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Enovix (ENVX) investor relations material
Enovix Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 revenue reached $7.5 million, nearly doubling year-over-year, driven by strong demand in defense, smartphone, and AR/VR markets, and supported by the launch of the AI-1/Al-1 battery platform with shipments to major OEMs.
Entered commercialization phase with product sampling to leading smartphone, AR/VR, and IoT customers, and finalized next-gen battery design.
Completed warrant dividend distribution, potentially raising up to $248.5 million, and issued $360 million in convertible notes to fund Fab2 expansion and global growth.
Acquired SolarEdge's South Korea battery facility, expanding manufacturing capacity and recording a $4.8 million gain on bargain purchase.
Board authorized a $60 million share repurchase plan, effective through December 2026, with no purchases made as of Q2 2025.
Financial highlights
Q2 2025 revenue: $7.5 million, up 98% year-over-year; YTD revenue: $12.6 million, up 39%.
Non-GAAP gross margin turned positive at 31%, with gross profit of $2.3 million; GAAP gross margin was 26%.
Operating expenses for Q2 2025 were $28.8 million (non-GAAP) and $45.7 million (GAAP), both down year-over-year.
Net loss per share improved to $0.13 (non-GAAP) and $0.22 (GAAP), better than prior guidance.
Cash, cash equivalents, and marketable securities totaled $203.4 million at quarter end, with a pro forma cash balance of $674 million after recent financing.
Outlook and guidance
Q3 revenue expected to grow sequentially and remain well above last year, with net operating loss projected to increase slightly due to product mix and manufacturing scale-up.
Net loss per share guidance for Q3 is $0.14–$0.18 (non-GAAP); full GAAP to non-GAAP reconciliation not provided due to forecasting complexity.
Management expects cash to be sufficient for near-term ramp and funding requirements over the next twelve months, with additional capital potentially needed for full expansion.
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