Enablence Technologies (ENA) investor relations material

Executive summary

• FY2026 revenue rose 37% to $8.1M; Q4 revenue increased 38% to $2.9M, with gross margin positive for a second consecutive quarter.

• Optical-chip demand exceeded available production capacity, with output sold out through FY2027; growth plans focus on capacity expansion and higher-value assemblies.

Financial highlights

• Q4 gross profit was $0.2M versus a $0.6M loss; gross margin improved to 8.0% from -28.2%.

• Q4 operating loss narrowed to $2.9M from $3.1M, while net loss widened to $6.0M from $5.8M.

• FY2026 gross loss narrowed to $1.3M from $2.4M; gross margin improved to -16% from -40%. Operating loss widened to $12.7M from $11.4M and net loss to $22.5M from $18.2M.

• Higher R&D investment, including ~$2M of incremental spending, contributed to the operating loss; higher taxes and interest expense contributed to the wider net loss.

Outlook and guidance

• FY2027 revenue guidance is $19M–$21M, representing 150% growth at midpoint; gross margin guidance is 25%–35%, a ~46-point YoY improvement.

• Q1 FY2027 revenue is estimated at ~$4M, up ~500% YoY.

• Wafer starts are expected to exceed 1,200 per week by the end of Q2 FY2027; capacity constraints are expected to ease in 2H as Vietnam qualifies for production.

• 200mm wafer production is expected to begin in H1 FY2028; management targets 1,000 wafers per week by end-2028 and expects a 25% gross-margin uplift from the transition.

• Cash-flow positivity is expected in Q3 FY2027.