acquisition enabled us to vertically integrate electrode coating and battery pack manufacturing and expand our product offerings to include lithium-ion battery technologies, including silicon-doped graphite solutions, for defense and industrial applications. In 2025, we further expanded our manufacturing capabilities in South Korea through the acquisition of an adjacent battery cell manufacturing facility and related equipment from Solar Edge. These acquisitions have strengthened our manufacturing capabilities and allowed us to leverage expertise from personnel and facilities that have been operating for over 20 years and serving customers in demanding defense and industrial applications.

We have also continued to expand our global research and development (“R&D”) capabilities alongside our manufacturing footprint. In July 2023, we established a research and design center in Hyderabad, India to further support innovation and provide access to tap a deep pool of specialized engineering and technical talent in fields that are critical to our long-term success.

In 2024, we relocated our Fab1 R&D pilot line equipment from our Silicon Valley headquarters and officially opened our Fab2 production facility at the Penang Science Park in Malaysia. Following the opening of Fab2, our corporate functions, and certain sales, operations and engineering activities, are located at our U.S. headquarters, while our manufacturing and research and development activities are conducted primarily in Malaysia, South Korea and India. We now have three manufacturing lines at Fab2: the R&D focused pilot production line, the Agility line and the High-Volume Manufacturing (“HVM”) line. In October 2024, we commenced shipping battery cells from the Agility line and by the end of 2024, we had completed Site Acceptance Testing (“SAT”) for the Agility and HVM lines.

Following the opening of Fab2, our corporate functions, and certain sales, operations and engineering activities, and research and development activities are located at our U.S. headquarters. Our global manufacturing and research and development activities are conducted primarily in Malaysia, South Korea and India. As of December 28, 2025, we operate in one segment.

Throughout 2025, we focused on the development and launch of the AI-1TM platform, our Artificial Intelligence ClassTM batteries for the next generation of mobile smartphones, smart eyewear and other AI-enabled devices that require significantly higher total energy storage and power to perform AI functions locally. An independent testing laboratory confirmed in December 2025 that the AI-1TM smartphone battery delivered a volumetric energy density of 935Wh/L, exceeding the performance of a leading silicon-doped commercially available smartphone battery tested by 12%. We also advanced our manufacturing readiness and expanded capacity across our global footprint. Fab2 passed an ISO 9001 audit and successfully concluded initial audits with various customers. In defense and industrial markets, we continued to support growing customer demand through expanded production capabilities and increased shipments from our South Korea operations.

Following the opening of Fab2, our corporate functions, and certain sales, operations, engineering, and research and development activities are located at our U.S. headquarters. Our global manufacturing and research and development activities are conducted primarily in Malaysia, South Korea and India. As of December 28, 2025, we operate in one segment.

Industry Background

Battery Technology Innovation - Historical Overview

The first Li-ion battery for consumer electronics was developed by Sony to power its newly invented handheld video recorder in 1991, which needed smaller and lighter batteries with more energy than those available at the time. This battery architecture, sometimes referred to as a “Jelly Roll”, consists of an anode (A) in a long strip format, a long strip cathode (C) and two long strip separators (S), all on rolls, which are interleaved and then wound together into a Jelly Roll in this order: ASCSASCS.

The Jelly Roll is placed in a hermetic package and filled with electrolyte, an organic liquid through which the lithium ions repeatedly travel back and forth between the battery’s anode and the cathode. During charging, the lithium ions cycle from the cathode - the positive electrode, through tiny holes in the separator, and into the anode - the negative electrode. This basic construct of the Li-ion battery has remained unchanged for over 30 years.

6

Table of Contents

Battery Technology Innovation - Our Approach

Historically, advancements in battery performance have been primarily driven by improvements in materials and manufacturing processes. While these efforts have led to significant increases in metrics such as energy density over time, the underlying architecture of conventional lithium-ion cells has remained largely unchanged. As the industry moves toward next generation materials, such as silicon anodes, limitations in traditional cell designs increasingly hinder further performance gains.

We believe that unlocking the full potential of higher-capacity materials requires a fundamentally different approach to battery cell architecture and assembly. Therefore, rather than focusing solely on the materials inside the battery, we have developed a novel 3D physical battery design that can both improve the packing efficiency of the active materials in the battery, as well as accommodate the use of a 100% active silicon anode.

