What's Going On With Enovix Stock Thursday?

Enovix Corp ENVX shares are trading lower Thursday. The company reported earnings after the market close on Wednesday and announced new collaboration agreements. Here’s what you need to know.

What To Know: Enovix beat analyst estimates on the top and bottom lines, reporting revenue of $3.768 million, versus estimates of $3.693 million, and a loss of of 14 cents per share, versus estimates for loss of 23 cents per share.

The high-performance battery company said it began producing its first batteries in Malaysia and demonstrated strong commercial progress with a handful of leading customers during the quarter. Enovix now expects "significant revenue growth" from the first half of 2024 to the second half of 2024.

Enovix also guided for third-quarter revenue in the range of $3.5 million to $4.5 million. The company said it anticipates a third-quarter adjusted loss of 17 cents to 23 cents per share.

Late Wednesday, Enovix announced that it signed a collaboration agreement with a Fortune 200 company to provide silicon batteries for the IoT product category. The company is set to receive milestone payments associated with building and testing prototype batteries for this IoT device along a path toward mass production.

“Our breakthrough battery continues to attract the interest of market leading companies who are looking to usher in new classes of product not previously possible without battery innovation,” said Raj Talluri, president and CEO of Enovix.

Enovix also announced that it signed a Memorandum of Understanding (MOU) with a high-performance, global automotive OEM aimed at scaling the Enovix cell architecture for the EV market.

The MOU agreement will focus on cell design, performance validation and optimization at the cell, pack and vehicle level to improve performance and the customer experience.

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ENVX Price Action: Enovix shares initially popped on the news, trading up above the $16 level before pulling back. The stock was down 15.7% at $12.16 at the time of publication Thursday, according to Benzinga Pro.

Photo: 3844328 from Pixabay.