Enovix (ENVX) investor relations material

Executive summary

• Achieved record Q4 2025 revenue of $11.3M and full-year revenue of $31.8M, up 38% year-over-year, driven by defense, industrial, and smart eyewear shipments.

• Advanced smartphone battery qualification with lead customer Honor, meeting most requirements and progressing in cycle-life and safety testing.

• Smart eyewear batteries met technical requirements, positioning for early commercialization; initial production demand received from a major AI leader.

• Strengthened operational leadership and unified global manufacturing, focusing on yield, throughput, and readiness for high-volume production.

• Capital allocation flexibility enhanced with a $75M share repurchase program and robust liquidity to support growth.

Financial highlights

• Q4 2025 revenue reached $11.3M, up 16% year-over-year; FY2025 revenue grew 38% to $31.8M, a company record.

• Q4 non-GAAP gross margin was 25.7%; FY2025 non-GAAP gross margin improved to 23% from 0.9% in FY2024.

• Q4 non-GAAP loss from operations was $28.9M; FY2025 adjusted EBITDA improved to $(84.0)M from $(95.7)M in FY2024.

• Q4 non-GAAP net loss per share was $0.14; FY2025 non-GAAP net loss per share was $0.54, both improved from prior year.

• Ended 2025 with $621M in cash, cash equivalents, and marketable securities.

Outlook and guidance

• Q1 2026 revenue expected between $6.5M and $7.5M, reflecting seasonality in defense shipments.

• Q1 2026 non-GAAP loss from operations projected at $29M to $32M; non-GAAP net loss per share: $0.14–$0.18.

• CapEx for Q1 2026 expected at $9M–$11M, mainly for Fab2 equipment.

• Initial smartphone-related revenue in 2026 will support system integration and launch prep, with larger commercialization expected late 2026 or 2027.

• Smart eyewear shipments to begin in 2026, with significant market growth anticipated through 2030.