Our founders leveraged their knowledge from over 25 years in the hard disk drive and semiconductor industries to develop a battery architecture based on stacking instead of rolling. In other words, rather than interleaving and winding long anode, cathode and separator strips into a roll, our founders proposed an architecture in which many short anodes and cathodes were stacked side by side, with a separator between each anode-cathode pair. This design improves packing efficiency and enables greater control over mechanical forces within the cell during charging and discharging. As a result, we believe our cell architecture is well-suited to accommodate the use of a silicon anode and therefore capitalize on the higher energy density it provides, as described further below.

Uniquely Enabling Silicon Anodes

Silicon has long been heralded as the next important anode material. Silicon anodes offer significantly more lithium per unit volume than graphite, the anode material used in most Li-ion batteries today. Energy density is calculated as the amount of energy a battery can deliver, measured in watt-hours, divided by its volume in liters, and is expressed as watt-hours per liter (“Wh/L”). Storage capacity, meanwhile, is measured in milliampere-hours (“mAh”) and we believe that our silicon-anode batteries also provide higher storage capacity compared to industry-standard batteries of similar size.

Silicon’s high energy density, however, creates four significant technical problems that must be solved:

•Formation expansion. “Formation” is the term for the first charging of the battery, when lithium moves from the cathode, through the separator, to the anode. When fully charged, a silicon electrode can grow by more than 60% in thickness, resulting in significant swelling that can physically damage the battery, causing failure.

•Formation efficiency. When first charged, a silicon anode can absorb and permanently trap a portion of the original lithium in the battery, reducing the battery’s overall capacity.

•Cycle swelling. A silicon anode will swell and shrink when the battery is charged and discharged, respectively, causing damage to both the package and the anode electrode, which can progressively increase in thickness, reduce in density, and lose contact to individual particles.

•Cycle life. Silicon particles can become electrically disconnected from the electrode when the silicon anode is in its shrunken state and can crack when the silicon anode is swollen, both of which can lower cycle life. In addition, when silicon particles become disconnected from the electrode, they are no longer able to accept lithium and neighboring particles must absorb the excess, causing over charging and further opportunities for physical damage.

Left unaddressed, these four problems have limited the practical application of silicon anodes in conventional lithium-ion battery cells. We believe our cell architecture uniquely solves these four technical problems to enable 100% active silicon anodes.

Problem 1 — Formation expansion

In a conventional Li-ion battery that uses a graphite anode, lithium atoms slip into the vacant spaces between the graphite layers during charging, resulting in very little graphite anode swelling during cycling. In contrast, with a silicon anode, lithium atoms form a lithium-silicon alloy that does not have such vacant spaces. While this process results in an increased ability to store lithium, it also causes significant expansion of the anode material during charging, creating

7

Table of Contents

swelling pressure within the battery. To manage this force, we invented a stainless steel constraint system to surround the battery. We believe this constraint system limits the battery from swelling and growing in size.

Problem 2 — Formation Efficiency

The first time a Li-ion battery is charged or formed, some of the lithium is permanently trapped in undesired side-reactions and surface layers on the anode and cathode particles. These losses proportionately reduce the storage capacity of the battery by removing lithium.

During formation of a conventional Li-ion battery with a graphite anode, approximately 5% of the lithium from a lithium cobalt oxide cathode will get permanently trapped in the graphite anode, never to return to the cathode. A silicon anode, by contrast, can have a formation efficiency of roughly 85%, meaning that about 15% of the lithium is trapped in the silicon anode during formation and is no longer available for repeated cycling, reducing the battery’s capacity by approximately 10%.

Our cell architecture and assembly process are designed to address this problem through an added step called “pre-lithiation,” in which an additional thin lithium source is placed on top of the cell, within the package. This approach is intended to replenish the lithium lost during formation, as well as provide a lithium reservoir that supports improved capacity utilization and performance during the life of a battery.

