Enovix Corporation · NASDAQ:ENVX
Enovix — Q2 2026 Earnings Presentation
22 slides from Enovix's earnings presentation, Aug 12, 2026
Slide 1: Second Quarter 2026 Earnings Call
Second Quarter 2026 Earnings Call August 12, 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: Q2 2026: Executing the Commercial Ramp
Q2 2026: Executing the Commercial Ramp SMARTPHONES $9.0M Qualification nearing completion with lead OEM Revenue — +21% YoY, high end of guidance Lead smartphone customer confirms passing more than 1,000 cycles under the 0.2C discharge cycle test 1; Final accelerated cycle-life test built around a hy
Slide 4: Synergistic product platforms to meet expanding demand
Synergistic product platforms to meet expanding demand Two platforms engineered for two markets, supported by one company. AI PLATFORM — 100% SILICON-ANODE MX PLATFORM — BLENDED SILICON-GRAPHITE Smartphones & smart eyewear Drones, defense & industrial Offering NDAA & TAA Compliance² $12.0B+ $1.0B+ $
Slide 5: Smartphone Qualification: From Framework to Execution
Smartphone Qualification: From Framework to Execution BEFORE — LEGACY FRAMEWORK NOW — SILICON-ANODE FRAMEWORK Legacy Graphite-Based Qualification Framework Agreed Silicon-Anode Qualification Framework LIMITATIONS 1 >1,000 smartphone test remaining for Cycles on 0.2C discharge cycle test1 • 0.7C prot
Slide 6: Smart Eyewear: From First Production to Ramp & Product Revenue
Smart Eyewear: From First Production to Ramp & Product Revenue Shipping to a leading smart eyewear reference platform ~2,100 ~19,000 50,000 AI-1 batteries shipped in Q2 Delivery orders for Q3 Battery packs on order for 2026 RAMP MILESTONES 2026 Shipment Ramp — Battery Packs Shipped by Quarter Certif
Slide 7: Drones & Defense: Converting a Growing Pipeline
Drones & Defense: Converting a Growing Pipeline SALES PIPELINE¹ | ~$183M TOTAL Pipeline Growth & Mix ($M)¹ Drones Defense & Industrial ~$119M $183 Prospect $200 $150 $130 $82 $100 $57 ~$23M $50 $101 $73 New Design Opportunity $0 Q1'26 Q2'26 CAPACITY & PRODUCT MOMENTUM ~$36M Korea capacity expansion
Slide 8: AI-2 Smart Eyewear Cells
AI-2TM Smart Eyewear Cells COMMERCIALIZATION PATH 1Q26 SAMPLES PRODUCED › NOW TIER 1 CUSTOMERS SAMPLING › NEXT EX-3M NODE TO EXTEND ENERGY DENSITY GAINS +20% Volumetric Energy density vs. AI-1 MILESTONE Higher energy density enables longer life of the charge — Tier 1 Customers Sampling supporting al
Slide 9: Manufacturing Readiness: Yield, Cost and Leadership
Manufacturing Readiness: Yield, Cost and Leadership Q2 YIELD PERFORMANCE · FAB2 COST & THROUGHPUT INITIATIVES Step-level yields in production1 Streamlining the manufacturing flow ~84% +4 pts INITIATIVES Zone 1 dicing yield in Q2 Zone 1 gain vs. 1Q26 • Hybrid dicing in Zone 1 — laser + mechanical, ap
Slide 10: Financial Update
Financial Update 10
Slide 11: Q2 2026 Financial Summary
Q2 2026 Financial Summary (in millions, except per share data and percentages) (unaudited) Q2 2026 Q2 2025 YoYΔ Revenue $9.0 $7.5 $1.5 +21% Non-GAAP Gross Profit1 $1.8 $2.3 ($0.5) Non-GAAP Gross Margin1 19.9% 30.8% -10.9 pts Non-GAAP Operating Expenses1 $30.6 $28.8 $1.8 +6% Non-GAAP Loss from Operat
Slide 12: Financial Results and Guidance
Financial Results and Guidance (in millions, except per share data and percentages) Q3 2026 Q3 2025 Q2 2026 (unaudited) Guidance1 Results Results Revenue $9.0 – 10.0 $8.0 $9.0 Non-GAAP Loss from Operations2 ($29.0 – 32.0) ($29.8) ($28.8) Non-GAAP Net Loss Per Share2, 3 ($0.13 – 0.17) ($0.14) ($0.13)
Slide 13: © 2026 Enovix Corporation
13 © 2026 Enovix Corporation
Slide 14: Appendix
Appendix 14 © 2026 Enovix Corporation
Slide 15: Q2 2026 and YTD 2026 Results
Q2 2026 and YTD 2026 Results (In thousands, except percentages) (Unaudited) GAAP Non-GAAP GAAP Non-GAAP Q2 2026 Q2 2025 Q2 2026 Q2 2025 YTD 2026 YTD 2025 YTD 2026 YTD 2025 Revenue $ 9,024 $ 7,468 $ 9,024 $ 7,468 $ 16,624 $ 12,566 $ 16,624 $ 12,566 Gross profit 1,302 1,942 1,792 2,298 2,854 2,203 3,7
Slide 16: Balance Sheet
Balance Sheet (In thousands, except share and per share amounts) (Unaudited) As of July 5, 2026 As of December 28, 2025 Assets Current assets: Cash and cash equivalents $33,741 $106,014 Short-term investments 442,040 406,026 Accounts receivable, net 3,097 4,421 Notes receivable, net — 4,012 Inventor
Slide 17: Profit & Loss Statement
Profit & Loss Statement (In thousands, except share and per share amounts) (Unaudited) Fiscal Quarters Ended Fiscal Years-to-Date Ended July 5, 2026 June 29, 2025 July 5, 2026 June 29, 2025 Revenue $9,024 $7,468 $16,624 $12,566 Cost of revenue 7,722 5,526 13,770 10,363 Gross profit 1,302 1,942 2,854
Slide 18: Statement of Cash Flows
Statement of Cash Flows (In thousands, except share and per share amounts) (Unaudited) Fiscal Years-to-Date Ended July 5, 2026 June 29, 2025 Cash flows used in operating activities: Net loss $(81,335) $(67,797) Adjustments to reconcile net loss to net cash used in operating activities Depreciation,
Slide 19: Net Loss Attributable to Enovix to Adjusted EBITDA Reconciliation
Net Loss Attributable to Enovix to Adjusted EBITDA Reconciliation (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
Slide 20: 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 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 Qu
Slide 21: Other Non-GAAP Financial Measures Reconciliation
Other Non-GAAP Financial Measures 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-to-Date Ended July 5, 2026 June 29, 2025 July 5, 2026 Jun
Slide 22: Other Non-GAAP Financial Measures Reconciliation
Other Non-GAAP Financial Measures 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-to-Date Ended July 5, 2026 June 29, 2025 July 5, 2026 Jun