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- **Revenue Surge**: Q3 2025 revenue up 85% YoY to $8 million, fueled by smartphone and defense contracts.
- **Breakthrough Battery**: AI-1 battery validated as highest energy density for smartphones, with Honor launch in 2026.
- **Defense Growth**: Korea facility shipped $20 million in 2025, with global defense pipeline exceeding $80 million.
- **Financial Strength**: $648 million cash post capital raise, enabling Fab2 expansion and strategic initiatives.
- **Key Milestones**: Q4 2025 samples for Honor testing; CES 2026 smart eyewear showcase; 2026 smartphone commercialization.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 2025 revenue reached $8 million, up 85% year-over-year, driven by smartphone, smart eyewear, and defense contracts.
- **Smartphone Battery Progress**: AI-1 battery validated by Polaris Labs as highest energy density for smartphones. Lead program with Honor in final validation phase for 2026 launch; second OEM in qualification.
- **Smart Eyewear Expansion**: Delivered over 1,000 battery packs to lead customer, with 9 additional OEMs sampling. First product showcase expected at CES 2026.
- **Defense & Industrial Demand**: Korea facility shipped $20 million in 2025, serving defense and industrial customers. Global pipeline exceeds $80 million.
- **Manufacturing Milestones**: Fab2 yield improvements, Zone 4 throughput exceeding requirements. Korean NPI line for 100% silicon anode technology.
- **Financial Strength**: $648 million cash post warrant dividend and convertible notes issuance. Capital raised to fund Fab2 and strategic initiatives.

**【CFO Financial Commentary】**
- **Q3 Financials**: Non-GAAP gross profit $1.7 million (21% margin), up from loss in 2024. Non-GAAP net loss per share $0.14, improved by $0.02 YoY.
- **Capital Raise**: $224 million from warrant exercise, $303 million net from $360 million convertible notes. Capped call structure could yield $200 million if stock price thresholds met.
- **Q4 Guidance**: Revenue $9.5-$10.5 million (25% sequential growth). Non-GAAP loss from operations $30-$33 million. CapEx $9-$12 million for Fab2 equipment.
- **Balance Sheet**: $648 million cash, positioning for 2026 commercialization and strategic opportunities.

**【Q&A Key Highlights】**
- **Honor Partnership**: 1,000 cycle requirement addressed with design iteration; samples to be shipped Q4 for 1Q 2026 testing. Second OEM program progressing similarly.
- **Production Capacity**: Fab2 capable of 9 million smartphone batteries/year. Additional lines planned for 2027+ demand.
- **Drone Market**: High demand from aerial and subsea drone manufacturers. Korea facility shipping batteries to defense customers.
- **M&A Strategy**: Evaluating opportunities for vertical integration and market expansion, focusing on financial and strategic fit.
- **Yield Progress**: Malaysia Fab2 yield improvements in laser dicing and stacking; focused on smartphone and AR/VR cell production.
- **Laptop Opportunity**: AI-driven demand for edge computing. Battery technology adaptable to laptop form factors, with potential partnerships in 2026+.


Enovix Corporation (ENVX) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

ENVX

ENVX fundamentals

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