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In-house Drone Battery Production Capacity to Double by Mid-2027  | Source: Enovix Corporation

FREMONT, Calif., Sept. 01, 2026 (GLOBE NEWSWIRE) -- Enovix Corporation (Nasdaq: ENVX) (“Enovix”), a developer and manufacturer of advanced lithium-ion batteries, including proprietary silicon-anode architectures, highlighted that its drone and defense battery portfolio manufactured in South Korea is compliant with the Trade Agreements Act (TAA), expanding the company’s ability to serve U.S. government defense programs. Enovix is doubling its in-house drone battery production capacity in South Korea by mid-2027 to support growing demand from the U.S. and allied government customers.

“Secure access to high-performance batteries is increasingly critical to the national security of the United States and its allies,” said Ryan Benton, Interim Chief Executive Officer of Enovix. “Achieving TAA compliance, combined with our planned capacity expansion in South Korea, strengthens our ability to support that mission with high-performance batteries produced at scale through a trusted supply chain.”

“Our customers are telling us clearly that they need high-performance batteries backed by a trusted supply chain and compliant production capacity at scale,” said Steve Bakos, Senior Vice President of Sales at Enovix. “With TAA compliance and expanded capacity from our own factories, Enovix is positioned to meet those requirements across a growing range of defense applications.”

As discussed in its second quarter 2026 earnings report, the company believes demand for high-performance batteries that meet U.S. government sourcing requirements could materially exceed available supply through the end of the decade. This dynamic is most visible today in aerial and naval drones, where Enovix’s opportunities alone exceeded $100 million during the second quarter of 2026.

Enovix’s drone battery scale-up is a direct response to what customers are asking of the company. It starts with a previously announced doubling of capacity at its owned and operated production facility in South Korea, which is underway with the new capacity to come online in 2027.

This Korean facility has a fully qualified defense production history of over two decades. Today, it already manufactures high-performance, silicon-blended graphite anode batteries — upgraded with the addition of silicon-carbon know-how from Enovix’s AI-1 technology — and traditional graphite anode batteries that are compliant with U.S. government sourcing requirements under the TAA and are on track to be manufactured in compliance with programs governed by the National Defense Authorization Act (NDAA).

These products are in production and generating revenue today across defense, drone and industrial markets. The capacity expansion of this Korean manufacturing center is timed to meet the escalating demand anticipated next year.

About Enovix

Enovix develops and manufactures advanced lithium-ion batteries, including proprietary silicon-anode architectures for smartphones, smart eyewear, defense, industrial and emerging edge-AI applications. Its proprietary silicon-anode battery architecture enables higher energy density and performance in space-constrained devices while maintaining safety and reliability, supporting commercialization across consumer and industrial markets.

Enovix is headquartered in Silicon Valley with facilities in India, Korea and Malaysia, serving customers globally. For more information visit https://enovix.com and follow us on LinkedIn.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to future events or our future financial or operating performance and are identified by words such as anticipate, believe, could, estimate, expect, intend, may, might, plan, possible, potential, predict, project, should, will, would and similar expressions. Forward-looking statements in this press release include, but are not limited to, statements regarding: our drone battery scale-up, including the planned doubling of our drone battery production capacity in Korea and the expected timing for that capacity to come online; our plans to meet escalating demand; the inclusion of the MX-1 platform in our drone battery scale-up, its manufacture at our Korean facility, and expectations regarding compliance of our products with U.S. government sourcing requirements; expectations regarding demand for high-performance batteries that meet U.S. government sourcing requirements, including that such demand could materially exceed available supply through the end of the decade; the growth and conversion of our drone and defense pipeline and customer opportunities; and expectations that products manufactured at our Korean facility will be manufactured in compliance with programs governed by the NDAA. These statements are based on the current expectations of our management, are not predictions of actual performance, and actual results may differ materially from the future results, performance or achievements expressed or implied by the forward-looking statements. Risks, uncertainties and assumptions that could cause actual results to differ materially from the results and events anticipated by such forward-looking statements include, but are not limited to: risks associated with delays or adverse results in customer testing and qualification; challenges in scaling manufacturing capacity and bringing expanded capacity online on schedule; customer concentration and lengthy qualification, purchasing and adoption cycles, particularly in the defense sector; changes in U.S. government sourcing requirements or procurement policies; our ability to execute on our business strategy; and the other risks described in the disclosures contained in our filings with the Securities and Exchange Commission (“SEC”), including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our annual report on Form 10-K and quarterly reports on Form 10-Q, and other documents that we have filed, or will file, with the SEC. These documents are available in the SEC Filings section of the Investor Relations page at https://ir.enovix.com and at www.sec.gov. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Accordingly, you should not rely on any of the forward-looking statements. Any forward-looking statements in this press release speak only as of the date on which they are made. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

For media and investor inquiries, please contact:

Investor Contact:
Monica Gould
[email protected]

7.88K Followers

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Enovix Corporation (ENVX - Free Report) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #2 (Buy). This rating change essentially reflects an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.

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Enovix (NASDAQ:ENVX) said its strategy, product roadmap, customer programs and qualification schedules remain unchanged following the resignation of CEO Raj, as the company appointed Chief Financial Officer Ryan Benton as interim CEO and named Executive Chairman T.J. Rodgers to a more active operating role.

Rodgers said the board accepted the resignation unanimously and has begun a search for a permanent chief executive, using the same search firm that recruited the departing CEO. The company is considering both outside and internal candidates and has set no artificial deadline for the process.

“This is a CEO transition, not a strategy transition,” Rodgers said. He added that Enovix’s Q3 2026 guidance stands and said its balance sheet held $552 in cash, without specifying a unit during the webcast. Cycle-Life Milestone and Smartphone Qualification Rodgers emphasized Enovix’s reported demonstration of 1,000-cycle life for its AI-class smartphone battery cells during the second quarter, describing the result as a major milestone following 14 years of development work on silicon-anode technology.

According to Rodgers, silicon can improve battery energy density compared with conventional graphite anodes, but has historically posed durability challenges because of expansion and degradation during cycling. He said Enovix has improved the condition of silicon particles and their solid electrolyte interphase, enabling the reported cycle-life result.

The company’s immediate smartphone priority is qualification with Honor, which Chief Business Officer Samira Naraghi described as requiring “flawless execution.” Naraghi said she and the departing CEO planned to visit the customer, alongside other Enovix executives and board members participating electronically, to support the relationship.

Rodgers said Enovix and Honor are jointly working on test methods, including accelerated testing through faster charging and discharging. The company is also targeting samples for a second smartphone original equipment manufacturer, likely in China, during the fourth quarter of 2026.

Naraghi said Enovix has worked with its smartphone customers for about three years and has relationships across technology, commercial and leadership levels. She said the company’s focus remains on qualifying its product and converting those efforts into commercial business.

Eyewear and Defense Opportunities Beyond smartphones, Enovix is pursuing smart eyewear and defense and drone applications. Rodgers said the company is currently shipping its first smart-eyewear order, a firm order for 50,000 units, including a target to ship 19,000 units during the current quarter.

The company intends to use its AI-1 technology in initial eyewear products and is developing AI-2, which Rodgers said is designed to provide 20% more energy. Naraghi said Enovix’s next commercial objective in eyewear is expanding its customer base after meeting current commitments.

In drones and defense, Rodgers said Enovix has built a $183 million backlog and pipeline, which he said increased 41% in the second quarter of 2026. He said demand is supported by interest in high-energy batteries from U.S. or non-Chinese sources.

Enovix is expanding its Korean manufacturing operation, which Rodgers said is being upgraded from a $40 million operation to a $100 million operation. Senior Vice President of Global Manufacturing Kihong Park said he is overseeing Korea and Malaysia operations with a focus on production scale-up, operating performance and volume execution.

Manufacturing Focus and Cost Discipline Chief Operating Officer Michael Vivona said Enovix’s operational priorities are expanding manufacturing in Korea, improving yield and manufacturability for silicon-anode cells, and ramping the Malaysia site. Vivona said he believes the company’s planned high-volume manufacturing process can support a profitable product because it involves a relatively small number of manufacturing steps.

Management identified laser dicing as a significant throughput constraint at the Malaysia facility. Rodgers said the company’s line is designed for 1,350 units per hour, while its laser process is operating at less than 100 units per hour. Enovix plans to move to mechanical dicing in 2027, with certain process steps expected to enter production around year-end.

Rodgers cautioned that removing the laser constraint would likely reveal additional bottlenecks, calling manufacturing improvement “a journey, not an event.” He said the company expects mechanical dicing to provide more than a doubling of throughput from current levels once the laser bottleneck is alleviated.

