Enovix names interim CEO after Raj Talluri resignation

Enovix Corporation (NASDAQ: ENVX) disclosed details of its chief executive transition following the resignation of Raj Talluri on Aug. 13, 2026. The company held an investor webcast on Aug. 17 to address the leadership change.

Executive Chairman T.J. Rodgers said the board unanimously accepted Talluri's resignation and appointed CFO Ryan Benton as interim CEO. The board also launched a search for a permanent CEO, considering both internal and external candidates.

Rodgers said the company's strategy and product roadmap remain unchanged, with priorities including smartphone battery qualification, ramping a smart eyewear design win, and expanding defense and drone design wins. Third-quarter 2026 guidance was reaffirmed, with revenue projected at $9.0 million to $10.0 million, representing 13% to 25% year-over-year growth. Non-GAAP operating loss is guided at $29.0 million to $32.0 million, and the company reported approximately $552.1 million in cash and equivalents at the end of the second quarter.

Enovix stated its drone and defense pipeline stands at $183 million, up 41% in Q2 2026, with Korean production capacity expanding from $40 million to $100 million. The company said its lead smartphone customer confirmed more than 1,000 charging cycles on its current silicon-carbon battery, with final cycle-life testing expected to complete in 2026. A first 50,000-unit smart eyewear order is currently shipping, with approximately 19,000 units expected to ship in Q3 2026.

Rodgers identified areas requiring improvement, including investor reporting, an annual operating loss of approximately $100 million, and smartphone customer relationships in China following the CEO change.

The company's 147-person R&D engineering organization has been realigned to report to COO Michael Vyvoda to speed the transfer of new products into manufacturing.

The information above is based on a press release statement from Enovix.

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