Enovix Stock Moves Higher On Q2 Report, Company Updates On Gen2 Autoline

Enovix Corporation ENVX shares are trading higher in Wednesday's after-hours session on the heels of the company's second-quarter report. Here's a rundown of the results and a look at what's driving the action.

What Happened: Enovix reported quarterly losses of 19 cents per share which beat the analyst consensus estimate of losses of 22 cents, a 46.15% decrease over losses of 13 cents per share from the same period last year. The company reported quarterly sales of $42,000, which missed the analyst consensus estimate of $60,000, a 99.18% decrease over sales of $5.10 million in the same period last year.

Raj Talluri, President and CEO, said, "During the quarter I made my first trip to Asia since becoming CEO of Enovix. A top priority was observing the status of Gen2 production equipment, which was detailed in a video last month."

"Much progress has been made since last quarter, and we remain on track to commence Factory Acceptance Testing ("FAT") next month in support of battery sample production from the first Gen2 Autoline beginning in April 2024."

The company touted the Fab1, which outperformed expectations, and reiterated that plans for high-volume production in Malaysia next year remain on track. Progress with the U.S. Army and collaborations on smartphones with leading OEMs Xiaomi, Vivo, and Lenovo are examples of customer interest in the company's products.

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ENVX Price Action: ENVX shares were up 6.53% after hours at $20.88 at the time of publication, according to Benzinga Pro.

Image by Chris from Pixabay