FREMONT, Calif., Oct. 12, 2026 (GLOBE NEWSWIRE) — E ovix Co po atio (“E ovix” o the “Compa y,” Nasdaq: ENVX), a develope a d ma ufactu e of adva ced lithium-io batte ies, today epo ted p elimi a y Q3’26 esults a d a leade ship ealig me t.
Ou p elimi a y, u audited Q3’26 eve ue is $11.0 millio , up 38% f om Q3’25, beati g ou guida ce of $9 millio to $10 millio . This is ou sixth co secutive qua te of yea -ove -yea eve ue g owth.
The d ivi g facto s this qua te we e 1) co ti ued g owth i the size a d dive sity of ou d o e a d othe defe se pipeli e, 2) p oduct sample validatio by multiple custome s, a d 3) p og ess i expa di g ou defe se ma ufactu i g capacity, which is located i ou acqui ed Ko ea pla t due to its 20-yea defe se p oductio histo y. The dema d su ge is d ive by the obvious eed of U.S. a d allied defe se p og ams to sou ce o -Chi ese batte ies. We a e i vesti g $19 millio ow to efficie tly double the capacity of ou Ko ea pla t.
Rya Be to , I te im CEO, said, “We a e focusi g o movi g ou $216 millio d o e, defe se a d i dust ial pipeli e fo wa d i to desig wi s, pu chase o de s a d shipme ts. The added Ko ea ma ufactu i g capacity will e able timely delive y of those o de s, which i the fi st pa t of Q4’26 have al eady exceeded ou Q3’26 total eve ue. Mea while, yea -to-date we have shipped app oximately 17,000 p oductio samples to o e of ou 24 cu e t a d p ospective sma t eyewea custome s.”
D o e a d defe se custome s accou ted fo app oximately 70% of Q3’26 eve ue. Ou total d o e, defe se a d i dust ial pipeli e g ew 18% to app oximately $216 millio ; the d o e pipeli e alo e g ew 48% to app oximately $150 millio a d is expected to co ti ue to g ow th ough 2027. Custome b eadth has also expa ded mea i gfully, with a g owi g umbe of sample equests f om defe se custome s fo ae ial, ma itime a d soldie -wo applicatio s. These ew p og ams offe p emium p ici g to secu e sou ci g f om the ve y limited list of qualified defe se supplie s. We have also tu bocha ged ou Ko ea batte y tech ology by usi g what we believe to be a highe pe ce tage of silico i the batte y tha a y co ve tio al batte y supplie .
Chi a domi ates the lithium-io cell ma ket, putti g defe se p og ams u de g owi g p essu e to meet fede al sou ci g ules u de the Natio al Defe se Autho izatio Act (NDAA), the T ade Ag eeme ts Act (TAA) a d fo eig e tity of co ce (FEOC) p ovisio s i seve al laws that effectively elimi ate the use of a y Chi ese co te t. Ou defe se elated cells a e ma ufactu ed completely i -house i Ko ea, which is al eady milita y qualified, offe i g custome s a si gle, auditable chai of custody. We view this capacity as a E ovix st ategic asset.
The ext step is to scale ou p oductio i the o de ma dated by ou backlog: o de s fo multiple sub-ma kets, i cludi g ae ial (UAV), subsea (UUV) a d ma itime (USV) d o e p og ams. Captu i g this oppo tu ity equi es that R&D, ope atio s a d sales wo k as o e team to qualify ew cells faste to b i g ew capacity o li e apidly, a d to suppo t custome s i the field. The leade ship cha ges desc ibed below we e impleme ted to meet those objectives.
The ew leade ship st uctu e ow focuses o the oppo tu ities i f o t of it, both defe se a d co sume . Steve Bakos, Se io Vice P eside t of Wo ldwide Sales, has bee p omoted to the ewly c eated ole of Chief Reve ue Office a d Ge e al Ma age . Bakos will epo t to I te im CEO Be to , a d lead E ovix’s global defe se a d comme cial busi ess u it, i cludi g sales, busi ess developme t, p oduct ma ageme t, ma keti g a d applicatio s – with full P&L espo sibility.
Bakos joi ed E ovix i May 2026 f om I fi eo Tech ologies, whe e he se ved as Vice P eside t of Co po ate Accou t Sales. Ove his 35-yea semico ducto ca ee , he has held executive sales a d ma keti g oles se vi g the co sume , commu icatio s, i dust ial a d computi g ma kets at Li ea Tech ology, I te sil, SiTime a d Exa . He holds a B.S. i E gi ee i g f om Co ell.
