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Enovix Announces Preliminary Second Quarter 2025 Financial Results

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Enovix (NASDAQ: ENVX), a global high-performance battery company, reported strong preliminary Q2 2025 financial results. Revenue reached $7.5 million, exceeding guidance of $4.5-6.5 million and showing a 98% year-over-year increase. The company achieved its third consecutive quarter of positive gross profit, with GAAP gross profit of $0.8 million and non-GAAP gross profit of $1.2 million.

The company reported a GAAP operating loss of $43.8 million and non-GAAP operating loss of $27.8 million, beating guidance. Adjusted EBITDA loss narrowed to $21.4 million, ahead of guidance. Cash position remained strong at $203 million after completing the SolarEdge asset acquisition in South Korea and Fab2-related capital expenditures.

Enovix (NASDAQ: ENVX), azienda globale specializzata in batterie ad alte prestazioni, ha riportato solidi risultati preliminari per il secondo trimestre 2025. I ricavi hanno raggiunto 7,5 milioni di dollari, superando le previsioni di 4,5-6,5 milioni e registrando un incremento del 98% rispetto all'anno precedente. L'azienda ha ottenuto il terzo trimestre consecutivo di utile lordo positivo, con un utile lordo GAAP di 0,8 milioni di dollari e un utile lordo non-GAAP di 1,2 milioni di dollari.

La società ha riportato una perdita operativa GAAP di 43,8 milioni di dollari e una perdita operativa non-GAAP di 27,8 milioni, migliori rispetto alle previsioni. La perdita di EBITDA rettificato si è ridotta a 21,4 milioni di dollari, meglio delle aspettative. La posizione di cassa è rimasta solida a 203 milioni di dollari dopo aver completato l'acquisizione degli asset SolarEdge in Corea del Sud e le spese in conto capitale relative a Fab2.

Enovix (NASDAQ: ENVX), una empresa global de baterías de alto rendimiento, reportó sólidos resultados preliminares para el segundo trimestre de 2025. Los ingresos alcanzaron 7.5 millones de dólares, superando la guía de 4.5-6.5 millones y mostrando un incremento interanual del 98%. La compañía logró su tercer trimestre consecutivo con beneficio bruto positivo, con un beneficio bruto GAAP de 0.8 millones y un beneficio bruto no GAAP de 1.2 millones.

La empresa reportó una pérdida operativa GAAP de 43.8 millones de dólares y una pérdida operativa no GAAP de 27.8 millones, superando la guía. La pérdida de EBITDA ajustado se redujo a 21.4 millones, mejor que la guía. La posición de efectivo se mantuvo sólida en 203 millones de dólares tras completar la adquisición de activos de SolarEdge en Corea del Sur y los gastos de capital relacionados con Fab2.

Enovix (NASDAQ: ENVX), 글로벌 고성� 배터� 회사가 2025� 2분기 예비 실적� 발표했습니다. 매출은 750� 달러� 가이던스인 450만~650� 달러� 초과했으�, 전년 대� 98% 증가� 기록했습니다. 회사� 3분기 연속 긍정적인 총이�� 달성했으�, GAAP 기준 총이익은 80� 달러, 비GAAP 기준 총이익은 120� 달러였습니�.

회사� GAAP 영업손실 4380� 달러, 비GAAP 영업손실 2780� 달러� 보고하며 가이던스를 상회했습니다. 조정 EBITDA 손실은 2140� 달러� 축소되어 가이던스를 앞섰습니�. 현금 보유액은 2� 300� 달러� 견고� 상태� 유지했으�, 이는 한국에서 SolarEdge 자산 인수와 Fab2 관� 자본 지출을 완료� 후의 수치입니�.

Enovix (NASDAQ : ENVX), une entreprise mondiale de batteries haute performance, a annoncé de solides résultats financiers préliminaires pour le deuxième trimestre 2025. Le chiffre d'affaires a atteint 7,5 millions de dollars, dépassant les prévisions de 4,5 à 6,5 millions et affichant une augmentation de 98 % par rapport à l'année précédente. La société a enregistré son troisième trimestre consécutif de bénéfice brut positif, avec un bénéfice brut GAAP de 0,8 million de dollars et un bénéfice brut non-GAAP de 1,2 million.

