Enovix Stock Pops On Mixed Q4 Earnings: Key Metrics From The Quarter

Author: Adam Eckert | February 20, 2024 05:43pm

Enovix Corp (NASDAQ:ENVX) shares are trading higher in Tuesday’s after-hours session on the heels of the company’s fourth-quarter financial results. Here’s a rundown of the print.

What Happened: Enovix reported fourth-quarter revenue of $7.38 million, which beat the consensus estimate of $3.37 million, according to Benzinga Pro. The company reported an adjusted loss of 28 cents per share, which missed estimates for a loss of 27 cents per share. 

Enovix said its strong top-line results were driven by strong performance from Routejade, along with continued volume shipments of BrakeFlow-enabled batteries for the U.S. Army.

Enovix said it ended the quarter with $306.8 million in cash, equivalents and short-term investments.

“We made significant progress in 2023 and now have the structure in place to continue advancing toward our goal of becoming a scale supplier with multi-billions of dollars in revenue and industry-leading margins,” the company said.

“We are focused on the execution of two key milestones in 2024: 1) demonstrating high-volume manufacturing in Malaysia and 2) delivering samples of our leading smartphone batteries, EX-1M and EX-2M, to customers.”

Outlook: Enovix expects first-quarter revenue to be between $3.5 million and $4.5 million versus estimates of $4.56 million. The company anticipates a first-quarter adjusted loss of 29 cents to 35 cents per share versus estimates for a loss of 24 cents per share.

The company noted that it plans to begin sampling high cycle life smartphone batteries in the second quarter.

Management will hold a conference call to discuss these results at 5 p.m. ET.

Check This Out: Rivian Q4 Earnings Preview: EV Market Jitters, R2 Debut Looms

ENVX Price Action: Enovix shares were up 5.94% after hours at $12.48 at the time of publication, according to Benzinga Pro.

Photo: asharkyu from Shutterstock.

Posted In: ENVX