The executive chairman also said Enovix will place greater emphasis on spending discipline, project prioritization and cost reduction. He said the company plans to narrow its R&D portfolio, focus on fewer projects and use attrition-based hiring controls while seeking to improve the effectiveness of its research and development organization.

About Enovix (NASDAQ:ENVX) Enovix Corporation (NASDAQ: ENVX) develops and manufactures advanced lithium-ion battery cells with a patented three-dimensional silicon-anode architecture. The company’s core focus is on delivering high energy density, improved safety, and longer cycle life compared to conventional graphite-based cells. Enovix’s technology targets a range of applications, including consumer electronics, wearable devices, electric vehicles and stationary energy storage systems.

Founded in 2011 and headquartered in Fremont, California, Enovix has built pilot production capability and is scaling up manufacturing capacity to meet growing demand.

FREMONT, Calif., Aug. 18, 2026 (GLOBE NEWSWIRE) -- Enovix Corporation ("Enovix" or the "Company," Nasdaq: ENVX), a developer and manufacturer of advanced lithium-ion batteries, today published a summary of its August 17 investor webcast on the Company’s CEO transition, hosted by Executive Chairman T.J. Rodgers, Interim CEO Ryan Benton and the Enovix executive staff. A replay of the webcast is available on the Events page of the Company’s investor relations website: https://ir.enovix.com/news-events/investor-calendar.

Fellow Shareholders:

What Is Changing

Executive Chairman T.J. Rodgers commented, “Raj Talluri resigned as Enovix CEO on Thursday, August 13, to pursue what he described as a dream job. One day later, the Board 1) unanimously accepted his resignation, 2) appointed CFO Ryan Benton as Interim CEO, 3) appointed me as Executive Chairman, and 4) launched a parallel CEO search to evaluate both external and internal candidates. The search will be thorough, with no rushed deadline.”

What Is Not Changing

Rodgers continued, “We will not miss a beat. Our strategy and product roadmap priorities are unchanged: 1) smartphone qualification, 2) ramping our smart eyewear design win, and 3) ramping our defense and drone design wins. Also unchanged: our Q3’26 guidance, our customer programs and qualification schedules, our operating leadership in Malaysia and Korea, and our $552 million balance sheet.”

Strong Bench

Rodgers continued, “In my one-on-one meetings, I was reminded of how strong the Enovix Staff is. That bench is not a reaction; it was the result of a long-term plan:

Ryan Benton, Interim CEO, joined as CFO in April 2025. Earlier, while at Silicon Valley semiconductor company Exar, he was promoted from CFO to CEO under circumstances similar to ours. There he improved operations, drove the stock from $5 to $13 and sold the company with a capital gain for investors.Dr. Michael Vyvoda, COO since July 2026, ran product operations at Apple for more than five years, including ramping the ubiquitous AirPods from new-product introduction to high volume. A U.C. Berkeley PhD in Chemical Engineering, he now owns our manufacturing, supply chain and equipment engineering end-to-end for both of our factories.Samira Naraghi, Chief Business Officer, is a 22-year semiconductor veteran of Qualcomm, Rambus and IDT, who later led partnership efforts at Meta and go-to-market efforts at Amazon Web Services. She helped define and launch our first smartphone-grade battery in close collaboration with our smartphone lead customer, Honor.Jonathan Doan, SVP of R&D, joined Enovix in 2014, and has led R&D on every generation of the battery platform. He is an inventor with 31 patents. He holds a Stanford PhD in Materials Science and a B.S. in Physics from MIT.Ed Casey, VP of Operations, joined in 2026 from ams OSRAM after decades of high-volume manufacturing leadership at Western Digital, Seagate, Komag and Exar, much of it in Southeast Asia. He also leads Advanced Manufacturing Engineering, the team that designed and supports our new production equipment in Malaysia.Kihong “KH” Park, our SVP of Global Manufacturing Operations, joined in 2023 as CEO of Routejade, the South Korean battery manufacturer we acquired, and was promoted in 2026 to run both our Korean and Penang plants. The Routejade battery has been upgraded with a 20% addition of silicon-carbon from our AI-1 technology and has become a source of defense revenue for us.” How Our Battery Is Made, and Why It Took 14 Years

Rodgers walked investors through the construction of the Enovix cell, “Our unit cell is a five-layer stack: a copper-foil anode current collector, our silicon-carbon anode, a polymer separator that electrically isolates the electrodes, a lithium cobalt oxide cathode, and an aluminum-foil cathode current collector. The energy density advantage comes from the anode, which is 2x-3x smaller than the graphite anode used in traditional batteries.

Scanning electron micrograph of the Enovix unit cell cross-section.

“Getting a 100% silicon anode to survive 1,000 charging cycles is the battle we have just won – after 14 years of effort (a very similar timeframe as the original Li-ion project). Silicon swells as it becomes loaded with lithium during charging. Our first etched silicon anodes were silicon wafers which disintegrated in as few as 10 charging cycles. Our second generation silicon-oxide (SiOx) anodes got to 500 cycles with seven more years of work, but also suffered from micro-cracking and the growth of a too-thick (greater than 1 micron) solid-electrolyte-interface (SEI) layer that forms on the anode. Our current silicon-carbon composite particles, combined with an optimized electrolyte, produce a thinner, stable SEI with no particle cracking, and they run for 1,000 cycles. Electrolyte, electrode formulation, materials processing and mechanical design also played key roles. When I joined the Enovix Board 14 years ago, our batteries struggled to achieve a lifetime of just 10 charging cycles. Last quarter, our lead smartphone customer confirmed more than 1,000.”

Three generations of Silicon Li-Ion batteries

Three Markets, Three Definitions of Success

MarketStatusDefinition of SuccessSmartphones(AI-1)

More than 1,000 cycles confirmed by lead customer; final cycle-life testing completes in 2026; qualification samples to a second OEM in Q4’26Complete qualification and production order; qual samples to a second major customerSmart Eyewear (AI-1)First 50,000-unit order shipping now; approximately 19,000 units ship in Q3’26; AI-2 targets a further 20% gain in energy densityDeliver the full orderDrones & Defense (MX-1)$183 million pipeline now, up 41% in Q2’26; 100% TAA compliant; Korean capacity expanding from $40 million to $100 million nowConvert pipeline into design wins and shipments R&D Aligned with Operations

The largest expense in a battery company is R&D. This is the “Moore’s Law” of batteries. To speed the transfer of new products into the factories, the Company’s 147-person R&D engineering organization now reports to COO Michael Vyvoda:

Area of ResponsibilityHeadcountLeaderUnited States (HQ): silicon-anode cell development and performance, certification and safety, advanced materials27Jonathan DoanMalaysia: silicon-anode process integration26Jonathan DoanSouth Korea: blended anode and graphite R&D26Jonathan DoanIndia: lab operations, modeling, advanced materials research34Jonathan DoanAdvanced Mechanical Engineering: equipment design34Ed CaseyTotal R&D engineering147 
Rodgers said, “All R&D teams are unchanged. What changed is that engineering leadership is now aligned directly with manufacturing, from the factory floor to customer delivery.”

My Agenda

Rodgers continued, “In my one-on-one meetings with the executive staff, I made two lists. What I like: 1) 1,000 cycles of life finally achieved, and 2) a strong executive staff that can run the company without a hiccup. What I will improve: 1) our investor reporting, which has been too thin on data, 2) an operating loss rate of about $100 million per year, which must come down as our three markets ramp, 3) re-confirming our smartphone customer relationships in China following the CEO change, 4) speeding up our R&D execution, and 5) maintaining my own active engagement in the details.”

Q3’26 (August 12, 2026) Guidance Reaffirmed

MetricQ3’26NoteRevenue$9.0M - $10.0M+13% to +25% YoYNon-GAAP operating loss (1)$(29.0M) - $(32.0M)As guided August 12Non-GAAP net loss per share (1)$(0.13) - $(0.17)As guided August 12Capital expenditures$8.0M - $12.0MAs guided August 12Cash, cash equivalents and marketable securities, including restricted cash~$552.1MAt end of Q2’26Consecutive quarters of YoY revenue growth5Through Q2’26Consecutive quarters of positive gross profit7Through Q2’26
(1) Non-GAAP operating loss and non-GAAP net loss per share exclude stock-based compensation, amortization of intangible assets and certain other items. See “Non-GAAP Financial Measures” below.

Conclusion

Rodgers concluded, “This is a CEO transition, not a strategy transition. Our Q3’26 guidance stands, our balance sheet shows $552 million in cash, and the teams executing customer programs are unchanged. Last quarter we demonstrated the major achievement of 1,000-cycle life in our AI-class cellphone batteries, shipping our AI-1 eyewear cell against firm customer orders, and adding MX-1 capacity for a defense market that is growing rapidly. The Board will run a careful search for a permanent CEO. Meanwhile, the Company will stay focused on execution: with our customers, in our factories, and against our financial commitments.”