La société a déclaré une perte d'exploitation GAAP de 43,8 millions de dollars et une perte d'exploitation non-GAAP de 27,8 millions, dépassant les prévisions. La perte d'EBITDA ajustée s'est réduite à 21,4 millions de dollars, meilleure que prévue. La trésorerie est restée solide à 203 millions de dollars après l'acquisition des actifs SolarEdge en Corée du Sud et les dépenses en capital liées à Fab2.

Enovix (NASDAQ: ENVX), ein globales Unternehmen für Hochleistungsbatterien, meldete starke vorläufige Finanzergebnisse für das zweite Quartal 2025. Der Umsatz erreichte 7,5 Millionen US-Dollar, übertraf die Prognose von 4,5 bis 6,5 Millionen und verzeichnete einen jährlichen Anstieg von 98%. Das Unternehmen erzielte sein drittes aufeinanderfolgendes Quartal mit positivem Bruttogewinn, mit einem GAAP-Bruttogewinn von 0,8 Millionen und einem Non-GAAP-Bruttogewinn von 1,2 Millionen US-Dollar.

Das Unternehmen meldete einen GAAP-Betriebsverlust von 43,8 Millionen US-Dollar und einen Non-GAAP-Betriebsverlust von 27,8 Millionen, womit die Prognosen übertroffen wurden. Der bereinigte EBITDA-Verlust verringerte sich auf 21,4 Millionen US-Dollar, ebenfalls besser als erwartet. Die Cash-Position blieb mit 203 Millionen US-Dollar nach Abschluss der Übernahme von SolarEdge-Vermögenswerten in Südkorea und den kapitalbedingten Ausgaben für Fab2 stark.

Positive
  • Revenue of $7.5M exceeded guidance and grew 98% year-over-year
  • Third consecutive quarter of positive gross profit on both GAAP and non-GAAP basis
  • Adjusted EBITDA loss narrowed to $21.4M, beating guidance
  • Strong cash position of $203M after acquisitions and capital expenditures
  • Fifth straight quarter exceeding guidance midpoint for revenue and adjusted EBITDA
Negative
  • GAAP Operating Loss remained significant at $43.8M
  • Non-GAAP Net Loss increased to $28.4M from $24.9M year-over-year
  • GAAP Net Loss of $43.3M despite improved metrics

Insights

Enovix posts strong Q2 with 98% YoY revenue growth to $7.5M, achieved third consecutive quarter of positive gross profit, but still operates at significant loss.

Enovix's Q2 results demonstrate meaningful commercial progress for this emerging battery technology company. Revenue of $7.5 million exceeded their guidance range by 15% and nearly doubled year-over-year, showing accelerating market traction. This marks their fifth consecutive quarter of exceeding guidance midpoints, establishing a pattern of reliable execution that builds credibility with investors.

Particularly notable is the achievement of positive gross profit for the third straight quarter - $0.8 million on a GAAP basis and $1.2 million non-GAAP. This represents a critical inflection point in Enovix's commercialization journey, transitioning from negative to positive unit economics.

However, the company still operates at a substantial loss. While GAAP operating losses improved significantly from $88.8 million to $43.8 million year-over-year, the $27.8 million non-GAAP operating loss highlights continued heavy investment. This isn't unexpected for a pre-scale hardware company, but bears monitoring. The cash position of $203 million provides approximately 7 quarters of runway at current burn rates.

The SolarEdge asset acquisition in South Korea and ongoing Fab2 investments indicate Enovix is positioning for larger-scale production. The key metrics to watch in coming quarters will be continued revenue growth acceleration and gross margin expansion, which would validate both market demand and manufacturing efficiency improvements. While the directional trends are positive, Enovix still needs significant revenue scaling to achieve profitability.

Q2 Revenue Exceeds High-End of Guidance, Up 98% Year Over Year

FREMONT, Calif., July 07, 2025 (GLOBE NEWSWIRE) -- Enovix Corporation (Nasdaq: ENVX) (“Company� or “Enovix�), a global high-performance battery company, today announced preliminary selected unaudited financial results for the second quarter ended June 29, 2025:

