Enovix Corporation (NASDAQ:ENVX) announced a leadership transition with Raj Talluri resigning as CEO on August 13 to pursue another opportunity. Ryan Benton, who joined the company as CFO in April 2025, has been appointed interim CEO.
T.J. Rodgers was named executive chairman, while Dr. Michael Vyvoda serves as chief operating officer, having joined Enovix in July 2026 after five years at Apple. The board initiated a search for a permanent CEO, evaluating both internal and external candidates.
The company reported $552 million in cash, cash equivalents, and marketable securities at the end of the second quarter. Enovix also noted five consecutive quarters of year-over-year revenue growth and seven straight quarters of positive gross profit.
Third-quarter revenue is projected between $9.0 million and $10.0 million, representing 13% to 25% growth from the prior year. Non-GAAP operating loss is expected to range from $29.0 million to $32.0 million.
Operational updates included final cycle-life testing for its AI-1 battery scheduled to complete in 2026 after a customer confirmed over 1,000 charging cycles. The company is shipping its first 50,000-unit order for smart eyewear batteries, with roughly 19,000 units expected in the third quarter.
Enovix's drone and defense pipeline increased 41% in the second quarter to $183 million. The company is expanding its Korean production capacity from $40 million to $100 million.
