Q3’26 Revenue $11.0 Million Up 38% Year/Year

Drone, Defense and Industrial Pipeline Grows to $216 Million
Leadership Team Realigned for Drone and Defense Growth
Steve Bakos Named as Our First Chief Revenue Officer

FREMONT, Calif., Oct. 12, 2026 (GLOBE NEWSWIRE) -- Enovix Corporation ("Enovix" or the "Company," Nasdaq: ENVX), a developer and manufacturer of advanced lithium-ion batteries, today reported preliminary Q3’26 results and a leadership realignment.

Fellow Shareholders:

Our preliminary, unaudited Q3’26 revenue is $11.0 million, up 38% from Q3’25, beating our guidance of $9 million to $10 million. This is our sixth consecutive quarter of year-over-year revenue growth.

The driving factors this quarter were 1) continued growth in the size and diversity of our drone and other defense pipeline, 2) product sample validation by multiple customers, and 3) progress in expanding our defense manufacturing capacity, which is located in our acquired Korean plant due to its 20-year defense production history. The demand surge is driven by the obvious need of U.S. and allied defense programs to source non-Chinese batteries. We are investing $19 million now to efficiently double the capacity of our Korean plant.

Ryan Benton, Interim CEO, said, “We are focusing on moving our $216 million drone, defense and industrial pipeline forward into design wins, purchase orders and shipments. The added Korean manufacturing capacity will enable timely delivery of those orders, which in the first part of Q4’26 have already exceeded our Q3’26 total revenue. Meanwhile, year-to-date we have shipped approximately 17,000 production samples to one of our 24 current and prospective smart eyewear customers.”

Read the rest of the press release HERE.