Bakos said, “Ou d o e a d defe se custome s a e telli g us they eed high-pe fo ma ce batte ies at scale f om a fully qualified, depe dable sou ce ow. My job is to mo etize that g owi g pipeli e at att active ma gi s.”
Two fu the appoi tme ts suppo t the amp. James Wilcox, a Be keley Ph.D. a d membe of the E ovix 2008 fou di g e gi ee i g team, has bee p omoted to Vice P eside t of Co po ate St ategy, epo ti g to Be to , whe e he will lead ma ufactu i g a d tech ology pa t e ships a d gove me t fu di g p og ams, i cludi g NDAA a d TAA sou ci g complia ce espo sibility. Da Wa k, a 40-yea semico ducto ope atio s vete a who has advised E ovix si ce Ju e 2026, joi ed us full-time to lead a ew Global Supply Chai o ga izatio to co solidate p oductio pla i g, p ocu eme t a d sou ci g.
T.J. Rodge s, ece tly appoi ted E ovix Executive Chai ma , said, “We have ow evamped ENVX’s executive staff a d alig ed it with immediate eve ue g owth oppo tu ities i the high-ma gi defe se ma kets that eed ou capacity as well as the sampli g equi eme ts of the b oad a d highe -volume co sume ma kets. We have also put ou VP of R&D, Jo Doa , a d ou substa tial 147-pe so R&D team u de COO Michael Vyvoda, a Be keley Ph.D. i Chemical E gi ee i g, to focus R&D di ectly o eve ue- elated p ojects.
Rodge s co cluded, “I additio to ou eve ue focus, we a e ow di ectly add essi g ou cost st uctu e a d p ofitability. We will epo t the fi st accomplishme ts of ou cost eductio pla i ou Q3’26 epo t o Novembe 12.”
| Reve ue | ~$11.0 | ~$11.0 | $9.0 – 10.0 | Loss f om ope atio s | ~($39.3) | ~($29.2) | ($29.0 – 32.0) | Net loss pe sha e | ~($0.19) | ~($0.14) | ($0.13 – 0.17) | Capital expe ditu es | ~$3.0 | ~$3.0 | $8.0 – 12.0 | Cash a d cash equivale ts4 | ~$512 | ~$512 | N/A |
1 P elimi a y, u audited esults fo each met ic a e based o i fo matio as of the date of this elease a d a e subject to completio of qua te -e d closi g p ocedu es. Q3’26 Guida ce is as p ovided by the Compa y o August 12, 2026. Full esults a d a ea i gs call a d webcast a e expected o o about Novembe 12, 2026; details will be a ou ced sepa ately.2 GAAP figu es a e p elimi a y; the Compa y’s Q3’26 GAAP fi a cial stateme ts will be i cluded i its Fo m 10-Q.3 No -GAAP loss f om ope atio s a d et loss pe sha e exclude stock-based compe satio , amo tizatio of i ta gible assets a d ce tai othe items. Reve ue is ot adjusted a d is the same o a GAAP a d o -GAAP basis; guida ce fo eve ue was p ovided o a GAAP basis, a d guida ce fo loss f om ope atio s a d et loss pe sha e was p ovided o a o -GAAP basis. See “No -GAAP Fi a cial Measu es” a d the eco ciliatio tables below.4 Amou t as of Octobe 4, 2026 a d eflects stock epu chases by the Compa y pu sua t to its p eviously a ou ced Stock Repu chase Pla totali g $6.2 millio du i g Q3’26.
E ovix develops a d ma ufactu es adva ced lithium-io batte ies, i cludi g p op ieta y silico -a ode a chitectu es fo sma tpho es, sma t eyewea , defe se, i dust ial a d eme gi g edge-AI applicatio s. Its p op ieta y silico -a ode batte y a chitectu e e ables highe e e gy de sity a d pe fo ma ce i space-co st ai ed devices while mai tai i g safety a d eliability, suppo ti g comme cializatio ac oss co sume a d i dust ial ma kets.
E ovix is headqua te ed i Silico Valley with facilities i I dia, South Ko ea a d Malaysia, se vi g custome s globally. Fo mo e i fo matio visit https://e ovix.com a d follow us o Li kedI .
