Highlights

  • Preliminary, unaudited Q3'26 revenue was approximately $11.0 million, up 38% from Q3'25, against guidance of $9 million to $10 million.
  • Preliminary GAAP loss from operations was approximately $39.3 million, and preliminary GAAP net loss per share was approximately $0.19.
  • The drone, defense and industrial pipeline grew 18% to about $216 million; the drone pipeline grew 48% to about $150 million.
  • Cash and cash equivalents were approximately $512 million at October 4, 2026; $19 million is being invested in Korean plant capacity.

Enovix Corporation (NASDAQ: ENVX) shares were trading at USD 3.28 on October 27, 2026, up 22.39%, with a relative volume at time of 2.15. The battery maker, led by Interim CEO Ryan Benton and Executive Chairman T.J. Rodgers, issued preliminary third quarter 2026 results and a leadership realignment on October 12, 2026.

Enovix is incorporated in Delaware and lists its principal executive offices in Fremont, California. It develops and manufactures advanced lithium-ion batteries, including proprietary silicon-anode architectures for smartphones, smart eyewear, defense, industrial and emerging edge-AI applications. The company describes itself as headquartered in Silicon Valley with facilities in India, South Korea and Malaysia. Its defense-related cells are manufactured in-house in Korea, in a plant it acquired. Its securities are listed on the Nasdaq Global Select Market.

Preliminary Third Quarter Results

The figures below are preliminary and unaudited, are subject to completion of quarter-end closing procedures, and have not been audited or reviewed by the company's independent registered public accounting firm. Revenue was approximately $11.0 million, up 38% from the third quarter of 2025, compared with guidance of $9 million to $10 million provided on August 12, 2026. The company said this was its sixth consecutive quarter of year-over-year revenue growth, and that drone and defense customers accounted for approximately 70% of third quarter revenue.

GAAP loss from operations was approximately $39.3 million, compared with $43,296 thousand in the second quarter of 2026 and $46,973 thousand in the third quarter of 2025. Non-GAAP loss from operations was approximately $29.2 million, against guidance of $29.0 million to $32.0 million. GAAP net loss attributable to Enovix was $41,618 thousand, and GAAP net loss per share was approximately $0.19. Non-GAAP net loss per share was approximately $0.14, against guidance of $0.13 to $0.17. Non-GAAP measures exclude stock-based compensation, amortization of intangible assets and certain other items, including legal cost related to a shareholder lawsuit.

Capital expenditures were approximately $3.0 million, compared with guidance of $8.0 million to $12.0 million. Cash and cash equivalents were approximately $512 million as of October 4, 2026, reflecting stock repurchases of $6.2 million during the quarter under the company's Stock Repurchase Plan.

Pipeline and Manufacturing

The company said its total drone, defense and industrial pipeline grew 18% to approximately $216 million and its drone pipeline grew 48% to approximately $150 million. It defines the pipeline as its estimate of the peak annual production value of identified design opportunities for products made in South Korea, and states that pipeline amounts do not represent customer orders, backlog or committed revenue.

Management said it is investing $19 million to double the capacity of its Korean plant. The Interim CEO said that orders in the first part of the fourth quarter of 2026 are already above third quarter revenue, and that year to date the company has shipped approximately 17,000 production samples to one of its 24 current and prospective smart eyewear customers.

Leadership Changes and Outlook

Steve Bakos, previously Senior Vice President of Worldwide Sales, was promoted to the newly created role of Chief Revenue Officer and General Manager, reporting to Interim CEO Benton. James Wilcox was promoted to Vice President of Corporate Strategy, and Dan Wark joined full time to lead a new Global Supply Chain organization. The company's Vice President of R&D, Jon Doan, and its 147-person R&D team now report to COO Michael Vyvoda.

Executive Chairman Rodgers said the company is addressing its cost structure and profitability and will report the first accomplishments of its cost reduction plan in its third quarter report. Full third quarter results and an earnings call are expected on or about November 12, 2026. The company said it expects the drone, defense and industrial pipeline to continue to grow through 2027.