About Enovix

Enovix develops and manufactures advanced lithium-ion batteries, including proprietary silicon-anode architectures for smartphones, smart eyewear, defense, industrial and emerging edge-AI applications. Its proprietary silicon-anode battery architecture enables higher energy density and performance in space-constrained devices while maintaining safety and reliability, supporting commercialization across consumer and industrial markets.

Enovix is headquartered in Silicon Valley with facilities in India, Korea and Malaysia, serving customers globally. For more information visit https://enovix.com and follow us on LinkedIn.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to future events or our future financial or operating performance and are identified by words such as anticipate, believe, could, estimate, expect, intend, may, might, plan, possible, potential, predict, project, should, will, would and similar expressions. Forward-looking statements in this press release include, but are not limited to, statements regarding: the expected timing, benefits and impact of our leadership transition and organizational changes, including our Chief Executive Officer search and the realignment of our R&D organization; our reaffirmed third quarter 2026 financial guidance; the timing, progress and outcome of customer testing and qualification activities, including completion of the remaining smartphone cycle-life testing and sampling of additional smartphone OEMs; the timing and scale of smart eyewear production and shipments; the development and expected performance of AI-2, including targeted improvements in energy density; the growth and conversion of our drone and defense pipeline and the timing and benefits of expanding production capacity in South Korea; our expectations regarding reductions in our operating losses; and our future growth opportunities and our ability to execute on our R&D, commercial and manufacturing ramp and business strategy. These statements are based on the current expectations of our management, are not predictions of actual performance, and actual results may differ materially from the future results, performance or achievements expressed or implied by the forward-looking statements. Risks, uncertainties and assumptions that could cause actual results to differ materially from the results and events anticipated by such forward-looking statements include, but are not limited to: risks related to the timing of the leadership changes and our ability to manage our leadership transition; risks associated with delays or adverse results in customer testing and qualification; challenges in scaling manufacturing capacity and bringing expanded capacity online on schedule; customer concentration and lengthy qualification, purchasing and adoption cycles, particularly in the defense sector; our ability to execute on our business strategy; and the other risks described in the disclosures contained in our filings with the Securities and Exchange Commission ("SEC"), including in the "Risk Factors" and "Management’s Discussion and Analysis of Financial Condition and Results of Operations" sections of our annual report on Form 10-K and quarterly reports on Form 10-Q, and other documents that we have filed, or will file, with the SEC. These documents are available in the SEC Filings section of the Investor Relations page at https://ir.enovix.com and at www.sec.gov. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Accordingly, you should not rely on any of the forward-looking statements. Any forward-looking statements in this press release speak only as of the date on which they are made. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures

This press release references certain financial measures that have not been prepared in accordance with generally accepted accounting principles in the United States ("GAAP"), including non-GAAP operating loss and non-GAAP net loss per share. Enovix believes these non-GAAP financial measures provide useful information to management and investors regarding certain financial and business trends relating to Enovix’s financial condition and results of operations. Non-GAAP financial measures have limitations and should not be considered in isolation or as an alternative to financial measures determined in accordance with GAAP. Reconciliations of historical non-GAAP measures to the most directly comparable GAAP measures are included in the Company’s press release dated August 12, 2026 and its Quarterly Report on Form 10-Q filed with the SEC on that date. We are unable to provide without unreasonable effort a GAAP to non-GAAP reconciliation of projected non-GAAP measures, and we have not provided a quantitative reconciliation in reliance on the unreasonable efforts exception under Item 10(e)(1)(i)(B) of Regulation S-K, due to the inherent difficulty in forecasting the occurrence and financial impact of various adjustments, including changes in fair value of common stock, stock-based compensation and related tax effects, acquisition-related costs and restructuring costs.

For media and investor inquiries, please contact:

Investor Contact:

Monica Gould

[email protected]

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/bd854b6e-f4db-4e35-bdea-669ed09591af

https://www.globenewswire.com/NewsRoom/AttachmentNg/66911597-9228-4bf2-97ad-8da26d4ddd99

Enovix Corporation (ENVX) Shareholder/Analyst Call August 17, 2026 4:00 PM EDT

Company Participants

Thurman Rodgers
Samira Naraghi - Chief Business Officer
Ryan Benton - Chief Financial Officer
Michael Vyvoda - Chief Operating Officer
Kihong Park - Senior Vice President of Global Manufacturing
Ed Casey
Jonathan Doan - Senior Vice President of Research & Development

Conference Call Participants

Monica Gould - The Blueshirt Group, LLC
Mark Shooter - William Blair & Company L.L.C., Research Division
Colin Rusch - Oppenheimer & Co. Inc., Research Division
Ruplu Bhattacharya - BofA Securities, Research Division
Auguste Richard - Northland Capital Markets, Research Division

Presentation

Operator

Thank you for standing by, and welcome to the Enovix Corporate Update Webcast. [Operator Instructions] As a reminder, today's program will be recorded. And now I'd like to introduce your host for today's program, Monica Gould, Investor Relations for Enovix. Please go ahead.

Monica Gould
The Blueshirt Group, LLC

Thank you. Earlier today, Enovix issued a press release announcing the leadership transition. The release, along with an accompanying presentation, can be found on the Investor Relations section of the company's website. Joining us today are T.J. Rodgers, Executive Chairman; Ryan Benton, Interim CEO; Michael Vyvoda, COO; Samira Naraghi, Chief Business Officer; and Jon Doan, SVP of R&D. They will provide prepared remarks, and then we will open the call for questions.

Joining us for the Q&A session will also be Ed Casey, SVP of Operations; and K.H. Park, SVP of Global Manufacturing.

Before we begin, please note that certain statements made today may be forward-looking and are subject to risks and uncertainties described in our SEC filings. For a discussion of these risks, please refer to the disclosures in today's press release in our filings with the Securities and Exchange Commission. All statements made on this call are as of today, August 17, 2026, and we undertake no obligation to update them, except as required by

Enovix Corp. (NASDAQ:ENVX) shares are trading lower Monday morning after the company announced a major executive transition alongside operational updates.

Enovix stock is taking a hit today. Why are ENVX shares down?
CEO Raj Talluri Steps DownCEO Raj Talluri resigned to pursue another opportunity. In response, the Board appointed Chairman T.J. Rodgers as Executive Chairman and CFO Ryan Benton as Interim CEO while initiating a search for a permanent successor.

Management emphasized that the leadership change reflects a CEO transition rather than a strategy shift. Customer programs, execution teams and operational timelines remain unchanged.

Enovix meanwhile reaffirmed its third-quarter 2026 financial guidance. Operational priorities focus on final qualification for smartphone programs, scaling AI-1 smart eyewear production and expanding capacity for defense and drone applications, which generated 65% of second-quarter revenue.

Battery Innovation Drives MomentumThe announcement also highlights technical breakthroughs with the company’s 100% silicon-anode battery technology. Enovix successfully demonstrated a 1,000-cycle life on its AI-class smartphone batteries, marking a milestone over competitors that hover around 32% silicon anode content.

To streamline execution, COO Michael Vyvoda will take end-to-end control of manufacturing, supply chain and engineering facilities in Malaysia and Korea. The 80-person R&D team will also report to Vyvoda to accelerate product transitions to commercial manufacturing.

ENVX Shares Slide Monday MorningENVX Price Action: Enovix shares were down 15.72% at $3.69 at the time of publication on Monday. The stock is trading near its 52-week low of $3.67, according to Benzinga Pro data.

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Enovix Corporation (ENVX - Free Report) came out with a quarterly loss of $0.13 per share versus the Zacks Consensus Estimate of a loss of $0.14. This compares to a loss of $0.13 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +7.14%. A quarter ago, it was expected that this company would post a loss of $0.15 per share when it actually produced a loss of $0.14, delivering a surprise of +6.67%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

Enovix Corporation, which belongs to the Zacks Electronics - Miscellaneous Products industry, posted revenues of $9.02 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 6.89%. This compares to year-ago revenues of $7.47 million. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Enovix Corporation shares have lost about 33.9% since the beginning of the year versus the S&P 500's gain of 12.9%.

What's Next for Enovix Corporation?While Enovix Corporation has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Enovix Corporation was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is -$0.15 on $10.38 million in revenues for the coming quarter and -$0.57 on $41.11 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Electronics - Miscellaneous Products is currently in the top 20% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, Beam Global (BEEM - Free Report) , has yet to report results for the quarter ended June 2026.

This company is expected to post quarterly loss of $0.17 per share in its upcoming report, which represents a year-over-year change of +39.3%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Beam Global's revenues are expected to be $8 million, up 13.2% from the year-ago quarter.

