AI Earnings Predictions for Enovix Corporation (ENVX)

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Q3’26 Revenue $11.0 Million Up 38% Year/Year

Drone, Defense and Industrial Pipeline Grows to $216 Million

Leadership Team Realigned for Drone and Defense Growth

Steve Bakos Named as Our First Chief Revenue Officer

FREMONT, Calif., October 12, 2026 (GLOBE NEWSWIRE) -- Enovix Corporation ("Enovix" or the "Company," Nasdaq: ENVX), a developer and manufacturer of advanced lithium-ion batteries, today reported preliminary Q3’26 results and a leadership realignment.

Fellow Shareholders:

Our preliminary, unaudited Q3’26 revenue is $11.0 million, up 38% from Q3’25, beating our guidance of $9 million to $10 million. This is our sixth consecutive quarter of year-over-year revenue growth.

The driving factors this quarter were 1) continued growth in the size and diversity of our drone and other defense pipeline, 2) product sample validation by multiple customers, and 3) progress in expanding our defense manufacturing capacity, which is located in our acquired Korean plant due to its 20‑year defense production history. The demand surge is driven by the obvious need of U.S. and allied defense programs to source non‑Chinese batteries. We are investing $19 million now to efficiently double the capacity of our Korean plant.

Ryan Benton, Interim CEO, said, “We are focusing on moving our $216 million drone, defense and industrial pipeline forward into design wins, purchase orders and shipments. The added Korean manufacturing capacity will enable timely delivery of those orders, which in the first part of Q4’26 have already exceeded our Q3’26 total revenue. Meanwhile, year-to-date we have shipped approximately 17,000 production samples to one of our 24 current and prospective smart eyewear customers.”

Drone Pipeline Up 48% in the Third Quarter

Drone and defense customers accounted for approximately 70% of Q3’26 revenue. Our total drone, defense and industrial pipeline grew 18% to approximately $216 million; the drone pipeline alone grew 48% to approximately $150 million and is expected to continue to grow through 2027. Customer breadth has also expanded meaningfully, with a growing number of sample requests from defense customers for aerial, maritime and soldier-worn applications. These new programs offer premium pricing to secure sourcing from the very limited list of qualified defense suppliers. We have also turbocharged our Korean battery technology by using what we believe to be a higher percentage of silicon in the battery than any conventional battery supplier.

China dominates the lithium-ion cell market, putting defense programs under growing pressure to meet federal sourcing rules under the National Defense Authorization Act (NDAA), the Trade Agreements Act (TAA) and foreign entity of concern (FEOC) provisions in several laws that effectively eliminate the use of any Chinese content. Our defense related cells are manufactured completely in-house in Korea, which is already military qualified, offering customers a single, auditable chain of custody. We view this capacity as an Enovix strategic asset.

The next step is to scale our production in the order mandated by our backlog: orders for multiple sub‑markets, including aerial (UAV), subsea (UUV) and maritime (USV) drone programs. Capturing this opportunity requires that R&D, operations and sales work as one team to qualify new cells faster to bring new capacity online rapidly, and to support customers in the field. The leadership changes described below were implemented to meet those objectives.

Leadership Organization Changes

The new leadership structure now focuses on the opportunities in front of it, both defense and consumer. Steve Bakos, Senior Vice President of Worldwide Sales, has been promoted to the newly created role of Chief Revenue Officer and General Manager. Bakos will report to Interim CEO Benton, and lead Enovix’s global defense and commercial business unit, including sales, business development, product management, marketing and applications – with full P&L responsibility.

Bakos joined Enovix in May 2026 from Infineon Technologies, where he served as Vice President of Corporate Account Sales. Over his 35‑year semiconductor career, he has held executive sales and marketing roles serving the consumer, communications, industrial and computing markets at Linear Technology, Intersil, SiTime and Exar. He holds a B.S. in Engineering from Cornell.

Bakos said, “Our drone and defense customers are telling us they need high-performance batteries at scale from a fully qualified, dependable source now. My job is to monetize that growing pipeline at attractive margins.”

