AI Earnings Predictions for Enovix Corporation (ENVX)

EX-99.1

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EX-99.1

Document

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.

1

•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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envx-202602250001828318False00018283182026-02-252026-02-25

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): February 25, 2026

Enovix Corporation

(Exact Name of Registrant as Specified in Its Charter)

Delaware001-3975385-3174357 (State or Other Jurisdiction of Incorporation)(Commission File Number)(IRS Employer Identification No.)

3501 W Warren Avenue Fremont, California 94538

(Address of Principal Executive Offices) (Zip Code)

Registrant’s Telephone Number, Including Area Code: (510) 695-2350 Not Applicable (Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered Common Stock, par value $0.0001 per shareENVXThe Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition. On February 25, 2026, Enovix Corporation (the “Company”) issued a press release announcing the release of its financial results for the fourth fiscal quarter and full year 2025. A copy of the press release is attached as Exhibit 99.1 to this report. The information in this current report on Form 8-K and the exhibits attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. Item 8.01 Other Events On February 25, 2026, the Company announced that the Company’s board of directors authorized an additional repurchase plan (the “2026 Repurchase Plan”) for the repurchase of up to $75 million shares of the Company’s common stock, $0.0001 par value per share (the “Common Stock”). The 2026 Repurchase Plan is in addition to the repurchase plan previously announced by the Company on July 2, 2025 (the “2025 Repurchase Plan”). As of December 28, 2025, the Company had capacity to repurchase approximately $1.6 million shares of Common Stock remaining under the 2025 Repurchase Plan, and the 2025 Repurchase Plan expires at the end of 2026. Under the 2026 Repurchase Plan, the Company may repurchase up to $75 million shares of Common Stock from time to time through open market purchases or through privately negotiated transactions, subject to market conditions, applicable legal requirements and other relevant factors. Open market repurchases may be structured to occur in accordance with the requirements of Rule 10b-18. The timing and number of shares of Common Stock repurchased pursuant to the 2026 Repurchase Plan will depend on a variety of factors, including price, general business and market conditions, and alternative investment opportunities. The 2026 Repurchase Plan does not require the purchase of any minimum number of shares of Common Stock, has no expiration date, and repurchases may be initiated, suspended, or discontinued at any time without prior notice.

Item 9.01 Financial Statements and Exhibits. (d) Exhibits

Exhibit Number

Description

99.1 Q4 2025 and Full Year 2025 Financial Results Press Release dated February 25, 2026.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Enovix Corporation

Date:February 25, 2026 By:/s/ Arthi Chakravarthy Arthi Chakravarthy Chief Legal Officer