Enovix (ENVX) investor relations material

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.