1. Enovix reported Q3/2024 results in line with muted expectations; 2. The company's financial performance was lackluster, but investors cheered the announcement of a new development agreement with a leading Chinese smartphone OEM; 3. Management expects high-volume manufacturing to ramp up in late 2025 and rise exponentially in 2026; 4. The surprise $100 million capital raise might be due to the new requirement to fully fund the first high-volume manufacturing line in Malaysia; 5. The author remains skeptical of Enovix's story and reiterates a 'Sell' rating on the shares.