Quarterly ResultMay 13, 2026, 04:08 PM
Enovix Begins Smart Eyewear Battery Production; Q1 Revenue $7.6M
AI Summary
Enovix reported Q1 2026 revenue of $7.6 million, a 49% increase year-over-year, exceeding the high end of its guidance. The company commenced commercial production and initial shipments of its silicon-anode smart eyewear battery and made significant progress in smartphone battery qualification by aligning on a silicon-specific framework with a lead customer. Enovix also launched its MX-1 drone battery product line and achieved its sixth consecutive quarter of positive non-GAAP gross profit, though net cash used in operating activities increased.
Key Highlights
- Began commercial production and initial shipments of silicon-anode smart eyewear battery.
- Q1 2026 revenue reached $7.6M, up 49% YoY, exceeding guidance.
- Non-GAAP gross profit was $2.0M, with gross margin improving to 26.3%.
- Advanced smartphone qualification with lead customer on silicon-specific framework.
- Launched MX-1 drone battery product line with 360 Wh/kg energy density.
- Net cash used in operating activities was $33.1M in Q1 2026.
- Cash, cash equivalents, and marketable securities totaled $582.7M.
- Q2 2026 revenue guidance is $8.0M - $9.0M.