Enovix Stock Falls 29% on the Day It Reported Third-Quarter Results

Enovix (Nasdaq: ENVX) fell 28.7% on Thursday, Nov. 12, 2026, closing at $1.80 from a previous close of $2.53, while the S&P 500 ETF (SPY) slipped 0.35%. Volume ran at 2.8 times its usual level. The decline came the same day the company filed an 8-K with its third-quarter results. The company did not say why the shares fell.

Revenue grew, but the fourth-quarter outlook points lower

Third-quarter revenue was $11.0 million, up 38% from a year earlier and 22% from the prior quarter. Non-GAAP gross margin was 34.5%. For the fourth quarter, Enovix guided to revenue of $9.0 million to $10.0 million, compared with $11.3 million in the year-earlier period. It guided fiscal 2027 revenue to $65 million to $85 million, against an estimated $36.7 million to $37.7 million for fiscal 2026.

Smartphone qualification fell short

The press release said Enovix's AI-1 cells did not meet the latest energy-density target of more than 1,000 watt-hours per liter in a qualification test run on a pre-AI-2 version of its process. The company said it would not proceed with system-level field testing on that version and would focus its silicon-anode development on smart eyewear. Enovix reported $512.2 million in cash, cash equivalents, marketable securities and restricted cash as of Oct. 4, 2026.

Restructuring and debt moves

Enovix said a restructuring in early November eliminated 220 positions and cut about $8.5 million in annual cost. The company also retired $128.0 million of its 2030 convertible notes for about $81.4 million and launched a warrant dividend, with a record date of Nov. 13, 2026. Before the filing, the company's market capitalization was about $555 million.