10-Q · May 13, 2026
Enovix Corporation reported robust Q1 2026 results with revenues of $7.6 million, a 49% increase year-over-year, and an EPS loss of -$0.14, exceeding expectations. Management is optimistic about ongoing growth in the…
Earnings analysis · 10-Q
ENVX earnings analysis
Filed August 12, 2026 · Our reading of the company's report
The latest report
Enovix’s Q2 2026 revenue increased to $9.024 million, rising both sequentially and year over year, while GAAP EPS of $(0.20) improved year over year but remained deeply negative. Liquidity was $552.1 million, but the…
Read full summary
Enovix’s Q2 2026 revenue increased to $9.024 million, rising both sequentially and year over year, while GAAP EPS of $(0.20) improved year over year but remained deeply negative. Liquidity was $552.1 million, but the company continues to report substantial losses, an accumulated deficit of approximately $1.06 billion, and significant convertible debt. The investment case remains balanced between improving revenue momentum and the substantial risks associated with customer concentration, manufacturing scale-up, YBS dependence, and continued cash requirements.
Reported figures
- Earnings per share
- $-0.2
What stood out
-
Revenue rebounded sequentially and year over year
Revenue was $9.024 million, up approximately 12.8% from $8 million in Q1 2026 and approximately 28.9% from $7 million in Q2 2025.
-
EPS improved year over year
GAAP EPS was $(0.20), improving from $(0.22) in Q2 2025 but worsening from $(0.18) in Q1 2026.
-
Quarterly net loss narrowed year over year
Net loss attributable to Enovix was approximately $43.1 million, modestly better than the $44.5 million loss in the year-earlier quarter.
-
Liquidity reserve remains substantial
Cash, cash equivalents, restricted cash, and short- and long-term investments totaled $552.1 million as of July 5, 2026, providing a substantial liquidity reserve relative to current revenue.
-
No reported control deficiencies
Management stated that disclosure controls and procedures were effective at a reasonable assurance level as of July 5, 2026, and reported no changes in internal control that materially affected the quarter.
-
Fab2 lease extended into 2027
The Fab2 lease was renewed for one year in April 2026, extending its expiration to July 31, 2027 and supporting near-term manufacturing continuity.
What to watch
-
Dependence on YBS manufacturing partner
The filing identifies reliance on the YBS manufacturing agreement as a changed risk. The agreement runs for 10 years through July 2033, includes a minimum purchase commitment, and YBS provides facility, staffing, and procurement support.
-
Persistent losses and commercialization risk
The company reported $43.1 million of net loss for the quarter and an accumulated deficit of approximately $1.06 billion as of July 5, 2026, while stating that losses are expected to continue until significant production begins.
-
Substantial convertible debt burden
Debt included $172.5 million of 3.00% 2028 Convertible Senior Notes and $360.0 million of 4.75% 2030 Convertible Senior Notes, or approximately 98% of total debt before issuance costs.
-
Material customer concentration
One South Korean defense subcontractor accounted for the majority of total revenue in the quarter ended July 5, 2026, creating significant exposure to customer retention, contract changes, and demand reductions.
-
Manufacturing scale-up remains unproven
The company states that its manufacturing process is not currently operating at scale and that improving throughput and yield is expected to be a multi-quarter or potentially longer endeavor.
-
Near-term facility continuity risk
Fab2’s current lease expires on July 31, 2027; failure to secure another extension or implement an alternative facility could disrupt operations at the company’s principal manufacturing site.
Management's outlook
The 10-Q does not provide explicit numeric revenue or EPS guidance. Q3 2026 outlook was provided in the earnings release: revenue of $9.0 million-$10.0 million, non-GAAP EPS of $(0.13)-$(0.17), and capital expenditures of $8.0 million-$12.0 million; no prior outlook was disclosed for comparison.
Earlier filings 1
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.