Second Quarter Revenue of $9.0 Million, Up 21% Year-over-Year, at High End of Guidance; First Half 2026 Revenue of $16.6 Million, Up 32% Year-over-Year Lead Smartphone Customer Confirms Passing More than 1,000 Cycles under the 0.2C Discharge Cycle Test 1 ; Final Accelerated Cycle-Life Test for Smartphone Qualification Underway, with Completion Expected in 2026

July 22, 2026 16:30 ET  | Source: Enovix Corporation

FREMONT, Calif., July 22, 2026 (GLOBE NEWSWIRE) -- Enovix Corporation (Nasdaq: ENVX) (“Enovix”), a developer and manufacturer of advanced lithium-ion batteries, including proprietary silicon-anode architectures, today announced it will report financial results for the second quarter of 2026 on Wednesday, August 12, 2026, after the close of the market.

Enovix will hold a live audio-only call at 2:00 PM PT / 5:00 PM ET on August 12, 2026, to discuss the company’s recent business updates, commercialization progress, operational milestones, and financial results. To join the call, participants must use the following link to register: https://enovix-q2-2026.open-exchange.net/ This link will also be available via the Investor Relations section of Enovix’s website at https://ir.enovix.com. Investors may submit questions on the registration page that they would like addressed on the call by Enovix management.

About Enovix

Enovix develops and manufactures advanced lithium-ion batteries, including proprietary silicon-anode architectures for smartphones, smart eyewear, defense, industrial and emerging edge-AI applications. Its silicon-anode architecture enables higher energy density and performance in space-constrained devices while maintaining safety and reliability, supporting commercialization across consumer and industrial markets.

Enovix is headquartered in Silicon Valley with facilities in India, South Korea and Malaysia, serving customers globally. For more information visit https://enovix.com and follow us on LinkedIn.

Investor Contact:
Monica Gould
[email protected]
212-871-3927

Enovix shares are powering higher. Why is ENVX stock surging? The AppointmentVyvoda joins Enovix from Magrathea Metals, where he served as COO, and brings more than 25 years of operations and manufacturing leadership experience. Most notably, he spent more than five years at Apple as Director of Product Operations for Audio Products, where he helped scale AirPods manufacturing from new product introduction to high-volume production across multiple Asian manufacturing sites. He holds a Ph.D. in Chemical Engineering from UC Berkeley.

“Michael brings exactly the kind of broad, cross-functional operating leadership Enovix needs at this stage,” said Dr. Raj Talluri, President and CEO. “With Michael, KH, Ed and James, Enovix now has a deeply experienced, fully integrated operations leadership team.”

ENVX Price Action: At the time of publication, Enovix shares are trading 12.20% higher at $5.75, according to data from Benzinga Pro.

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Bank of America has initiated coverage of battery maker Enovix Corporation (NASDAQ: ENVX) with a Neutral rating and a $6 price target, highlighting both the company’s technological promise and near-term execution risks.

Enovix is developing next-generation lithium-ion batteries with a 100% silicon-anode design, targeting high-energy applications in smartphones, smart eyewear, and defense equipment. Its batteries, featuring the AI-1 smartphone platform, offer energy densities of over 900 Wh/L and advanced safety features such as the BrakeFlow intra-cell safety network, which localizes internal shorts, a common failure mode in high-energy-density batteries.

“Enovix is demonstrating technical milestones across multiple segments, but early manufacturing hurdles and long smartphone qualification periods limit near-term visibility,” Bank of America analysts wrote.

The firm noted that while the total addressable market is large and the company’s technology could offer a two-year lead over competitors, gross margins are expected to remain negative through late 2026 or early 2027. Operating and EBITDA margins, as well as cash flow, are also likely to stay in the red for several years as Enovix invests in scaling production.

Analysts cited potential upside from faster-than-expected product qualification or expansion into adjacent markets, while risks include further testing delays and design adjustments.

Enovix is currently navigating its first major commercialization cycle with production spread across Malaysian and Korean facilities, aiming for eventual high-volume smartphone output.

Texas Pacific Land (NYSE: TPL - Get Free Report) and Enovix (NASDAQ: ENVX - Get Free Report) are both energy companies, but which is the better investment? We will compare the two companies based on the strength of their earnings, institutional ownership, analyst recommendations, risk, valuation, dividends and profitability. Insider and Institutional Ownership 59.9% of Texas Pacific

Posted by Defense World Staff on Mar 29th, 2026

Enovix (NASDAQ:ENVX – Get Free Report) and Kolibri Global Energy (NASDAQ:KGEI – Get Free Report) are both small-cap energy companies, but which is the superior business? We will compare the two companies based on the strength of their analyst recommendations, profitability, valuation, institutional ownership, earnings, dividends and risk.

Valuation and Earnings This table compares Enovix and Kolibri Global Energy”s top-line revenue, earnings per share (EPS) and valuation.

Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Enovix $31.82 million 35.70 -$156.74 million ($0.77) -6.79 Kolibri Global Energy $57.42 million 3.63 $15.48 million $0.43 13.67 Kolibri Global Energy has higher revenue and earnings than Enovix. Enovix is trading at a lower price-to-earnings ratio than Kolibri Global Energy, indicating that it is currently the more affordable of the two stocks.

Insider & Institutional Ownership 50.9% of Enovix shares are owned by institutional investors. Comparatively, 27.3% of Kolibri Global Energy shares are owned by institutional investors. 14.1% of Enovix shares are owned by company insiders. Strong institutional ownership is an indication that large money managers, endowments and hedge funds believe a stock is poised for long-term growth.

Profitability This table compares Enovix and Kolibri Global Energy’s net margins, return on equity and return on assets.

Net Margins Return on Equity Return on Assets Enovix -492.57% -64.29% -23.65% Kolibri Global Energy 26.95% 8.00% 5.84% Risk & Volatility Enovix has a beta of 2.15, indicating that its stock price is 115% more volatile than the S&P 500. Comparatively, Kolibri Global Energy has a beta of 0.16, indicating that its stock price is 84% less volatile than the S&P 500.

Analyst Recommendations This is a summary of recent ratings and price targets for Enovix and Kolibri Global Energy, as provided by MarketBeat.

Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Enovix 1 4 6 0 2.45 Kolibri Global Energy 0 2 0 0 2.00 Enovix currently has a consensus price target of $13.46, indicating a potential upside of 157.33%. Given Enovix’s stronger consensus rating and higher possible upside, research analysts clearly believe Enovix is more favorable than Kolibri Global Energy.

About Enovix (Get Free Report)

Enovix Corporation designs develops and manufactures silicon-anode lithium-ion batteries. It serves wearables and IoT, smartphone, laptops and tablets, industrial and medical, and electric vehicles industries. The company was founded in 2007 and is headquartered in Fremont, California.

About Kolibri Global Energy (Get Free Report)

Kolibri Global Energy Inc. engages in the finding and exploiting oil, gas, and clean and sustainable energy in the United States. It sells crude oil, natural gas, and natural gas liquids. The company was formerly known as BNK Petroleum Inc. and changed its name to Kolibri Global Energy Inc. in November 2020. Kolibri Global Energy Inc. was incorporated in 2008 and is headquartered in Thousand Oaks, California.

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Posted by Defense World Staff on Apr 7th, 2026

Enovix Corporation (NASDAQ:ENVX – Get Free Report) was the target of some unusual options trading on Monday. Traders purchased 30,183 call options on the company. This represents an increase of 92% compared to the average daily volume of 15,722 call options.

Analyst Upgrades and Downgrades ENVX has been the subject of several analyst reports. Canaccord Genuity Group lowered their price objective on Enovix from $21.00 to $15.00 and set a “buy” rating for the company in a research report on Thursday, February 26th. B. Riley Financial lowered their price objective on Enovix from $17.00 to $10.00 and set a “buy” rating for the company in a research report on Monday, March 2nd. Oppenheimer reiterated an “outperform” rating on shares of Enovix in a research report on Thursday, February 26th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Enovix in a research report on Monday, December 29th. Finally, Wells Fargo & Company set a $6.00 price objective on Enovix in a research report on Thursday, March 12th. Six equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $13.46.

Get Our Latest Stock Analysis on Enovix

Institutional Inflows and Outflows Several hedge funds and other institutional investors have recently modified their holdings of the company. Caitong International Asset Management Co. Ltd purchased a new position in shares of Enovix during the fourth quarter worth $30,000. Virtu Financial LLC purchased a new position in shares of Enovix during the fourth quarter worth $848,000. Invesco Ltd. boosted its position in shares of Enovix by 65.6% during the fourth quarter. Invesco Ltd. now owns 1,487,425 shares of the company’s stock worth $10,873,000 after buying an additional 589,271 shares during the period. Mackenzie Financial Corp purchased a new position in shares of Enovix during the fourth quarter worth $77,000. Finally, NewEdge Advisors LLC boosted its position in shares of Enovix by 8.2% during the fourth quarter. NewEdge Advisors LLC now owns 39,607 shares of the company’s stock worth $290,000 after buying an additional 3,012 shares during the period. 50.92% of the stock is currently owned by hedge funds and other institutional investors.

