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Side-by-side financial comparison of Electrovaya Inc. (ELVA) and Enovix Corp (ENVX). Click either name above to swap in a different company.
Electrovaya Inc. is the larger business by last-quarter revenue ($17.1M vs $11.3M, roughly 1.5× Enovix Corp). Electrovaya Inc. runs the higher net margin — 5.3% vs -310.6%, a 315.9% gap on every dollar of revenue. Electrovaya Inc. produced more free cash flow last quarter ($-9.7M vs $-28.0M).
Electrovaya Inc. is a developer and manufacturer of Lithium-ion batteries and battery systems for the automotive, warehousing, autonomous guided vehicles, and energy storage applications. The company has operations in NY State and based in Ontario, Canada.
Enovix Corp is an advanced battery technology company that designs, develops and manufactures high-energy-density 3D silicon anode lithium-ion batteries. Its products serve consumer electronics, wearable devices, electric vehicles, and renewable energy storage segments, with customers and operations across North America, Asia and Europe.
ELVA vs ENVX — Head-to-Head
Income Statement — Q3 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $17.1M | $11.3M |
| Net Profit | $907.0K | $-35.0M |
| Gross Margin | 30.8% | 22.2% |
| Operating Margin | — | -390.5% |
| Net Margin | 5.3% | -310.6% |
| Revenue YoY | — | 15.9% |
| Net Profit YoY | — | 6.6% |
| EPS (diluted) | $0.02 | $-0.14 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | — | $11.3M | ||
| Q3 25 | — | $8.0M | ||
| Q2 25 | $17.1M | $7.5M | ||
| Q1 25 | — | $5.1M | ||
| Q4 24 | — | $9.7M | ||
| Q3 24 | — | $4.3M | ||
| Q2 24 | — | $3.8M | ||
| Q1 24 | — | $5.3M |
| Q4 25 | — | $-35.0M | ||
| Q3 25 | — | $-53.7M | ||
| Q2 25 | $907.0K | $-44.5M | ||
| Q1 25 | — | $-23.5M | ||
| Q4 24 | — | $-37.5M | ||
| Q3 24 | — | $-22.5M | ||
| Q2 24 | — | $-115.9M | ||
| Q1 24 | — | $-46.4M |
| Q4 25 | — | 22.2% | ||
| Q3 25 | — | 17.5% | ||
| Q2 25 | 30.8% | 26.0% | ||
| Q1 25 | — | 5.1% | ||
| Q4 24 | — | 10.8% | ||
| Q3 24 | — | -14.9% | ||
| Q2 24 | — | -17.4% | ||
| Q1 24 | — | -34.1% |
| Q4 25 | — | -390.5% | ||
| Q3 25 | — | -587.9% | ||
| Q2 25 | — | -585.6% | ||
| Q1 25 | — | -834.8% | ||
| Q4 24 | — | -355.2% | ||
| Q3 24 | — | -1141.2% | ||
| Q2 24 | — | -2355.4% | ||
| Q1 24 | — | -1330.3% |
| Q4 25 | — | -310.6% | ||
| Q3 25 | — | -672.3% | ||
| Q2 25 | 5.3% | -596.3% | ||
| Q1 25 | — | -461.2% | ||
| Q4 24 | — | -385.6% | ||
| Q3 24 | — | -522.0% | ||
| Q2 24 | — | -3075.2% | ||
| Q1 24 | — | -879.5% |
| Q4 25 | — | $-0.14 | ||
| Q3 25 | — | $-0.27 | ||
| Q2 25 | $0.02 | $-0.22 | ||
| Q1 25 | — | $-0.12 | ||
| Q4 24 | — | $0.00 | ||
| Q3 24 | — | $-0.28 | ||
| Q2 24 | — | $-0.63 | ||
