Enovix reported FY 2025 revenue of USD 31.8 million (+38.0%), with cost of revenue of USD 25.7 million and gross profit of USD 6.1 million. The company posted a FY 2025 operating loss of USD 177.3 million and a FY 2025 net loss of USD 156.6 million; net loss attributable to shareholders was USD 156.7 million. FY 2025 R&D expense was USD 110.3 million (-11.0%) and SG&A expense was USD 73.0 million (-2.0%); no restructuring costs were recorded in FY 2025 following the prior year’s restructuring plan to relocate Fab1 manufacturing from California to Malaysia. Total other income (expense), net was USD 19.3 million, including USD 13.0 million of interest income (+5.0%) and USD 21.6 million of interest expense (+218.0%), with the increase in interest expense attributed in part to a one-time USD 9.2 million charge tied to issuing warrants to holders of the 2028 convertible notes and additional convertible note issuance in FY 2025. For liquidity, Enovix ended FY 2025 with USD 620.8 million in cash, cash equivalents, restricted cash and investments, and working capital of USD 477.2 million. FY 2025 net cash used in operating activities was USD 95.3 million, net cash used in investing activities was USD 538.3 million, and net cash provided by financing activities was USD 467.4 million. Corporate financing actions highlighted in the filing included a warrant dividend in July 2025 that generated USD 224.2 million in net proceeds from warrant exercises, and the issuance of USD 360.0 million of convertible senior notes due 2030 (USD 348.8 million net proceeds), alongside FY 2025 share repurchases of USD 58.4 million. On the business side, Enovix cited FY 2025 progress in defense shipments (its largest revenue contributor), with batteries for naval munitions the top product in Q4. The company also launched its AI-1 product platform and said an independent testing lab confirmed in December 2025 that an AI-1 smartphone battery delivered volumetric energy density of 935Wh/L, exceeding a leading silicon-doped commercially available smartphone battery tested by 12%. Enovix said it delivered AI-1 samples to leading smartphone OEMs as part of a formal product qualification process that began in Q3 2025, and shipped over 1,000 AI-1 battery packs to a lead smart eyewear customer while providing samples to nine additional OEMs/ODMs. In manufacturing, Enovix said its Fab2 facility in Penang, Malaysia passed an ISO 9001 audit and concluded initial customer audits, while in South Korea it completed integration of acquired manufacturing assets; it also acquired additional battery cell manufacturing assets in South Korea in April 2025 for USD 10.0 million, recording a USD 4.8 million gain on bargain purchase.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Enovix Corporation published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001828318-26-000006), on February 25, 2026, and is solely responsible for the information contained therein.