Enovix Bets Big on Defense Batteries with $216 Million Pipeline, Korea Expansion

Enovix Corporation (NASDAQ:ENVX) stock is trading higher by more than 2% on Monday as the manufacturer of advanced lithium-ion batteries reported strong preliminary third-quarter 2026 results.

The company reported revenue of $11 million, up 38% from the previous year, beating its guidance of $9 million to $10 million.

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The sales growth represented the company’s sixth consecutive quarter of year-over-year revenue growth.

Non-GAAP operating loss reached $29.2 million compared to guidance of $29 to $32 million in operating loss. Non-GAAP loss per share was 14 cents compared to guidance of loss per share of 13 cents to 17 cents.

Enovix held $512 million in cash and cash equivalents as of Oct. 4.

Drone and Defense Demand Fuels Growth

Drone and defense customers accounted for nearly 70% of quarterly revenue.

The company’s combined drone, defense and industrial pipeline increased 18% to $216 million, while its drone-specific pipeline surged 48% to nearly $150 million.

To capitalize on increasing demand for non-Chinese batteries among the U.S. and allied defense programs, Enovix is investing $19 million to double production capacity at its South Korean manufacturing facility.

Interim CEO Ryan Benton highlighted accelerating commercial momentum, with purchase orders received early in the fourth quarter already surpassing total third-quarter revenue.

Leadership Changes

The company realigned its leadership team to scale its production efforts and to support customers amid the rapidly rising order mandates and demand for multiple sub-markets, including aerial, subsea and maritime drone programs.

The company promoted Steve Bakos to chief revenue officer and general manager, while James Wilcox was named vice president of Corporate Strategy.

Also, hired Dan Wark to lead its new global supply chain organization focused on consolidating production planning, procurement and sourcing.

Analyst Outlook

The stock carries a Buy rating with an average price forecast of $12.94 (high: $25; low: $5.50) across 11 analysts.

Recent analyst moves include:

• StoneX: Buy (Lowers target to $10 on Oct. 9)
• William Blair: Downgraded to Market Perform on Aug. 17
• Canaccord Genuity: Buy (Lowers target to $10 on Aug. 14)

ENVX Price Action: Enovix shares were up 2.53% at $2.53 at the time of publication on Monday. The stock is trading near its 52-week low of $2.40, according to Benzinga Pro data.

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