Enovix 1Q Results: Smartphone Qualification Framework in Place; Eyewear and Drone Opportunities Promising, Execution Key

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Enovix 1Q Results: Smartphone Qualification Framework in Place; Eyewear and Drone Opportunities Promising, Execution Key

J P M O R G A N North America Equity Research

13 May 2026

Enovix

1Q Results: Smartphone Qualification Framework in Underweight

Place; Eyewear and Drone Opportunities Promising, ENVX, ENVX US

Execution Key Price (13 May 26):$7.29

Metals & Mining

Enovix reported a 1Q adj. EBITDA loss of $20.3M, slightly better than Bill Peterson AC

consensus (-$24.3M). Key takeaways include: 1) smartphone qualification (1-415) 315-6766

framework in place, though we further temper our ramp expectations in 2027; 2) bill.peterson@jpmchase.com

eyewear opportunity more promising with sampling and ramp progressing faster Bennett Moore

than smartphones in the near-term; 3) defense and drone opportunities also (1-212) 622-0188

accelerating with hybrid silicon-based products garnering strong interest from bennett.moore@jpmchase.com

J.P. Morgan Securities LLC

drone customers (~60% of $130M Korea pipeline); and 4) further yield and

manufacturing improvements including shift to mechanical dicing that should

increase throughput and cost structure. Enovix continues to make progress at its Key Changes (FYE Dec)

lead smartphone customer Honor as well as its second smartphone customer by Prev Cur Δ

successfully changing the cycle life qualification. In addition, Enovix is Adj. EBITDA - 26E ($ mn) (96) (83) 14.3%

Adj. EBITDA - 27E ($ mn) (79) (82) -3.3%progressing its product and opportunity pipeline with AI-2 (improved energy

density) ready for sampling for next-generation eyewear applications and with Quarterly Forecasts (FYE Dec)

MX-1, a blended silicon graphite product with similar performance to ‘competitive Adj. EBITDA ($ mn)

products,’ though with potential cost benefits.