Revenue: As of FY2026 Q2, the actual value is USD 9.024 M, beating the estimate of USD 8.431 M.

EPS: As of FY2026 Q2, the actual value is USD -0.2, beating the estimate of USD -0.2053.

EBIT: As of FY2026 Q2, the actual value is USD -41.91 M.

Second Quarter 2026 Financial Highlights

Enovix Corporation reported a GAAP gross profit of $1.3 million and a non-GAAP gross profit of $1.8 million, marking the seventh consecutive quarter of positive gross profit on both bases. The GAAP gross margin was 14.4%, a decrease of 11.6 percentage points year-over-year, while the non-GAAP gross margin was 19.9%, down 10.9 percentage points year-over-year. Operating expenses were $44.6 million (GAAP) and $30.6 million (non-GAAP), compared to $45.7 million (GAAP) and $28.8 million (non-GAAP) in the prior-year quarter. The company’s GAAP loss from operations was - $43.3 million, and non-GAAP loss from operations was - $28.8 million.

Year-to-Date 2026 Financial Highlights

For the first half of 2026, GAAP gross profit was $2.9 million, an increase of $0.7 million year-over-year, and non-GAAP gross profit was $3.8 million, up $1.1 million year-over-year. Year-to-date GAAP gross margin was 17.2%, down 0.3 percentage points, and non-GAAP gross margin improved to 22.8%, up 1.5 percentage points year-over-year. Operating expenses for the year-to-date were $90.0 million (GAAP) and $61.3 million (non-GAAP). The GAAP loss from operations was - $87.2 million, and non-GAAP loss from operations was - $57.5 million.

Cash Flow

Net cash used in operating activities improved to - $21.8 million in Q2 2026 from - $25.9 million in Q2 2025. Free cash flow was an outflow of - $31.4 million in Q2 2026, compared to an outflow of - $33.8 million in the prior-year quarter. For the first half of 2026, net cash used in operating activities was - $54.9 million, and free cash flow was an outflow of - $67.7 million, compared to - $42.8 million and - $57.0 million, respectively, in the first half of 2025. Capital expenditures were - $9.6 million in Q2 2026 and - $12.8 million year-to-date. Enovix Corporation ended the quarter with approximately $552.1 million in cash, cash equivalents, and marketable securities, including restricted cash. Adjusted EBITDA for Q2 2026 was - $18.9 million, compared to - $20.1 million in Q2 2025, and year-to-date Adjusted EBITDA was - $39.3 million, compared to - $40.9 million in the first half of 2025.

Operational Metrics

Enovix Corporation’s lead smartphone customer confirmed that Enovix batteries passed over 1,000 cycles under the 0.2C discharge cycle test, with the final accelerated cycle-life test for smartphone qualification currently underway and expected to be completed in 2026. The smart eyewear ramp is underway, with approximately 2,100 AI-1™ batteries shipped and initial smart eyewear revenue recognized. Third-quarter smart eyewear shipments are expected to increase approximately ninefold from the second quarter to around 19,000 packs against a 50,000-pack order. The drone, defense, and industrial pipeline grew to $183 million, an increase of approximately 41% from $130 million at the end of the first quarter, with drone opportunities alone exceeding $100 million during the second quarter.

Outlook / Guidance

For the third quarter of 2026, Enovix Corporation anticipates revenue between $9.0 million and $10.0 million, representing a year-over-year increase of approximately 13% to 25%. The company expects a non-GAAP loss from operations ranging from - $29.0 million to - $32.0 million, and non-GAAP net loss per share between - $0.13 and - $0.17. Capital expenditures for the third quarter are projected to be between $8.0 million and $12.0 million.