We don’t know the full story concerning the events leading up to the design tweak announced on Wednesday.
Nor do we know which smartphone/market Honor will place the battery.
We do know that Honor and Envx have for more than a year been collaborating very closely and meet weekly and that Honor is happy with progress. If Honor wasn’t happy they would have walked, but instead they allowed their name to be publicly announced.
Honor has been involved in the development of the cell and would’ve known there was a chance that it might fall short of 1000 cycles in their upcoming smartphone. They clearly want to advertise their new phone battery as having all these groundbreaking features to include good cycle life. Honor could have accepted the existing AI-1 with 900+ cycles. The whole process is customer led and it was doubtless Honor who instigated the design tweak. (Envx are not at the stage where they can tell customers to take it or leave it).
The PR in July announcing AI-1 said it had 900+ cycles. Yet just 3 weeks later in the ER, Envx said the cell had a “projected” cycle life of 1000. That estimate based on some internal tests transpired to be a little optimistic (in hindsight, revealing this projected figure was an error).
But Honor really wanted to push the cycle life limits to get to the magic 1000 number.
Envx can hardly be seen to criticize their treasured customer for not making do with the 900 lifecycle figure.
The quotes below make more sense in this context.
Raj: “We’ve now figured out what it takes to get to 1,000 cycles. We have that chemistry now that we’ll be sampling in 4Q. You can see now that the next customer will actually get samples that we would have validated for 1,000 cycles. You can see this problem that we are now addressing would have been solved, because we’ve now got ahead of that
There are a lot of things we learned with our collaboration with Honor. How they do the drop test, how they do a cycle life test..”
In Q&A the William Blair analyst said, “Congrats on naming Honor as your lead smartphone customer. This is a big name in China. Unfortunately, though, it looks like they want 1,000 cycles now. Is this correct? How much of this was a surprise to the team, and what’s required on the design front to achieve that?”
Raj – “Yeah, Mark, the requirement has always been 1,000 cycles. As I mentioned in the last earnings call. It’s a development program that we’re working together with them. We gave them samples in July, and we were doing cycle life testing while they were doing cycle life testing on the same batteries we provided. As we went along in this testing process, we realized that we need to make one more small design change to get to the full performance that THEY want.”
In answer to a question from the Cantor analyst, Raj replied:
“.. these are not like chips where we can do simulation and figure out what will happen, what will not. For example, when I used to build processors, we’d have a simulation model. We would do analysis. We’d know what we’d do, and then tools will help you do it. When you tape out, you’re pretty much guaranteed to get it. Unfortunately, in batteries, you just have to run for 1,000 cycles before you know if you got it. That’s just the nature of it. The good news is once you get it, you have it. The first one is hard, but I feel pretty confident..”
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lynn:
William Blair 8/18/25:
“Benton was very confident that the deep two-year engagement with the lead customer has little risk of last-minute design tweaks and in securing a PO by end of year.”
Whatever caused this chemistry change probably happened in October.
If Honor decides to tweak something, what is ENVX going to do? Client is always right. Especially because they literally hand-held & educated ENVX the smartphone battery qualification process. As Steve Jobs said – want to ship mediocrity now or revolutionary product later.
Enovix just admitted it needs to “change chemistry” and that this will delay commercialization. For anyone with industry experience, that phrase is a red flag. You don’t change chemistry mid-qualification unless the current cell failed OEM validation, whether due to cycle life collapse, swelling, thermal instability, or manufacturing yield issues.
Silicon-dominant anodes are notoriously unstable without a finely tuned electrolyte system. If Enovix’s original chemistry couldn’t maintain volume expansion control or SEI stability through full qualification cycles, that’s not a small tweak , that’s a core material failure. And once you touch the electrolyte or binder formulation, all prior validation data becomes obsolete. You’re basically restarting the qualification clock.
OEMs (especially Tier-1 smartphone customers) run multi-month reliability and abuse tests. A reformulation now means Enovix likely missed one or more customer test gates. So “chemistry change” really reads as “the battery didn’t pass, and we need to go back to the lab.”
The company is still talking about ramp timelines, but chemistry reformulation plus re-qualification is a 6–12 month detour at best. That’s before you even factor in process tuning for high-volume manufacturing.
After years of promising mass production “next year,” now the core chemistry itself is in flux. Until they can show consistent OEM-qualified cells with stable cycle life and manufacturable yield, ENVX remains a high-risk R&D story, not a production-ready battery company.
Name-dropping a customer doesn’t change the physics. OEMs let partners reference them all the time in development programs; it’s PR, not proof of qualification. Having your logo on a CES booth doesn’t mean your cells have passed validation or are anywhere near production sign-off.
Chemistry changes mid-development are not “common” at this stage. You only swap core electrolyte or SEI formulations after extended cycle testing exposes a failure mode that can’t be tuned out. That means Enovix’s current chemistry didn’t meet spec…period. When that happens, every reliability test has to restart from zero.
OEMs hedge; they can keep a partner’s name on the slide deck while simultaneously qualifying backup suppliers. It costs them nothing to maintain optionality. What matters is qualification data, yield, and delivery, not whose name is mentioned in a press release.
