Northland Maintains An Outperform Rating On Enovix Corporation (ENVX)

Enovix Corporation (NASDAQ:ENVX) is among the 10 Best EV Stocks to Buy Heading into 2026. 

On November 17, 2025, TheFly reported that Northland analyst Gus Richard reduced Enovix Corporation (NASDAQ:ENVX)’s price objective from $25 to $16 and retained an Outperform rating. The firm’s estimates were modified in response to a slower-than-expected growth in mobile phone revenue.

Given that Enovix Corporation (NASDAQ:ENVX) raised more than $500 million in the third quarter, Northland labeled the delay in the mobile phone ramp “disappointing.” The firm stated that it has revised its financial outlook and reevaluated its short-term business assumptions in response to the slower growth.

Furthermore, the analyst stated that the consensus forecasts for 2026 are extremely likely to be excessively high. According to Northland, its own CY26 projections are now the lowest on the Street.

In the most recent quarter, the company reported an 85% year-over-year increase in revenue to $8 million and a non-GAAP gross profit of $1.7 million (21% margin). At the end of the quarter, the firm’s total cash and marketable securities stood at $648 million.

As of the third quarter of 2025, the business had $648 million in unaudited cash, cash equivalents, and marketable securities. It also completed a warrant dividend and issued convertible notes due in 2030.

Enovix Corporation (NASDAQ:ENVX) is a battery technology company based in Silicon Valley. It is now working to commercialize the AI-1, the world’s first consumer-ready 100% active silicon battery.

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