Slide 1: Third Quarter 2025 Earnings Call
Third Quarter 2025 Earnings Call November 5, 2025
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: Q3 2025 Highlights
Q3 2025 Highlights → Delivered strong execution and financial progress Solid Financial performance1: • Revenue $8.0 million (+85 % YoY); non-GAAP gross profit $1.7 million (21.0 % margin) vs loss in prior year; adjusted EBITDA loss of $21.4 million ($2.3 M YoY improvement); Non-GAAP EPS2 of ($0.14)
Slide 4: Independent Evaluation and Customer Qualification Timeline
AUG 2025 Independent Evaluation JUL 2025 2026* MAR 2025 DEC 2024 UN1642 Scale Production UN38.3 Safety Certification Prototype Certification Samples DEC 2024 MAR 2025 JUL 2025 Customer Validation Phase Formal Qual Begins SEPT 2024 Begins Tests FEB 2025 JUN 2025 Q425* 1H26* Development Cell Requireme
Slide 5: 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 Smartphones Smartphones with on-device AI $12B+1 Proven performance — 900 Wh/L AI-1 Smart Eyewear / IoT Displayless / Display-Enabled AR $8B+ 2 High energy in compact for
Slide 6: Enovix Cells Purpose-Built for Every Segment of Eyewear
Enovix Cells Purpose-Built for Every Segment of Eyewear • Cell for audio-only smart eyewear • Cell for display-enabled smart eyewear • High energy density for all day use • High power for immersive AR functions Displayless Display-Enabled 2.5x Displays increase power demand 6
Slide 7: Expanding Established Defense & Industrial Presence
Expanding Established Defense & Industrial Presence Established Korea presence US and EU Expansion — — → Majority of Q3 2025 year-to-date revenue attributable to Defense customers → 2026 pipeline supported by military and commercial programs now exceeding $80 million globally. → Customers in 2025 in
Slide 8: Strategic M&A Priorities
Strategic M&A Priorities Disciplined approach focused on acquiring capabilities that accelerate commercialization of our 100% active silicon anode technology, strengthening supply chain, and expanding our participation in high-growth markets. Capital Discipline Strategic Fit Execution Advantage _ _
Slide 9: Financial Update
Financial Update 9
Slide 10: Q3 2025 Capital Markets Summary
Q3 2025 Capital Markets Summary Warrant Dividend & Share Repurchase Convertible Notes Offering Completion: August 29, 2025 — all warrants either exercised or Issuance: $360 million 4.75% Convertible Senior Notes due 2030, issued expired. September 2025. Proceeds: 26.5 million warrants exercised, gen
Slide 11: Q3 2025 Financial Summary
Q3 2025 Financial Summary (in millions, except per share data and percentages) Q3 2025 Q3 2024 YoYΔ Revenue $8.0 $4.3 $3.7 +85% Non-GAAP Gross Profit (Loss)1 $1.7 ($0.5) $2.2 Non-GAAP Gross Margin1 21.0% (12.5%) +33.5 points Non-GAAP Operating Expenses1 $31.5 $26.4 ($5.1) -20% Non-GAAP Loss from Ope
Slide 12: Financial Results and Guidance
Financial Results and Guidance Q3 2025 Q3 2025 Q4 2025 (in millions, except per share data and percentages) Guidance1 Results Guidance2 Revenue $7.5 - 8.5 $8.0 $9.5 - 10.5 Non-GAAP Loss from Operations3 ($31.0 – 35.0) ($29.8) ($30.0 – 33.0) Non-GAAP Net Loss Per Share3, 4 ($0.14 – 0.18) ($0.14) ($0.
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Slide 14: Appendix
Appendix
Slide 15: Q3 2025 Results
Q3 2025 Results Enovix Corporation Summary Consolidated Statements of Operations (Unaudited) (In Thousands, except Percentages) GAAP Non-GAAP Q3 2025 Q3 2024 Q3 2025 Q3 2024(7) Revenue $ 7,990 $ 4,317 $ 7,990 $ 4,317 Gross profit (loss) 1,401 (642) 1,681 (541) Gross Margin 18 % (15) % 21 % (13) % Op
Slide 16: Balance Sheet
Balance Sheet (In thousands, except share and per share amounts) September 28, 2025 (Unaudited) December 29, 2024 Assets Current assets: Cash and cash equivalents $335,502 $272,869 Short-term investments 223,316 — Accounts receivable, net 4,631 4,566 Notes receivable, net 2,412 4 Inventory 15,224 7,
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 September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024 Revenue Fiscal Quarters Ended $7,990 $4,317 Fiscal Years-to-Date $20,556 Ended $13,357 C
Slide 18: Statement of Cash Flows
Statement of Cash Flows (In thousands, except share and per share amounts) (Unaudited) Fiscal Years-to-Date Ended September 28, 2025 September 29, 2024 Cash flows used in operating activities: Net loss $(121,566) $(185,082) Adjustments to reconcile net loss to net cash used in operating activities D
Slide 19: 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 income (loss) on a GAAP basis to the non-GAAP EBITDA and adjusted EBITDA financial measures for the periods presented below: Fiscal Quarters Ended Fiscal Year
Slide 20: 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-to
Slide 21: 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-to-Date Ended September 28, 2025 September 29, 2024 September 28, 2025 Sep
Slide 22: 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-to-Date Ended September 28, 2025 September 29, 2024 September 28, 2025 Sep