Enovix (US:ENVX)2025-11-05 21:10Revenue Performance - Revenue for Q3 2025 reached $8.0 million, an 85% increase year-over-year from $4.3 million in Q3 2024[4] - Total revenue for the fiscal quarter ended September 28, 2025, was $7,990,000, representing a 85.5% increase from $4,317,000 in the same quarter of 2024[24] - Revenue for the fiscal quarter ended September 28, 2025, was $7.990 million, a significant increase from $4.317 million in the same quarter of 2024, reflecting an 84.5% growth[37] - The company expects Q4 2025 revenue guidance of $9.5 to $10.5 million, indicating continued growth[9] Profitability and Margins - Gross margin improved to 18% in Q3 2025, up from a negative 15% in Q3 2024, reflecting a 33 percentage point increase[4] - Gross profit for the quarter was $3,604,000, compared to a gross profit of $1,401,000 in the prior year, indicating a significant improvement[24] - Non-GAAP gross profit for the fiscal year-to-date ended September 28, 2025, was $4.361 million, compared to a loss of $(994) thousand in the same period of 2024[37] Expenses and Losses - Operating expenses for Q3 2025 were $48.4 million, consistent with the company's plan to advance customer programs and technology development[6] - Operating expenses totaled $48,374,000 for the quarter, slightly down from $48,625,000 in the same quarter of 2024[24] - The net loss attributable to Enovix for the quarter was $53,713,000, compared to a net loss of $22,536,000 in the same quarter of 2024, reflecting increased operational challenges[24] - GAAP loss from operations for the fiscal quarter ended September 28, 2025, was $46.973 million, compared to a loss of $49.267 million for the same quarter in 2024, representing a 2.6% improvement[39] - Non-GAAP loss from operations for the fiscal year-to-date ended September 28, 2025, was $84.289 million, compared to $112.007 million for the same period in 2024, indicating a 24.8% reduction in losses[39] - GAAP net loss attributable to Enovix for the fiscal quarter ended September 28, 2025, was $53.713 million, compared to a loss of $22.536 million in the same quarter of 2024[39] Cash and Assets - Cash, cash equivalents, and marketable securities totaled $648 million as of September 28, 2025, compared to $201 million a year ago[7] - Cash and cash equivalents at the end of the period were $335,502,000, up from $272,869,000 at the end of December 29, 2024[23] - Total assets increased to $913,709,000 as of September 28, 2025, compared to $527,169,000 as of December 29, 2024[23] Debt and Financing - Long-term debt rose significantly to $518,348,000 from $169,820,000, indicating increased leverage[23] - The company completed a shareholder-friendly warrant dividend and issued new convertible notes due 2030 to strengthen its balance sheet[3] Operational Developments - Enovix delivered over 1,000 battery packs to its lead smart eyewear customer and samples to 9 other OEMs and ODMs[3] - The global pipeline for defense customers now exceeds $80 million, with record year-to-date shipments[3] - Enovix is building its first Korea-based cell-manufacturing capability for 100% active silicon-anode technology[3] Cash Flow and Capital Expenditures - The company reported a cash flow used in operating activities of $68,292,000 for the fiscal year-to-date, compared to $92,675,000 in the previous year[26] - Capital expenditures for the fiscal year-to-date ended September 28, 2025, were $17.216 million, down from $59.830 million in the same period of 2024[35] - Free Cash Flow for the fiscal year-to-date ended September 28, 2025, was $(95.508) million, an improvement from $(152.505) million in the same period of 2024[35] Legal and Administrative Costs - The company incurred legal costs related to a shareholder lawsuit amounting to $2.743 million for the fiscal quarter ended September 28, 2025, compared to $801 thousand in the same quarter of 2024[39]