Problems 3 & 4 — Swelling and Cycle Life

When conventional Li-ion batteries with graphite anodes are cycled (charged and discharged), they exhibit a modest amount of cyclic swelling (10%). Silicon anodes, by contrast, can swell by 20%, or more. The continuous swelling and shrinking during charging and discharging can cause the anode electrode to progressively thicken and can induce electrical disconnection of anode particles, thus limiting cycle life below what is commercially viable in many applications. Additionally, any swelling in the cell over its lifetime must be accommodated by larger cavity volume, effectively reducing the practical energy density of the cell.

Our structural constraint system is designed to address this issue by applying uniform engineered pressure on the silicon particles within the anode, limiting their fracture and maintaining electrical contact between them for an extended number of cycles. Cycle swelling is thus kept to a relatively low percentage as compared to graphite / silicon blended electrodes and even 100% graphite anodes. By addressing swelling, the constraint system in our cell architecture is designed to enable silicon anodes to achieve a minimum of 1,000 complete charge/discharge cycles to 80% remaining capacity.

Key Markets that Can Benefit From Our Advanced Li-ion Battery

Mobile — The Li-ion battery was a key factor in the evolution of cell phones in that it provided the increase in energy density needed for cell phones to advance from their original “brick-size” into today’s sleek, sophisticated smartphone. Energy requirements continue to become more demanding as OEMs seek to launch heavy workload applications such as 4K and 8K video upload/download, multi-player gaming, enhanced camera capabilities and on-device AI. Providing a significant increase in battery energy density enables smartphone OEMs to continue improving user experience and functionality without negatively impacting battery life, all while keeping devices small enough to fit in a pocket.

IoT — The Internet-of-Things (“IoT”) market includes many types of devices powered by a Li-ion battery, including wearables, health/wellness devices, camera-based devices, power banks, location trackers, portable networking devices, augmented reality/virtual reality devices (“AR/VR”), and computing accessories, among others. Products in this market are often power budget constrained due to their relatively small size. There is also a constant appetite in this market for power-hungry features such as sensors, high-speed connectivity, and the increasing integration of AI and generative AI (“Gen AI”) capabilities. AI-enabled workloads and on-device Gen AI applications require significantly more power to deliver enhanced functionality and user experience. All of these features can be enabled by a higher energy density battery.

Computing — The Li-ion battery can also be credited for helping to usher in an era of portable PC computing. Users are now demanding higher performance from their portable PCs to accommodate everything from gaming to enterprise applications such as video conferencing. Ultimately users want “always on, all day” battery life, like that which they experience with their smartphones. Increased energy density is needed for this task, along with enabling more power-hungry features and the use of Gen AI applications.

8

Table of Contents

Defense and Industrial — Rapid technological advancements across defense and industrial markets have been accelerating the need for batteries that combine high energy density, fast charging, and extended cycle life. As systems become more autonomous, compact, and power-intensive, applications such as aerial and subsea drones, soldier-worn systems, and other mission-critical equipment increasingly require lightweight designs and high-discharge solutions capable of rapid recharge and sustained deployment without compromising safety. At the same time, durability under demanding conditions is essential to reduce maintenance burdens and ensure consistent performance over time. Similar performance needs are expanding in industrial and specialized commercial uses, where reliability, safety, and consistent performance under harsh operating conditions are critical.

Electric Vehicles — Replacing internal combustion engine vehicles with electric vehicles (“EVs”) can reduce emissions that contribute to air pollution, but mass adoption of EVs hinges on lower cost vehicles and faster charging times that resemble the gas station experience of filling up quickly. The orientation of the electrodes in our battery allows for significantly higher thermal conductivity, which we believe enables a faster-charging EV battery.

Producing Our Battery

In addition to designing our batteries, we are developing the advanced manufacturing processes needed to produce them at scale and at competitive cost. We use conventional Li-ion battery cell manufacturing techniques for key steps such as electrode coating, cell packaging, testing and aging, while incorporating our own proprietary tools and processes in critical stages of cell assembly.

Standard Li-ion battery production involves: 1) electrode fabrication, 2) cell assembly and 3) battery packaging and formation.

Electrode Fabrication — Electrodes for conventional Li-ion batteries are produced by: 1) mixing anode and cathode materials into slurries, 2) coating them onto metal foil current collectors, 3) “calendering” (i.e. flattening) the coated foil, 4) slitting it into electrode sheets, and 5) rolling them up for packaging in cylindrical metal cans. This standard method has largely remained the same since it was developed over 30 years ago. In 2023, we acquired Routejade to bring this electrode fabrication capability in-house.