This p ess elease co tai s fo wa d-looki g stateme ts withi the mea i g of the P ivate Secu ities Litigatio Refo m Act of 1995. Fo wa d-looki g stateme ts elate to futu e eve ts o ou futu e fi a cial o ope ati g pe fo ma ce a d a e ide tified by wo ds such as a ticipate, believe, could, estimate, expect, i te d, may, might, pla , possible, pote tial, p edict, p oject, should, will, would a d simila exp essio s. Fo wa d-looki g stateme ts i this p ess elease i clude, but a e ot limited to, stateme ts ega di g: ou p elimi a y, u audited thi d qua te 2026 eve ue, loss f om ope atio s, et loss pe sha e, capital expe ditu es, cash bala ce a d custome pipeli e as well as the expected timi g of ou full thi d qua te 2026 esults; ou st ategic p io ities a d the allocatio of ou R&D, ma ufactu i g a d comme cial esou ces, i cludi g ou i c eased ea -te m focus o defe se a d d o es; the expected be efits of ou leade ship a d o ga izatio al cha ges a d the ability of ou leade ship team to accomplish ou busi ess objectives; the g owth a d co ve sio of ou d o e, defe se a d i dust ial custome pipeli e a d ou ability to co ve t custome dema d a d pipeli e oppo tu ities i to desig wi s, pu chase o de s, shipme ts a d eve ue, a d ou expectatio that the d o e, defe se a d i dust ial custome pipeli e will co ti ue to g ow th ough 2027; ou expectatio s ega di g co ti ued eve ue g owth, i cludi g i to 2027; ou pla s to educe ou cost st uctu e a d imp ove p ofitability a d the timi g of elated actio s; the timi g, qualificatio a d be efits of, a d ou p og ess i expa di g p oductio capacity i South Ko ea, i cludi g ou dedicated ae ial-d o e batte y p oductio li e a d pote tial futu e capacity expa sio , a d expectatio s elati g to the timely delive y of o de s; expected dema d fo secu e a d complia t batte y supply a d ou ability to suppo t that dema d; pote tial pa t e ships i volvi g ou ma ufactu i g capacity; the outcome a d timi g of custome sampli g a d qualificatio activities; ou expectatio s ega di g ma gi s o futu e eve ue; ou expectatio s ega di g egulato y, ce tificatio a d gove me t sou ci g equi eme ts, i cludi g u de the NDAA, TAA a d with espect to fo eig e tity of co ce (FEOC) est ictio s; ou ability to achieve a d mai tai NDAA complia ce; ma ket t e ds, i cludi g the sou ci g shift away f om Chi a-based supply a d ou competitive positio ; a d ou futu e g owth oppo tu ities a d ou ability to execute o ou R&D, comme cial, ma ufactu i g a d busi ess st ategy. These stateme ts a e based o the cu e t expectatio s of ou ma ageme t, a e ot p edictio s of actual pe fo ma ce, a d actual esults may diffe mate ially f om the futu e esults, pe fo ma ce o achieveme ts exp essed o implied by the fo wa d-looki g stateme ts.
Risks, u ce tai ties a d assumptio s that could cause actual esults to diffe mate ially f om the esults a d eve ts a ticipated by such fo wa d-looki g stateme ts i clude, but a e ot limited to: the possibility that ou fi al thi d qua te 2026 esults diffe f om the p elimi a y esults p ese ted i this elease as a esult of the completio of ou qua te -e d closi g p ocedu es, eview by ou i depe de t egiste ed public accou ti g fi m o othe developme ts; isks elated to ou ability to execute o ou st ategic p io ities a d the possibility that the a ticipated be efits of i c eased focus o d o es a d defe se a e ot ealized; isks elated to the timi g of leade ship cha ges a d ou ability to ma age ou leade ship t a sitio s; isks elated to the outcome of custome testi g a d qualificatio activities, i cludi g the possibility that ou p oducts do ot meet equi ed pe fo ma ce th esholds o that such testi g is delayed beyo d expected time f ames; ou ability to successfully develop, ma ufactu e a d comme cialize ou batte y p oducts a d t a sitio to high-volume p oductio ; ou ability to scale ma ufactu i g ope atio s a d achieve expected p oductio capacity