  • Revenue was $7.5 million in the second quarter of 2025, exceeding our guidance range of $4.5 million to $6.5 million and nearly doubled from the second quarter of 2024, driven by customer demand across multiple end markets.
  • GAAP Gross Profit was $0.8 million and non-GAAP Gross Profit was $1.2 million, marking our third consecutive quarter of positive gross profit on both a GAAP and non-GAAP basis. This compares favorably to a gross loss of $0.7 million on a GAAP basis and gross loss of $0.6 million on a non-GAAP basis in the second quarter of 2024.
  • GAAP Operating Loss was $43.8 million and non-GAAP Operating Loss was $27.8 million, beating our guidance range of $31 to $37 million and compared to $88.8 million on a GAAP basis and $31.5 million on a non-GAAP basis in the second quarter of 2024.
  • GAAP Net Loss Attributable to Enovix was $43.3 million, improved from the $115.9 million in the second quarter of 2024. Non-GAAP Net Loss Attributable to Enovix was $28.4 million, as compared to the $24.9 million in the second quarter of 2024.
  • Adjusted EBITDA Loss narrowed to $21.4 million, ahead of our guidance range of $23 million to $29 million, and improved from the $26.4 million in the same period a year ago.
  • GAAP net loss per share attributable to Enovix was $0.22 and non-GAAP net loss per share attributable to Enovix was $0.15, at the favorable end of our guidance range of $0.15 to $0.21 per share and compared to $0.67 on a GAAP basis and $0.14 on a non-GAAP basis in the second quarter of 2024.
  • Cash, cash equivalents, and short-term investments were approximately $203 million as of the quarter ended June 29, 2025, after completing the SolarEdge asset acquisition in South Korea and making other capital expenditure payments principally related to Fab2.

“This marks our fifth straight quarter exceeding the midpoint of guidance for both revenue and adjusted EBITDA,� said Dr. Raj Talluri, Chief Executive Officer. “We’re executing to plan, building momentum, and positioned to scale significantly as our new products and customers come online.�

Preliminary and unaudited financial results are provided above and below. Final results remain subject to completion of the company’s standard quarter-end close procedures and potential adjustments. Enovix will host its Q2 2025 earnings call and webcast in late July or early August and details will be announced separately.

About Enovix

Enovix is on a mission to deliver high-performance batteries that unlock the full potential of technology products. Everything from IoT, mobile, and computing devices, to the vehicle you drive, needs a better battery. Enovix partners with OEMs worldwide to usher in a new era of user experiences. Our innovative, materials-agnostic approach to building a higher performing battery without compromising safety keeps us flexible and on the cutting-edge of battery technology innovation.

Enovix is headquartered in Silicon Valley with facilities in India, South Korea and Malaysia. For more information visit and follow us on LinkedIn.

Non-GAAP Financial Measures

Non-GAAP Gross Profit, non-GAAP Operating Loss, Adjusted EBITDA, non-GAAP net loss attributable to Enovix, non-GAAP net loss per share, and other non-GAAP measures are intended as supplemental financial measures of our performance that provide an additional tool for investors to use in evaluating ongoing operating results, trends, and in comparing our financial measures with those of comparable companies.

However, you should be aware that other companies may calculate similar non-GAAP measures differently. Non-GAAP financial measures have limitations, including that they exclude certain expenses that are required under GAAP, which adjustments reflect the exercise of judgment by management. Reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure can be found in the tables at the end of this press release.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or our future financial or operating performance and can be identified by words such as anticipate, believe, continue, could, estimate, expect, intend, may, might, plan, possible, potential, predict, preliminary, project, setting the stage, should, would and similar expressions that convey uncertainty about future events or outcomes. Forward-looking statements in this press release include, without limitation, our expected performance and preliminary financial results for the second quarter of 2025, including, without limitation, with respect to our second quarter 2025 revenue, GAAP and non-GAAP Gross Profit, GAAP and non-GAAP net operating loss, EBITDA and adjusted EBITDA, GAAP and non-GAAP net loss per share attributable to Enovix, and GAAP and non-GAAP earnings per share attributable to Enovix, as well our expectations regarding building momentum, and positioning to scale significantly as our new products and customers come online.