Enovix Trading Up 13.6% Shares of Enovix stock opened at $5.75 on Tuesday. The firm has a market capitalization of $1.25 billion, a price-to-earnings ratio of -7.47 and a beta of 2.16. Enovix has a fifty-two week low of $4.61 and a fifty-two week high of $16.49. The company has a debt-to-equity ratio of 1.90, a quick ratio of 8.13 and a current ratio of 8.34. The stock has a 50 day moving average of $5.64 and a 200 day moving average of $8.04.

Enovix Company Profile (Get Free Report)

Enovix Corporation (NASDAQ: ENVX) develops and manufactures advanced lithium-ion battery cells with a patented three-dimensional silicon-anode architecture. The company’s core focus is on delivering high energy density, improved safety, and longer cycle life compared to conventional graphite-based cells. Enovix’s technology targets a range of applications, including consumer electronics, wearable devices, electric vehicles and stationary energy storage systems.

Founded in 2011 and headquartered in Fremont, California, Enovix has built pilot production capability and is scaling up manufacturing capacity to meet growing demand.

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April 27, 2026 16:15 ET  | Source: Enovix Corporation

FREMONT, Calif., April 27, 2026 (GLOBE NEWSWIRE) -- Enovix Corporation (Nasdaq: ENVX) (“Company” or “Enovix”), a developer and manufacturer of advanced lithium-ion batteries, including proprietary silicon-anode architectures, today announced it will report financial results for the first quarter on Wednesday, May 13, 2026, after the close of the market.

Enovix will hold a live video call at 2:00 PM PT / 5:00 PM ET on May 13, 2026, to discuss the company’s recent business updates, commercialization progress, operational milestones, and financial results. To join the call, participants must use the following link to register: https://enovix-q1-2026.open-exchange.net/ This link will also be available via the Investor Relations section of Enovix’s website at https://ir.enovix.com. Investors may submit questions on the registration page that they would like addressed on the call by Enovix management.

About Enovix

Enovix develops and manufactures advanced lithium-ion batteries, including proprietary silicon-anode architectures for smartphones, smart eyewear, defense, industrial and emerging edge-AI applications. Its proprietary silicon-anode battery architecture enables higher energy density and performance in space-constrained devices while maintaining safety and reliability, supporting commercialization across consumer and industrial markets.

Enovix is headquartered in Silicon Valley with facilities in India, Korea and Malaysia, servicing customers globally. For more information visit https://enovix.com and follow us on LinkedIn.

Investor Contact:
Robert Lahey
[email protected]

Chief Financial Officer:
Ryan Benton
[email protected]

Enovix Begins Commercial Production of Silicon-Anode Smart Eyewear Battery 
Enovix Advances Toward Smartphone Qualification Completion

FREMONT, Calif., May 13, 2026 (GLOBE NEWSWIRE) -- Enovix Corporation (Nasdaq: ENVX) (“Enovix”), a developer and manufacturer of advanced lithium-ion batteries, including proprietary silicon-anode architectures, today reported financial results for the first quarter of 2026. The Company will host a live webcast at 5:00 PM ET / 2:00 PM PT to discuss the results and provide a business update. To register for the webcast, please visit: https://enovix-q1-2026.open-exchange.net/.

Commercialization Progress
“Smartphones remain our priority as we advance toward completing qualification with our lead customer and prepare for commercial production for the most demanding market in consumer electronics,” said Dr. Raj Talluri, President and CEO of Enovix. “We aligned with our lead smartphone customer on a silicon-specific qualification framework — a significant step forward in completing this process. Our second smartphone OEM customer has also acknowledged that the legacy 0.7C cycle-life test is not appropriate for silicon batteries. We are discussing a replacement qualification framework expected to be consistent with the one adopted by our lead customer. We believe this addresses the primary structural barrier to qualification of our 100% silicon anode batteries and reinforces the broader applicability across the smartphone market. Based upon results to date, we continue to see encouraging performance trends across energy density, fast charge, and safety metrics, while cycle-life testing under these enhanced protocols remains ongoing. We recognize this qualification process has taken longer than we originally anticipated — these updated frameworks represent the clearest path to completing it. Beyond smartphones, our defense business continues to generate strong commercial momentum. In addition, our smart eyewear battery is entering early production.”

Cycle-life testing is now progressing under these updated evaluation frameworks, with results approaching performance thresholds. These frameworks extend testing duration while providing improved visibility into real-world performance across multiple operating conditions. Final qualification timing will depend on completion of testing and customer validation processes. These updated protocols increase testing rigor and duration rather than reduce qualification requirements. The Company is also continuously advancing its core battery platform, expected to deliver further cycle-life improvements and represent additional product qualification pathways. This supports our expectation for a targeted system-level deployment in the second half of 2026 with a lead smartphone OEM to confirm in-field performance ahead of broader commercial introduction. Simultaneously, we are in collaboration with our lead customer on the battery form factor for next year’s product launch.

Customer engagement continues to expand across AI-powered applications requiring high energy density in compact form factors. In smart eyewear, Enovix has begun initial shipments and expects to ramp manufacturing in the third quarter to support a leading smart eyewear reference platform. We expect to produce approximately 50,000 units in 2026 and increase into 2027 as downstream deployments expand. We believe this represents an important initial validation that our 100% silicon-anode architecture can be manufactured at commercial scale.

In parallel, Enovix sees growing demand across drone, defense, and industrial applications, securing new customer design wins during Q1 2026 in each of these markets with deployments expected in 2027. The Company’s global pipeline for products manufactured in Korea now exceeds $130 million, with the majority driven by rapidly expanding drone applications, where demand for high-performance battery solutions continues to outpace available supply and creates opportunity for an additional scaled, high-performance supplier. We believe Enovix is positioned to emerge as that differentiated supplier in this rapidly expanding market.

MX-1™ Drone Product Launch
To further support growth in these markets, Enovix is launching MX-1 — short for Mission Execution — a platform designed for applications requiring rugged design, rapid discharge, and high gravimetric energy density. MX-1 is the Company's first silicon-enhanced product line, developed by its integrated R&D and operations teams, and manufactured in our South Korea factory. MX-1 builds on a proven graphite-anode architecture, already deployed with leading South Korean defense contractors. The first MX-1 platform product — MX1-B01 drone cell — with 360 Wh/kg energy density and extended cycle life, positioning Enovix competitively with leading high-performance battery suppliers. Looking ahead, our next generation product is targeted for 2027 with a goal of reaching 400 Wh/kg.

Technology Progress
Enovix produced its first AI-2 engineering samples this quarter, a next-generation smart eyewear battery expected to deliver more than 20% higher volumetric energy density than AI-1. AI-2 leverages the EX-3M technology node, which reduces separator and current collector thickness, improves packaging efficiency, and increases cathode voltage. Customer sampling is planned for later in the second quarter of 2026. The same EX-3M innovations are also expected to support a step-function in performance gains for Enovix's future smartphone batteries.

Manufacturing Readiness Progress
Enovix continued to improve execution across Fab2 production zones. Zone 1 dicing — a key throughput driver — delivering step-level yield of approximately 80% in Q1, demonstrating continued progress in throughput and yield. To further improve throughput at the dicing stage, the Company is implementing a hybrid dicing configuration strategy combining laser and mechanical dicing. This approach allows Enovix to apply the most effective technique at each step and is expected to increase production rates and support early commercial demand as qualification progresses.

Leadership
As previously announced, Enovix recently appointed Steve Bakos as Senior Vice President of Worldwide Sales to help drive its next phase of commercial expansion. Bakos brings more than 35 years of global semiconductor sales leadership, most recently serving as Vice President of Corporate Account Sales at Infineon Technologies. Earlier in his career, he held senior sales, distribution and marketing leadership roles at Linear Technology, Intersil, and Exar. His appointment reflects expanding market opportunities and Enovix’s commitment to building the commercial infrastructure needed for scaled revenue growth.

