Enovix Sees 2027 Revenue of $65 Million to $85 Million After Restructuring
Key Facts
Enovix set a fiscal 2027 revenue range of $65 million to $85 million, compared with an estimate of $36.7 million to $37.7 million for fiscal 2026, according to the company’s guidance issued on November 12, 2026. That implies expected annual growth of 75% to 128%, the statement said. The guidance comes as the company links margin improvement to a revenue mix shifting toward smart glasses, drones and defense. But next year’s outlook remains tied to the company’s ability to convert announced orders and projects into revenue. The guidance did not guarantee that the projected range would be achieved.
For the fourth quarter of 2026, Enovix forecast revenue of $9 million to $10 million, compared with actual revenue of $11.3 million in the fourth quarter of 2025. In third-quarter results, earnings per share showed a loss of $0.15 under the company’s non-GAAP measure, versus $0.14 in the corresponding period of 2025. The GAAP loss per share was $0.19 in the third quarter of 2026. Explaining the improvement in gross margin, the company said it resulted from “a higher-value revenue mix, including smart glasses revenue and drone and defense revenue.” That explanation places the drone and defense sectors among the business areas the company says supported margins.
On costs and financing, Enovix said the restructuring would reduce annual costs by $8.5 million. The company said on November 5 that the first phase included cutting about 220 employee and contract labor positions out of a total of 946, while redirecting operations toward South Korea. It also announced a buyback of bonds due in 2030 with a face value of $128 million, securing a 36% discount. As part of its South Korean expansion, the company said it is investing $19 million to double factory capacity allocated to drone batteries. The cash balance cited in the company’s previous materials remains dated October 4, before the subsequent bond buybacks.
The company is betting on drone and defense-related demand to support its growth plans. It said its drone, defense and industrial backlog stood at $216 million at the end of the third quarter of 2026, up 18%, while the drone backlog alone rose 48% to about $150 million. Enovix announced in October an initial order from a multinational drone systems customer for 100,000 batteries. The company said delivery is scheduled for the first half of 2027, with follow-up orders expected in the second half of the year. Executive Chairman TJ Rodgers said the company expects 2027 revenue to be “a multiple of 2026 revenue.”
In trading, EL7 data showed ENVX shares closed at $2.53 on November 11, 2026. The available facts do not include the November 12 closing price, so the available figure reflects the previous session before the results announcement. The picture presented by the company combines higher revenue guidance for the next fiscal year, announced cost reductions and expanded production capacity in South Korea. Fourth-quarter revenue guidance of $9 million to $10 million also came in below revenue recorded in the same quarter a year earlier. The company identified delivery timing and announced follow-up drone orders during 2027 as developments ahead.