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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.
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Q2 2025 earnings summary31 Jul, 2025

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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Frequently asked questions

Enovix Corporation designs, develops, and manufactures advanced lithium-ion batteries with a focus on high energy density and safety features. The company's batteries are used in markets such as consumer electronics, wearable devices, and electric vehicles. Enovix leverages proprietary 3D cell architecture to enhance battery performance. The company is headquartered in Fremont, California, and its shares are listed on the NASDAQ.

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