Enovix cuts 220 jobs, invests $19M to double South Korea drone battery capacity amid $216M demand surge

Enovix Corporation has completed the first phase of its cost reduction plan, cutting about 220 jobs to save $8.5 million annually while shifting focus and capital to its South Korean operations. The company is investing $19 million to double the capacity of its military-qualified plant in South Korea, driven by strong demand from U.S. and allied drone and defense programs seeking non-Chinese batteries. Enovix's drone and defense orders have already surpassed its Q3 2026 revenue, with a $216 million pipeline and a recent initial order for 100,000 battery units scheduled for early 2027 delivery. The company expects 2027 revenue from South Korea to multiply compared to 2026, signaling robust growth in this sector throughout the decade.

Enovix Corporation (ENVX) shares trade at USD 2.76 as of Nov 05, 2026 19:41 WIB, closer to its 52-week low of $2.25 than its high of $11.32, reflecting significant volatility over the year. Despite the company's strategic shift and growth plans in military battery production, Pluang data shows a predominantly selling sentiment with 92% of orders being sell and only 8% buy. The stock's market cap stands at $612.26 million, and it experienced a 1.08% decline on the day, indicating cautious investor behavior amid the company's transition.