Enovix Corporation announced that Chief Operating Officer Ajay Marathe will retire effective February 17 2026, and the company is restructuring its operations to accelerate the ramp‑up of its silicon‑anode battery production.
The restructuring expands the responsibilities of Senior Vice President Kihong “KH” Park, who will oversee the new South Korean NPI line and the Fab 2 facility in Malaysia. Enovix has also hired seasoned manufacturing executives Ed Casey and Sanghyuck Park to lead the production teams, with a focus on achieving high yields and throughput for smartphones, smart‑eyewear, and defense customers.
Enovix’s financial trajectory underscores the urgency of the change. The company reported a 38% revenue increase in 2025, driven by a 85% year‑over‑year jump in Q3 2025 revenue to $8.0 million and a Q4 2024 revenue of $9.7 million. Gross margins have hovered around 18% GAAP, reflecting the cost intensity of early‑stage silicon‑anode manufacturing and the need for scale to improve profitability.
CEO Dr. Raj Talluri highlighted Marathe’s role in building the Fab 2 plant and praised the leadership shift as a “critical step to eliminate execution risk.” He added that the new structure will bring “proven high‑volume battery manufacturing expertise” and “clear operational accountability” to meet the company’s ambitious production targets.
Analysts have maintained a “Buy” consensus on Enovix, citing confidence in the company’s ability to scale its silicon‑anode technology and the leadership changes as evidence of a focused execution strategy.
The operational overhaul signals Enovix’s intent to transition from pilot production to commercial‑scale output. While margin compression remains a headwind, the expanded leadership team and targeted hiring are designed to drive efficiency gains, reduce cycle times, and position the company to capture growing demand in high‑energy‑density battery markets.
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