Enovix Preliminary Revenue Hits $11.0 Million, Above $9 Million-$10 Million Guidance, As It Names A Chief Revenue Officer
The battery maker's unaudited third-quarter results show a $39.3 million GAAP operating loss, and a cost-cutting update is due November 12.
Enovix's preliminary, unaudited third-quarter revenue was $11.0 million, up 38% from a year earlier and above its guidance of $9 million to $10 million, the company said in an 8-K filed Tuesday. The same release reorganized management around drone and defense customers and created a chief revenue officer role.
What the numbers show
The company called it its sixth consecutive quarter of year-over-year revenue growth. Drone and defense customers made up approximately 70% of third-quarter revenue.
Losses continued. GAAP loss from operations was about $39.3 million, against $46.97 million in the third quarter of 2025 and $43.3 million in the second quarter. On an adjusted basis, the operating loss was about $29.2 million, inside the guided range of $29.0 million to $32.0 million.
GAAP net loss per share was about $0.19. The adjusted loss was about $0.14 per share, within the guided $0.13 to $0.17. Capital spending was about $3.0 million, below the $8.0 million to $12.0 million guided.
Cash was about $512 million as of October 4, after $6.2 million of stock repurchases during the quarter.
The drone, defense and industrial pipeline grew 18% to approximately $216 million. The drone pipeline alone grew 48% to approximately $150 million. The company says pipeline is its estimate of peak annual production value of design opportunities, not orders, backlog or committed revenue.
Korea capacity and the leadership changes
Enovix is investing $19 million to double the capacity of its Korean plant, which makes its defense cells in-house. Interim CEO Ryan Benton said orders in the first part of the fourth quarter have already exceeded third-quarter revenue. He also said about 17,000 production samples have shipped year-to-date to one of 24 current and prospective smart eyewear customers.
Steve Bakos, previously senior vice president of worldwide sales, was promoted to the newly created role of chief revenue officer and general manager. He reports to Benton and has full profit-and-loss responsibility for the global defense and commercial unit. "My job is to monetize that growing pipeline at attractive margins," Bakos said.
James Wilcox became vice president of corporate strategy, and Dan Wark joined full-time to lead a new global supply chain organization.
Executive Chairman T.J. Rodgers, recently appointed, also moved the 147-person R&D team under COO Michael Vyvoda to focus it on revenue-related projects.
What to watch
Rodgers said the company is now "directly addressing our cost structure and profitability." The first accomplishments of the cost reduction plan are due in the full third-quarter report on November 12.
The final figures could differ from these preliminary ones, which the company's auditor has not reviewed.
Sources
- 8-K Filing — Enovix Corp (ENVX) — SEC EDGAR
- Exhibit exhibit991-pressreleasepre.htm — Enovix Corp 8-K exhibit — SEC EDGAR
- Enovix Bets Big on Defense Batteries with $216 Million Pipeline, Korea Expansion — benzinga.com
