Enovix reported second quarter revenue of $9.0 million, exceeding analyst estimates and reaching the high end of management's guidance. The results were driven by continued strength in the defense sector and the initial revenue recognition from its 100% silicon-anode smart eyewear batteries, signaling a transition from technology validation to commercial scale.
Key Highlights
- Revenue of $9.0 million grew 21% year-over-year, representing the fifth consecutive quarter of year-over-year growth.
- Non-GAAP net loss per share was $0.13, outperforming the projected $0.16 loss.
- The drone, defense, and industrial pipeline expanded 41% sequentially to $183 million, with drone-specific opportunities now exceeding $100 million.
- Smart eyewear production is ramping aggressively, with third quarter shipments expected to increase 9x sequentially to approximately 19,000 battery packs.
- A lead smartphone customer confirmed cells passed a defining 1,000-cycle discharge test, with final qualification completion targeted for 2026.