Cell Assembly — Traditional Li-ion cells are assembled using “Jelly Roll” or “Cut-and-Stack” configurations, depending on the intended use and size requirements. We have designed proprietary tools, produced for us by precision automated equipment suppliers, which incorporate patented methods and processes to achieve precise laser patterning and high-speed “Roll-to-Stack” cell assembly. Instead of cutting or punching electrodes and separators into sheets, an in-line laser is designed to precisely pattern these materials and feed them directly into a high-speed stacking tool. A stainless steel constraint is then applied as part of the assembly. This “Roll-to-Stack” cell assembly process supports compact cell formats and enables our silicon-anode architecture to increase Li-ion cell energy density and maintain relatively high cycle life.

Battery Packaging and Formation — Our battery uses the same battery packaging and formation process as a conventional Li-ion battery with the exception of the pre-lithiation process noted above. In our manufacturing process, we add an incremental lithium source during packaging which is then diffused into the cell during the formation process.

Our Products

Our product strategy is built on close collaboration with customers to understand their specific performance requirements such as energy density, cycle life, charge rate, and battery size. In 2023, we shifted from a horizontal business strategy, which focused on serving hundreds of customers with standard-sized batteries, to a vertical business strategy targeting a smaller group of large customers that require custom cells. We believe this transition provides the most efficient path to scale while optimizing battery performance for our target applications, including smartphones, smart eyewear, and other AI-enabled devices. We directly engage with OEMs and ODMs to fine-tune our battery technology for maximum performance within the constraints of their devices.

To achieve this, we develop battery "nodes" that share a common set of active materials and mechanical design, enabling us to produce batteries in various sizes. Our technology roadmap is built around a structured progression of these nodes, with each new generation delivering substantial improvement in energy density. By leveraging both material and design innovations, we aim to push the boundaries of Li-ion battery performance. Continuous innovation will allow

9

Table of Contents

us to introduce higher-performing battery nodes over time, delivering meaningful performance gains for our customers ahead of market trends.

Over the last several years, we have advanced our silicon battery electrochemistry across multiple technology nodes and in 2025, we finalized and launched the AI-1™ product platform. The AI-1™ platform is designed to support AI-enabled smartphones and smart eyewear, as well as other emerging edge-AI devices, and is adaptable across multiple product variants and end markets. We believe the continued advancement of our battery technology roadmap positions us to deliver further improvements in energy density and performance in future product generations.

As part of the Routejade acquisition in 2023, we acquired the capability to produce conventional Li-ion batteries for wearables, medical devices, headsets, activity trackers, and other defense and industrial equipment in South Korea. Our patented encapsulation technology provides for design flexibility and structural safety, enabling high-energy-density Li-ion batteries primarily for IoT and wearable applications. We also now produce high-power batteries in our South Korean facility using Z-Folding technology, serving customers in the medical, industrial, aviation, and defense sectors. The three main product categories produced out of this facility consist of: (i) the Power Disk (“PD”) series made up of rechargeable coin cells commonly used in healthcare and IoT applications (ii) the Flexible Lithium-ion Polymer Battery (“FLPB”) and Asymmetric Designed Battery (“ASDB”), series utilize encapsulation technology — FLPB providing structural safety and ASDB maximizing design flexibility for compact devices—both primarily used in wearables and medical applications, and (iii) the Superior Lithium-ion Polymer Battery (“SLPB”) series, which features high C-Rate Z-Folding batteries optimized for high-power applications in the medical, industrial, aviation, and defense markets.

Our defense and industrial products include battery cells and packs designed for use in unmanned aerial systems, subsea equipment, public safety devices, and other mission-critical applications. These products are generally characterized by higher power requirements, ruggedized form factors, and customer-specific qualification standards. We supply both standard and customized solutions to customers in South Korea, North America, and Europe. One of our key strengths in this area is our ability to conduct pack assembly in-house, serving global end-user customers with a wide range of customized solutions to meet diverse market demands.