That’s not how OEM partnerships work. Public name usage doesn’t prove qualification; it just means the legal NDA around disclosure was relaxed, likely for mutual marketing purposes. Large OEMs often allow early-stage partners to use their name to highlight innovation, even if the tech isn’t production-ready. It doesn’t mean the product passed validation or will ship.
If Enovix’s chemistry truly met spec, they wouldn’t be changing it now. The timing tells the story, you don’t reformulate the electrolyte or SEI interface “for fun” right after a major OEM test cycle. That’s the definition of a failed qualification loop.
Honor keeping them engaged isn’t proof of success, it’s proof of optionality. OEMs maintain multiple parallel programs; they’ll keep a supplier involved until the last possible moment in case the reformulation works. It costs them next to nothing, but it costs Enovix time and cash.
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if it failed entirely and had no chance the customer would be gone, this is the absolute fact. But they aren’t… no doubt Enovix wanted to use their name over the past year+ but Honor didn’t allow it, which is standard practice when it comes to big companies doing deals with small public companies. The small company ALWAYS wants to use the name, it’s powerful marketing … but Honor finally let them, which means the relationship is just fine. Why would they want their name associated with a failed product they do not plan to use? You and I can make any claim we want, but these facts matters more than anything…. AI-1 is a platform where every aspect of the battery can be tweaked by the customer. They want to make another tweak, it happens. This battery is likely going to be sold in multiple countries, in multiple models, per Raj. They plan to use it heavil imo, because it surpasses everything else…but first they need to get it right, and will imo
then why did this credible and very large customer allow them to use their name (announced this week) after a year+ of not allowing it?… and why is a tech company going to be featuring their battery at CES? If it truly failed, I’d imagine they would have moved on to another battery by now… not give them approval to make their relationship public. This is a big deal for a highly credible international company. They are putting their NAME behond Enovix now. Why?! Adjustments to battery chemistry are common. This is a joint development process… having to wait a few more months sucks, but it’s part of the process towards achieving something significant… if it was easy, it wouldn’t have taken decades to develop a new battery architecture for phones. Enovix is closer than anyone has ever got and MANY have tried.
don’t quite understand how if they were working working so closely with Honor and having weekly calls they did not understand the requirement for it to go 1000 cycles?
WantedToRetireEarly
Can’t go burning cash for more months, scale fabs & teams, hire & pay them well, when you can’t figure out how to make a FKN sample that meets your FKN key & first customer’s requirements!
Kashmanchew II
What’s happening at Enovix should alarm every investor.
In Q2 2025, CEO Raj Talluri proudly told investors the company’s new AI-1 battery hit 1,000 cycles — a major leap from the 800 cycles they had previously claimed. The company spoke of “commercial qualification” and “customer testing,” giving the impression that validation was nearly complete.
But in Q3, that story changed. Suddenly, the same company admitted the chemistry still hadn’t proven 1,000 cycles. Now the line is that they believe the newest samples will get there in Q4.
The Q2 call made it sound like Enovix was on the verge of delivering a market-ready, customer-qualified battery. The truth? They’re still chasing lab results, not delivering commercial reality.
Investors were sold a breakthrough that doesn’t exist. Every quarter brings a new qualifier — “we believe,” “we project,” “we’re validating.” Those aren’t achievements; they are predatory marketing.
On the 25Q3 conference call it was mentioned that the previous prototype that had been in testing – both at Enovix and at Honor – apparently didn’t manage to do 1000 charging cycles. In regards to the design change that led to restarting the validation process, the CEO said “Along the way, we noticed that the trend line is now such that to get past 1,000 cycles, we have to make a chemistry change, not a form factor change, not a scope change. I mean, we started validating that chemistry change, and we now have samples internally that we believe will go all 1,000 cycles.”
To me that sounds like success of the new validation is far from certain, which would mean that Honor doesn’t have a specific plan yet to launch a phone with Enovix batteries. The idea that Honor would have had a complete supply chain, production capacity and marketing plan in place to launch a new phone model this year and now has everybody waiting for Enovix to get its batteries to work, is simply absurd.
Back in July when Enovix issued a warrant dividend (per the chairman in an effort to trigger a short squeeze), it also announced the launch of a new AI-1 platform. There has never been a full explanation about what was different about AI-1, compared to prior iterations of battery prototypes, but in the announcement of the AI-1 platform Enovix still used the term “100% active silicon anodes”. That term refers to the use of silicon oxide and is meant to distinguish it from the use of silicon carbon where silicon isn’t 100% of the active material. Does that mean that the decision to switch to silicon carbon was made at a later stage? And what batteries got tested then by Honor? It feels like Enovix has a lot of obvious questions yet to answer.
But the real question is whether, with all the changes we’re seeing, the value proposition is still the same as it was when the company became public. Bulls have been betting on a giant leap in battery performance but in the current confusion I’m not sure if that’s on the table anymore.
“And honestly, I’m happy I tried this experiment out. I would much rather try my hardest to be patient and give the company all my time and watch it fail, rather than having never tried to be a more patient investor.
I’m not bitter from this experiment. I could blame management for how they kept saying that they would have over $1 billion in revenues in 2026, and now I’m not sure they could even get to $100 million in revenues in 2026.
The Bottom Line
I’m closing this one with no regrets. Sometimes you have to take a swing and miss to remind yourself what real conviction feels like.
