Enovix Corporation (NASDAQ: ENVX) has witnessed a remarkable surge in its stock value during the extended trading session, marking a significant increase of 22.43% to attain a price of $7.97. This elevation follows a notably bullish performance in the regular trading session, registering an uptick of 3.99% to settle at $6.514. The announcement of a development agreement and the publishing of its financial results served as impetuses for this spike in ENVX shares.
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Enovix (ENVX) revealed $5.3 million in sales for the first quarter of 2024 in its financial results announcement, demonstrating strong top-line growth. The extraordinary performance of the batteries supplied to IoT clients was the driving force behind this revenue spike.
Enhanced revenues and a favorable product mix contributed to the achievement of positive non-GAAP gross margins for the first time in the company’s history. Furthermore, Enovix has made significant strides in preparing Fab2 in Malaysia for production commencement, while closely collaborating with key customers ahead of shipping the first samples of their revolutionary EX-1M battery.
Additionally, Factory Acceptance Testing (“FAT”) has been completed for its Gen2 Agility Line and is nearing completion for the high-volume Gen2 Autoline. Site Acceptance Testing (“SAT”) is well underway for both Gen2 Agility Line and Gen2 Autoline, facilitating the production of first samples of Enovix’s breakthrough EX-1M battery in the second quarter of 2024, and the capacity to support qualifications for multiple leading customers.
Further, prominent smartphone OEMs are enthusiastic about Enovix’s product roadmap and are seeking to formalize relationships to be among the first to utilize their battery technology. In pursuit of this, Enovix recently entered into a development agreement with a top 5 smartphone OEM by unit volume.
Enovix is manufacturing EX-1M battery cells in Fremont, in alignment with specifications received from leading smartphone customers. Samples will be provided to six of the top eight smartphone OEMs globally by unit volume (representing approximately $7 billion of the total addressable market), with shipments commencing in the second quarter of 2024.
