Enovix Corporation (NASDAQ: ENVX) announced preliminary third-quarter revenue of approximately $11.0 million. Revenue increased 38% year over year.
The result exceeded the company’s prior guidance of $9 million to $10 million. It also surpassed the consensus analyst estimate of $9.49 million. Enovix has now recorded six consecutive quarters of year-over-year revenue growth.
Drone and defense demand drove much of the revenue, accounting for about 70% of the quarter’s total. The company’s pipeline for drone, defense and industrial applications grew 18%, reaching $216 million.
To meet demand for non-Chinese batteries, Enovix is investing $19 million to double the capacity of its South Korea manufacturing plant.