Enovix didn’t work out, but its capital is freed up, the lessons are learned, and the portfolio is cleaned up from this dragging position on my performance. Let’s go!
People keep saying Enovix’s issue is “communication.” No, the issue is they know their battery doesn’t work at scale, and the only move left is to stall and spin.
If they had a cell that passed OEM qualification, it’d be front-page news. Instead, it’s vague “sampling,” new buzzwords every quarter, and pivots to smaller markets like VR/AR to buy time. The 3rd-party IR firm can’t fix that it’s lipstick on a corpse.
At this point, management’s strategy is survival: keep the story alive long enough to raise cash and hope they can invent something that finally works. Until then, it’s not poor comms , it’s deliberate misdirection.
They’re not just quiet. They’re lying, omitting, and spinning to stay alive.
If the cells hadn’t failed, we’d see:
At least one Tier 1 design win announced after all those “samples.”
Real cycle-life or safety data in a 10-Q or tech brief.
Consistent guidance instead of a new “focus market” every six months.
The fact we’ve seen none of that tells you exactly where the problem is , in reliability, yield, and manufacturability. The architecture might look good in a lab cell, but scaling it up has clearly broken something they can’t fix yet.
Enovix’s repeated shipment of untested or inadequately validated cells demonstrates a consistent pattern of reckless corporate governance, materially exposing investors to execution and operational risk. Management has a documented history of authorizing products—such as the FAB1 line, which was deployed and installed prior to the completion of SAT (Site Acceptance Testing), and AI-1, which was shipped following assurances to investors that requisite testing had been completed, later shown to have been neglected. The company is now distributing another batch of revised, untested batteries to prospective customers. By sanctioning these practices, management may have materially exposed investors to foreseeable financial loss, potentially providing a basis for claims under theories of corporate malpractice, breach of fiduciary duty, or negligence in the oversight of operational processes
ObserverFXX
If achieving 100% silicon-anode batteries were easy, everyone would already be doing it. That’s why the market’s reaction felt disproportionate to what was actually a good—not perfect—earnings call. Enovix announced a major customer name, outlined a realistic path forward, and even hinted at a potential announcement coming at CES in January. You can call Raj a liar if you want, but doing so means accusing the entire company—and a highly respected board—of the same.
There is a clear path ahead. Delays happen constantly with novel, breakthrough technologies; look no further than Tesla, which rarely meets its initial timelines yet still delivers industry-changing products. This wasn’t some outrageous miss. Just as Enovix has slipped on certain deadlines, they’ve also met key ones. The execution isn’t perfect, but the trajectory remains intact.
randallthedane
Raj’s exact words from the Q3 2025 call are worth noting:
“We now have sampled the AI1 platform to 10 unique smartphone OEMs and ODMs, and we expect to showcase the first end product with an OEM publicly in CES 2026 in January.”
That’s not vague marketing language. You don’t announce an OEM end product showcase at CES unless the battery is already at a commercially viable stage and deep into final qualification.
So while skepticism is fair, this statement from Raj strongly suggests that testing is effectively wrapping up and that they’ll be ready to show real hardware alongside an OEM at CES. It’s one of the more concrete signals we’ve gotten.
randallthedane
LOTTOBBOTT
I am a Korean investor.
Two weeks ago, a Korean company named Enchem signed a 1,000-ton electrolyte supply deal with a “California-based battery firm with a factory in Malaysia.” (Sound familiar?) This is a FACT.
The report explicitly states that this electrolyte is a custom-made recipe tailored to the buyer’s specific requirements.
I’m betting my money that they passed the 1,000-cycle test. Unless the CEO is crazy, he wouldn’t buy 1,000 tons of a specialized, custom recipe without finalizing the chemistry.
The recipe is fixed. Production is coming. Good luck to all.
Bullish
Dec 15, 2025 2:18 PM
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ENVX
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Jaymuss
2:28 PM
@LOTTOBBOTT Absurd that the 1000 cycle test is completed. There’s no speeding it up… In the words of Scotty….””Captain I can’t change the laws of physics “” But otherwise if the electrolye order is true and not a sinful lie, that sounds very promising.
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LOTTOBBOTT
2:36 PM
@Jaymuss The source is a specialized Korean tech news report about a major contract secured by Enchem.
The buyer wasn’t explicitly named, but looking at the facts mentioned in the article, it is undeniably $ENVX.
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TropicalWhiplash
4:09 PM
@LOTTOBBOTT @Jaymuss The core info is true —the order is planned and the company is ENVX. The 1000 cycles? No info out there about it
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LOTTOBBOTT
4:32 PM
@TropicalWhiplash @Jaymuss
Even if we strip away the hype and view it conservatively, the conclusion is identical: The CEO is confident in Mass Production.
@Jaymuss
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acerspin
5:27 PM
@LOTTOBBOTT @TropicalWhiplash @Jaymuss Not to be soft bashing, but the CEO was confident of Fab1’s mass production in January 2023, too. I don’t think Raj sounded very confident on the firechat – he knows AI-1 missed its window of opportunity.
