US lithium-ion battery maker Enovix's Q3 preliminary revenue beats estimates, helped by defense demand
ENVX•Enovix's preliminary third-quarter revenue rose 38% year over year to $11 million, beating the $9.48 million analyst estimate. The company plans to invest $19 million to double capacity at its Korean plant as defense demand grows.
1. Revenue and demand
Enovix said preliminary third-quarter revenue rose 38% year over year to $11 million, above the $9.48 million consensus estimate. The company attributed the increase to a surge in drone and defense demand, driven by sourcing requirements for non-Chinese batteries.
2. Capacity and pipeline
Enovix plans to invest $19 million to double capacity at its Korean plant to meet increased defense demand. The company said its drone, defense and industrial pipeline grew 18% to $216 million, with the drone pipeline up 48% in the quarter, and expects the pipeline to continue growing through 2027. It plans to report the first results of its cost-reduction plan in its Q3 2026 report on Nov. 12.
