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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Enovix
Enovix (ENVX) investor relations material
Enovix Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary12 Nov, 2026
Executive summary
Q3'26 revenue rose 38% YoY to $11.0M, up 22% QoQ; non-GAAP gross margin was 34.5%, supported by drone, defense and smart-eyewear mix.
FY2027 revenue guidance is $65M–$85M, with $37M backlog and a $216M drone, defense and industrial pipeline; management expects capacity constraints as demand ramps.
Near-term priorities are Korean-produced MX batteries for defense and drones, plus AI silicon-anode development for smart eyewear; smartphone commercialization is deferred.
Financial highlights
Q3'26 revenue was $11.0M, up 38% YoY and 22% QoQ; GAAP gross profit was $3.3M versus $1.4M, and non-GAAP gross profit was $3.8M versus $1.7M.
GAAP operating loss was $39.3M versus $47.0M YoY; non-GAAP operating loss was $29.2M versus $29.8M.
GAAP net loss attributable to shareholders was $41.9M, or $0.19/share; non-GAAP net loss was $31.9M, or $0.15/share.
Q3 operating cash use was $29.2M and capex was $3.9M; YTD free cash flow was negative $100.8M versus negative $85.5M YoY.
Cash, cash equivalents, marketable securities and restricted cash totaled $512.2M at quarter end; Q3 included $6.2M of share repurchases.
Outlook and guidance
FY2027 revenue guidance is $65M–$85M, up 75%–128% versus FY2026's $36.7M–$37.7M estimate; nearly half the guidance midpoint is already in the $37M backlog.
Guidance assumes nominal, if any, smartphone revenue in 2027; smartphone qualification may resume after smart-eyewear demand is served and typically takes 6–8 months.
Q4'26 revenue guidance is $9M–$10M; non-GAAP operating loss is $28M–$31M, non-GAAP loss/share is $0.13–$0.17, and capex is $5M–$8M.
Management expects 2027 capacity constraints; the Nonsan facility could support close to $200M in revenue with added equipment and expansion. FY2027 results depend on backlog conversion, qualification and production timing.
Management expects materially lower OpEx after workforce and facility reductions and as production costs shift into COGS; no specific OpEx or CapEx trajectory was given.
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Latest events from Enovix
- A $500 million shelf backs battery commercialization, with execution and scale risks.ENVX
Registration filing - Leadership transition with strategy intact; 1,000-cycle battery milestone and manufacturing ramp.ENVXStatus update
- Q2 2026 revenue up 21% YoY to $9M; strong pipeline and robust cash support growth.ENVXQ2 2026
- All proposals passed, including director re-elections and auditor ratification.ENVXAGM 2026
- Stockholders vote on directors, executive pay, and auditors at the June 2026 annual meeting.ENVXProxy filing
- Shareholders to vote on directors, executive pay, and auditors at the June 2026 annual meeting.ENVXProxy filing
- Shareholders to vote on directors, executive pay, and auditor at June 2026 annual meeting.ENVXProxy filing
- High-density battery innovation is accelerating, with strong OEM interest and scalable manufacturing.ENVXFireside Chat
- Q1 2025 delivered $5.1M revenue, positive gross margin, and expanded manufacturing footprint.ENVXQ1 2025
Next Enovix earnings date
Q4 202617 Feb, 2027
Enovix
Next Enovix earnings date
Q4 202617 Feb, 2027
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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.