First Quarter 2026 Financial Results
(in millions, except percentages)

First quarter 2026 revenue of $7.6 million exceeded the high end of the Company’s guidance range and increased 49% year-over-year, primarily reflecting continued strength in defense and industrial shipments. Cells manufactured through Enovix’s South Korea operations continue deployment across defense applications, including aerial drones, subsea systems and munitions platforms, while next-generation silicon-anode developments position Enovix to support future higher-performance applications. Operational experience from these programs continues to inform manufacturing improvements as Enovix prepares for commercial-scale battery production. Revenue growth this quarter reflects increasing traction in markets capable of supporting broader scale over time.GAAP gross profit was $1.6 million and non-GAAP gross profit was $2.0 million in 1Q26. Non-GAAP gross margin improved to 26.3%, reflecting improved production volumes and continued progress in manufacturing execution, marking the sixth consecutive quarter of positive gross profit on both a GAAP and non-GAAP basis. This marks a continued progression toward economically scalable production.Net cash used in operating activities of $33.1 million in 1Q26, compared to an outflow of $16.9 million in 1Q25. Free cash flow was an outflow of $36.3 million in 1Q26, compared to an outflow of $23.2 million in 1Q25 primarily reflecting changes in working capital, the timing of capital expenditures, continued investment in manufacturing scale-up, and higher interest expense associated with the semi-annual interest payment of the Company’s convertible notes issued in the third quarter of 2025.Cash, cash equivalents and marketable securities totaled approximately $582.7 million at quarter-end, providing liquidity to support qualification completion and commercialization scale-up. Enovix continues to prioritize disciplined capital allocation as it advances manufacturing scale-up and commercialization, while maintaining flexibility to pursue select strategic opportunities. No shares were repurchased during the quarter under the Company’s previously authorized share repurchase program. The Company continues evaluating disciplined capital deployment alternatives under its existing authorization. First Quarter 2026 Financial Summary
(unaudited, in millions, except per share data and percentages)  GAAP Non-GAAP  Q1 2026 Q1 2025 YoYΔ Q1 2026 Q1 2025 YoYΔRevenue $7.6 $5.1 $2.5 $7.6 $5.1 $2.5Gross profit $1.6 $0.3 $1.3 $2.0 $0.4 $1.6Gross margin 20.4% 5.1% 15pts 26.3% 7.5% 19pts             Operating expenses $45.4 $42.8 $2.6 $30.8 $28.3 ($2.5)Loss from operations ($43.9) ($42.6) ($1.3) ($28.8) ($28.0) ($0.8)             Change in operating assets and liabilities ($9.2) $1.5 ($10.7) ($9.2) $1.5 ($10.7)Net cash used in operating activities ($33.1) ($16.9) ($16.2) ($33.1) ($16.9) ($16.2)Free cash flow N/A N/A N/A ($36.3) ($23.2) ($13.1)Adjusted EBITDA N/A N/A N/A ($20.3) ($20.8) $0.5             Net loss per share, basic(1) ($0.18) ($0.12) ($0.06) ($0.14) ($0.13) ($0.01)Weighted average shares, basic(2) 217.4 203.3 14.1 217.4 203.3 14.1Net loss per share, diluted(1) ($0.18) ($0.12) ($0.06) ($0.14) ($0.13) ($0.01)Weighted average shares, diluted(2) 217.4 203.3 14.1 217.4 203.3 14.1(1) Net loss per share attributable to Enovix (2) Weighted average shares attributable to Enovix
Chairman’s First Quarter 2026 Summary

Every quarter just prior to the board meeting, I attend a six-hour meeting directly with Enovix “techies” to get updated on R&D and our new Malaysian factory, so that I can write a relevant report addressing investor feedback and concerns.

The Enovix battery is the single most difficult project I’ve ever worked on, beginning in 2012 when I joined Enovix as an investor and board member. In those private-company days, the “board meetings” were mostly used to review the latest experiments. The original Enovix founders recruited me to invest partly because my PhD thesis was about using hydrazine (literally rocket fuel), which etches silicon strictly along crystal planes, to create nearly perfect grooves in silicon wafers on which I made transistors and simple Integrated Circuit (IC) chips at the Stanford IC laboratory, a world-class center of excellence on “Moore’s Law.” Enovix had used the same technique to make lithium-ion batteries inside grooves in silicon wafers. I agreed to join Enovix with the logic of “how hard could it be to make a battery with five-micron geometries inside the grooves in a silicon wafer where I had already made sub-micron transistors?” The answer is 14 years hard and counting.

The lithium atom is 0.15 nanometers in diameter, or 3,700 times smaller than a wavelength of green light. It is arguably the sharpest knife in the world, which easily slices between the layers of silicon atoms in a wafer, turning a once-sturdy crystal into “mush” after just 10 battery charge-discharge cycles. We never got the battery-in-silicon to work. When the founders of Enovix were down to their last $200,000 of venture money, they postulated that they could stack normal battery materials, the anode layer (silicon on copper foil) and cathode layer (cobalt oxide on aluminum foil) to create the same effective structure as they had on silicon wafers. I literally advised, “Do your last silicon wafer experiment and die like men,” but they were right and made the new structure work on the first try, convincing investors, including me, to continue to support them. Today, we routinely achieve a 500-cycle life, same as the 500-cycle standard in place for years, but not yet the 800-cycle level needed for today’s smart phones.

Last quarter I reported that we had passed 70 of the 75 battery specifications of our most demanding smart phone customer. Today the score card stands at 72 of 75, with two life cycle tests and one below-freezing power test in front of us. I also reported that of the manufacturing steps in our new automatic manufacturing line, all but one yielded above 80%. Today, all but two steps yield above 90% with the other two at approximately 80% and 88%. I now believe our new battery line is going to work with good yield, but I warn that, as in Moore’s Law for silicon, bringing on an all-new manufacturing line is a two-year journey that we are only halfway through. Today, despite making thousands of batteries, the line does not run fast enough due to the slow speed of laser cutting the hard cobalt oxide cathode. We have decided not to buy the additional (approximately $1 million each) lasers required to achieve 1,350 uph, based on economics. Meanwhile, we have been working for over a year on standard die cutting technology to replace laser cutting, and are now able to make thousands of batteries per quarter while we work on line speed.

My focus is now back on R&D – getting the battery cycle life up to 800 cycles. Meanwhile, we are sampling production-worthy batteries for smart eyewear, a market in which we continue to have a leading product that does meet the required specs. The good news is that our smart eyewear batteries use 12 times less raw material than a cellphone battery, and thus run faster with higher yield through our line. We have already shipped smart eyewear sample batteries to 15 customers and expect to ship 50,000 samples and prototypes in 2026.

After 14 years, it would be foolish to project quick success, but we are without a doubt moving consistently in the right direction.

Financial Outlook
(unaudited, in millions, except per share data)

  Q2 2026 Guidance(1) Q2 2025 Results Q1 2026 ResultsRevenue $8.0 – 9.0 $7.5 $7.6Non-GAAP loss from operations (2) ($29.0 –32.0) ($26.5) ($28.8)Non-GAAP net loss per share (2),(3) ($0.13 – 0.17) ($0.13) ($0.14)Capital expenditures (4) $9.0 – 13.0 $8.0 $3.2(1) Our outlook does not include provisions for proposed tax law changes or for the recently enacted tax reform legislation, future asset impairments or for pending legal matters, other than future legal amounts that are probable and estimable. Further, due to their nature, certain income and expense items, such as certain investments, derivative and foreign currency transaction gains or losses, cannot be accurately forecast. Accordingly, we only include such items in our financial outlook to the extent they are reasonably certain. Actual results may differ materially from the outlook; (2) See Appendix for definitions and reconciliations of non-GAAP Gross Profit (Loss), non-GAAP Gross Margin, non-GAAP Operating Loss, Adjusted EBITDA, and non-GAAP Net Loss Per Share Attributable to Enovix to their nearest comparable GAAP metrics; (3) non-GAAP Net Loss represents non-GAAP Net Loss Per Share Attributable to Enovix; (4) Capital Expenditures reflects cash paid for property, equipment, and manufacturing assets and is a component of our free cash flow calculation. It excludes depreciation, accretion, amortization, and other non-cash investing items. It excludes one-time cash outflows related to business acquisitions.
About Enovix

Enovix develops and manufactures advanced lithium-ion batteries, including proprietary silicon-anode architectures for smartphones, smart eyewear, defense, industrial and emerging edge-AI applications. Its proprietary silicon-anode battery architecture enables higher energy density and performance in space-constrained devices while maintaining safety and reliability, supporting commercialization across consumer and industrial markets.

Enovix is headquartered in Silicon Valley with facilities in India, Korea and Malaysia, servicing customers globally. For more information visit https://enovix.com and follow us on LinkedIn.

