Smartphone Qualification Reset with Broad Commercial Launch Set for 2027

Research evidence excerpt

Smartphone Qualification Reset with Broad Commercial Launch Set for 2027

Sustainability

Enovix Corporation

TD SECURITIES (USA) LLC EARNINGS UPDATE

May 13, 2026

Price: $7.29 (05/13/2026) Smartphone Qualification Reset with Broad

Price Target: $7.00 (Prior $7.50) Commercial Launch Set for 2027

HOLD (2)

ESG SCORE: 65/100

Jeff Osborne THE TD COWEN INSIGHT

646 562 1391

ENVX delivered slightly better than expected 1Q26 results with 2Q26 guide in-line. Smartphone

jeff.osborne@tdsecurities.com

qualification experienced a strategic reset following the removal of a barrier in testing

Jeffrey Rossetti protocols. Smart eyewear and defense programs are emerging as near-term opportunities. PT

646 562 1335 to $7 on ~7x 2028 EV/Sales est.

jeffrey.rossetti@tdsecurities.com

John-Anthony Di Tullio Positives: Solid 1Q26 results and 2Q26 guidance. Smart eyewear is moving from production

646 562 1432 preparation to commercial production for its lead customer's reference platform in 1Q26, with

ja.ditullio@tdsecurities.com volumes expected to grow into the millions of units in 2027 from 50K in 2026. Small initial

Key Data volumes for smartphones are expected in 2026. The MX-1 drone platform was launched for

Symbol NASDAQ: ENVX commercial deployment in 2027.

Beta: 2.23 Negatives: Smartphone qualification rest pushes large scale commercialization from late

52-Week Range: $15.93-$4.84 2026/early 2027 to 2027. Zone 1 remains the primary throughput bottleneck.

Market Cap: $1.6B

Key Takeaways from the Call:

Net Debt (MM): $28.3

Cash/Share: $(0.55) 1) 1Q26 revenue totaled ~$7.6mn, above our estimate of $6.9mn and above the Street's

Dil. Shares Out (MM): 207.6 $7.0mn. Gross profit came in at $1.6mn above our estimate of $0.4mn and in-line with the

Enterprise Value $1,544.8 Steet's estimate of $1.5mn.