Enovix Corporation reported a leadership change and related updates. On August 13, 2026, President and Chief Executive Officer Raj Talluri resigned as CEO, president and director to pursue another opportunity; the company states his resignation did not involve any disagreement over operations, policies or practices and that he will assist with an orderly transition.
Effective August 14, 2026, the Board appointed its chairman and largest shareholder T.J. Rodgers as Executive Chairman and named Ryan Benton, the current Chief Financial Officer, as Interim Chief Executive Officer while a search is conducted for a permanent CEO. Rodgers emphasized this is a CEO transition rather than a strategy transition.
Enovix reaffirmed its third quarter 2026 financial guidance previously provided on August 12, 2026 and highlighted technical progress, including achieving 1,000-cycle life on its 100% silicon-anode AI-class smartphone batteries. Management reiterated focus on smartphone qualification programs, scaling AI-1 smart eyewear battery production, and expanding the MX-1 platform for defense and drone applications.
Enovix Corporation reported higher revenue but continued losses for the fiscal quarter and year-to-date ended July 5, 2026. Quarterly revenue rose to $9.0 million from $7.5 million, and year-to-date revenue increased to $16.6 million from $12.6 million, driven mainly by defense and industrial customers. Gross profit was modest at $1.3 million for the quarter.
The company recorded a quarterly net loss of $43.1 million and a year-to-date net loss of $81.3 million, with higher interest expense from $532.8 million of convertible debt contributing to results. Operating expenses remained high, with year-to-date R&D at $51.0 million and SG&A at $39.1 million, though R&D declined versus the prior year period.
Enovix ended the quarter with $552.1 million in cash, cash equivalents, restricted cash, and investments and working capital of $453.6 million, and expects these resources to meet funding needs for at least the next twelve months. Management highlights progress in smartphone qualification, initial smart eyewear shipments under a 50,000-pack order, a growing $183 million drone/defense pipeline, and ongoing efforts to improve manufacturing yields and scale its lithium-ion and silicon-anode battery platforms.
Enovix Corporation reported second quarter 2026 revenue of $9.0 million, up 21% year-over-year and 19% sequentially, marking its fifth consecutive quarter of year-over-year revenue growth. Year-to-date revenue reached $16.6 million, up 32% from the first half of 2025.
GAAP gross margin was 14.4% and non-GAAP gross margin 19.9%, both lower than a year earlier on a shift in product mix, though the company recorded its seventh consecutive quarter of positive gross profit. GAAP net loss per share was $0.20 and non-GAAP net loss per share $0.13 in the quarter.
Enovix ended the quarter with about $552.1 million in cash, cash equivalents, marketable securities, and restricted cash, and year-to-date free cash flow was an outflow of $67.7 million. The drone, defense, and industrial pipeline in South Korea increased 41% to roughly $183 million, while a 50,000-pack smart-eyewear order began shipping. Third quarter 2026 revenue is projected at $9.0–$10.0 million, up approximately 13% to 25% year-over-year.
Enovix Corp reported that Chief Accounting Officer Kristina Truong had 253 shares of common stock withheld on 2026-08-10 to satisfy tax withholding obligations related to vesting restricted stock units. Following this disposition, she holds 303,896 shares directly, including 199,030 RSU-based shares and vested PRSUs scheduled for release between March 2027 and April 2028.
Enovix Corp Chief Legal Officer Arthi Chakravarthy reported a withholding of 936 shares of common stock on 2026-08-08 at $4.70 per share to satisfy tax withholding obligations arising from the vesting of restricted stock units. After this tax-related disposition, Chakravarthy directly holds 583,535 shares of Enovix common stock. This balance includes 351,589 shares issuable upon vesting and settlement of RSUs, 10,393 vested PRSUs scheduled for release in March 2027, and 58,500 additional PRSUs scheduled to be released in April 2027 and April 2028.
Enovix Corp President and CEO Rajendra K. Talluri reported a Form 4 transaction involving company common stock. On 2026-08-08, 4,300 shares of common stock were disposed of at $4.70 per share to satisfy tax withholding obligations arising from the vesting of restricted stock units. This was recorded as a payment of tax liability by delivering or withholding securities, not as an open-market sale. Following this transaction, Talluri directly held 2,958,373 shares of common stock, which includes 1,793,619 shares issuable upon vesting and settlement of RSUs, 47,775 vested PRSUs scheduled for release in March 2027, and an additional 259,611 PRSUs scheduled for releases in April 2027 and April 2028.
Enovix Corp’s Chief Operating Officer Michael Vyvoda reported equity compensation transactions in common stock. He was granted 932,400 restricted stock units (RSUs), each representing one share, vesting 25% on August 5, 2026 and the remainder in 12 quarterly installments, subject to continuous service. He also received 23,310 fully vested shares upon RSU settlement and had 13,579 shares withheld at $4.29 per share to satisfy tax withholding obligations related to RSU vesting. A portion of his reported holdings now includes the 932,400 unvested RSUs that will settle into shares over time.
Enovix Corp filed an initial Form 3 reporting that Michael Vyvoda is a reporting person in his role as Chief Operating Officer. The filing does not report any transactions or derivative positions and notes that a Power of Attorney is attached as Exhibit 24.
Enovix Corp reported that Chief Legal Officer Arthi Chakravarthy had 2,221 shares of common stock withheld on July 24, 2026 at $3.95 per share to cover tax obligations arising from vesting RSUs. After this tax-withholding disposition, Chakravarthy directly holds 584,471 shares, including 353,355 shares issuable from RSUs and multiple PRSU awards scheduled for release between March 2027 and April 2028.
BlackRock, Inc. reports beneficial ownership of common stock of Enovix Corp. As of June 30, 2026, BlackRock and certain consolidated business units beneficially owned 15,072,422 shares of Enovix common stock, representing 6.9% of the class.
BlackRock has sole voting power over 14,719,923 shares and sole dispositive power over 15,072,422 shares, with no shared voting or dispositive power. Various underlying clients and funds have rights to dividends or sale proceeds, but no individual person has an interest exceeding five percent of Enovix’s outstanding common shares.