Enovix Corporation · NASDAQ:ENVX
Enovix — Q4 2025 Earnings Presentation
28 slides from Enovix's earnings presentation, Feb 25, 2026
Slide 1: Fourth Quarter 2025 Earnings Call
Fourth Quarter 2025 Earnings Call February 25, 2026
Slide 2: Safe Harbor Statement
Safe Harbor Statement Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding: our future operating results, financial position, growth opportuniti
Slide 3: Recent Highlights
Recent Highlights → Commercialization Momentum • Smartphone production qualification advancing → Fourth-quarter samples successfully passed energy density, fast-charge, and safety testing. Cycle-life testing continues with results demonstrating measurable improvement versus 3Q25 samples. • Smart eye
Slide 4: AI-1 Proves the Performance
AI-1 Proves the Performance The platform scales across massive adjacent markets Segment Example Products Est. TAM Why Enovix Wins Industry leading performance Smartphones Smartphones with on-device AI $12B+1 demonstrated with 935 Wh/L AI-1 • High energy in compact form factor Smart Eyewear / IoT Dis
Slide 5: First publicly announced smartphone OEM collaboration on the AI-1 platform
First publicly announced smartphone OEM collaboration on the AI-1 platform JAN 2026 JUL 2025 Independent Evaluation MAR 2025 DEC 2024 UN1642 UN38.3 Safety Certification Commence Prototype Certification Production Samples DEC 2024 MAR 2025 JUL 2025 Customer Validation Phase Formal Qual Begins SEPT 20
Slide 6: Real-World Usage Testing vs Accelerated Testing
Real-World Usage Testing vs Accelerated Testing Discharge Rate 0.0C 0.2C 0.7C Discharge Rates by Application1 Real-World Usage Accelerated Test (Primary Spec 0.2C 1000 Cycles) Higher than typical use but good proxy for real-world Accelerated Test (Secondary Spec 0.7C 800 Cycles) Not representative o
Slide 7: Capacity Retention
Internal 0.2C Discharge Testing Indicates >1000 Cycles Proxy for real-world usage 100% Customer Qualification Target Zone 80% Capacity Retention 60% 40% 20% 0% 0 200 400 600 800 1000 1200 Cycles Internal testing indicates performance trajectory consistent with customer qualification * Internal testi
Slide 8: Smartphone Qualification Approaching Completion with Multiple Paths to Commercialization
Smartphone Qualification Approaching Completion with Multiple Paths to Commercialization Qualification progress supports commercialization ramp, with optimization paths available if required 1H26* 2H26* Production Ramp* Qualification Achieved Optimization Path (Base Case) (if required) ✓ Qualificati
Slide 9: Smart Eyewear Market Entering Rapid Growth Phase
Smart Eyewear Market Entering Rapid Growth Phase Global Smart Eyewear Shipments Forecast1 • Market today dominated by single player 60 and products without display • >5x volume growth expected in balance of decade with introduction of ecosystem of players and 40 2.5x Million Units Shipped Displays i
Slide 10: Smart Eyewear Internal Cycle Life Testing
Smart Eyewear Internal Cycle Life Testing Customer cycle life requirements typically lower than smartphones Customer 100% Qualification Target Zone 80% Capacity Retention 60% 40% 20% 0% 0 200 400 600 800 1000 1200 Cycles Internal testing indicates performance trajectory consistent with customer qual
Slide 11: Defense Industry Battery Platforms
Defense Industry Battery Platforms Supporting Today’s Programs and Next-Generation Upgrades MALAYSIA KOREA Next-Generation 100% Active Silicon-Anode Deployed Defense Battery Platform Using Graphite Defense Cells & Silicon-Doped Anodes • High-energy-density platform targeting next- • Graphite cells d
Slide 12: Enovix Battery Advantages for Aerial Drones
Enovix Battery Advantages for Aerial Drones Next-generation drones require higher energy density and discharge capability to enable longer missions and expanded operational performance Enovix battery platform supports: Increased Flight Times High energy density and capacity enable longer runtime and
Slide 13: Energy Density Evolution for Aerial Drones Batteries
Energy Density Evolution for Aerial Drones Batteries Enovix product roadmap supports expanding customer requirements DEPLOYED IN DEVELOPMENT NEXT-GEN High-Energy Drone Cell Next-Generation Silicon- Deployed Defense Cells (Under Development) Anode Path • High-discharge drone • Internal testing achiev
