Enovix Corporation (NASDAQ:ENVX) reported preliminary third-quarter fiscal 2026 revenue of approximately $11.0 million, exceeding its previous guidance as demand from drone and defence customers supported growth.
The battery technology company said revenue increased 38% year on year and came in 10% above the upper end of its guidance range of $9.0 million to $10.0 million.
According to Enovix, the stronger performance reflected expansion in its drone and defence business, progress in customer product sample validation and increased manufacturing capacity at its South Korean facility.
Drone and defence customers accounted for approximately 70% of third-quarter revenue, highlighting the contribution of these markets to the company’s recent commercial activity.
Enovix also reported growth in its prospective business pipeline. The combined drone, defence and industrial pipeline increased 18% to approximately $216 million, while the drone segment alone expanded 48% to around $150 million.
The figures indicate increased customer interest in the company’s battery technology, although pipeline values represent potential business opportunities rather than confirmed revenue.
Despite the revenue growth, Enovix continued to report operating losses.
The company recorded a preliminary loss from operations of approximately $39.3 million under generally accepted accounting principles (GAAP), while its non-GAAP operating loss was approximately $29.2 million.
Net loss per share was estimated at $0.19 on a GAAP basis and $0.14 on a non-GAAP basis.
Cash and cash equivalents stood at approximately $512 million as of 4 October 2026. The company also reported $6.2 million in share repurchases during the quarter.
Enovix said it is investing $19 million to increase manufacturing capacity at its South Korean facility, which the company describes as already qualified for military applications.
The expansion is intended to support anticipated demand from customers in the drone and defence sectors as the company works to increase production volumes.
Third-quarter capital expenditure totalled approximately $3.0 million, below the previously forecast range of $8.0 million to $12.0 million.
Alongside the preliminary financial update, Enovix announced several management appointments aimed at supporting its commercial and operational development.
Steve Bakos, previously Senior Vice President of Worldwide Sales, has been appointed Chief Revenue Officer and General Manager.
James Wilcox has been promoted to Vice President of Corporate Strategy, while Dan Wark has joined the company on a full-time basis to lead its newly established Global Supply Chain organisation.
Interim Chief Executive Officer Ryan Benton said shipments during the early part of the fourth quarter had already exceeded the company’s total third-quarter revenue, indicating continued delivery activity following the September reporting period.
Enovix expects to release its complete third-quarter financial results and hold an earnings conference call on or around 12 November 2026.
The figures disclosed in the update remain preliminary and unaudited and may be subject to adjustment when the company publishes its final results.
Enovix stock price
