What's Going On With Enovix Stock Wednesday?

Author: Adam Eckert | February 21, 2024 11:09am

Enovix Corp (NASDAQ:ENVX) shares are trading lower Wednesday after the company reported mixed quarterly results and issued weak guidance.

• Q4 Revenue: $7.38 million, beat estimates of $3.37 million

• Q4 EPS: 28 cent loss, missed estimates for a loss of 27 cents

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.

The company 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.

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.

“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,” the company said.

Following the print, Canaccord Genuity analyst George Gianarikas reiterated Enovix with a Buy and maintained a price target of $17. Cantor Fitzgerald reiterated Enovix with an Overweight and maintained a price target of $30.

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ENVX Price Action: Enovix shares were down 3.4% at $11.38 at the time of publication, according to Benzinga Pro.

Photo: Dean Simone from Pixabay.

Posted In: ENVX