a d yields; ou ability to satisfy applicable gove me t sou ci g, egulato y a d ce tificatio equi eme ts, i cludi g TAA a d NDAA equi eme ts; isks elati g to the FEOC ules, ta iffs, expo t co t ols a d t ade policies; the level a d timi g of custome dema d, qualificatio a d adoptio of ou p oducts ac oss e d ma kets; ou ability to e te i to a d expa d comme cial ag eeme ts, i cludi g secu i g desig wi s, pu chase o de s a d p oductio co t acts; ou ability to execute o ou busi ess st ategy a d build a d scale ou sales a d comme cial capabilities; le gthy a d u p edictable custome qualificatio a d sales cycles, safety co side atio s, p og am delays o ca cellatio s a d co t actual te ms, pa ticula ly i defe se a d othe egulated ma kets; isks elated to batte y pe fo ma ce, eliability a d safety; custome co ce t atio i the defe se secto a d ce tai co sume tech ology ma kets; challe ges i fo ecasti g dema d, i ve to y a d ma ufactu i g equi eme ts that may esult i additio al costs a d p oductio delays; ou histo y of losses a d expectatio of co ti ued losses; isks associated with the developme t a d comme cializatio of p oducts that emai u de developme t a d may ot be successfully p oduced at comme cial scale; ou ability to effectively i teg ate a d de ive be efits f om acqui ed busi esses; fluctuatio s i fo eig cu e cy excha ge ates a d i te est ates; ope atio al a d safety isks associated with ma ufactu i g equipme t; i te se competitio a d ou ability to keep up with apid tech ological cha ge a d evolvi g sta da ds i the batte y i dust y; ou ability to att act a d etai qualified pe so el; the outcome of litigatio , egulato y i vestigatio s a d othe legal matte s, i cludi g the associated legal a d othe costs; liquidity co st ai ts, capital availability a d ou ability to se vice existi g debt; ou ability to p otect a d e fo ce ou i tellectual p ope ty ights; volatility i the t adi g p ice of ou commo stock; cha ges i tax laws o egulatio s; the impact of cybe a d othe i fo matio tech ology o secu ity elated i cide ts o us, ou custome s o othe pa ties; cha ges i the political, eco omic o egulato y e vi o me t ge e ally a d i the ma kets i which we ope ate; a d othe isks desc ibed i the disclosu es co tai ed i ou fili gs with the Secu ities a d Excha ge Commissio (“SEC”), i cludi g i the “Risk Facto s” a d “Ma ageme t’s Discussio a d A alysis of Fi a cial Co ditio a d Results of Ope atio s” sectio s of ou a ual epo t o Fo m 10-K a d qua te ly epo ts o Fo m 10-Q, a d othe docume ts that we have filed, o will file, with the SEC. These docume ts a e available i the SEC Fili gs sectio of the I vesto Relatio s page at https://i .e ovix.com a d at www.sec.gov. It is ot possible fo us to p edict all isks, o ca we assess the impact of all facto s o ou busi ess o the exte t to which a y facto , o combi atio of facto s, may cause actual esults to diffe mate ially f om those co tai ed i a y fo wa d-looki g stateme ts we may make. Acco di gly, you should ot ely o a y of the fo wa d-looki g stateme ts. A y fo wa d-looki g stateme ts i this p ess elease speak o ly as of the date o which they a e made. We u de take o obligatio to update o evise a y fo wa d-looki g stateme ts, whethe as a esult of ew i fo matio , futu e eve ts o othe wise.
The p elimi a y thi d qua te 2026 fi a cial esults a d custome pipeli e i fo matio p ese ted i this elease a e u audited, a e based o ma ageme t’s estimates as of the date of this elease a d a e subject to cha ge upo completio of the Compa y’s fi a cial closi g p ocedu es a d eview. The Compa y’s i depe de t egiste ed public accou ti g fi m has ot audited, eviewed, compiled o pe fo med a y p ocedu es with espect to this p elimi a y i fo matio a d does ot exp ess a opi io o a y othe fo m of assu a ce with espect to it. The Compa y u de takes o obligatio to update this p elimi a y i fo matio othe tha as equi ed by law.