Actual results could differ materially from these forward-looking statements as a result of certain risks and uncertainties, including, without limitation, any adjustments, changes or revisions to our financial results arising from our financial closing procedures and the completion of our financial statements for the second quarter of 2025; our ability to improve energy density, cycle life, fast charging, capacity roll off and gassing metrics among our products; our reliance on new and complex manufacturing processes for our operations; our ability to establish sufficient manufacturing operations and improve and optimize manufacturing processes to meet demand, source materials and establish supply relationships, and secure adequate funds to execute on our operational and strategic goals; our reliance on a manufacturing agreement with a Malaysia-based company for many of the facilities, procurement, personnel and financing needs of our operations; our operation in international markets, including our exposure to operational, financial and regulatory risks, as well as risks relating to geopolitical tensions and conflicts, including changes in trade policies and regulations; that we may be required to pay costs for components and raw materials that are more expensive than anticipated, including as a result of trade barriers, trade sanctions, export restrictions, tariffs, embargoes or shortages and other general economic and political conditions, which could delay the introduction of our products and negatively impact our business; our ability to adequately control the costs associated with our operations and the components necessary to build our lithium-ion battery cells; our lengthy sales cycles; the safety hazards associated with our batteries and the manufacturing process; a concentration of customers in the military market and our dependence on these customer accounts; certain unfavorable terms in our commercial agreements that may limit our ability to market our products; our ability to develop, market and sell our batteries, expectations relating to the performance of our batteries, and market acceptance of our products; our ability to accurately estimate the future supply and demand of our batteries, which could result in a variety of inefficiencies in our business; changes in consumer preferences or demands; changes in industry standards; the impact of technological development and competition; and global economic conditions, including tariffs, inflationary and supply chain pressures, and political, social, and economic instability, including as a result of armed conflict, war or threat of war, or trade and other international disputes that could disrupt supply or delivery of, or demand for, our products. For additional information on these risks and uncertainties and other potential factors that could cause actual results to differ from the results predicted, please refer to our filings with the Securities and Exchange Commission (“SEC�), including in the “Risk Factors� and “Management’s Discussion and Analysis of Financial Condition and Results of Operations� sections of our annual report on Form 10-K and quarterly reports on Form 10-Q and other documents that we have filed, or will file, with the SEC.

The financial results presented herein are preliminary and based on information known by management as of the date of this press release; final financial results will be included in the Company’s quarterly report on Form 10-Q for the fiscal quarter ended June 29, 2025. As a result, the financial results presented in this press release may change in connection with the finalization of our closing and reporting processes and may not represent the actual financial results for the second quarter ended June 29, 2025. Any forward-looking statements in this press release speak only as of the date on which they are made. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contacts:

Investors
Robert Lahey

Chief Financial Officer
Ryan Benton

Reconciliation of Gross Profit to Non-GAAP Gross Profit

Below is a reconciliation of GAAP gross profit to non-GAAP gross profit (preliminary and unaudited) (in thousands).

Fiscal Quarters Ended
June 29, 2025June 30, 2024
GAAP gross profit$795$(655)
Stock-based compensation expense35695
Non-GAAP gross profit$1,151$(560)

Net Loss Attributable to Enovix to Adjusted EBITDA Reconciliation

While we prepare our consolidated financial statements in accordance with GAAP, we also utilize and present certain financial measures that are not based on GAAP. We refer to these financial measures as “non-GAAP� financial measures. In addition to our financial results determined in accordance with GAAP, we believe that EBITDA and Adjusted EBITDA are useful measures in evaluating its financial and operational performance distinct and apart from financing costs, certain non-cash expenses and non-operational expenses.

These non-GAAP financial measures should be considered in addition to results prepared in accordance with GAAP but should not be considered a substitute for or superior to GAAP. We endeavor to compensate for the limitation of the non-GAAP financial measures presented by also providing the most directly comparable GAAP measures.

We use non-GAAP financial information to evaluate our ongoing operations and for internal planning, budgeting and forecasting purposes. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors in assessing its operating performance and comparing its performance with competitors and other comparable companies. You should review the reconciliations below but not rely on any single financial measure to evaluate our business.

“EBITDA� is defined as earnings (net loss) attributable to Enovix adjusted for interest expense, income tax benefit, depreciation and amortization expense. “Adjusted EBITDA� includes additional adjustments to EBITDA such as stock-based compensation expense, change in fair value of common stock warrants, inventory step-up, impairment of equipment and other special items as determined by management which it does not believe to be indicative of its underlying business trends.