| Q1 24 | — | $-0.28 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.3M | $512.0M |
| Total DebtLower is stronger | — | $519.5M |
| Stockholders' EquityBook value | $22.3M | $271.2M |
| Total Assets | $53.9M | $879.0M |
| Debt / EquityLower = less leverage | — | 1.92× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $512.0M | ||
| Q3 25 | — | $558.8M | ||
| Q2 25 | $1.3M | $203.4M | ||
| Q1 25 | — | $248.2M | ||
| Q4 24 | — | $272.9M | ||
| Q3 24 | — | $200.9M | ||
| Q2 24 | — | $249.9M | ||
| Q1 24 | — | $262.4M |
| Q4 25 | — | $519.5M | ||
| Q3 25 | — | $518.6M | ||
| Q2 25 | — | $169.7M | ||
| Q1 25 | — | $169.4M | ||
| Q4 24 | — | $170.0M | ||
| Q3 24 | — | $168.9M | ||
| Q2 24 | — | $170.1M | ||
| Q1 24 | — | $169.8M |
| Q4 25 | — | $271.2M | ||
| Q3 25 | — | $294.3M | ||
| Q2 25 | $22.3M | $203.7M | ||
| Q1 25 | — | $235.1M | ||
| Q4 24 | — | $246.7M | ||
| Q3 24 | — | $167.6M | ||
| Q2 24 | — | $170.3M | ||
| Q1 24 | — | $229.3M |
| Q4 25 | — | $879.0M | ||
| Q3 25 | — | $913.7M | ||
| Q2 25 | $53.9M | $469.1M | ||
| Q1 25 | — | $499.0M | ||
| Q4 24 | — | $527.2M | ||
| Q3 24 | — | $448.0M | ||
| Q2 24 | — | $489.0M | ||
| Q1 24 | — | $508.9M |
| Q4 25 | — | 1.92× | ||
| Q3 25 | — | 1.76× | ||
| Q2 25 | — | 0.83× | ||
| Q1 25 | — | 0.72× | ||
| Q4 24 | — | 0.69× | ||
| Q3 24 | — | 1.01× | ||
| Q2 24 | — | 1.00× | ||
| Q1 24 | — | 0.74× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-7.3M | $-27.0M |
| Free Cash FlowOCF − Capex | $-9.7M | $-28.0M |
| FCF MarginFCF / Revenue | -56.8% | -248.6% |
| Capex IntensityCapex / Revenue | 14.1% | 8.9% |
| Cash ConversionOCF / Net Profit | -8.06× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-113.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-27.0M | ||
| Q3 25 | — | $-25.5M | ||
| Q2 25 | $-7.3M | $-25.9M | ||
| Q1 25 | — | $-16.9M | ||
| Q4 24 | — | $-16.0M | ||
| Q3 24 | — | $-30.7M | ||
| Q2 24 | — | $-26.9M | ||
| Q1 24 | — | $-35.0M |
| Q4 25 | — | $-28.0M | ||
| Q3 25 | — | $-28.5M | ||
| Q2 25 | $-9.7M | $-33.8M | ||
| Q1 25 | — | $-23.2M | ||
| Q4 24 | — | $-32.3M | ||
| Q3 24 | — | $-50.2M | ||
| Q2 24 | — | $-52.2M | ||
| Q1 24 | — | $-50.1M |
| Q4 25 | — | -248.6% | ||
| Q3 25 | — | -356.7% | ||
| Q2 25 | -56.8% | -453.0% | ||
| Q1 25 | — | -454.7% | ||
| Q4 24 | — | -332.6% | ||
| Q3 24 | — | -1163.2% | ||
| Q2 24 | — | -1384.2% | ||
| Q1 24 | — | -950.9% |
| Q4 25 | — | 8.9% | ||
| Q3 25 | — | 37.2% | ||
| Q2 25 | 14.1% | 106.7% | ||
| Q1 25 | — | 123.0% | ||
| Q4 24 | — | 168.3% | ||
| Q3 24 | — | 452.5% | ||
| Q2 24 | — | 669.0% | ||
| Q1 24 | — | 286.2% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -8.06× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
