Enovix Stock Is Rising After The Bell: What's Going On?

Enovix Corp ENVX shares are trading higher in Wednesday’s after-hours session after the company reported better-than-expected results for the second quarter and announced new collaborations.

• Q2 Revenue: $3.768 million, versus estimates of $3.693 million

• Q2 EPS: Loss of 14 cents, versus estimates for loss of 23 cents

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

Enovix said it ended the second quarter with $249.9 million in cash, cash equivalents and short-term investments.

Outlook: Enovix expects third-quarter revenue to be in the range of $3.5 million to $4.5 million. The company anticipates a third-quarter adjusted loss of 17 cents to 23 cents per share.

“We made substantial progress in the second quarter of 2024 as Fab2 went operational, and we took actions to lengthen our runway while striking agreements with multiple leading customers. We are focused on continuing this strong execution and look forward to initiating multiple customer qualifications in the second half of the year,” the company said.

See Also: Meta Platforms Q2 Earnings: Revenue Beat, EPS Beat, Strong Guidance — ‘Meta AI Is On Track To Be The Most Used AI Assistant In The World’

What Else: Enovix announced 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.

Enovix also announced 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.

“While our immediate focus is on advancing battery technology for consumer electronics, our vision extends to the EV market where our unique architecture is well-suited to enable next generation materials to drive performance improvements,” said Raj Talluri, president and CEO of Enovix.

ENVX Price Action: Enovix shares were up 11.10% in after-hours, trading at $16.01 at the time of publication, according to Benzinga Pro.

Photo: Dean Simone from Pixabay.