Our Competitive Strengths

100% Active Silicon Maximizes Anode Energy Density and Battery Capacity — Conventional Li-ion battery architecture only allows small amounts of silicon to be blended with graphite in the anode, limited by swelling. Our proprietary cell architecture enables use of silicon instead of graphite as the cycling material to achieve 100% active silicon anode that increases energy density and battery capacity.

Materials-agnostic architecture — We will continue to incorporate best-in-class materials into our cells as they are developed by the leading suppliers in the industry. Our architecture allows us to capitalize on innovation in the Li-ion materials supply chain while maintaining our advantage with a 100% active silicon anode.

Proprietary Manufacturing Process — In order to commercialize our unique architecture, we invented a customized manufacturing process that is not available “off-the-shelf” to conventional battery cell OEMs. In developing this process over multiple generations, we have accumulated significant intellectual property and trade secrets.

Full-Depth of Discharge Cycle Life — We have internally built and verified battery cells based on our proprietary cell architecture with an integrated structural constraint capable of 1,000 cycles, opening mass-market opportunities that were previously unobtainable with silicon anodes that failed to reach this number of cycles.

Architecture Enables Safety Innovation — Our architecture enables multiple parallel cell-to-busbar connections, which allow us in certain applications to apply a resistor at the busbar junction that can be utilized to regulate current flux in the event of an internal short. Our BrakeFlowTM system is designed to limit a shorted area from overheating and inhibits thermal runaway.

Architecture Enables Fast Charge — We demonstrated a 0-80% state-of-charge in 5.2 minutes and a 0-98% state-of-charge in just under 10 minutes on 0.27Ah test cells. This fast charging is enabled by the fact that heat only has to travel a small distance from the center of our electrodes to the stainless steel constraint on the exterior.

Customer Tested in Multiple Form Factors — We have sampled cells in several different sizes as part of product development programs. Applications cover a range of portable electronic products, including wearables, mobile handsets and laptop computers.

10

Table of Contents

Home Grown IP — Unlike many advanced battery startups, which have licensed core technology from government or academic research laboratories, we have developed and own all our intellectual property. We received our first patents in 2011.

Supply Chain Geodiversity — Our manufacturing footprint in Korea and Malaysia aligns with increasing customer demand for geodiversity and supply chain resilience.

Research and Development

Our global R&D programs are focused on driving improvements in the performance and cost of our batteries and manufacturing equipment. Current R&D activities include the following:

Volumetric Energy Density and Capacity — Increase the energy density and capacity of batteries by increasing the percentage by volume of active cathode material inside the core, minimizing packaging overhead, maximizing the voltage of the cell, using cathode materials with higher specific capacity, and scaling the size of the battery while maintaining battery safety.

Gravimetric Energy Density — Increase the energy while reducing the relative weight for drone applications using the SLPB platform.

Cycle Life and Temperature — Improve the cycle life and high and low temperature performance of batteries by developing new electrodes, electrolyte chemistries, and cell designs.

Fast Charge — Enable battery charging at a higher rate for reduced charge time, while minimizing heating.

Safety — Improve battery safety by developing techniques to regulate current flux in the event of a battery short and limit overheating to inhibit thermal runaway.

Anodes and Cathodes — Develop batteries with next-generation anodes and cathodes that increase energy density.

Cost and Throughput — Develop toolsets and processes to produce batteries with lower cost and higher manufacturing throughput. Employ Design for Manufacturability (DFM) methodology to improve yield, cost, and throughput.

Mechanical Design — Improve energy density, cycle life, safety, manufacturability and yield.

EV Batteries — Develop batteries targeted to the unique requirements of the EV industry.

Manufacturing and Supply Chain

We historically manufactured batteries at our Fab1 manufacturing facility at our headquarters in Fremont, California. In 2023, we selected a site for Fab2 in Penang, Malaysia at the Penang Science Park. In the third quarter of 2023 we initiated a plan to locate all manufacturing operations in Asia to be closer to customers and suppliers, and transition Fab1 to focus on new product development. In October 2023, we completed the acquisition of Routejade, which has two factories in Nonsan City, South Korea, that house a total of four automated battery production lines and two electrode coating lines.

