Enovix (US:ENVX) Globenewswire·2025-11-05 21:05Core Insights - Enovix Corporation has made significant progress towards the commercialization of its AI-1™ battery technology, particularly with its lead smartphone customer, which is expected to launch soon [2][5] - The company reported a substantial increase in revenue and improved gross margins in Q3 2025, reflecting operational efficiencies and increased sales [4][6] - Enovix has strengthened its balance sheet with $648 million in cash and equivalents, positioning itself for future growth and customer qualification [8][10] Financial Performance - Q3 2025 revenue reached $8.0 million, an 85% increase year-over-year from $4.3 million in Q3 2024 [4][6] - Gross profit improved to $1.4 million, compared to a loss of $0.6 million in Q3 2024, resulting in a gross margin of 18% [4][6] - Operating expenses remained stable at $48.4 million, with a loss from operations of $47.0 million, slightly better than the $49.3 million loss in Q3 2024 [4][6] Business Highlights - The AI-1 battery has been validated as having the highest energy density for smartphone batteries, with ongoing lifecycle testing by the lead customer [5][6] - Enovix has delivered over 1,000 battery packs to its smart eyewear customer and samples to nine other OEMs, with product launches expected in 2026 [5][6] - The company has seen record shipments to defense customers, with a global pipeline exceeding $80 million [5][6] Manufacturing and Expansion - Manufacturing capabilities at Fab2 are progressing, with yield improvements and increased throughput in Zone 4 [5][6] - Enovix is building its first Korea-based cell-manufacturing capability for 100% active silicon-anode technology [5][6] Future Outlook - The company anticipates continued revenue growth in Q4 2025, with guidance for revenue between $9.5 million and $10.5 million [10] - Non-GAAP loss from operations is expected to be between $30.0 million and $33.0 million for Q4 2025 [10]