Is ENVX diluting shareholders?

Read three numbers together: shares outstanding over time (218.2M as of 2026-05-08), warrants that can convert into new shares (29.2M reported), and how much cash runway remains (~66.58374872758182 months). A company short on cash with live registrations is structurally likely to issue shares.

Where do these numbers come from?

SEC EDGAR only: the XBRL company-facts API for shares, warrants and cash, and filing metadata for registrations and pricings. Every figure shows its source form, and nothing here is estimated by us beyond the arithmetic stated next to it.

Why might a warrant tranche be missing from the table?

The tranche table is built from the dimensions the company tagged in its own 10-Q or 10-K XBRL. A tranche the filer chose not to dimension does not appear, and its absence proves nothing: the exhibits remain the ground truth. Everything shown carries the filing it came from.

Dilution profile // every instrument, one screen, from SEC filings

Enovix Corp (ENVX)

CIK 1828318 · all EDGAR filings →

Overall dilution risk

HIGHworst of 4 computed signals (offering ability)

= the worst band among the computed sub-ratings, no hidden weighting

Offering ability

HIGH$68.6M registered

= total registered offering amount from the fee exhibits of live registrations (bands: $1M / $20M)

one or more live registrations had no structured fee data, so the true total is AT LEAST this

Overhead supply

LOWwarrants = 13% of O/S

= warrant shares outstanding divided by current shares outstanding (bands: 20% / 50%)

warrants only; converts, ATMs and equity lines are not in free structured data, so the true overhead is AT LEAST this

Historical dilution

MEDIUM+36% O/S in 3y

= share count now vs 3 years ago (bands: 30% / 100%); a reverse split pushes this negative

Cash need

LOW~66.6 months of runway

= cash vs trailing operating burn (bands: 6mo / 24mo; positive operating CF = low)

Same rating bands the category standard uses, but free, with the formula on the chip and the gaps in the data said out loud.

Shares outstanding over time

Latest: 218.2M shares as of May 8, 2026 (10-Q).

Cash runway

Self-funding

generates cash

Full breakdown: cash runway tool · source filing →

Warrants

Tranche	Warrants	Exercise price	Term	Notes
Private Placement Warrants	5.5M	$10.66	0.3y	—

Tranches exactly as the company dimensioned them in its 10-Q filed May 14, 2026 →. Groupings can overlap (a “Series E and F” row is not additive with a “Series E” row), so do not sum this column. A tranche the filer did not tag is absent here, not absent from the cap table. DOWN-ROUND = the filer tagged price-protection accounting scoped to that tranche.

Warrants outstanding: 29.2M underlying shares, as reported Jul 21, 2025 (10-Q).

Reported exercise price: $8.75 (aggregate figure as tagged; individual tranches vary).

Balance-sheet fair value of warrants: $16.6M as of Sep 28, 2025.

Rough fully diluted estimate: 247.4M = 218.2M O/S + 29.2M warrant shares. An estimate, not a filing figure: it ignores converts, options and RSUs, and the two inputs carry different as-of dates.

Convertible notes

Note	Principal	Carrying	Conv. price	Rate	If converted
Convertible Senior Notes Due 2030	$360.0M	$360.0M	not tagged	4.75%	—
Convertible Senior Notes Due 2028	$172.5M	$172.5M	not tagged	3%	—
30 Convertible Senior Notes Affiliate Notes	$10.0M	—	not tagged	—	—

Notes exactly as the company dimensioned them in its 10-Q filed May 14, 2026 →. Principal is face amount as tagged, not what remains after repurchases unless the filer updated the tag. A note the filer did not dimension is absent here, not absent from the balance sheet; the exhibits stay the ground truth.

Registrations and offerings

Registered offering capacity on live registrations: $68.6Mfrom the structured fee exhibits; registered is not remaining, takedowns are not subtracted

S-3ASRAug 5, 2024$68.6M registeredfiling →

S-3Nov 13, 2023no structured fee exhibit in this filing (predates fee-data XBRL or fee deferred)filing →

Last 12 months: 1 executed · 0 registered.

EXECUTEDSep 15, 2025Unregistered share sale disclosed (8-K item 3.02)8-K →

EXECUTEDJul 21, 2025Prospectus supplement priced — shares or notes (large filers: often a bond deal)424B2 →

EXECUTEDNov 1, 2024Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →

EXECUTEDOct 30, 2024Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →

REGISTEREDAug 5, 2024Automatic shelf registration — effective immediately (large filers)S-3ASR →

UPDATEDec 7, 2023Resale prospectus — existing holders registering to sell424B7 →

EFFECTIVEDec 4, 2023SEC declared a registration effective — selling can beginEFFECT →

REGISTEREDNov 28, 2023S-3/A registration — capacity to sell shares, not a sale yetS-3/A →

REGISTEREDNov 13, 2023S-3 registration — capacity to sell shares, not a sale yetS-3 →

EXECUTEDSep 20, 2023Unregistered share sale disclosed (8-K item 3.02)8-K →

EXECUTEDAug 18, 2023Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →

EFFECTIVEAug 18, 2023SEC declared a registration effective — selling can beginEFFECT →

Full history and shelf status: offering checker · S-3 shelf checker

Source: SEC EDGAR XBRL company facts and filing metadata, fetched live and cached briefly. Share counts are cover-page figures with their form named. Warrant tranches and convertible notes come from the dimensioned facts in the latest 10-Q/10-K instance document, exactly as the company tagged them; untagged tranches and notes are absent, not disproven. Nothing on this page is manually verified and nothing is behind a login: what free data supports is shown, what it cannot support is stated. Not investment advice.

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