Enovix Sees Higher Third-Quarter Revenue as Defense Pipeline Expands

what happened

Enovix shares rose 14% to $2.80 in Monday’s premarket trading. Dow Jones Newswires reported that the company expects a third-quarter operating net loss of $39.3 million, or 19 cents a share. The adjusted loss is projected at about $29.2 million, or 14 cents a share, compared with the 15 cents forecast by analysts surveyed by FactSet.

Enovix had previously guided to an adjusted operating loss of $29 million to $32 million, or 13 cents to 17 cents a share. Quarterly revenue is expected to reach $11 million, above the company’s $9 million-to-$10 million forecast and Wall Street estimates of $9.5 million. Through Friday’s close, the stock had lost more than two-thirds of its value year to date.

The company said it continued to broaden and expand its drone and defense business while increasing defense manufacturing capacity. Interim CEO Ryan Benton said Enovix is working to turn its $216 million drone, defense and industrial pipeline into design wins, purchase orders and shipments. He added that new Korean capacity should support timely delivery, with orders in the first part of Q4'26 already exceeding total Q3'26 revenue.

why it matters

The revenue outlook and smaller-than-expected adjusted loss helped lift Enovix shares after a steep year-to-date decline. Investors are also monitoring whether the expanding defense pipeline translates into orders and shipments.

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