Slide 14: Financial Update
Financial Update 14
Slide 15: Q4 2025 Financial Summary
Q4 2025 Financial Summary (in millions, except per share data and percentages) Q4 2025 Q4 2024 YoYΔ Revenue $11.3 $9.7 $1.6 +16% Non-GAAP Gross Profit1 $2.9 $1.2 $1.7 Non-GAAP Gross Margin1 25.7% 12.4% +13.3 points Non-GAAP Operating Expenses1 $31.8 $26.3 ($5.5) -21% Non-GAAP Loss from Operations1 (
Slide 16: FY 2025 Financial Summary
FY 2025 Financial Summary (in millions, except per share data and percentages) FY 2025 FY 2024 YoYΔ Revenue $31.8 $23.1 $8.7 +38% Non-GAAP Gross Profit1 $7.3 $0.2 $7.1 Non-GAAP Gross Margin1 23.0% 0.9% +22.1 points Non-GAAP Operating Expenses1 $120.5 $137.3 $16.8 +12% Non-GAAP Loss from Operations1
Slide 17: Financial Results and Guidance
Financial Results and Guidance Q1 2026 Q1 2025 Q4 2025 (in millions, except per share data and percentages) Guidance1 Results Results Revenue $6.5 - 7.5 $5.1 $11.3 Non-GAAP Loss from Operations2 ($29.0 – 32.0) ($28.0) ($28.9) Non-GAAP Net Loss Per Share2, 3 ($0.14 – 0.18) ($0.13) ($0.14) Capital Exp
Slide 18: ENOVIX
ENOVIX
Slide 19: Appendix
Appendix
Slide 20: Q4 2025 Results
Q4 2025 Results Enovix Corporation Summary Consolidated Statements of Operations (Unaudited) (In Thousands, except %GM) GAAP Non-GAAP(5) Q4 2025 Q4 2024 Q4 2025 Q4 2024 Revenue $ 11,265 $ 9,717 $ 11,265 $ 9,717 Gross profit 2,501 1,052 2,941 1,176 Gross Margin 22% 11 % 26% 12% Operating expenses 46,
Slide 21: Full Year 2025 Results
Full Year 2025 Results Enovix Corporation Summary Consolidated Statements of Operations (Unaudited) (In Thousands, except %GM) GAAP Non-GAAP(5) FY 2025 FY 2024 FY 2025 FY 2024 Revenue $ 31,821 $ 23,074 $ 31,821 $ 23,074 Gross profit (loss) 6,105 (2,045) 7,302 182 Gross Margin 19% (9%) 23% 1% Operati
Slide 22: Balance Sheet
Balance Sheet (In thousands, except share and per share amounts) December 28, 2025 December 29, 2024 Assets Current assets: Cash and cash equivalents $106,014 $272,869 Short-term investments 406,026 — Accounts receivable, net 4,421 4,566 Notes receivable, net 4,012 4 Inventory 13,617 7,664 Prepaid e
Slide 23: Profit & Loss Statement
Profit & Loss Statement (In thousands, except share and per share amounts) (Unaudited) Fiscal Quarters Ended Fiscal Years Ended December 28, 2025 December 29, 2024 December 28, 2025 December 29, 2024 Revenue Fiscal Quarters Ended $11,265 $9,717 Fiscal Years-to-Date $31,821 Ended $23,074 Cost of reve
Slide 24: Statement of Cash Flows
Statement of Cash Flows Fiscal Years Ended (In thousands, except share and per share amounts) Cash flows used in operating activities: December 28, 2025 December 29, 2024 Net loss $(156,607) $(222,534) Adjustments to reconcile net loss to net cash used in operating activities Depreciation, accretion
Slide 25: Reconciliation of Net Loss to Adjusted EBITDA
Reconciliation of Net Loss to Adjusted EBITDA (In thousands, except share and per share amounts) (Unaudited) Below is a reconciliation of net loss on a GAAP basis to the non-GAAP EBITDA and adjusted EBITDA financial measures for the periods presented below: Fiscal Quarters Ended Fiscal Years Ended D
Slide 26: Reconciliation of Operating Loss to Adjusted EBITDA
Reconciliation of Operating Loss to Adjusted EBITDA (In thousands, except share and per share amounts) (Unaudited) Below is a reconciliation of GAAP operating loss to non-GAAP operating loss and adjusted EBITDA financial measures for the periods presented below: Fiscal Quarters Ended Fiscal Years En
Slide 27: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation (In thousands, except share and per share amounts) (Unaudited) Below is a reconciliation of other non-GAAP financial measures for the periods presented below: Fiscal Quarters Ended Fiscal Years Ended December 28, 2025 December 29, 2024 December 28, 2025 December 29, 2
Slide 28: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation (In thousands, except share and per share amounts) (Unaudited) Below is a reconciliation of other non-GAAP financial measures for the periods presented below: Fiscal Quarters Ended Fiscal Years Ended December 28, 2025 December 29, 2024 December 28, 2025 December 29, 2