Enovix quarterly revenue rises to $11.039 million as per-share loss widens
Key Facts
Enovix reported revenue of $11.039 million in the third quarter of 2026, compared with $7.990 million in the same period a year earlier, according to the company’s results. The adjusted net loss was $0.15 per share, versus $0.14 per share a year earlier. The quarterly figures follow the company’s October announcement of preliminary revenue of $11.0 million, above its guidance range of $9 million to $10 million. The company said at the time that preliminary revenue had increased 38% year over year. The results pair sales growth with a continued per-share loss, alongside improved gross margins compared with the year-earlier period.
Adjusted gross margin rose to 34.5% in the third quarter from 21.0% a year earlier. Gross margin under generally accepted accounting principles also climbed to 30.1%, compared with 17.5% in the third quarter of 2025. The year-over-year comparison shows improvement in both margin measures alongside higher revenue. But the adjusted net loss per share widened from $0.14 to $0.15 over the same period. In the second quarter of 2026, the company reported revenue of $9.0 million, up 21% year over year, and had guided for third-quarter revenue of $9 million to $10 million.
Enovix ended the third quarter with a total of $512.2 million in cash, marketable securities and restricted cash, the company said. It said the balance equated to $2.35 per share outstanding. In its new guidance, the company set a 2027 revenue range of $65 million to $85 million. The outlook ties the coming year’s financial trajectory to the company’s ability to convert sales growth and commercial opportunities into revenue. On Nov. 5, the company announced it would cut about 220 jobs from a workforce of 946 employees and contract workers, targeting annual savings of $8.5 million. The cost-cutting announcement was part of the resource-reallocation steps the company disclosed in that statement.
Enovix said its identified project pipeline for drones, defense and industrial applications grew 18% to about $216 million at the end of the third quarter, up from $183 million in the previous quarter. The company said the pipeline value does not represent purchase orders or committed revenue. In October, it cited an expanding drone and defense project pipeline, product samples approved by several customers and expanded defense manufacturing capacity at its Korean plant as factors behind the growth in preliminary revenue. It also said a multinational dual-use drone systems customer placed an initial order in October for 100,000 batteries. Delivery is scheduled for early 2027, according to the company’s statement.
In the smartphone business, the company said in its second-quarter results that its batteries had passed more than 1,000 test cycles at its lead customer, and that it expected to complete final life-cycle testing during 2026 before moving to system-level field testing. The disclosure shows the testing stage the company described in the previous quarter, without changing the third-quarter results reported here. Elsewhere in its business, drone opportunities alone exceeded $100 million within the $183 million project pipeline in the second quarter. The company said the pipeline had then risen about 41% from $130 million at the end of the first quarter. Enovix was scheduled to hold its third-quarter earnings call on Nov. 12, 2026, at 1:00 p.m. Eastern time.