Enovix Corp

Enovix Corporation guided third quarter revenue between $9 million and $10 million, with smart eyewear deliveries expected to reach approximately 19,000 packs. The company reported second quarter revenue of $9 million, up 21% year-over-year and 19% sequentially, with GAAP gross profit of $1.3 million and non-GAAP net loss per share of $0.13. Enovix ended the quarter with approximately $552.1 million in cash, cash equivalents and marketable securities, including restricted cash. Management said the smart eyewear production ramp has begun, with first product revenue recorded and delivery orders in hand for roughly 19,000 packs in Q3 as part of a 50,000 unit pack order expected to be completed in Q4. The company also said its South Korea-manufactured drone and defense pipeline increased 41% to approximately $183 million, and it ordered additional production equipment for the MX1-B01 line expected to be operational by mid-2027.

U.S. stock index futures were mixed on Thursday as investors weighed escalating tensions between the United States and Iran against a continued rebound in semiconductor shares. The Dow futures contract slipped 85 points, or 0.2%, while S&P 500 futures gained 12 points, or 0.2%, and Nasdaq 100 futures advanced 176 points, or 0.6%. Among individual movers, Enovix surged 17% after appointing former Apple executive Michael Vyvoda as chief operating officer to oversee global manufacturing, supply chain and operations as the company ramps up production in Malaysia and South Korea. Forte Biosciences jumped 12% after reporting positive Phase 1b results for its vitiligo treatment FB102, which delivered a statistically significant improvement over placebo with benefits continuing through 24 weeks. Rackspace Technology gained 8% after announcing a strategic partnership with Palantir Technologies to deploy enterprise artificial intelligence in regulated industries, positioning Rackspace as a preferred partner for implementing Palantir's Foundry and Artificial Intelligence Platform. PepsiCo slipped 1.8% after reporting mixed second-quarter results, with revenue topping Wall Street estimates but adjusted earnings per share coming in just below analyst expectations.

Enovix Corporation has appointed Dr. Michael Vyvoda, former Director of Product Operations at Apple, as its new Chief Operating Officer, effective July 29, 2026. Vyvoda, who helped scale AirPods manufacturing to high-volume production, will lead Enovix's global manufacturing, supply chain, and operations engineering as the company ramps production at its Malaysia and Korea facilities. He will oversee a unified operations team including Senior Vice President Kihong Park, Ed Casey, and James Wilcox. The appointment comes as Enovix accelerates commercial execution, having reported first-quarter 2026 revenue of $7.6 million, a 49% year-over-year increase, and a global pipeline for Korea-manufactured products exceeding $130 million. Vyvoda brings over 25 years of operations leadership experience, including roles at Magrathea Metals, Aircapture, and Apple.