Below is a reconciliation of net loss attributable to Enovix on a GAAP basis to the non-GAAP EBITDA and Adjusted EBITDA financial measures for the periods presented below (preliminary and unaudited) (in thousands):

Fiscal Quarters Ended
June 29, 2025June 30, 2024
Net loss attributable to Enovix$(43,347)$(115,872)
Interest income, net(599)(1,635)
Income tax benefit—�(4,586)
Depreciation and amortization8,8555,943
EBITDA(35,091)(116,150)
Stock-based compensation expense (1)14,12117,932
Change in fair value of common stock warrants5,88533,660
Acquisition cost663—�
Gain on bargain purchase of assets(6,944)—�
Restructuring cost (1)—�38,146
Adjusted EBITDA$(21,366)$(26,412)


(1) $1.1 million of stock-based compensation expense is included in the restructuring cost line of the table above for the fiscal quarter ended June 30, 2024.

Reconciliation of Operating Loss to Non-GAAP Operating Loss and Adjusted EBITDA

Additionally, below is a reconciliation of GAAP operating loss to non-GAAP operating loss and adjusted EBITDA for the periods presented (preliminary and unaudited) (in thousands).

These non-GAAP measures may differ from similarly titled measures used by other companies.

Fiscal Quarters Ended
June 29, 2025June 30, 2024
GAAP Operating Loss$(43,750)$(88,750)
Stock-based compensation expense (1)14,12117,932
Amortization of intangible assets1,1891,189
Acquisition cost663—�
Restructuring cost (1)—�38,146
Non-GAAP Operating Loss(27,777)(31,483)
Depreciation and amortization (excluding amortization of intangible assets)7,6664,754
Other income (loss), net(993)242
Net loss (income) attributable to non-controlling interest(261)75
Adjusted EBITDA$(21,365)$(26,412)


(1) $1.1 million of stock-based compensation expense is included in the restructuring cost line of the table above for the fiscal quarter ended June 30, 2024.

Reconciliation of Non-GAAP Net Loss Attributable to Enovix and Non-GAAP Net Loss Per Share Attributable to Enovix

Below is a reconciliation of GAAP net loss attributable to Enovix to non-GAAP net loss attributable to Enovix for the periods presented (preliminary and unaudited) (in thousands).

These non-GAAP measures may differ from similarly titled measures used by other companies.

Fiscal Quarters Ended
June 29, 2025June 30, 2024
GAAP net loss attributable to Enovix$(43,347)$(115,872)
Stock-based compensation expense (1)14,12117,932
Change in fair value of common stock warrants5,88533,660
Amortization of intangible assets1,1891,189
Acquisition cost663—�
Gain on bargain purchase of assets(6,944)—�
Restructuring cost (1)—�38,146
Non-GAAP net loss attributable to Enovix shareholders$(28,433)$(24,945)
GAAP net loss per share attributable to Enovix, basic and diluted$(0.22)$(0.67)
GAAP weighted average number of common shares outstanding, basic and diluted192,675,756172,399,172
Non-GAAP net loss per share attributable to Enovix, basic and diluted$(0.15)$(0.14)
GAAP weighted average number of common shares outstanding, basic and diluted192,675,756172,399,172


(1) $1.1 million of stock-based compensation expense is included in the restructuring cost line of the table above for the fiscal quarter ended June 30, 2024.


FAQ

What was Enovix (ENVX) revenue in Q2 2025?

Enovix reported revenue of $7.5 million in Q2 2025, exceeding guidance of $4.5-6.5 million and representing a 98% increase from Q2 2024.

How much cash does Enovix (ENVX) have as of Q2 2025?

Enovix maintained approximately $203 million in cash, cash equivalents, and short-term investments as of June 29, 2025, after completing the SolarEdge asset acquisition and Fab2-related capital expenditures.

What was Enovix's (ENVX) EBITDA loss in Q2 2025?

Enovix reported an Adjusted EBITDA loss of $21.4 million, which was better than their guidance range of $23-29 million and improved from $26.4 million in Q2 2024.

Did Enovix (ENVX) achieve positive gross profit in Q2 2025?

Yes, Enovix achieved its third consecutive quarter of positive gross profit, reporting GAAP gross profit of $0.8 million and non-GAAP gross profit of $1.2 million.

What was Enovix's (ENVX) earnings per share in Q2 2025?

Enovix reported a GAAP net loss per share of $0.22 and non-GAAP net loss per share of $0.15, at the favorable end of their guidance range.
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