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Drones Drive Strong ENVX Revenue Growth
New 2027 Revenue Guidance $65 Million to $85 Million
$128 Million of 2030 Notes Retired Capturing a 36% Discount
Restructuring Lowers Annual Cost by $8.5 Million
FREMONT, Calif., Nov. 12, 2026 (GLOBE NEWSWIRE) — Enovix Corporation (“Enovix” or the “Company,” Nasdaq: ENVX), a developer and manufacturer of advanced lithium-ion batteries, today reported Q3’26 financial results, including a record non-GAAP gross margin this quarter of 34.5%, up 13.5 points.
Our Q3’26 revenue was $11.0 million, up 38% from Q3’25 and 22% from Q2’26, our sixth consecutive quarter of year-over-year revenue growth. The higher gross margin resulted from a richer revenue mix, including smart eyewear revenue and drone and defense revenue. Our Q3’26 non-GAAP net loss per share was $0.15, and we ended the quarter with $512.2 million in cash, cash equivalents, marketable securities and restricted cash ($2.35 per outstanding share), as outlined in the GAAP and non-GAAP financial statements below:
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Enovix Q3’26 Revenue & Operating Income Statement1 |
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(in thousands, except per share) |
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Stock Comp, Intangibles, Other3 |
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1 Q3’26 results are unaudited. See the condensed consolidated financial statements and the reconciliation tables below.
2 GAAP figures are derived from the Company’s unaudited condensed consolidated financial statements; the Company’s Q3’26 GAAP financial statements will be included in its Form 10-Q.
3 Our non-GAAP financials are used to run the company and for the commentary herein. Non-GAAP figures exclude a) stock-based compensation, b) amortization of intangible assets and c) certain other one-time events, summarized in the tables below. Revenue is not adjusted and is the same on a GAAP and non-GAAP basis.
4 Diluted net loss per share attributable to Enovix. Non-GAAP net loss per share also excludes items in the non-GAAP tables below.
5 Cash, cash equivalents and marketable securities, including restricted cash, as of October 4, 2026. Reflects $6.2 million of common stock repurchased during Q3’26 but precedes the October and November 2026 repurchases of 2030 Notes and common stock buyback.
Drone and defense customers again drove the quarter. Our drone, defense and industrial pipeline (identified prospects through design wins) grew 18% to approximately $216 million, up from $183 million in the prior quarter with drones accounting for $150 million of that. The drone pipeline spans the full range of unmanned platforms including – unmanned aerial vehicles (UAV), unmanned underwater vehicles (UUV), electric vertical takeoff and landing (eVTOL) aircraft, and unmanned ground vehicles (UGV) – served by our conventional graphite cells and our higher-energy silicon-blended graphite cells. Our 2027 revenue backlog received a boost with an initial 100,000-battery purchase order from a multinational provider of dual-use drone systems for conventional cells, and we also received an initial production order for our new MX1-B01 high-energy aerial drone cells from a U.S. drone manufacturer following successful field trials – with initial deliveries scheduled in early 2027.
