The company expects a net loss from operations of $39.3 million, or 19 cents a share, with adjusted losses pegged at $29.2 million, or 14 cents per share. This falls within the firm's prior guidance of 13 to 17 cents per share and beats the 15-cent loss anticipated by FactSet analysts. Revenue is projected at $11 million, exceeding both the company's internal $9 million to $10 million forecast and the $9.5 million consensus estimate.

Driving these results is a pivot toward the drone and defense sectors, where Enovix is scaling manufacturing capacity to meet a $216 million pipeline. Interim CEO Ryan Benton noted that the company is transitioning this backlog into concrete design wins and shipments. According to Benton, defense order volume in the early weeks of the fourth quarter has already surpassed total revenue recorded during the third quarter, bolstered by expanded production capabilities in Korea.