What In The World Is Going On With Enovix Stock Today?

Shares of Enovix Corp EVNX are up during Thursday’s pre market session for various reasons.

Why Is It Moving?

Enovix is known as the leader in the design and manufacturing of next generation 3D Silicon Lithium-ion batteries. On Wednesday, it was announced that the company had been awarded a follow-on contract with the US Army to build and test custom cells within the soldier’s central power source known as the Conformal Wearable Battery (CWB). The CWB was created by Inventus Power and it integrates into a soldier’s vest and powers vital communications and navigation equipment. 

Following the announcement, Enovix Co-founder, President and CEO Harrold Rust shared the following sentiments: "We're proud to move to the next stage of our work with Inventus Power on the U.S. Army program, a major milestone attributed to our breakthrough battery and its ability to provide high energy density in a safe, ruggedized and lightweight format… Soldiers in the field need reliable, lightweight and long-lasting batteries and we're thrilled Enovix has been chosen to demonstrate the advantages of our domestically-manufactured technology."

The company also reported its earnings on Wednesday. Enovix said that during the second-quarter, it had its first revenues of $5.1 million. 

Price Action: Shares are up 19.7% as the share price rises to $19.32 during Thursday’s pre market session, according to Benzinga Pro.

Photo: Courtesy of Roberto Sorin on Unsplash