Two further appointments support the ramp. James Wilcox, a Berkeley Ph.D. and member of the Enovix 2008 founding engineering team, has been promoted to Vice President of Corporate Strategy, reporting to Benton, where he will lead manufacturing and technology partnerships and government funding programs, including NDAA and TAA

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Exhibit 99.1

Enovix Reports Second Quarter 2026 Results

Second Quarter Revenue of $9.0 Million, Up 21% Year-over-Year, at High End of Guidance; First Half 2026 Revenue of $16.6 Million, Up 32% Year-over-Year

Lead Smartphone Customer Confirms Passing More than 1,000 Cycles under the 0.2C Discharge Cycle Test1; Final Accelerated Cycle-Life Test for Smartphone Qualification Underway, with Completion Expected in 2026

FREMONT, Calif., August 12, 2026 -- Enovix Corporation (Nasdaq: ENVX) (“Enovix”), a developer and manufacturer of advanced lithium-ion batteries, including proprietary silicon-anode architectures, today reported financial results for the second quarter of 2026.

Second Quarter 2026 Highlights

•Revenue of $9.0 million, up 21% year-over-year and 19% sequentially, at the high end of guidance — fifth consecutive quarter of year-over-year revenue growth; year-to-date revenue of $16.6 million, up 32% year-over-year.

•Seventh consecutive quarter of positive gross profit, with GAAP gross margin of 14.4% and non-GAAP gross margin of 19.9%, down 11.6 and 10.9 percentage points, year-over-year, respectively, on a shift in battery product mix; year-to-date GAAP gross margin of 17.2% and non-GAAP gross margin of 22.8%, down 0.3 and up 1.5 percentage points year-over-year, respectively.

•GAAP net loss per share of $0.20 and non-GAAP net loss per share of $0.13, compared to $0.22 and $0.13, respectively, in the prior-year quarter.

•Lead smartphone customer confirms Enovix batteries passing more than 1,000 cycles under the 0.2C discharge cycle test1. Final accelerated cycle-life test for smartphone qualification is underway — built around a hybrid protocol defined in close collaboration with the customer and designed for silicon-anode cells.

•Smart eyewear ramp underway: shipped approximately 2,100 AI-1TM batteries, completed key international safety certifications, and recognized initial smart eyewear revenue; third quarter shipments expected to increase approximately 9x from the second quarter to approximately 19,000 packs against the 50,000-pack order.

•Drone, defense, and industrial pipeline grew to $183 million, up approximately 41% from $130 million at the end of the first quarter, driven substantially by drone opportunities, which exceeded $100 million during the second quarter.

•Third quarter 2026 outlook: revenue of $9.0 to $10.0 million, up approximately 13% to 25% year-over-year; full guidance detailed in the Financial Outlook section.

1 Standard accelerated cycle-life testing condition based on a combination of 0.2C (2%) and 0.7C (98%) cycles used by customers as proxy for 0.2C cycle life. Blended average time per cycle ≈ 2.4 hours.

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•Ended the quarter with approximately $552.1 million in cash, cash equivalents, and marketable securities, including restricted cash.

“The second quarter showed momentum across all three of our target markets: our lead customer confirmed passing a defining smartphone qualification milestone. We have one final accelerated cycle-life test on the path to smartphone qualification, which we expect to complete this year. We also converted our smart eyewear ramp into initial revenue and substantially expanded our drone and defense pipeline,” said Dr. Raj Talluri, President and CEO of Enovix. “With revenue up 21% year-over-year at the high end of guidance and our fifth consecutive quarter of year-over-year growth, Enovix is executing the transition from technology validation to commercial scale.”

Commercialization Progress: Smartphones

Customer testing is now underway with the final accelerated cycle-life test, aligned through an iterative customer engagement process. This hybrid approach, which replaced the traditional 0.7C test used for legacy graphite batteries, consists of multiple test protocols across a range of charge and discharge conditions, with testing durations differing by variant mix. The lead customer is currently evaluating Enovix’s cells, including an enhanced design, across these multiple variants. The Company anticipates completing this final accelerated test in the fourth quarter of 2026, with targeted system-level field testing to follow.

Enovix’s second smartphone OEM customer continues to progress toward alignment on a qualification framework, following a path parallel to that of the lead customer. The Company expects to begin sample deliveries in the fourth quarter of 2026.

Commercialization Progress: Smart Eyewear

“Our smart eyewear business recently marked several important milestones. We completed the international safety certifications required for commercial deployment, advanced our manufacturing ramp, and generated initial product revenue this quarter. Our next-generation AI-2TM batteries are now in customers’ hands, and we expect them to be well received,” said Dr. Talluri. “We believe these milestones, achieved on a 100% silicon-anode battery in commercial production,

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