Enovix (ENVX) Proxy filing summary

Executive summary

• Achieved record 2025 revenue of $31.8M, up 38% YoY, with 23% non-GAAP gross margin and $621M in cash and securities at year-end, supporting manufacturing scale-up and commercialization efforts.

• Majority of 2025 sales were to defense industry customers in South Korea; global sales pipeline reached $100M, with growing focus on drone manufacturers.

• Expanded partnerships with leading smartphone OEMs and advanced integration for high-volume production; broadened presence in smart eyewear and AI-driven devices.

• Manufacturing scale-up at Fab2 Malaysia focused on yield, throughput, and process optimization; acquired SolarEdge Korea assets to expand defense manufacturing.

• Board authorized $75M share repurchase program, reflecting confidence in long-term value.

Voting matters and shareholder proposals

• Shareholders to vote on: (1) election of eight directors, (2) advisory approval of executive compensation, and (3) ratification of Deloitte & Touche LLP as independent auditor for FY ending Jan 3, 2027.

• Board recommends voting FOR all proposals.

Board of directors and corporate governance

• Board comprises eight nominees, 75% independent, with an average tenure of 2.9 years and average age of 63.

• Board committees: Audit, Compensation, Nominating and Corporate Governance, and Cybersecurity (established May 2025).

• Board leadership is separated between Chairman and CEO; annual self-assessments and regular stockholder engagement are conducted.

• Corporate Governance Guidelines and Code of Ethics in place; robust whistleblower and insider trading policies enforced.