Enovix Announces Preliminary Second Quarter 2025 Financial Results

Core Insights - Enovix Corporation reported preliminary financial results for Q2 2025, achieving revenue of $7.5 million, exceeding guidance and nearly doubling from Q2 2024, driven by strong customer demand [1][6] - The company has achieved positive gross profit for three consecutive quarters, with GAAP gross profit of $0.8 million and non-GAAP gross profit of $1.2 million [1][6] - Enovix is positioned for significant scaling as new products and customers come online, indicating a positive outlook for future growth [1][2] Financial Performance - Revenue for Q2 2025 was $7.5 million, surpassing the guidance range of $4.5 million to $6.5 million, and nearly double the revenue of $3.8 million in Q2 2024 [6] - GAAP Gross Profit was $0.8 million, while non-GAAP Gross Profit was $1.2 million, compared to a GAAP gross loss of $0.7 million in Q2 2024 [6][12] - GAAP Operating Loss was $43.8 million, and non-GAAP Operating Loss was $27.8 million, both better than the guidance range of $31 million to $37 million [6][20] - GAAP Net Loss attributable to Enovix was $43.3 million, an improvement from $115.9 million in Q2 2024, while non-GAAP Net Loss was $28.4 million, compared to $24.9 million in the same period last year [6][23] - Adjusted EBITDA Loss narrowed to $21.4 million, ahead of guidance and improved from $26.4 million in Q2 2024 [6][18] Cash Position - As of June 29, 2025, Enovix had approximately $203 million in cash, cash equivalents, and short-term investments, following the completion of the SolarEdge asset acquisition in South Korea [6]