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STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\nFORM 10-Q\n\nx QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended April 5, 2026\n\nOR\n\no TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from__________to __________\n\nEnovix Corporation\n\n(Exact Name of Registrant as Specified in Charter)\n\nDelaware001-3975385-3174357\n\n(State or Other Jurisdiction\nof Incorporation)(Commission\nFile Number)(IRS Employer\nIdentification No.)\n\n3501 W Warren Avenue\n\nFremont, California 94538\n\n(Address of Principal Executive Offices)\n\n(510) 695-2350\n\n(Registrant’s Telephone Number)\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of each class Trading Symbol(s)Name of each exchange on which registered\n\nCommon Stock, par value $0.0001 per shareENVX\nThe Nasdaq Global Select Market\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated filerxAccelerated filero\n\nNon-accelerated fileroSmaller reporting companyo\n\nEmerging growth companyo\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x\n\nAs of May 8, 2026, 218,153,440 shares of common stock, par value $0.0001 per share, were issued and outstanding.\n\n[Table of Contents](#id615f35e8f344e0ab7fc6933c0caf985_7)\n\nTable of Contents\n\nPage\n\n[PART I.](#id615f35e8f344e0ab7fc6933c0caf985_13)\n\n[FINANCIAL INFORMATION](#id615f35e8f344e0ab7fc6933c0caf985_13)\n\n[Item 1.](#id615f35e8f344e0ab7fc6933c0caf985_16)\n\n[Financial Statements (unaudited)](#id615f35e8f344e0ab7fc6933c0caf985_16)\n\n[1](#id615f35e8f344e0ab7fc6933c0caf985_13)\n\n[Condensed Consolidated Balance Sheets as of](#id615f35e8f344e0ab7fc6933c0caf985_19)April 5, 2026 and December 28, 2025\n\n[1](#id615f35e8f344e0ab7fc6933c0caf985_19)\n\n[Condensed Consolidated Statements of Operations for the](#id615f35e8f344e0ab7fc6933c0caf985_22)[fiscal](#id615f35e8f344e0ab7fc6933c0caf985_22)[quarters](#id615f35e8f344e0ab7fc6933c0caf985_22)[ended](#id615f35e8f344e0ab7fc6933c0caf985_22)April 5, 2026[and](#id615f35e8f344e0ab7fc6933c0caf985_22)March 30, 2025\n\n[2](#id615f35e8f344e0ab7fc6933c0caf985_22)\n\n[Condensed Consolidated Statements of Comprehensive Income (Loss) for the](#id615f35e8f344e0ab7fc6933c0caf985_25)[fiscal](#id615f35e8f344e0ab7fc6933c0caf985_25)[quarters](#id615f35e8f344e0ab7fc6933c0caf985_25)[ended](#id615f35e8f344e0ab7fc6933c0caf985_25)April 5, 2026 and March 30, 2025\n\n[3](#id615f35e8f344e0ab7fc6933c0caf985_25)\n\n[Condensed Consolidated Statements of](#id615f35e8f344e0ab7fc6933c0caf985_28)[Stockholders’ Equity for the](#id615f35e8f344e0ab7fc6933c0caf985_28)[fiscal](#id615f35e8f344e0ab7fc6933c0caf985_28)[quarters](#id615f35e8f344e0ab7fc6933c0caf985_28)[ended](#id615f35e8f344e0ab7fc6933c0caf985_28)April 5, 2026 and March 30, 2025\n\n[4](#id615f35e8f344e0ab7fc6933c0caf985_28)\n\n[Condensed Consolidated Statements of Cash Flows for the fiscal](#id615f35e8f344e0ab7fc6933c0caf985_37)[quarters](#id615f35e8f344e0ab7fc6933c0caf985_37)[ended](#id615f35e8f344e0ab7fc6933c0caf985_37)April 5, 2026 and March 30, 2025\n\n[5](#id615f35e8f344e0ab7fc6933c0caf985_37)\n\n[Notes to Condensed Consolidated Financial Statements](#id615f35e8f344e0ab7fc6933c0caf985_46)\n\n[7](#id615f35e8f344e0ab7fc6933c0caf985_46)\n\n[Item 2.](#id615f35e8f344e0ab7fc6933c0caf985_148)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#id615f35e8f344e0ab7fc6933c0caf985_148)\n\n[22](#id615f35e8f344e0ab7fc6933c0caf985_148)\n\n[Item 3.](#id615f35e8f344e0ab7fc6933c0caf985_187)\n\n[Quantitative and Qualitative Disclosure about Market Risks](#id615f35e8f344e0ab7fc6933c0caf985_187)\n\n[30](#id615f35e8f344e0ab7fc6933c0caf985_187)\n\n[Item 4.](#id615f35e8f344e0ab7fc6933c0caf985_190)\n\n[Controls and Procedures](#id615f35e8f344e0ab7fc6933c0caf985_190)\n\n[31](#id615f35e8f344e0ab7fc6933c0caf985_190)\n\n[PART II.](#id615f35e8f344e0ab7fc6933c0caf985_193)\n\n[OTHER INFORMATION](#id615f35e8f344e0ab7fc6933c0caf985_193)\n\n[Item 1.](#id615f35e8f344e0ab7fc6933c0caf985_196)\n\n[Legal Proceedings](#id615f35e8f344e0ab7fc6933c0caf985_196)\n\n[31](#id615f35e8f344e0ab7fc6933c0caf985_196)\n\n[Item 1A.](#id615f35e8f344e0ab7fc6933c0caf985_199)\n\n[Risk Factors](#id615f35e8f344e0ab7fc6933c0caf985_199)\n\n[31](#id615f35e8f344e0ab7fc6933c0caf985_199)\n\n[Item 2.](#id615f35e8f344e0ab7fc6933c0caf985_238)\n\n[Unregistered Sales of Equity Securities and Use of Proceeds from Registered Securities](#id615f35e8f344e0ab7fc6933c0caf985_238)\n\n[62](#id615f35e8f344e0ab7fc6933c0caf985_238)\n\n[Item 3](#id615f35e8f344e0ab7fc6933c0caf985_241)\n\n[Defaults Upon Senior Securities](#id615f35e8f344e0ab7fc6933c0caf985_241)\n\n[63](#id615f35e8f344e0ab7fc6933c0caf985_241)\n\n[Item 4](#id615f35e8f344e0ab7fc6933c0caf985_244)\n\n[Mine Safety Disclosures](#id615f35e8f344e0ab7fc6933c0caf985_244)\n\n[63](#id615f35e8f344e0ab7fc6933c0caf985_244)\n\n[Item 5](#id615f35e8f344e0ab7fc6933c0caf985_247)\n\n[Other Information](#id615f35e8f344e0ab7fc6933c0caf985_247)\n\n[63](#id615f35e8f344e0ab7fc6933c0caf985_247)\n\n[Item 