Revenue Growth and Profitability
Enovix achieved an 85% year-over-year increase in revenue to $8 million. The company also reported a non-GAAP gross profit of $1.7 million, representing a 21% margin, compared to a loss in the prior year.
Strong Financial Position
Enovix secured long-term funding to finance Fab2 and issued new convertible notes due in 2030, ending the quarter with $648 million in cash and marketable securities.
AI-1 Smartphone Battery Validation
The AI-1 smartphone battery was validated by Polaris Labs as the highest energy density battery reported for a smartphone, with leading fast charge capabilities. The lead smartphone program with Honor has entered the final validation phase.
Smart Eyewear and Defense Market Expansion
Delivered over 1,000 battery packs for smart eyewear under a supply agreement and shipped approximately $20 million of products from the Korea facility, mostly to defense and industrial customers.
Manufacturing and Operational Improvements
Enovix achieved yield improvements in Malaysia across all production zones and optimized battery formation processes, increasing throughput and reducing future CapEx requirements.