Enablence Technologies (ENA) investor relations material

Executive summary

• Q4 revenue reached $2.9M, up 38% YoY; gross margin was positive for a second consecutive quarter at 8%.

• FY26 revenue rose 37% to $8.1M; demand exceeded production capacity, with output sold out through FY27.

• FY27 guidance calls for $19M–$21M revenue and 25%–35% gross margin as capacity expands.

• Fremont production ramped while the Vietnam facility advanced through qualification, supporting further production growth.

Financial highlights

• FY26 revenue was $8.1M, up 37% from $5.9M; gross loss narrowed to $1.3M from $2.4M, with gross margin improving to -16% from -40%.

• FY26 operating loss was $12.7M versus $11.4M, primarily reflecting higher R&D; net loss was $22.5M versus $18.2M, with higher taxes and interest cited.

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

• Q4 operating loss was $2.9M versus $3.1M; net loss was $6.0M versus $5.8M.

• Q4 cash and equivalents were $4.1M, excluding September private placement proceeds; outstanding debt was ~$64M, including ~$25M convertible debt.

Outlook and guidance

• FY27 revenue guidance is $19M–$21M, representing ~150% growth at midpoint; gross margin guidance is 25%–35%.

• Q1 FY27 revenue guidance is ~$4M, nearly 500% above Q1 FY26; management expects cash-flow positivity in Q3 FY27.

• Wafer starts exceeded 4,000 per month in FY26; FY27 target is more than 1,200 per week by the end of Q2.

• Robust demand is expected through FY27 and FY28; capacity constraints are expected to ease in 2H FY27 as Vietnam qualifies for production.

• Management expects 200mm wafer production in H1 FY28; 200mm wafers yield 90% more chips per wafer and are expected to lift gross margin 25%.