In the second quarter of 2024, we undertook a restructuring plan that included a relocation of Fab1 manufacturing to Malaysia. In the third quarter of 2024, we formally opened Fab2 in Penang, Malaysia and began operating our Agility line at this site. We subsequently commenced shipping battery cells to customers from the fully operational Agility line in Malaysia. In addition, we completed SAT for our second generation (“Gen2”) HVM line in late December 2024 and began sampling battery cells to smartphone customers.

During 2025, our Fab2 successfully passed an ISO 9001 audit, and we also completed initial customer audits at both Fab2 and our manufacturing facility in South Korea. We advanced manufacturing readiness by accelerating customer qualification activities and reducing custom product development timelines. In addition, we completed internal UN38.3 certification for our first AI-1 smartphone battery. In parallel with capacity expansion, we continued improving operational efficiency and production readiness across the facility. In South Korea, we integrated facilities and assets acquired during the second quarter of 2025, which expanded available floor space and increased coating equipment capacity. These operational improvements reflect our increasing focus on manufacturing execution as production programs move toward scaled commercialization.

11

Table of Contents

Our manufacturing processes depend on raw materials such as lithium, silicon, graphite, nickel, cobalt, copper and other metals, the prices and availability of which are subject to significant volatility and uncertainty. We source materials for our batteries from third party suppliers globally. We have executed master supply agreements with many of our suppliers and have qualified second sources for certain of our battery materials. We seek second sources for materials that are high cost or where a risk to supply has been identified. On long-lead items, we intend to keep safety stock on hand to mitigate interruptions to supply.

Intellectual Property

We operate in an industry in which innovation, investment in new ideas and protection of our intellectual property rights are critical for success. We protect our technology through a variety of means, including through patent, trademark, copyright and trade secrets laws in the U.S. and similar laws in other countries, confidentiality agreements and other contractual arrangements. As of December 28, 2025, we had approximately: 75 issued U.S. patents, 153 issued foreign patents, 37 public and pending U.S. patent applications and 148 public and pending foreign patent applications.

We continually assess the need for patent protection for those aspects of our technology that we believe provide significant competitive advantages. A majority of our patents relate to battery architecture, secondary batteries, and related structures and materials.

With respect to proprietary know-how that is not patentable and processes for which patents are difficult to enforce, we rely on trade secret protection and confidentiality agreements to safeguard our interests. We believe that many elements of our secondary battery manufacturing processes involve proprietary know-how, technology or data that are not covered by patents or patent applications, including technical processes, test equipment designs, algorithms and procedures.

We own or have rights to various trademarks and service marks in the U.S. and in other countries, including Enovix and the Enovix design mark. We rely on both registration of our marks as well as common law protection where available.

All of our research and development personnel have entered into confidentiality and proprietary information agreements with us. These agreements address intellectual property protection and require our employees to assign to us all of the inventions, designs and technologies they develop during the course of employment with us.

We also require our customers and business partners to enter into confidentiality agreements before we disclose any sensitive aspects of our technology or business plans. As part of our overall strategy to protect our intellectual property, we may take legal actions to prevent third parties from infringing or misappropriating our intellectual property or from otherwise gaining access to our technology.

For more information regarding the risks related to our intellectual property, including the above referenced intellectual property proceedings, see Part I, Item 1A of this Annual Report on Form 10-K.

Competition

The Li-ion battery supplier market is highly competitive, with both large incumbent suppliers and emerging new suppliers. Prospective competitors of ours include major manufacturers currently supplying the mobile device, IoT, defense, EV and battery energy storage systems (“BESS”) industries, and potential new entrants to the industry. Incumbent suppliers of Li-ion batteries include Amperex Technology Limited, Panasonic Corporation, Samsung SDI Co., Ltd., Contemporary Amperex Technology Co., Limited, SK On Co., Ltd., BYD Company Limited, and LG-Energy Solution, Ltd. These companies supply conventional Li-ion batteries and, in some cases, Li-ion batteries with some silicon added to the anode. In addition, because of the importance of EVs, many automotive OEMs are researching and investing in advanced Li-ion battery efforts including battery development and production.

There are also several emerging companies investing in developing improvements to conventional Li-ion batteries or new technologies for Li-ion batteries, including silicon anodes and solid-state architecture. Some of these companies have developed relationships with incumbent battery suppliers, automotive OEMs and consumer electronics brands. These emerging companies are also exploring new chemistries for electrodes, electrolytes and additives.

