Q3’26
Filed Oct 13, 2026Q3’26 Revenue $11.0 Million Up 38% Year/Year; Drone, Defense and Industrial Pipeline Grows to $216 Million
Preliminary Q3’26 revenue of ~$11.0 million exceeded the Company’s $9.0 – 10.0 million guidance and rose 38% from Q3’25. Non-GAAP loss from operations of ~($29.2) million and non-GAAP net loss per share of ~($0.14) were within the guidance ranges, while the drone, defense and industrial pipeline grew to approximately $216 million.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenue, Q3’26GAAP | ~$11.0 million | – | up 38% from Q3’25 |
| GAAP loss from operations, Q3’26GAAP | −$39.29M | – | – |
| Non-GAAP loss from operations, Q3’26non-GAAP | −$29.21M | – | – |
| GAAP net loss attributable to Enovix, Q3’26GAAP | −$41.62M | – | – |
| Non-GAAP net loss attributable to Enovix shareholders, Q3’26non-GAAP | −$31.54M | – | – |
| GAAP net loss per share, basic, Q3’26GAAP | ($0.19) | – | – |
| GAAP net loss per share, diluted, Q3’26GAAP | ($0.19) | – | – |
| Non-GAAP net loss per share, basic, Q3’26non-GAAP | ($0.14) | – | – |
| Non-GAAP net loss per share, diluted, Q3’26non-GAAP | ($0.14) | – | – |
| Weighted average shares outstanding, basic, Q3’26GAAP | 219,623,989 | – | – |
| Weighted average shares outstanding, diluted, Q3’26GAAP | 219,623,989 | – | – |
| Capital expenditures, Q3’26other | ~$3.0 million | – | – |
| Cash and cash equivalents, as of October 4, 2026GAAP | ~$512 million | – | – |
| Stock-based compensation expense, Q3’26other | 8,457 | – | – |
| Amortization of intangible assets, Q3’26other | 1,188 | – | – |
| Legal cost related to shareholder lawsuit, Q3’26other | 434 | – | – |
| Warrant issuance cost, Q3’26other | — | – | – |
| Change in fair value of common stock warrants, Q3’26other | — | – | – |
| Interest expense related to the warrant dividend, Q3’26other | — | – | – |
| Total non-GAAP adjustments to loss from operations, Q3’26non-GAAP | 10,079 | – | – |
| Total non-GAAP adjustments to net loss, Q3’26non-GAAP | 10,079 | – | – |
| Drone, defense and industrial pipelineother | approximately $216 million | grew 18% | – |
| Drone pipelineother | approximately $150 million | grew 48% | – |
| Production samples shipped year-to-date to one smart eyewear customerother | approximately 17,000 production samples | – | – |
Capital returns
- Stock repurchases by the Company pursuant to its previously announced Stock Repurchase Plan totaling $6.2 million during Q3’26.
What drove it
- Drone and defense customers accounted for approximately 70% of Q3’26 revenue.
- The total drone, defense and industrial pipeline grew 18% to approximately $216 million.
- The drone pipeline alone grew 48% to approximately $150 million.
- The Company is investing $19 million to efficiently double the capacity of its Korean plant.
- The Company cited product sample validation by multiple customers and progress expanding defense manufacturing capacity as Q3’26 revenue drivers.
- The Company stated that orders in the first part of Q4’26 had already exceeded Q3’26 total revenue.
Concerns
- All preliminary Q3’26 financial results and customer pipeline information are unaudited, based on management estimates, and subject to change upon completion of closing procedures and review.
- The customer pipeline represents estimated peak annual production value of identified design opportunities and does not represent customer orders, backlog, committed revenue, or forecasts of future revenue.
- GAAP loss from operations was $ (39,294) and GAAP net loss attributable to Enovix was $ (41,618) in Q3’26.
- The Company expects continued losses and identified risks around customer qualification, demand timing, production scale, capacity, yields, and government sourcing requirements.
- Capital expenditures of ~$3.0 million were below the $8.0 – 12.0 million Q3’26 guidance range.
