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, with first half 2026 revenue at $16.6 million, up 32% year-over-year.

• Achieved momentum in smartphones, smart eyewear, and drone/defense, with smartphone batteries passing >1,000-cycle tests, smart eyewear entering commercial production, and drone/defense pipeline growing 41% to $183 million.

• Manufacturing improvements led to higher yields and throughput, especially in smart eyewear and at Fab2, with operations concentrated in Malaysia and South Korea.

• Cash, cash equivalents, and marketable securities totaled $552.1 million at quarter-end.

• Fifth consecutive quarter of year-over-year revenue growth and seventh consecutive quarter of positive gross profit.

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.

• Q2 2026 GAAP gross profit: $1.3 million; non-GAAP gross profit: $1.8 million.

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

• Adjusted EBITDA: $(18.9) million (improved from $(20.1) million YoY); non-GAAP net loss per share: $(0.13).

• Net loss attributable to shareholders was $43.1 million for the quarter, a slight improvement from $44.5 million in the prior year.

Outlook and guidance

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

• Non-GAAP loss from operations expected between $29.0–$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.