Hal Jam

“What are you hoping to see from a second Trump administration?” Trust me, watch it. $82, lol!

@eenLien @AlperenMic83107

$ENVX Not really, the test failed. As far as I understand or can explain, they pass the test with a normal smartphone discharge time of 0.2C (real-world usage is okay, and that's a milestone!). They test with 0.7C because otherwise the test takes too long (up to over a year). In that respect, 100% silicon performs poorly, which is normal considering silicon expands 3-4 times more than graphite. No 100% silicon battery will pass the test, and this is Enovix independent.

$ENVX If you let people sleep for 2 hours instead of the usual 8, can you estimate their future lifespan based on their cortisol levels? Current tests for graphite batteries indicate that they can. They accelerate normal wear and tear to quickly identify weaknesses. But what if you compare a bodybuilder to an average person? High-intensity exercise already leads to elevated cortisol levels... This is the hurdle Enovix now faces. The test results of this powerhouse battery are being compared with those of the average version.

@michael94521 @TradetheAction That’s a fair take, but in this scenario you’ll be buying at $36 or more.

@TradetheAction Only when you don't own something do you gain objectivity. $ENVX has been a science project for 17yrs. High volume manufacturing using never-before-used technique is proving to be impossible. I won't go back in until I see <95% yield and real customer names.

@mortimer_1 Only like another $5.5m more to go to be reasonable.

KABOOM!! 💣💣💣💣💣💣 $2,310,000 loss (+expenses) Bought 2017 $9,000,000 Just sold for $6,690,000 Last assessed: $7,807,000 Welcome to the current state of the real estate market in Vancouver 1189 W 32ND AVENUE, Vancouver

$envx Re smart glasses Raj said last week: “we now have seen the products from our customers with our battery in them.. we saw a few at CES. We saw a lot more in private demos. The performance is fantastic. They really like it.. the battery we have, we feel meets all the requirements. That’s why we got a production PO.” They’re working with at least 10 customers. So the comment about seeing a lot more in private demos is unsurprising. Expect more glasses POs this year.

@MrBalestrery It’s probably all being discussed and the laser dicing yields are a piece.

@hal_jam It's kind of unbelievable that 98% at 0.7c is a failure and is worth hanging up millions of dollars worth of progress and time. There has GOT to be something else going on. Honor needs them to fix the laser dicing first?

I missed this. I think a lot of people did. $ENVX is really freaking close. 1000 cycles is not going to be a problem. Most likely the only issue left is getting another 10% improvement in laser dicing and Honor is a go. I’m bullish again.🚀🚀🚀

@Tom24172978 Only at .2c for 2% of the time, basically they’re at .7c 98% of the time and easing off to let the high energy content of their batteries breathe a bit. I find it hard to imagine that something this minor can’t be resolved. No one pushes their phone this hard. $ENVX

@hal_jam Great spot . So a blended average time per cycle of 2.4hours lines up with 10 cycles per day and thus 100 days to get to 1000 cycles or just over 3 months .

@spenbaker For the .7c test they can pass it if it runs at .2c for just 2% of the time. Basically a non-issue solved by using some common sense. I think Honor will be good to go when the laser dicing is at 90% or they figure out an alternative method.

$envx can leverage progress with its 2nd smartphone customer to strengthen its bargaining power against Honor and accelerate commercialization.  Enovix is simultaneously engaging with its lead customer (Honor) and a second major smartphone OEM, using insights from both to refine their products. Both customers are Asian, so doubtless are fierce rivals. Enovix isn’t dependent on a single customer so can leverage the existence of the second one to pressurize Honor to expedite qualification. This might mean Honor accepting the real-life 0.2C testing. The second customer's involvement, coupled with progress in smart glasses, helps validate Enovix’s technology, providing leverage to demand better terms or faster adoption in the competitive smartphone market.  It’s in Honor’s interests to qualify the AI1 battery without undue delay. Otherwise they risk the second customer supplanting them and missing out on the honor of being first to market with this new tech. Improvements made during the qual phase can be applied for the benefit of different smartphone customers, making it easier in future to meet the stringent requirements demanded by those customers.

Going into wearables and drones is hugely underrated for $ENVX and they will probably sell every battery they can make very soon… even if the ultimate prize (smartphones) takes longer than we wanted.

