Enovix Stock Is Ripping Higher Tuesday: What's Going On?

Enovix Corp ENVX shares are trading higher Tuesday after the company announced that it hit new milestones for its Fab2 manufacturing facility that put it on track to start initial sample production in the second quarter.

What Happened: Enovix said it completed Factory Acceptance Testing for its Gen2 Agility Line and is on track to produce its first silicon battery samples from Fab2 in the second quarter.

“I’m proud to announce the team has completed our rigorous FAT process for all machines that make up our Agility Line,” said Ajay Marathe, COO of Enovix.

“SAT is also well underway. Both FAT and SAT processes ensure that we only place machines into service that meet our specifications for throughput, yield and machine uptime. I’m extremely pleased with the results so far. We’re on track to produce our first EX-1M samples for mobile and IoT customers in Q2.”

Enovix noted that its manufacturing process allows the company to produce battery cells with a unique architecture that enables the use of a 100% active silicon anode for higher energy density.

Enovix is expected to report first-quarter financial results in the coming weeks. Analysts are currently calling for an earnings loss of 29 cents per share on revenue of $3.877 million, according to Benzinga Pro.

See Also: What’s Going On With Bank Of New York Mellon Shares After Reporting Q1 Results?

ENVX Price Action: Enovix shares were up 3.73% at $6.95 at the time of publication, according to Benzinga Pro.

Photo: Dean Simone from Pixabay.