Our ability to compete successfully will rely on factors both within and outside our control, including broader economic and industry trends. Factors within our control include driving competitive pricing, cost, energy density, safety and cycle life.

12

Table of Contents

We believe that our ability to compete against this set of competitors will be driven by a number of factors, including product performance, cost, reliability, product roadmap, customer relationships and ability to scale manufacturing. We believe we will compete well with each of these factors based on advanced battery innovation to date and the ability to continue to design, develop and manufacture higher performing products for the customers served in our targeted markets.

Government Regulation and Compliance

Our business activities are global and are subject to various federal, state, local, and foreign laws, rules and regulations. For example, there are various government regulations pertaining to battery safety, transportation of batteries, use of batteries in cars, factory safety, and disposal of hazardous materials. In addition, substantially all of our import and export operations are subject to complex trade and customs laws, export controls, regulations and tax requirements such as sanctions orders or tariffs set by governments through mutual agreements or unilateral actions. Further, the countries into which our products are imported or are or will be manufactured may from time to time impose additional duties, tariffs or other restrictions on our imports or adversely modify existing restrictions. For example, recent tensions in U.S.-China trade relations, increased tariffs, and the possibility of additional tariffs, have created uncertainty and may negatively impact our key partners and suppliers. Changes in export controls, tax policy or trade regulations, the disallowance of tax deductions on imported merchandise, or the imposition of new tariffs on imported products, could have an adverse effect on our business and results of operations.

Privacy and Security Laws

In the ordinary course of our business, we may process personal or sensitive data. Accordingly, we are or may become subject to numerous data privacy and security obligations, including federal, state, local, and foreign laws, regulations, guidance, and industry standards related to data privacy, security, and protection. Such obligations may include, without limitation, the Federal Trade Commission Act, the Telephone Consumer Protection Act of 1991, the Controlling the Assault of Non-Solicited Pornography and Marketing Act of 2003.

The California Consumer Privacy Act of 2018, as amended by the California Privacy Rights Act of 2020 (collectively, “CCPA”) the European Union’s General Data Protection Regulation 2016/679 (“EU GDPR”), the EU GDPR as it forms part of United Kingdom (“UK”) law by virtue of section 3 of the European Union (Withdrawal) Act 2018 (“UK GDPR”), and the ePrivacy Directive. Furthermore, several states within the United States, including Colorado, Connecticut, Utah and Virginia, have enacted or proposed data privacy laws. Additionally, we are, or may become, subject to various U.S. federal and state consumer protection laws which require us to publish statements that accurately and fairly describe how we handle personal data and choices individuals may have about the way we handle their personal data.

The CCPA, UK GDPR, and EU GDPR are examples of the increasingly stringent and evolving regulatory frameworks related to personal data processing that may increase our compliance obligations and exposure for any noncompliance. For example, the CCPA imposes different obligations on covered businesses, including affording privacy rights to consumers, business representatives and employees who are California residents, requires covered businesses to provide specific disclosures to California residents in privacy notices, and provides such individuals with certain privacy rights to their personal data. The CCPA provides for administrative fines of up to $7,500 per violation and allows private litigants affected by certain data breaches to recover significant statutory damages.

Foreign data privacy and security laws (including but not limited to the EU GDPR and UK GDPR) impose significant and complex compliance obligations on entities that are subject to those laws. As one example, the EU GDPR applies to any company established in the EEA and to companies established outside the EEA that process personal data in connection with the offering of goods or services to data subjects in the EEA or the monitoring of the behavior of data subjects in the EEA. These obligations may include limiting personal data processing to only what is necessary for specified, explicit, and legitimate purposes; requiring a legal basis for personal data processing; requiring the appointment of a data protection officer in certain circumstances; increasing transparency obligations to data subjects; requiring data protection impact assessments in certain circumstances; limiting the collection and retention of personal data; increasing rights for data subjects; formalizing a heightened and codified standard of data subject consents; requiring the implementation and maintenance of technical and organizational safeguards for personal data; mandating notice of certain personal data breaches to the relevant supervisory authority(ies) and affected individuals; and mandating the appointment of representatives in the UK and/or the EU in certain circumstances. These developments further

13

Table of Contents

complicate compliance efforts and increase legal risk and compliance costs for us and the third parties upon whom we rely.

