Enovix (ENVX) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue reached $9.0 million, up 21% year-over-year and 19% sequentially, at the high end of guidance, driven by strong progress in smartphones, smart eyewear, and drone/defense segments.

• Cash, cash equivalents, and marketable securities totaled $552.1 million at quarter-end, supporting ongoing manufacturing and commercial expansion.

• Smartphone batteries passed >1,000-cycle customer test; final qualification underway, with commercial field testing expected by end of 2026 and launch targeted for 2027.

• Smart eyewear entered commercial production, shipping 2,100 batteries in Q2, with orders for 19,000 in Q3 and a total 50,000-unit order; key safety certifications achieved.

• Drone, defense, and industrial pipeline grew 41% sequentially to $183 million, with new product launches, certifications, and capacity expansion underway.

Financial highlights

• Q2 2026 GAAP gross margin was 14.4% (down from 26.0% YoY); non-GAAP gross margin was 19.9% (down from 30.8% YoY) due to product mix shift.

• Non-GAAP gross profit was $1.8 million; GAAP gross profit was $1.3 million.

• Non-GAAP operating expenses were $30.6 million, up from $28.8 million a year ago.

• Adjusted EBITDA was negative $18.9 million, improved from negative $20.1 million year-over-year.

• Net loss per share was $(0.20) GAAP and $(0.13) non-GAAP for Q2 2026; net loss attributable to shareholders was $43.1 million.

Outlook and guidance

• Q3 2026 revenue guidance is $9.0–$10.0 million, up 13%–25% year-over-year.

• Non-GAAP loss from operations expected between $29.0 million and $32.0 million; non-GAAP net loss per share between $0.13 and $0.17.

• Capital expenditures for Q3 projected at $8.0–$12.0 million, focused on Fab2 and South Korea expansion.

• Final smartphone battery qualification testing expected to complete in Q4 2026, with field testing to follow.

• Cash is expected to be sufficient to meet funding requirements for at least the next twelve months.