| Metric | Value ($ M) | Q2 FY25 |
|---|---|---|
| Revenue | 7.60 | 1.7% |
| Total Income | 7.60 | 1.7% |
| Expenditure | 51.50 | 0.6% |
| PBT | -38.39 | 14.9% |
| Net Profit | -38.26 | 14.1% |
| OPM | — | |
| NPM | — | |
| EPS | -0.18 | 18.2% |
Enovix Reports Q2 2026 Results: Revenue $9.0M, Up 21% YoY
13 Aug 2026 · 13 Aug, 1:48 am
Summary
Enovix Corporation reported second quarter 2026 revenue of $9.0 million, a 21% increase year-over-year and 19% sequentially, meeting the high end of its guidance. This marks the fifth consecutive quarter of year-over-year revenue growth. While GAAP gross margin decreased year-over-year to 14.4% due to a product mix shift, the company highlighted significant progress in its key markets, including a major milestone with its lead smartphone customer and initial revenue from smart eyewear. Management expressed confidence in executing the transition from technology validation to commercial scale.
Key Highlights
- 1
Second Quarter 2026 revenue was $9.0 million, marking a 21% increase year-over-year and a 19% increase sequentially, reaching the high end of guidance.
- 2
The company achieved its fifth consecutive quarter of year-over-year revenue growth, with year-to-date revenue of $16.6 million up 32% year-over-year.
- 3
GAAP gross margin for Q2 2026 was 14.4% and non-GAAP gross margin was 19.9%, reflecting a year-over-year decrease due to a shift in battery product mix.
- 4
Lead smartphone customer confirmed Enovix batteries passing more than 1,000 cycles in a critical discharge cycle test, with final qualification tests underway.
- 5
Smart eyewear ramp is progressing with initial revenue recognized and approximately 2,100 AI-1TM batteries shipped in Q2, with third quarter shipments expected to increase approximately 9x.
- 6
The drone, defense, and industrial pipeline grew to $183 million, an increase of approximately 41% from the prior quarter, driven by drone opportunities exceeding $100 million.
- 7
The company ended the quarter with approximately $552.1 million in cash, cash equivalents, and marketable securities, providing liquidity for future development and scale-up.
Management Comments
Dr. Raj Talluri
The second quarter showed momentum across all three of our target markets: our lead customer confirmed passing a defining smartphone qualification milestone. We have one final accelerated cycle-life test on the path to smartphone qualification, which we expect to complete this year. We also converted our smart eyewear ramp into initial revenue and substantially expanded our drone and defense pipeline. With revenue up 21% year-over-year at the high end of guidance and our fifth consecutive quarter of year-over-year growth, Enovix is executing the transition from technology validation to commercial scale. Our smart eyewear business recently marked several important milestones. We completed the international safety certifications required for commercial deployment, advanced our manufacturing ramp, and generated initial product revenue this quarter. Our next-generation AI-2TM batteries are now in customers’ hands, and we expect them to be well received. We believe these milestones, achieved on a 100% silicon-anode battery in commercial production, further validate that our proprietary cell architecture can be manufactured, certified, and deployed at commercial scale. Our defense and drone business delivered another quarter of strong growth and pipeline expansion. We are investing now to expand capacity so we can convert our growing pipeline into revenue as customer programs reach launch.
Informational and educational content only. Not investment advice.