Our actual or perceived failure to comply with such obligations could lead to regulatory investigations or actions, litigation, fines and penalties, disruptions of our business operations, reputational harm, loss of revenue or profits, loss of customers or sales, and other adverse business consequences.

The EU GDPR, UK GDPR, CCPA, and other laws exemplify the obligations our business may have in responding to the evolving regulatory environment related to personal data. Our compliance costs and potential liability may increase with this scattered regulatory environment.

See the section titled “General Risk Factors” for additional information about the laws and regulations to which we are or may become subject and about the risks to our business associated with such laws and regulations.

Human Capital

Our human capital resources objectives include, as applicable, identifying, recruiting, retaining, incentivizing and integrating our existing and new employees. The principal purposes of our equity incentive plans are to attract, retain and motivate our people through the granting of equity-based compensation awards, in order to increase stockholder value and our success by motivating such individuals to perform to the best of their abilities and achieve Enovix’s objectives. As of December 28, 2025, we employed approximately 664 full-time employees. Approximately 12% of our employees are located in the United States, and 88% of our employees are located in Asia Pacific, which includes South Korea, Malaysia, India and China.

Culture and Benefits

Our people are our greatest asset. We strive to live up to our Core Values every day: put customers first, innovate and move fast, deliver results and be direct and collaborative. Employees carry these Core Values with them on their access badge. Our Core Values are also displayed in conference rooms at Enovix offices globally and are reinforced in new hire training and rewards and recognition programs. We could not be where we are today without the dedication of our workforce, and we prioritize pathways for career development, employee feedback and competitive compensation and benefits packages. Our benefits program includes an employee stock purchase plan, paid time off, team building events and talent development opportunities. The program is designed, and periodically evaluated, to ensure we continue to motivate, strengthen and empower our workforce.

Employee Engagement and Training

We are engaged in community building by collaborating with local non-profit organizations in both the U.S. and Asia. We regularly engage with our employees via quarterly All Hands meetings, employee engagement surveys and through team-building events. These activities help advance employees’ cultural awareness and social responsibility and promote employee wellness and safety, as well as facilitate a collaborative and transparent working environment. We have engaged with top universities in Malaysia and in South Korea to build out a talent pipeline.

We have established a learning platform with both internal and external content to provide employees with on demand technical training programs and programs focused on developing soft skills. Our broader training program covers leadership topics, safety and compliance, processes and systems. The trainings are done online and in person, in brown bag formats and in more formal settings.

Building a company where everyone feels that they belong is a priority at Enovix. Our Core Values are reinforced in new hire training, employee engagement activities and everyday interactions.

Awards

In 2025, Enovix Korea was honored with the prestigious Best Workplaces of Korea for Job Creation award by the Ministry of Employment and Labor. This national certificate recognizes exemplary companies in quality job creation following comprehensive evaluations of workplace practices and company culture. This award highlights Enovix’s ongoing journey to foster a great workplace environment, reflecting its belief in prioritizing employee engagement, and the Company’s Core Values.

14

Table of Contents

Corporate Information

Our principal executive offices are located at 3501 W. Warren Avenue, Fremont, CA 94538.

Available Information

We file or furnish periodic reports and amendments thereto, including our Annual Reports on Form 10-K, our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, proxy statements and other information with the Securities and Exchange Commission (“SEC”). The SEC maintains a website (www.sec.gov) that contains reports, proxy and information statements, and other information regarding issuers that file electronically. Copies of our SEC filings are made available, free of charge, on our investor relations website at https://ir.enovix.com as soon as reasonably practicable after we electronically file or furnish such information with the SEC. We may also use our investor relations website to announce important business and financial information to investors, including webcasts, podcasts, and press releases. In addition, we use various social media channels, such as X, LinkedIn, YouTube, Instagram and Facebook as a means of communicating with investors, and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor these channels, in addition to following our SEC filings, webcasts, press releases and blogs published on our website. The information posted on our website and through various social media channels is not incorporated by reference into this Annual Report on Form 10-K or in any other filings we make with the SEC.