This p ess elease efe e ces ce tai fi a cial measu es that have ot bee p epa ed i acco da ce with ge e ally accepted accou ti g p i ciples i the U ited States (“GAAP”), i cludi g o -GAAP loss f om ope atio s a d o -GAAP et loss pe sha e. E ovix believes these o -GAAP fi a cial measu es p ovide useful i fo matio to ma ageme t a d i vesto s ega di g ce tai fi a cial a d busi ess t e ds elati g to E ovix’s fi a cial co ditio a d esults of ope atio s. No -GAAP fi a cial measu es have limitatio s a d should ot be co side ed i isolatio o as a alte ative to fi a cial measu es dete mi ed i acco da ce with GAAP. The p elimi a y o -GAAP measu es p ese ted above exclude stock-based compe satio , amo tizatio of i ta gible assets a d ce tai othe items; because these esults a e p elimi a y, the Compa y has p ese ted the most di ectly compa able p elimi a y GAAP measu es alo gside them. P elimi a y eco ciliatio s of these o -GAAP measu es to the most di ectly compa able GAAP measu es a e i cluded i the tables at the e d of this elease. Fi al eco ciliatio s fo the thi d qua te of 2026 a e expected to be i cluded i the Compa y’s ea i gs elease o o about Novembe 12, 2026.
We may efe i this p ess elease a d othe commu icatio s to ou “custome pipeli e” a d “desig wi s.” Ou custome pipeli e ep ese ts ou estimate of the peak a ual p oductio value of ide tified desig oppo tu ities fo p oducts ma ufactu ed i South Ko ea. A “desig wi ” efe s to a oppo tu ity that has bee awa ded to E ovix but has ot yet e te ed p oductio . Custome pipeli e a d desig wi amou ts do ot ep ese t custome o de s, backlog o committed eve ue a d should ot be viewed as fo ecasts of futu e eve ue. Actual eve ue, if a y, will depe d o a umbe of facto s, i cludi g custome qualificatio , fi al p og am awa ds, p oductio timi g, capacity a d volumes, a d the successful lau ch a d amp of custome p og ams. These measu es a e fo wa d-looki g a d a e subject to the isks a d u ce tai ties desc ibed above u de “Fo wa d-Looki g Stateme ts.”
| GAAP loss f om ope atio s | ($46,973) | ($43,296) | ($39,294) | Stock-based compe satio expe se | A | 11,837 | 13,034 | 8,457 | Amo tizatio of i ta gible assets | B | 1,190 | 1,190 | 1,188 | Legal cost elated to sha eholde lawsuit | C | 2,743 | 313 | 434 | Wa a t issua ce cost | D | 1,378 | — | — | Total o -GAAP adjustme ts | 17,148 | 14,537 | 10,079 |
| GAAP et loss att ibutable to E ovix | ($53,713) | ($43,063) | ($41,618) | Stock-based compe satio expe se | A | 11,837 | 13,034 | 8,457 | Amo tizatio of i ta gible assets | B | 1,190 | 1,190 | 1,188 | Legal cost elated to sha eholde lawsuit | C | 2,743 | 313 | 434 | Wa a t issua ce cost | D | 1,378 | — | — | Cha ge i fai value of commo stock wa a ts | E | (1,867) | (181) | — | I te est expe se elated to the wa a t divide d | F | 9,223 | — | — | Total o -GAAP adjustme ts | 24,504 | 14,356 | 10,079 |
(A) Stock-based compe satio : o -cash expe se elated to equity awa ds g a ted to employees, di ecto s a d co sulta ts.
(B) Amo tizatio of i ta gible assets: o -cash amo tizatio of i ta gible assets acqui ed i the Routejade acquisitio .
(C) Legal cost elated to sha eholde lawsuit: litigatio expe ses elated to the defe se of a o goi g secu ities class actio , which ma ageme t does ot co side ep ese tative of the Compa y’s pe fo ma ce.
(D) Wa a t issua ce cost: costs associated with the July 2025 wa a t divide d.
(E) Cha ge i fai value of commo stock wa a ts: o -cash gai s o losses f om the emeasu eme t of the Compa y’s commo stock wa a ts.
(F) I te est expe se elated to the wa a t divide d: o -cash i te est expe se ecog ized i co ectio with the July 2025 wa a t divide d.
| ($0.26) | ($0.20) | ($0.19) | Weighted ave age sha es outsta di g, basic | 206,458,846 | 218,502,098 | 219,623,989 | ($0.27) | ($0.20) | ($0.19) | Weighted ave age sha es outsta di g, diluted | 206,811,315 | 218,502,098 | 219,623,989 | ($0.14) | ($0.13) | ($0.14) | ($0.14) | ($0.13) | ($0.14) |
Note: Q2’26 a d Q3’26 basic a d diluted amou ts a e the same because pote tially dilutive secu ities we e a ti-dilutive.
Sou ce: E ovix Co po atio
