11 Best Lithium and Battery Stocks To Invest In

8. Enovix Corporation (NASDAQ:ENVX)

Number of Hedge Fund Holders: 14

Enovix Corporation (NASDAQ:ENVX) focuses on advanced lithium-ion batteries, especially with its 3D Silicon cell design that incorporates a fully active silicon anode to boost energy density and battery life. This positions the company as a leader in sectors like electric vehicles, mobile phones, and IoT devices. In 2023, Enovix expanded by acquiring Routejade, Inc., entering the conventional lithium-ion battery market for applications in wearables and medical devices.

The company generates revenue from battery sales and engineering contracts while working with OEMs globally. With research labs in India and Malaysia, it is also advancing next-generation materials. Additionally, in July 2023, Enovix (NASDAQ:ENVX) signed a non-binding MOU with a major automotive manufacturer to improve its battery design for EVs, focusing on optimizing performance, charging speed, and thermal management through a stacked electrode structure.

For the third quarter, Enovix (NASDAQ:ENVX) reported impressive results with Q3 non-GAAP EPS of -$0.17, surpassing expectations by $0.03. Revenue for the quarter totaled $4.32 million, reflecting a 2060% year-over-year increase, and exceeded estimates by $0.21 million.