What to watch
- Full Q3’26 results and an earnings call and webcast are expected on or about November 12, 2026.
- The Company plans to report the first accomplishments of its cost reduction plan in its Q3’26 report on November 12.
- Conversion of the approximately $216 million drone, defense and industrial pipeline into design wins, purchase orders and shipments.
- Progress on the $19 million Korean plant capacity investment and timely delivery of orders.
- Customer sampling and qualification activity, including approximately 17,000 production samples shipped year-to-date to one of 24 current and prospective smart eyewear customers.
Balance sheet and cash flow
- Cash and cash equivalents were ~$512 million as of October 4, 2026.
- Capital expenditures were ~$3.0 million in Q3’26.
Analysis
Enovix reported preliminary Q3’26 revenue of ~$11.0 million, up 38% from Q3’25 and above its prior $9.0 – 10.0 million revenue guidance. The Company described this as its sixth consecutive quarter of year-over-year revenue growth. It attributed the quarter to a larger and more diverse drone and defense pipeline, customer product-sample validation, and progress expanding defense manufacturing capacity in South Korea.
The reported loss profile remained substantial. GAAP loss from operations was $ (39,294), compared with $ (46,973) in Q3’25 and $ (43,296) in Q2’26. Non-GAAP loss from operations was $ (29,215), within the prior guidance range of ($29.0 – 32.0). GAAP net loss attributable to Enovix was $ (41,618), while non-GAAP net loss attributable to Enovix shareholders was $ (31,539). Non-GAAP diluted net loss per share was ($0.14), within the prior ($0.13 – 0.17) guidance range.
The commercial mix is increasingly concentrated in defense-related activity. Drone and defense customers accounted for approximately 70% of Q3’26 revenue. The Company said its drone, defense and industrial pipeline grew 18% to approximately $216 million, with the drone pipeline growing 48% to approximately $150 million. These pipeline measures are estimates of peak annual production value for identified design opportunities, rather than orders, backlog, committed revenue, or revenue forecasts.
Enovix is allocating capital toward Korean manufacturing capacity, investing $19 million to efficiently double plant capacity. Q3’26 capital expenditures were ~$3.0 million, below the prior $8.0 – 12.0 million guidance range. Cash and cash equivalents were ~$512 million as of October 4, 2026, after $6.2 million of Q3’26 stock repurchases. The Company also reorganized leadership, appointing Steve Bakos as Chief Revenue Officer and General Manager and placing R&D under COO Michael Vyvoda to focus on revenue-related projects.
The central execution milestones are conversion of the defense and drone pipeline into design wins, purchase orders and shipments, customer qualification outcomes, and the Korean capacity ramp. Management said orders in the first part of Q4’26 had already exceeded Q3’26 total revenue, but full Q3’26 results remain preliminary and are expected on or about November 12, 2026. Management also expects to report the first accomplishments of its cost reduction plan at that time.
Management, verbatim
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.
Ryan Benton, Interim CEO
Our drone and defense customers are telling us they need high-performance batteries at scale from a fully qualified, dependable source now. My job is to monetize that growing pipeline at attractive margins.
Steve Bakos, Chief Revenue Officer and General Manager
In addition to our revenue focus, we are now directly addressing our cost structure and profitability. We will report the first accomplishments of our cost reduction plan in our Q3’26 report on November 12.
T.J. Rodgers, Enovix Executive Chairman
Not in the filing
stated, not guessed- Period-end date for Q3’26 was not provided.
- Q3’25 revenue was not provided as an absolute figure.
- Gross profit, gross margin, operating expenses, tax expense or benefit, tax rate, operating cash flow, free cash flow, debt, and dividend information were not provided.
- No segment revenue figures were provided.
- No forward guidance beyond the historical Q3’26 guidance comparison was provided.
- No prior-year or prior-quarter percentage changes were printed for loss from operations, net loss, EPS, capital expenditures, cash, weighted average shares, or non-GAAP reconciliation adjustment line items.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.