6.](#id615f35e8f344e0ab7fc6933c0caf985_250)\n\n[Exhibits](#id615f35e8f344e0ab7fc6933c0caf985_250)\n\n[64](#id615f35e8f344e0ab7fc6933c0caf985_250)\n\n[Signatures](#id615f35e8f344e0ab7fc6933c0caf985_253)\n\n[66](#id615f35e8f344e0ab7fc6933c0caf985_253)\n\n[Table of Contents](#id615f35e8f344e0ab7fc6933c0caf985_7)\n\nFORWARD LOOKING STATEMENTS\n\nThis Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The statements contained in this Quarterly Report on Form 10-Q that are not purely historical are forward-looking statements. Forward-looking statements generally relate to future events or our future financial or operating performance and can be identified by words such as anticipate, believe, continue, could, estimate, expect, intend, may, might, plan, possible, potential, predict, project, should, would and similar expressions that convey uncertainty about future events or outcomes. In addition, any statements that refer to projections, forecasts, management’s expectations, hopes, beliefs, intentions or strategies regarding the future, are forward-looking statements. Examples of forward-looking statements in this Quarterly Report on Form 10-Q include, without limitation, statements about our:\n\n•ability to respond to customer and market demand;\n\n•ability to build and scale manufacturing lines for our lithium-ion batteries, as well as production and commercialization timelines, and our ability to have adequate capacity to satisfy customer demands;\n\n•ability to meet milestones and customer acceptance of key products, such as AI-1TM and AI class products and MX products, as well as the market readiness of such products, and the effectiveness of our product design;\n\n•expectations and estimations of the total addressable market for our batteries, including the demand for more energy dense batteries and the suitability of our products to address this demand, and the impact of artificial intelligence features on the demand for energy dense batteries and the suitability of our products to address this demand;\n\n•expectations relating to the timing of the launch of commercial smartphone and commercial smart eyewear products, the potential growth in sales to defense customers, and expectations regarding potential customer purchases, results of safety testing and customer qualification of our products;\n\n•ability to manage our expenses and realize our cost savings goals;\n\n•ability to manage and achieve the benefits of our restructuring efforts;\n\n•products, technologies, business model and growth strategy, including commercialization opportunities, market opportunity and the expansion of our customer base;\n\n•product strategy for our conventional lithium-ion battery products;\n\n•ability to meet the expectations of new and current customers, including safety and qualification requirements, and our ability to achieve market acceptance for our products;\n\n•financial performance, including revenue from the sale of batteries and battery pack products and engineering revenue contracts, as well as expenses and projections thereof;\n\n•operational capabilities of our manufacturing lines, including the anticipated growth and improvements in commercialization and R&D activities to support product innovation;\n\n•ability to attract and hire additional personnel, including for our international locations and to facilitate the build-out of existing and additional production lines;\n\n•ability to optimize our manufacturing process and execute on our future product development strategy and roadmap to profitability, including achieving improvements in yield, throughput, dicing processes, performance, cost efficiency and overall production economics;\n\n•expectations regarding our development and other collaboration agreements with potential customers, including in the smartphone, smart eyewear, IoT and defense categories;\n\n•ability to validate the advantages of our cell architecture in the customer markets we are targeting, as well as our expectations relating to the recognition of revenue from these markets, and our ability to expand our relationships with partners in the markets we serve; and\n\n•ability to align with increasing customer demand for geodiversity and supply chain resilience.\n\nThe forward-looking statements contained in this Quarterly Report on Form 10-Q are based on our current expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements, and the assumptions underlying such statements, involve a number of risks and uncertainties, some of which are beyond our\n\n[Table of Contents](#id615f35e8f344e0ab7fc6933c0caf985_7)\n\ncontrol. These risks and uncertainties include, but are not limited to, those described in Part II, Item 1A. “Risk Factors” of this Quarterly Report on Form 10-Q. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may differ materially from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.\n\n[Table of Contents](#id615f35e8f344e0ab7fc6933c0caf985_7)\n\nPART I. FINANCIAL INFORMATION"}