Non-GAAP Financial Measures

This press release includes the use of non-GAAP financial measures, which are intended to provide supplemental information regarding our performance. These non-GAAP measures include non-GAAP cost of revenue, non-GAAP gross profit (loss), non-GAAP gross margin, non-GAAP research and development expense, non-GAAP selling, general and administrative expense, non-GAAP operating expenses, non-GAAP income (loss) from operations, EBITDA, adjusted EBITDA, non-GAAP net loss attributable to Enovix shareholders, non-GAAP earnings (loss) per share, free cash flow, and other non-GAAP measures that are included in this press release.

We use these non-GAAP measures to supplement our financial reporting and to evaluate ongoing operations and results, facilitate internal planning and forecasting, and assess performance against prior periods, industry peers, and the broader market. These non-GAAP measures are not prepared in accordance with generally accepted accounting principles (GAAP) and should not be considered as an alternative to GAAP results. Industry peers and other companies may calculate similar non-GAAP measures differently. Non-GAAP financial measures have limitations, including but not limited to, that they exclude certain expenses that are required under GAAP, which adjustments reflect the exercise of judgment by management. We believe that these non-GAAP measures, when considered together with the GAAP results, provide investors with an additional understanding of our operating performance. Reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure can be found in the tables at the end of this press release.

While Enovix provides second quarter 2026 guidance for non-GAAP loss from operations, non-GAAP net loss per share and capital expenditures, we are unable to provide without unreasonable effort a GAAP to non-GAAP reconciliation of these projected non-GAAP measures, and we have not provided a quantitative reconciliation in reliance on the unreasonable efforts exception under Item 10(e)(1)(i)(B) of Regulation S-K. Such reconciliation to the corresponding GAAP financial measure cannot be provided without unreasonable effort because of the inherent difficulty in accurately forecasting the occurrence and financial impact of the various adjustments that have not yet occurred, are out of our control, or cannot be reasonably predicted, including but not limited to change in fair value of common stock, stock-based compensation and related tax effects, legal costs related to shareholder lawsuit, gain on bargain purchase of assets, acquisition-related costs, and restructuring costs. As a result, we are unable to assess the probable significance of the unavailable information, which could have a material impact on our future GAAP financial results.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to future events or our future financial or operating performance and are identified by words such as anticipate, believe, could, estimate, expect, intend, may, might, plan, possible, potential, predict, project, should, will, would and similar expressions.

Forward-looking statements in this press release include, but are not limited to, statements regarding: our future operating results, financial position, growth opportunities and guidance; expected performance, capabilities and advantages of our battery products, including projected improvements in energy density, cycle life, future product development and technology roadmap; the status, timing and scale of our launch of various customer programs in 2026 and beyond; our expectations regarding alignment and timing, results and impact of customer testing and qualification requirements; our ability to meet required performance thresholds and progress toward commercial deployment; our ability to build, scale and optimize manufacturing lines for our advanced silicon-anode lithium-ion batteries, including improvements in yield, throughput, dicing processes, performance, cost efficiency and overall production economics; our ability to execute on our commercialization strategy and transition to high-volume production, including the timing of sampling, product launches, production ramps and system-level deployment; estimates relating to total addressable markets, customer demand and the suitability of our batteries for next-generation applications, including smartphones, smart eyewear, IoT, defense and industrial markets; our ability to maintain technological and performance advantages over competing battery technologies and architectures; our expectations regarding our AI and MX platforms and the demand for greater energy density in our intended markets, the suitability of our batteries to address this demand, and the impact of artificial intelligence (AI) on the foregoing; our ability to align with, retain and expand relationships with top-tier OEMs and other customers, grow our customer pipeline, convert commercial opportunities into revenue and achieve scaled revenue growth; the sufficiency of our capital resources and our expectations regarding the benefits and use of our current balances of cash, cash equivalents and marketable securities; and our ability to raise additional capital through equity, debt or other financing arrangements to support operations, growth initiatives and capital expenditures.

It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Accordingly, you should not rely on any of the forward-looking statements. For additional information on these risks and uncertainties and other potential factors that could cause actual results to differ from the results predicted, please refer to our filings with the Securities and Exchange Commission (“SEC”), including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our annual report on Form 10-K and quarterly reports on Form 10-Q and other documents that we have filed, or will file, with the SEC. These documents are available in the SEC Filings section of the Investor Relations page at https://ir.enovix.com and at www.sec.gov.

Any forward-looking statements in this press release speak only as of the date on which they are made. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

For media and investor inquiries, please contact:

ENOVIX CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited,in thousands, except share and par value amounts)  As of April 5,
2026 As of December 28,
2025Assets    Current assets:    Cash and cash equivalents $88,751  $106,014 Short-term investments  439,985   406,026 Accounts receivable, net  3,943   4,421 Notes receivable, net  —   4,012 Inventory  16,451   13,617 Prepaid expenses and other current assets  9,366   8,120 Total current assets  558,496   542,210 Property and equipment, net  164,952   170,263 Long-term investments  52,104   106,810 Customer relationship intangibles and other intangibles, net  30,357   31,638 Operating lease, right-of-use assets  11,613   11,682 Goodwill  12,217   12,217 Other assets, non-current  4,154   4,155 Total assets $833,893  $878,975 Liabilities and Equity    Current liabilities:    Accounts payable $14,938  $17,818 Accrued expenses  8,761   13,992 Accrued compensation  7,631   6,219 Short-term debt  9,436   9,865 Deferred revenue  4,279   5,015 Warrant liability  181   6,578 Other liabilities  5,668   5,529 Total current liabilities  50,894   65,016 Long-term debt, net  520,160   519,271 Operating lease liabilities, non-current  10,906   11,244 Deferred revenue, non-current  300   300 Deferred tax liability  8,889   9,119 Other liabilities, non-current  14   14 Total liabilities  591,163   604,964 Stockholders’ equity:    Common stock, $0.0001 par value; authorized shares of 1,000,000,000; issued and outstanding shares of 217,698,339 and 216,556,238 as of April 5, 2026 and December 28, 2025, respectively  22   22 Additional paid-in-capital  1,316,363   1,307,912 Treasury stock, at cost  (58,385)  (58,385)Accumulated other comprehensive loss  (1,241)  (508)Accumulated deficit  (1,016,087)  (977,827)Total Enovix's stockholders’ equity  240,672   271,214 Non-controlling interest  2,058   2,797 Total equity  242,730   274,011 Total liabilities and equity $833,893  $878,975  ENOVIX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited,in thousands, except share and per share amounts)

  Fiscal Quarters Ended  April 5, 2026 March 30, 2025Revenue $7,600  $5,098 Cost of revenue  6,048   4,837 Gross profit  1,552   261 Operating expenses:    Research and development  26,528   25,929 Selling, general and administrative  18,919   16,892 Total operating expenses  45,447   42,821 Loss from operations  (43,895)  (42,560)Other income (expense):    Change in fair value of common stock warrants  6,397   15,796 Interest income  5,776   2,434 Interest expense  (7,008)  (1,716)Other income, net  343   2,353 Total other income (expense), net  5,508   18,867 Loss before income tax benefit  (38,387)  (23,693)Income tax benefit  (129)  (162)Net loss  (38,258)  (23,531)Net gain (loss) attributable to non-controlling interest  2   (21)Net loss attributable to Enovix $(38,260) $(23,510)     Net loss per share attributable to Enovix shareholders, basic and diluted (1) $(0.18) $(0.12)Weighted average number of common shares outstanding, basic and diluted (1)  217,371,926   203,328,890 ___________________________
(1) As required by ASC 260, Earnings Per Share, the share and per share amounts presented in the above table for the fiscal quarter ended March 30, 2025 have been retroactively adjusted to reflect the warrant dividend issued in July 2025. ENOVIX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited,In thousands)  Fiscal Quarters Ended  April 5, 2026 March 30, 2025Cash flows used in operating activities:    Net loss $(38,258) $(23,531)Adjustments to reconcile net loss to net cash used in operating activities    Depreciation, accretion and amortization  9,370   8,448 Stock-based compensation expense  11,765   12,014 Change in fair value of common stock warrants  (6,397)  (15,796)Others  (386)  479 Changes in operating assets and liabilities:    Accounts and notes receivables  4,359   430 Inventory  (2,834)  (2,826)Prepaid expenses and other assets  (1,252)  2,440 Accounts payable  (3,600)  4,420 Accrued expenses and compensation  (4,058)  (4,167)Deferred revenue  (736)  (457)Deferred tax liability  (241)  (33)Other liabilities  (804)  1,672 Net cash used in operating activities  (33,072)  (16,907)Cash flows from investing activities:    Purchase of property and equipment  (3,220)  (6,272)Payment for business acquisition  —   (16)Purchases of investments  (103,458)  (58,083)Maturities of investments  125,008   — Net cash provided by (used in) investing activities  18,330   (64,371)Cash flows from financing activities:    Payroll tax payments for shares withheld upon vesting of RSUs  (1,663)  (1,761)Purchase of Routejade shares from non-controlling interest  (740)  — Repayment of debt  (55)  — Proceeds from the exercise of stock options  —   782 Payments of transaction costs related to common stock issuance  —   (512)Net cash used in financing activities  (2,458)  (1,491)Effect of exchange rate changes on cash, cash equivalents and restricted cash  (147)  (228)Change in cash, cash equivalents, and restricted cash  (17,347)  (82,997)Cash and cash equivalents and restricted cash, beginning of period  107,979   274,691 Cash and cash equivalents and restricted cash, end of period $90,632  $191,694 
Net Loss Attributable to Enovix to Adjusted EBITDA Reconciliation

“EBITDA” is defined as earnings (net loss) attributable to Enovix adjusted for interest income, interest expense, income tax benefit, depreciation, accretion and amortization expense. “Adjusted EBITDA” includes additional adjustments to EBITDA such as stock-based compensation expense, change in fair value of common stock warrants, inventory step-up, impairment of equipment, warrant issuance cost, certain legal costs related to our defense of an ongoing securities class action complaint that is outside the ordinary course of business and that we do not consider representative of our performance, and other special items as determined by management which it does not believe to be indicative of its underlying business trends.

