Enovix Corp SEC 10-Q Report

Enovix Corp, a leading innovator in advanced battery technology, has released its Form 10-Q report for the fiscal quarter ended June 29, 2025. The report highlights significant improvements in financial performance and notable advancements in business operations, driven by strong customer demand and strategic initiatives in the defense and consumer electronics sectors.

Financial Highlights

• Revenue: $7.5 million, nearly doubled from the prior year’s fiscal quarter, driven by strong customer demand for defense products.
• Gross Profit: $1.9 million, compared to a loss of $0.7 million in the prior year, indicating improved cost management and increased sales.
• Loss from Operations: $(43.7) million, a significant improvement from $(88.8) million in the prior year, reflecting reduced operating expenses.
• Net Loss: $(44.3) million, improved from $(115.9) million in the prior year, due to increased revenue and reduced restructuring costs.
• Net Loss Per Share: $(0.22), compared to $(0.63) in the prior year, reflecting improved financial performance and cost efficiency.

Business Highlights

• Revenue Segments: The company's revenue for the fiscal quarter ended June 29, 2025, was primarily driven by product shipments to South Korean defense contractors and consumer electronics customers. Approximately 69% of the product revenue for the fiscal quarter ended June 29, 2025, was from South Korea based on the billing location of the customers.
• Geographical Performance: The company experienced significant growth in South Korea, with a notable increase in sales to South Korean defense contractors. Of the total revenue recognized for the fiscal quarter ended June 29, 2025, $4.8 million resulted from sales to one South Korean defense contractor.
• New Product Launches: The company launched its AI-1 product platform, which is a core battery architecture adaptable into multiple product variants. This platform includes the first smartphone battery achieving energy density of more than 900 Wh/L, meeting best-in-class customer requirements.
• New Production Launches: The company acquired battery cell manufacturing assets from SolarEdge in South Korea, which is expected to expand its manufacturing footprint and expedite scaled production to meet growing demand in the defense industry.
• Future Outlook: The company plans to use proceeds from the warrant exercises to support scale-up at Fab2 in Malaysia and for general corporate purposes. It also expects to begin sampling AI-1 platform products to additional leading OEMs in the coming months, indicating a focus on expanding its market presence.

SEC Filing: Enovix Corp [ ENVX ] - 10-Q - Jul. 31, 2025