Enovix Corporation · NASDAQ:ENVX
Enovix — Q1 2026 Earnings Presentation
23 slides from Enovix's earnings presentation, May 13, 2026
Slide 1: First Quarter 2026 Earnings Call
First Quarter 2026 Earnings Call May 13, 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 ~50K units $130M Smart eyewear, 2026 Korea pipeline Smart eyewear battery enters production. Initial production begun. Approximately 50,000 units expected in 2026. Silicon-anode specific smartphone testing framework aligned. Lead customer aligned on updat
Slide 4: Improving Dicing Throughput
Improving Dicing Throughput Hybrid laser + mechanical dicing strategy expected to ease key throughput bottleneck at Fab2 WHAT YOU'RE SEEING Mechanical dicing prototype Key process step in Zone 1. INTEGRATION Hybrid laser + mechanical configuration Each technique applied where it's most effective — i
Slide 5: Smartphone Qualification: Structural Barrier Removed
Smartphone Qualification: Structural Barrier Removed 1H26 2H26 Legacy Framework Silicon-Anode Framework New BEFORE AFTER Framework aligned with lead OEM Legacy Graphite-Based Silicon-Anode Specific STRUCTURAL Qualification Framework MISMATCH Qualifications Framework Addressed • 0.7C Testing Framewor
Slide 6: Synergistic product platforms to meet expanding demand
Synergistic product platforms to meet expanding demand Two platforms engineered to two markets, supported by one company. AI • 100% Silicon-Anode MX • Blended Silicon - Graphite Offering National Defense INITIAL MARKETS1 $12.0B+ Smartphones $2.4B+ Drones Authorization (NDAA) Compliance2 $1.0B+ Smart
Slide 7: AI-2 Smart Eyewear Cells: 20% energy density gain
AI-2TM Smart Eyewear Cells: 20% energy density gain Energy density improvements of AI-2 enable transition to display-enabled form factors +20% Energy density vs. AI-1 MILESTONE Higher energy density enables longer life of the charge — Engineering samples complete supporting all-day display-enabled w
Slide 8: Technology Roadmap: Artificial Intelligence (AI) Batteries
Technology Roadmap: Artificial Intelligence (AI) Batteries Smart eyewear first AI-2 Product AI-1 AI-2 MODEL AI1-56678101 SMARTPHONES CAPACITY In Development 7.35 Ah MODEL MODEL AI1-50124102 AI2-50124103 SMART EYEWEAR CAPACITY CAPACITY 355 mAh 420 mAh Process node improvements propagate across produc
Slide 9: MX-1 for Aerial Drones
MX-1TM for Aerial Drones Next-generation drones require higher energy density and discharge capability to enable longer missions and expanded operational performance MX1-B01 SLPB6554146HPS 360 Wh/kg 11.05 Ah GRAVIMETRIC TYPICAL 5C CONTINUOUS 8C PULSE DENSITY CAPACITY DISCHARGE DISCHARGE PRODUCT SPEC
Slide 10: MX Battery Platform: MX1-B01
MX Battery Platform MX1-B01 brings drone-class performance to a proven defense and industrial portfolio IN PRODUCTION · ESTABLISHED GRAPHITE PORTFOLIO BLENDED SILICON GRAPHITE AERIAL DRONES NEW SUBSEA MX1-B01 SLPB8286274HE SLPB6554146HPS · High-Discharge Pouch Cell High capacity Long cycle life Rugg
Slide 11: Financial Update
Financial Update 11
Slide 12: Q1 2026 Financial Summary
Q1 2026 Financial Summary (in millions, except per share data and percentages) Q1 2026 Q1 2025 YoYΔ Revenue $7.6 $5.1 $2.5 +49% Non-GAAP Gross Profit1 $2.0 $0.4 $1.6 Non-GAAP Gross Margin1 26.3% 7.5% +19 points Non-GAAP Operating Expenses1 $30.8 $28.3 ($2.5) -9% Non-GAAP Loss from Operations1 ($28.8
Slide 13: Financial Results and Guidance
Financial Results and Guidance Q2 2026 Q2 2025 Q1 2026 (in millions, except per share data and percentages) Guidance1 Results Results Revenue $8.0 – 9.0 $7.5 $7.6 Non-GAAP Loss from Operations2 ($29.0 – 32.0) ($26.5) ($28.8) Non-GAAP Net Loss Per Share2, 3 ($0.13 – 0.17) ($0.13) ($0.14) Capital Expe
Slide 14: ENOVIX
ENOVIX
Slide 15: Appendix
Appendix
Slide 16: Q1 2026 Results
Q1 2026 Results Enovix Corporation Summary Consolidated Statements of Operations (Unaudited) (In Thousands, except %GM) GAAP Non-GAAP Q1 2026 Q1 2025 Q1 2026 Q1 2025 Revenue $ 7,600 $ 5,098 $ 7,600 $ 5,098 Gross profit 1,552 261 1,997 382 Gross margin 20.4% 5.1% 26.3% 7.5% Operating expenses(4) 45,4
Slide 17: Balance Sheet
Balance Sheet (In thousa nds, except sha re a nd per sha re a mounts) (Una udited) As of April 5, 2026 As of December 28, 2025 Assets Current assets: Cash and cash equivalents $88,751 $106,014 Short-term investments 439,985 406,026 Accounts receivable, net 3,943 4,421 Notes receivable, net — 4,012 I
Slide 18: Profit & Loss Statement
Profit & Loss Statement (In thousa nds, except sha re a nd per sha re a mounts) (Una udited) Fiscal Quarters Ended April 5, 2026 March 30, 2025 Revenue $7,600 $5,098 Cost of revenue 6,048 4,837 Gross profit 1,552 261 Operating expenses: Research and development 26,528 25,929 Selling, general and adm
Slide 19: Statement of Cash Flows
Statement of Cash Flows (In thousa nds, except sha re a nd per sha re a mounts) (Una udited) Fiscal Quarters Ended April 5, 2026 March 30, 2025 Cash flows used in operating activities: Net loss $(38,258) $(23,531) Adjustments to reconcile net loss to net cash used in operating activities Depreciatio
Slide 20: Net Loss Attributable to Enovix to Adjusted EBITDA Reconciliation
Net Loss Attributable to Enovix to Adjusted EBITDA Reconciliation (In thousa nds, except sha re a nd per sha re a mounts) (Una udited) 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
Slide 21: Reconciliation of Operating Loss to Non-GAAP Operating Loss and Adjusted EBITDA
Reconciliation of Operating Loss to Non-GAAP Operating Loss and Adjusted EBITDA (In thousa nds, except sha re a nd per sha re a mounts) (Una udited) Below is a reconciliation of GAAP operating loss to non-GAAP operating loss and adjusted EBITDA financial measures for the periods presented below: Fis
Slide 22: Other Non-GAAP Financial Measures Reconciliation
Other Non-GAAP Financial Measures Reconciliation (In thousa nds, except sha re a nd per sha re a mounts) (Una udited) Below is a reconciliation of other non-GAAP financial measures for the periods presented below: Fiscal Quarters Ended April 5, 2026 March 30, 2025 Revenue $7,600 $5,098 GAAP cost of
Slide 23: Other Non-GAAP Financial Measures Reconciliation
Other Non-GAAP Financial Measures Reconciliation (In thousa nds, except sha re a nd per sha re a mounts) (Una udited) Below is a reconciliation of other non-GAAP financial measures for the periods presented below: Fiscal Quarters Ended April 5, 2026 March 30, 2025 GAAP loss from operations $(43,895)