Everyone has been so focused on smartphones with $ENVX we may have lost focus on the big picture. There are so many products that need $ENVX batteries and they could be supplied right now. Vacuums, razors, toothbrushes, game controllers, keyboards, e-bikes… just to name a few.

Just 2 dudes playing on a college campus in front of only 25 people, not realizing they had just created one of the best songs ever

Every person after reading the Citrini article be like

When you no longer know which glass you poisoned

@MrBalestrery @byr10148 Can .2c optimized battery jump to .7c for briefs periods? I have so many questions about this. We know it can’t crank at .7c the entire time, but what can it handle?

We've gone from "slightly tweaking" the battery to "slightly tweaking" the test 😂 To be fair, silicon batteries that are optimized for .2C suck at .7C. This is well known. You can have one or the other but not both. Honor knows this. Enovix knows this. What we are really watching is a negotiation, and since both parties are invested, they'll have to meet in the middle, and soon.

$ENVX Raj must go. He has proven to be in over his head. His leadership is non-existent. New testing parameters? Now? Wow!

@mcinnes_danny Phones in 2026 seems unlikely unless Honor accepts a battery that can’t pass every test a graphite battery can pass. The question is how bad they failed the 0.7c cycle test but we don’t know. If it was a narrow miss as $ENVX is implying they could just be accepted.

$ENVX I hadn't expected tangible smartphone progress to come out of Q4 reporting. I had expected a 'holding pattern' report. It turned out to be a lot worse than that. This is Raj Talluri talking of their three 'pathways' to get through cycle life testing with Honor. "We do believe that one of these things will be able to convince them before the end of the year and get some, get some volume." (Responding to Jeff Osborne, TD Cowen) Wtf? Where the hell did that come from? Do you remember some of those previous earnings calls where TJ and RT talked about how Enovix was intimately familiar with smartphone OEMs' performance and testing requirements and how they had large dossiers on all of this? So much for all of that. Zero smartphone shipments in '26 is now a real possibility. If/when these shipments happen the initial volumes will be small: "Initial smartphone-related revenue in 2026 is expected to support system integration and launch preparation, positioning us for a larger scale commercialization in late 2026 or beginning in 2027" (Raj Talluri, opening remarks) This tallies with the CFO's comments in H2 last year i.e. something iro 100K units. Note that the timings here don't match what RT said in response to TD Cowen. Here he is assuming they get the issue with Honor resolved fairly quickly. His answer to TD Cowen suggested it may well not be resolved quickly. Given Enovix's history of delays, I know which I'm way I'm leaning on this. I was hoping for more clarity on yields and indeed it arrived but the news was hardly great. On yields RT said: "This quarter to date, you know, we're at 80%. We feel confident that, as we make progress, it'll sort itself out." I've been here long enough to have no confidence in Raj Talluri's 'confidence'. It all feels very like what Harrold Rust was saying mid 2022 before they pulled the plug on Fab1 in Fremont. That's even before we get to comparing the present state of affairs with what Ajay Marathe was saying H2 2024. Some folk might take some comfort in statements like this (again from the CEO): "Ultimately, there is a lot of interest from our customers in wanting to use our batteries because of the higher energy density we provide" Particularly for those who are relatively new to Enovix it's key to note that there has always been a strong customer desire for a better CE battery. That's why Enovix will always have an audience. I was reminded here of something close to home. Loch Ness will always have tourists because there's always that chance of seeing the monster. At this point it feels like there's as much chance of seeing Nessie as of seeing high yield smartphone production in Penang.

If $TSLA cars had to meet the same exact standards as ICE cars in winter we would have no EVs. Hopefully OEMs like Honor are willing to slightly tweak standards for Silicon so we can get next gen batteries sooner. Fortune will favor the bold. $ENVX

Electric cars are high performance, but don’t do as well in winter (for now). Perhaps a silicon battery could be a better battery overall, but not do as well in the most extreme testing cases (for now). Is Honor willing to accept some trade offs? $ENVX

Hopefully Honor, or another customer, wants to use this tech bad enough, they are willing to adjust the test a bit. New technology, it seems reasonable to create new tests.

Wearables, drones, and increasing revenue probably worth the current share price. Very promising. Even though batteries are ready to go in phones, they can’t pass legacy 0.7c discharge test. Concerning. $ENVX