Seaweedme
5:29 PM
@LOTTOBBOTT “Enchem–Enovix agreement-
Separate industry commentary has highlighted an electrolyte supply arrangement between Enchem and Enovix, the U.S. silicon‑anode battery company. In that discussion, Enchem is said to be lined up to supply roughly 1,000 tons of electrolyte over three years, with an indicative contract value around 50 million dollars and deliveries starting in 2026 to support Enovix’s planned high‑volume production ramp.[x]
This Enovix‑related deal has been described via secondary reporting and investor commentary that cites Korean media rather than via a joint, formal press release, so it should be treated as indicative until confirmed in company filings or official announcements.” from Perplexity
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acerspin
5:21 PM
@LOTTOBBOTT Where is the press release or regulatory filing by Enchem about the 1,000-ton deal? Enovix has been buying electrolytes from Enchem and others for years – nothing to do with any 1,000 cycles. So, Enovix CEO did not buy 1,000 tons of anything. The little Korean pumpers and dumpers just wanted to prop Enchem’s stock a bit after the accounting disaster (apparently the CATL thing was not enough) … Enovix CEO knows that AI-1 is not going anywhere, and AI-2 is not finalized, so try again!
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WantedToRetireEarly
Follow
@InvestorWisdom at this point given the constant delays and broken promises, this company is a hold at best. Management does not deserve more investment from me and others until they actually deliver. And the big Chinese companies are fast catching up. They don’t have infinite amounts of time either. I am not expecting much from CES. I’m with @acerspin the future of their company depends on shipping the AI-2 and that probably won’t happen until 2027. That’s what I’ll be following closely. And the World Mobile Congress in March is where I hope to hear something. But not holding my breath given past execution delays.
Dec 12, 2025 7:53 PM
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InvestorWisdom
Dec 12, 2025 7:55 PM
@WantedToRetireEarly none of that matters when it comes to making money on catalysts. Those same complaints have been going on for years, but this company puts in multiple big moves each year regardless… maybe CES will amount to nothing, but I expect the stock to be higher before the show, providing a trading opportunity.
… but i’m often wrong 
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WantedToRetireEarly
Dec 12, 2025 8:01 PM
@InvestorWisdom we have all been wrong on this stock which I blame mostly on what management was signaling to investors. Still don’t know why they did that huge raise right after the special distribution. There was talk of some possible great deal and then nothing – except more dilution and delays.
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InvestorWisdom
Dec 12, 2025 8:02 PM
@WantedToRetireEarly and we don’t need a new battery (AI-2) to be in multiple AR glasses. There are benefits to AI-1 that no other battery can provide. Like heat, which is more noticeable when you’re wearing it on your head
It’s also a safer battery and I imagine these glasses can get crushed easier than a phone. The more energy you pack in it, the more dangerous it gets, unless you’re using Enovix 3D architecture 
Dec 12, 2025 8:02 PM
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WantedToRetireEarly
Dec 12, 2025 9:18 PM
@InvestorWisdom we all know their design and tech has tremendous potential. But can it realize that potential is the question. Remember the vast majority of tech startups fail for a reason. It’s almost always much harder than originally anticipated and takes more time and more money.
That has certainly been the case here. Not saying it will fail but as of yet there is also absolutely no guarantee it will succeed given the competition out there. Remains very high risk and very speculative. Invest accordingly.
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ointhebay
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$ENVX based on the fireside chat, the CES is just a demo with their batteries in some smartglasses, but they haven’t received any actual POs for those smartglasses. It’s all just a demo.
InvestorWisdom
9m
$ENVX notice how the PR says “initial” shipments by mid 2025… peeps forget that these batteries were MADE TO FIT in glasses, so they don’t need to be re-engineered like a phone battery…. Phone OEMs get a standard sample size. Then if they like it they have to rebuild the battery to the specific models specs + retest. This is what’s happening with Honor.
This glass battery is already sized and usable within the glasses… Once they proved it was safe to put on people’s heads, they’ve been able to test it in these glasses since July…. and If they’re happy with this initial battery, it’s ready to scale when ready….
Notice how it says “initial”…
InvestorWisdom
30m
$ENVX @ointhebay Relisten to the fireside chat (30:00 mark). He said he hopes that these CES demos go into full volume production…. It doesn’t matter if there’s no PO yet, it could come anytime…
However, if this is part of the “landmark purchase order” announced last January, which has been undergoing validation testing since July, they could already have the PO in hand, right? We don’t know the specifics of this NDA protected purchase order… and they might be timing a PR with the unveiling of the customer’s name at CES. That’s when they can FINALLY disclose and talk freely about them… it could dramatically change the dynamic with this stock= Validation from one of the most successful and intelligent companies on the planet.
If shorts aren’t nervous yet, they should be. lol… 2 screenshots of supporting DD…
Grimpler
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@ointhebay They would not demo it unless the intent was to use the batteries.
Dec 15, 2025 4:09 PM
Stingraystev
On Wednesday Raj announced that the India facility successfully obtained ISO 9001 certification, which means:
– Validation of robust quality processes in its R&D and prototyping operations
– Enhanced credibility with partners and OEMs including smartphone manufacturers
– Alignment with global standards, supporting faster innovation and potential future expansion into qualified production
– Boosted investor and customer confidence in Enovix’s operational maturity across its global footprint.
It will also help in leveraging India’s talent pool for high-quality R&D work.
Dec 16, 2025 3:25 PM
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acerspin
ISO means nothing – Fab1 had ISO 9001, but was malfunctioning so badly that no one was able to fix it. So, ISO was a waste of time – the India R&D team was doing great work, so let’s hope all this paperwork was’t a big distraction for them – they need to finish AI-2 on time.
Shim Seongah
01 Dec.2025 08:23(KST)
On December 1, Enchem announced that it plans to sign a supply contract for electrolytes with a California-based silicon battery manufacturer after more than five years of development. The contract covers the supply of 1,000 tons of electrolytes over three years, from 2026 to 2028. The electrolytes will be produced at Enchem’s Zhangjiagang plant in China and supplied to the customer’s factory in Penang, Malaysia.
Typically, applying just 25% silicon can significantly increase battery capacity. However, the technology to use 100% silicon is considered revolutionary, as it can achieve more than double the energy density compared to conventional batteries.
For this contract, Enchem developed an electrolyte composition that operates stably with a 100% silicon anode and in high-voltage cells of 4.5 volts (V) or higher. While conventional batteries operate at 4.1 to 4.4V, high-voltage technology above 4.5V is rapidly expanding to improve capacity. At higher voltages, electrolyte decomposition occurs more easily, making special solvents and protective film-forming additives essential to suppress this.
Research has continued to increase the proportion of silicon in the anode beyond the capacity limits of graphite, but typically only about 10% could be used stably. By combining with the customer’s innovative cell design, Enchem has implemented electrolyte additive technology that ensures stability even with a 100% silicon anode, thereby securing both reliability and performance.
The contract customer, established in California in 2007, is a lithium-ion battery specialist that manufactures high energy density batteries for IT devices such as smartphones, wearables, and AI glasses. The company leads the industry in advanced silicon anode battery technology and has demonstrated exceptional innovation and competitiveness in targeting specific IT markets, including being the first in the industry to successfully mass-produce 100% silicon anode batteries.
An Enchem representative stated, “With this supply contract, we will strengthen our research personnel for high-performance electrolytes that combine high energy density, fast charging, and safety,” adding, “We will continue to enhance Enchem’s technological competitiveness by expanding the application of our products to a wider range of areas beyond electric vehicles.”
acerspin
Honor has nothing to do with it and an electrolyte deal would not merit an NDA.
Enchem is just a big electrolyte supplier that has faced some business and reporting setbacks recently in the USA. A 1,000-ton binding contract over 3 years with Enovix, even if existed, is just too tiny for Enchem…
Korean pump-and-dump artists fail to realize that AI-2 for phones uses silicon carbon chemistry, the same that ATL has been using since late 2022 for volume shipments, so nothing new had to be invented by any electrolyte supplier… Enovix has been buying and will continue to buy electrolytes from various suppliers, including Enchem. Funny thing, it is exporting the spent Enchem canisters back to South Korea – good for the environment!
I do expect that once AI-2 is finalized and qualified, Enovix will enter in proper supply contracts.
Dec 15, 2025 5:51 PM
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Keaper2014
so ATL has a 100% silicon anode? ATL uses a SiC blended with graphite if I’m not mistaken. Clearly it’s not the same. Raj already said they had a company manufacture their patented electrolytes and the article strongly suggests it’s Enchem. Is it for Honor? Assuming AI-1 passes qualifications and they do the expected limited production run to collect Charge/discharge curves — how the pack behaves under real‑world loads vs. lab curves ; Thermal behavior — heat rise during fast charge, gaming, camera use, RF spikes
Voltage sag under peak load — critical for camera bursts, 5G uplink, gaming
Internal resistance drift — early indicator of cycle‑life trajectory
SOC/SOH estimation accuracy — whether the BMS model matches real behavior, then I expect it will be for Honor and possibly others.
Dec 15, 2025 7:10 PM
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acerspin
Of course ATL has a 100% active (note the active!) silicon anode – graphite is not the only form of carbon. Enovix does not have a 100% silicon anode, although Raj seems confused on that point from time to time (listen to fireside chat again!). Group14 and Sionic wrote a paper just for Keaper, who believes every link he reads:
https://group14.technology/resources/press-releases/sionic-energy-uses-scc55-for-100-silicon-battery/
To summarize, ATL does up to 25% silicon in the anode in volume, according to Honor, and has similar or better performance than Enovix 100% active silicon using the same fundamental silicon carbon chemistry.
Enovix buys standard electrolytes from several suppliers all over the world, not just Enchem. I would like to single out the US-based Elementium, which is near and dear to my heart. However, I admit I have no idea why Enovix needs all those electrolytes for the few samples it ships.
AI-1 is no longer ahead in terms of performance, and has no hope of catching up on costs. AI-2 is a different story.
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Keaper2014
Thank you for pointing out my error in omitting the word “active” from my statement. Yes, when you are making sometimes “wild statements”without any support and contrary to known facts, I like to see the evidence; Otherwise, that just makes you another FUD spewing basher that mixes a little bit of truth with a whole lot of spin. I’m still waiting for any evidence to support your claim that Raj is lying to us and cycle life testing will take 8 months. Your proof, an EU reg that says what specifications are required to be listed not the testing methods or time frames used to determine the specifications. So far, you haven’t provided independent tests to show ATL has any batteries that are equal to or better than what Polaris labs validated on AI-1. Do you have anything other than claims? I got things to do!
Dec 15, 2025 11:19 PM
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acerspin
Raj is not lying about the 8 months – he is being optimistic – optimistic that Honor will not honor the exclusivity with the competitor and will put a small PO for a cell that is not properly tested after the previous one failed qualifications.
We don’t need independent tests about ATL – we have the honor of Honor’s words and actions. Honor says 901 Wh/L in a press release, with over 3x fast charging (90% in 40 minutes, if I remember correctly), 1,200 cycles, for an extra-thin the cell in a flagship that Enovix has no chance of matching with the constraint-architecture. The only way to gain Honor’s business in 2027 is to release AI-2 on time.
Polaris has not validated anything. If it did, you would have had a PO by Honor or the the other OEMs already. Remember, Polaris also validated EX1, just before Enovix discontinued it due to lack of demand. You should ask a bit around about Polaris – they managed to cheat even Elon Musk…
Dec 16, 2025 12:19 AM
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Keaper2014
I almost don’t know where to begin. 1. Raj said 3-4 months you stated 8. 2 You claim ATL has an exclusivity agreement with Honor but provide no evidence of that (I think that would have been big news for ATL, but nothing?) 3 You claim Polaris never validated anything; except of course that the “AI-1 smartphone battery was validated by Polaris Battery Labs as the highest energy density cell ever reported for a smartphone.”
https://finviz.com/news/159283/enovix-corporation-envxs-lithium-batteries-touted-for-higher-energy-density-in-smartphones
Then you try and deflect about some barb on Polaris. And you claim that Polaris also evaluated Ex1M but there’s zero press releases or evidence I can locate to support that. There’s more too but I don’t have time now!
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acerspin
The exclusivity with ATL was done in late 2022, and the big news was Honor’s flagship unveil in March 2023 with a revolutionary battery – Honor presented it as its own, which was not entirely unfair, given its silicon carbon patent and joint development with ATL. Investors learned about it from ATL in November 2023.
Enovix paying Polaris to say false things that contradicted what Honor was saying at the same time doesn’t look good for Enovix relationship with Honor, does it? Let’s just hope that AI-2 will be launched on time – then the past won’t matter…
Polaris did not evaluate EX1M – it did EX1, after previously cheating Mr. Musk:
https://www.globenewswire.com/news-release/2023/11/07/2775546/0/en/Enovix-Batteries-Demonstrate-Highest-Energy-Density-Among-Cells-Evaluated-According-to-Polaris-Battery-Labs.html
I pity Raj and TJ that they have to deal with aggressively ignorant investors…
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Keaper2014
I pity you for thinking actual investors are buying the FUD you are constantly sowing. Making claims that collapse under their own weight and that you can’t support. You hurl your “ignorant investor” at me for asking for proof while ignoring some of the absolutely ignorant unsupported assertions you make or proof you offer that is literally the opposite of proof. Most people have already blocked you because they see you for what you are, lol. It really bothers you when I ask you to support some wild ass claim you make. Thats not confidence, that cowardice! And it’s obvious! I hope you don’t think it’s over!
Dec 16, 2025 5:15 AM
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acerspin
I know I promised not to post much after my travel ended in October, but this is too good to pass. Next time a crazy short tells you that Enovix has never sold a silicon battery, you should point them to this publicly-available proof of sale of 34 eyewear cells EX1M-601241 to $SNAP shipped in February out of Malaysia. The price was $9.8 per cell, a reasonable retail price for batteries of that size (on ebay 601240 cells go for $2 + shipping in that volume). As some of you may remember, $SNAP was an early investor in Enovix and had exclusivity until last year. Snap is an exhibitor at CES, so you could visit and ask them about whether the Enovix cells passed all the tests (not for the showcased product mentioned by Raj, but still useful to get feedback)
https://www.volza.com/company-profile/exports/import-bill-of-lading-56355-0-23818573/
Enovix also shipped about 300 of these cells to Routejade for packaging and 5 cells directly to Japan – it is not clear who those end customers are.
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Raj is so sneaky. Remember when he was asked about AI-1 and he said its performance is somewhere between EX1M and EX2M? I was quite puzzled by that, as EX1M is a silicon suboxide node, while EX2M is the superior, silicon carbon, node, so you can’t really mix and match, assuming both had optimized chemistries.
Turns out AI-1 is indeed just a “marketing” platform – the phone battery samples (two different sizes) are on the latest and greatest EX2M node, while the AI-1 smart glass batteries are on the good old EX1M node – I guess Enovix made too many of those, and customers are ok with putting them in reference designs and prototypes (glasses are likely to break before the 800 cycles are reached – ha!). These two form factors are the only one shipping right now.
AI-2 will be different, of course – game changing for all form factors. Hoping for some hints from the investor events this week.
Dec 10, 2025 2:30 PM
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acerspin
Raj says he plans to promote KOKAM and Routejade’s power cells which have not been updated since 2015 and haven’t been competitive for years, but never mentioned AI-2. 7% doping is not going to help, when the Chinese are churning millions of silicon carbon power cells already and Amprius, pretending to be an American company, is reselling some of those as SiCore to NATO contractors.
So, this call got me concerned. I understand keeping a secret to make the biggest bang for the buck, but he could have mentioned AI-2 at least once. I was getting really good vibes about it from the team working on it during the Summer – oh, well.
Dec 11, 2025 3:34 AM
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Eatons
Dec 11, 2025 4:15 AM
@acerspin why would he randomly bring up AI-2 when the analyst never once asked about anything tangential to it. And why are you so concerned? They have an entire R&D center in India to develop future generations of batteries and you’re “concerned” that they aren’t working on it because he didn’t randomly bring up AI-2 in an interview with an analyst who didn’t ask about it?
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acerspin
Dec 11, 2025 5:10 AM
@Eatons Because AI-2, a game changer, is the only way to win the smartphone business – the competitor silicon carbon cells have caught up with AI-1 and are cheaper to make. Honor has been on the forefront of silicon carbon, and has been using ATL’s cells since early 2023 – it is not waiting for Enovix to get their act together. AI-1 for phones is a rebranded EX2M, based on the samples shipped, so it has been “available” for more than a year, and clearly Honor does not like it enough to put it in a phone.
Raj should have talked about AI-2 instead of promoting the old Korean SLPB cells that go from 400 Wh/L to 450 Wh/L, at best, when doped and can’t compete with Amprius SiCore and similar Chinese and Korean silicon carbon power cells. Those guys don’t do consumer electronics, because they are afraid of ATL, but they own the premium drone space.
If AI-2 is not launched in early March, then Enovix will not have profitable volume production even in 2027.
acerspin
When Honor releases Honor Power 2 in February 2026 with a 10,080 mAh “giant capacity battery” and 80W fast charging, our friend @Keaper2014 is going to go ballistic, because he is still waiting for links confirming Honor’s exclusivity with ATL…
Here is the link in case he missed it:
数码闲聊站
25-12-16 04:12
发布于 北京
独家信息，6.79″2640*1200p 1.5K LTPS直屏，天玑8500处理器，10080mAh±巨容量电池，80W快充，前置16Mp，后置50Mp，代号Saber，雪原白/幻夜黑/旭日橙，续航估计要刷记录的中端机，暂定也是春节前登场。
I am tired of repeating the obvious. AI-1 missed its chance. Yes, there will be some sales of AI-1, but at negative gross margins.
I blame it mostly on the delays in KOSES equipment deliveries, for which Raj is not to blame, as KOSES was initially approved by TJ. But Raj also wasted time on marketing instead of focusing on the product and its qualifications. Let’s hope Raj listens to reason and launches AI-2 in March, or 2026 will be very painful.
Dec 16, 2025 6:19 PM
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Keaper2014
Yesterday 9:35 PM
@acerspin Really!? So I’m “going to go ballistic” because I asked you to back up claims that should be effortless to prove if they were real. Nobody with basic critical thinking accepts statements like “there’s an exclusivity agreement” with no contract or source, or “AI‑1 already failed” while Honor is still running electrolyte tweaks, or “the lab’s results don’t count” with zero evidence. Would you accept someone saying their car gets 200 mpg or their phone battery lasts a week without a single document or test? Of course not. Yet every time I ask for something simple — a press release, a spec sheet, a lab report — you don’t provide it. You pivot, you attack, and you hope nobody notices the missing proof. I’m not “going ballistic.” I’m doing what any rational person does when someone makes big claims with no receipts. 🥱
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acerspin
Yesterday 9:53 PM
@Keaper2014 Honor is not running electrolyte tweaks – it did many years ago when it was part of Huawei and when it was working on figuring out silicon carbon with ATL. You should accept the reality.
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Keaper2014
Yesterday 10:24 PM
@acerspin You jumped on a tiny wording slip and pretended it erased the actual point. Honor is qualifying AI‑1, and Enovix said the electrolyte tweaks were done because Honor asked for them. That’s current. That’s documented. If I wanted to nitpick every error you’ve made, I’d be here all day chasing side‑issues instead of addressing the underlying problem: whenever evidence is needed, you dodge, reframe, or attack instead of backing up your claims. At some point, that pattern speaks for itself, and credibility goes with it.
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acerspin
12:41 AM
@Keaper2014 Oppo was sampling, and presumably qualifying, Enovix phone cells with a 500-cycle life in 2021, according to TJ. How did that turn out? Same with Honor and AI-1.
Honor does not care about electrolytes – although it can certainly teach Enovix some tricks about them from 6 years ago. Honor cares about cells performing within specs, and will continue to buy them from a single source until exclusivity expires or maybe even beyond, if ATL wants to sacrifice its fat margins (because now it has at least 3 credible Chinese competitors). It all depends on whether AI-2 is launched on time. If it is, then we will almost certainly see large, profitable orders by mid 2027. If it isn’t, we will have to pray that Sunwoda and all the rest screw up silicon solid state badly.
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Novo1
Yesterday 7:40 PM
@acerspin @Keaper2014 excellent post! But, Talluri is not the right person! He doesn’t understand marketing and product development go hand-in-hand. It’s a symbiotic relationship.
WantedToRetireEarly
Follow
$ENVX Chinese competition is catching up. As @acerspin has mentioned, its clear that the future success of ENVX really does come down to the AI-2 as the AI-1 does not stand out from what some Chinese phone makers are already shipping. It’s a shame that the numerous delays over the past few years have allowed the competition to catch up.
https://www.cnet.com/tech/mobile/the-oneplus-15-is-the-latest-spark-in-a-battery-revolution-coming-to-phones/
Exclusive: The OnePlus 15 has the largest battery capacity of any phone sold in the US. And it’s all because of silicon.
The OnePlus 15 Is the Latest Spark in a Battery Revolution Coming to Phones
https://www.cnet.com
Dec 10, 2025 7:56 PM
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Stutwit
Dec 10, 2025 8:14 PM
@WantedToRetireEarly @acerspin They are not catching up, or at least this one isn’t. They get that capacity because the battery is farking huge. In terms of energy density it’s nowhere close.
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Plus
wilberg
Dec 11, 2025 1:23 AM
@WantedToRetireEarly @acerspin there will be many winners
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drankstocks
Dec 10, 2025 8:06 PM
@WantedToRetireEarly @acerspin guess we are not retiring early!
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Jaymuss
Dec 10, 2025 8:18 PM
@WantedToRetireEarly @acerspin At a rating of 7350 mAh seems the AI-1, from your article would pretty much be tied for the lead….I would hope that our patented over heat technology would make the AI-1 a stand out.
Stingraystev
I’m hearing a lot of people talking about how the competition is catching up and what not. What a lot of those people don’t understand is that this market; not one, nor two, nor three suppliers can supply the industry. Just because one is ahead of the other does not mean they will win the entire market share of the industry. I’m noticing a lot of retail “Longs” caving in, and that’s ok, because that’s exactly what Wall Street wants. Just sell and save us the headache of your whining and crying.
We are close.
Bullish
Dec 20, 2025 7:57 PM
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InvestorWisdom
Yesterday 8:47 PM
@Stingraystev when people mention that, they’re only talking about the phone segment. This battery is likely the best for glasses and will be for a long time… it has characteristics which are beneficial when you have a device touching the side of your head, like being safer + cooler. This is important when you’re running AI which requires rapid/powerful energy bursts 
I believe these aspects are going to start getting discussed more after CES. Good odds its in the product marketing… fyi Raj has mentioned these benefits in the earnings calls, based on feedback from the customers.
… and Raj has made the same claim about EV charging. Heat is a major issue if you want to charge a large battery faster
imo these glasses are limited on how much further they can improve the battery using jelly roll architecture. AI-1 could dominate this rapidly growing segment.
another aspect is that these phone battery manufacturers don’t have the capacity (or desire) to make batteries for the majority of segments. This is why most products still use older batteries which are years behind the phone segment. AI-1 has lots of potential to grow within many different segments, they’re just choosing to go after the most difficult/lucrative segment first
Look at these other battery small caps. None of them are pursuing phones (too hard) and they’re worth billions. We don’t need phones to grow, although it would be significant… and most if not all of these battery stocks aren’t coming up with anything dramatically new. They’re just adding more capacity into growing markets for batteries.
In California they are banning gas leaf blowers, lawn mowers etc. The current batteries don’t last long enough for a gardener to work all day. They have to buy a lot of batteries and make sure to charge each night, otherwise they are waiting around and losing money. Enovix could dramatically improve these tools and people would pay more imo. Time is money
AI is impacting everything. Manufacturers are racing to figure out how it can help them gain an edge over their competition… but for them to do so they’re gonna need better batteries.
We focus on phones, glasses etc that use AI, but there is so much more coming… and I don’t think it would be wise for a new product to market dramatically weaker battery life than the model the customer is currently using. Imo they will eventually need to upgrade the battery, even if they have to pay more for it, before their competitor does…
The AI race is heating up in many segments …
Dec 20, 2025 9:37 PM
There are a million+ retailers in the US alone and many of them use several scanners per location. A Walmart location easily has a dozen+.
If AI influences an upgrade cycle for many of these retailers it could be a very lucrative segment for Enovix to be involved in… and Raj mentioned a potential replacement battery that can go into older scanners
… and these batteries likely cost more per unit than phones
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acerspin
@Stingraystev Well, ATL, Sunwoda, and at least two other Chinese do supply the consumer electronics industry perfectly fine, and they all have perfectly good silicon carbon cells with 900+ Wh/L density and 1,000+ cycle life. ATL itself has 60%+ market share in consumer electronics cells with formidable operating margins and technical superiority. So, please do not spread misinformation! Being bullish is one thing, buy trying to mislead is quite another. I am telling you that serious investors are really put off by the clueless comments written here…
AI-1 is finished. As it was explained to you already, Enovix will probably get some orders, but at negative gross margins. Our only hope is that AI-2 will be launched in March – if that doesn’t happen, both 2026 and 2027 will be lost.
Also, don’t put your hopes on the AI-1 eyewear cells! Raj did not tell you that they are actually obsolete EX1M – which is good, as the focus should be on phones. I mean, $SNAP , an investor in Enovix, has been “validating” EX1 and EX1M for nearly 5 years and never put them in a consumer product.
Dec 20, 2025 11:31 PM