These non-GAAP measures may differ from similarly titled measures used by other companies.

Below is a reconciliation of net loss attributable to Enovix on a GAAP basis to the non-GAAP EBITDA and Adjusted EBITDA financial measures for the periods presented below (unaudited, in thousands):

  Fiscal Quarters Ended  April 5, 2026 March 30, 2025Net loss attributable to Enovix $(38,260) $(23,510)Interest expense (income), net  1,232   (718)Income tax benefit  (129)  (162)Depreciation, accretion and amortization  9,370   8,448 EBITDA  (27,787)  (15,942)Stock-based compensation expense  11,765   12,014 Change in fair value of common stock warrants  (6,397)  (15,796)Legal cost related to shareholder lawsuit (1)  2,076   1,404 Import duty forgiveness  —   (2,431)Adjusted EBITDA $(20,343) $(20,751)___________________________
(1) These amounts represent certain legal costs related to the defense of an ongoing securities class action complaint.

Reconciliation of Operating Loss to Non-GAAP Operating Loss and Adjusted EBITDA

Additionally, below is a reconciliation of GAAP operating loss to non-GAAP operating loss and adjusted EBITDA for the periods presented (unaudited, in thousands).

These non-GAAP measures may differ from similarly titled measures used by other companies.

  Fiscal Quarters Ended  April 5, 2026 March 30, 2025GAAP loss from operations $(43,895) $(42,560)Stock-based compensation expense  11,765   12,014 Amortization of intangible assets  1,281   1,190 Legal cost related to shareholder lawsuit (1)  2,076   1,404 Non-GAAP loss from operations $(28,773) $(27,952)Depreciation, accretion and amortization (excluding amortization of intangible assets)  8,089   7,258 Other income (loss), net (excluding import duty forgiveness)  343   (78)Net gain (loss) attributable to non-controlling interest  (2)  21 Adjusted EBITDA $(20,343) $(20,751)___________________________
(1) These amounts represent certain legal costs related to the defense of an ongoing securities class action complaint.

Free Cash Flow Reconciliation

We define “Free Cash Flow” as (i) net cash from operating activities less (ii) capital expenditures, net of proceeds from disposals of property and equipment, all of which are derived from our Consolidated Statements of Cash Flow. The presentation of non-GAAP Free Cash Flow is not intended as an alternative measure of cash flows from operations, as determined in accordance with GAAP.

We believe Free Cash Flow is a useful measure for investors because it provides insight into the cash generated or used by our operations after funding capital expenditures, and it helps assess our ability to pursue strategic growth initiatives. We use Free Cash Flow internally to evaluate performance, support decision-making, and measure our progress toward profitability and cash flow breakeven.

This non-GAAP measure may differ from similarly titled measures used by other companies.

Below is a reconciliation of net cash used in operating activities to the Free Cash Flow financial measures for the periods presented below (unaudited, in thousands):

  Fiscal Quarters Ended  April 5, 2026 March 30, 2025Net cash used in operating activities $(33,072) $(16,907)Capital expenditures  (3,220)  (6,272)Free cash flow $(36,292) $(23,179)
Other Non-GAAP Financial Measures Reconciliation
(unaudited, in thousands, except share and per share amounts)

These non-GAAP measures may differ from similarly titled measures used by other companies.

  Fiscal Quarters Ended  April 5, 2026 March 30, 2025Revenue $7,600  $5,098      GAAP cost of revenue $6,048  $4,837 Stock-based compensation expense  (445)  (121)Non-GAAP cost of revenue $5,603  $4,716      GAAP gross profit $1,552  $261 Stock-based compensation expense  445   121 Non-GAAP gross profit $1,997  $382      GAAP research and development (R&D) expense $26,528  $25,929 Stock-based compensation expense  (5,070)  (6,355)Amortization of intangible assets  (448)  (416)Non-GAAP R&D expense $21,010  $19,158      GAAP selling, general and administrative (SG&A) expense $18,919  $16,892 Stock-based compensation expense  (6,250)  (5,538)Amortization of intangible assets  (833)  (774)Legal cost related to shareholder lawsuit (1)  (2,076)  (1,404)Non-GAAP SG&A expense $9,760  $9,176      GAAP operating expenses $45,447  $42,821 Stock-based compensation expense included in R&D expense  (5,070)  (6,355)Stock-based compensation expense included in SG&A expense  (6,250)  (5,538)Amortization of intangible assets  (1,281)  (1,190)Legal cost related to shareholder lawsuit (1)  (2,076)  (1,404)Non-GAAP operating expenses $30,770  $28,334 ___________________________
(1) These amounts represent certain legal costs related to the defense of an ongoing securities class action complaint.
  Fiscal Quarters Ended  April 5, 2026 March 30, 2025GAAP loss from operations $(43,895) $(42,560)Stock-based compensation expense  11,765   12,014 Amortization of intangible assets  1,281   1,190 Legal cost related to shareholder lawsuit (1)  2,076   1,404 Non-GAAP loss from operations $(28,773) $(27,952)     GAAP net loss attributable to Enovix $(38,260) $(23,510)Stock-based compensation expense  11,765   12,014 Change in fair value of common stock warrants  (6,397)  (15,796)Amortization of intangible assets  1,281   1,190 Legal cost related to shareholder lawsuit (1)  2,076   1,404 Import duty forgiveness  —   (2,431)Non-GAAP net loss attributable to Enovix shareholders $(29,535) $(27,129)     GAAP net loss per share attributable to Enovix, basic and diluted (2) $(0.18) $(0.12)GAAP weighted average number of common shares outstanding, basic and diluted (2)  217,371,926   203,328,890      Non-GAAP net loss per share attributable to Enovix, basic and diluted (2) $(0.14) $(0.13)GAAP weighted average number of common shares outstanding, basic and diluted (2)  217,371,926   203,328,890 ___________________________
(1) These amounts represent certain legal costs related to the defense of an ongoing securities class action complaint.
(2) As required by ASC 260, Earnings Per Share, the share and per share amounts presented in the above table for the fiscal quarter ended March 30, 2025 have been retroactively adjusted to reflect the warrant dividend issued in July 2025.

Enovix Corporation (ENVX) came out with a quarterly loss of $0.14 per share versus the Zacks Consensus Estimate of a loss of $0.15. This compares to a loss of $0.15 per share a year ago.

May 18, 2026 09:00 ET  | Source: Enovix Corporation

FREMONT, Calif., May 18, 2026 (GLOBE NEWSWIRE) -- Enovix Corporation (Nasdaq: ENVX) (“Enovix”), a leader in advanced lithium-ion battery technology, today announced its participation in the following investor events:

26th Annual B. Riley Securities Institutional Investor Conference
Marina del Rey, CA
May 20th 2026

TD Cowen’s 54th Annual Technology, Media & Telecom Conference
New York, NY
May 27th 2026

William Blair 46th Annual Growth Stock Conference
Chicago, IL
June 3rd2026

Interested portfolio managers and analysts should contact their sales representative at the sponsoring firms.

About Enovix

Enovix develops and manufactures advanced lithium-ion batteries, including proprietary silicon-anode architectures for smartphones, smart eyewear, defense, industrial and emerging edge-AI applications. Its silicon-anode architecture enables higher energy density and performance in space-constrained devices while maintaining safety and reliability, supporting commercialization across consumer and industrial markets.

Enovix is headquartered in Silicon Valley with facilities in India, Korea and Malaysia, serving customers globally. For more information visit https://enovix.com and follow us on LinkedIn.

For media and investor inquiries, please contact: