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Enovix Corporation (NASDAQ:ENVX) shares are jumping after the company signed a deal to supply silicon batteries and packs for mixed reality headsets.
As per the terms, Enovix expects to receive an initial one-time payment for tooling to facilitate battery pack dimensions and subsequent payments for supplying both sample and production quantities. The financial terms were not disclosed.
Enovix’s high-performance batteries feature a proprietary architecture and manufacturing process that replaces graphite with a 100% active silicon anode, resulting in top-tier energy density.
Dr. Raj Talluri, President and CEO of Enovix, stated, “This agreement with a leading customer underscores the need for a better battery in the exciting mixed reality market and validates our strategy of focusing on stringent smartphone product requirements.”
“Our vertically integrated pack manufacturing, enhanced by the acquisition of Routejade, positions us to succeed in adjacent markets like IoT.”
Notably, in May, Enovix shipped the first samples of its EX-1M silicon batteries from its Fremont facility and by June, the company had started producing EX-1M battery samples at its Fab2 facility in Malaysia.
According to IDC, global shipments of virtual reality and augmented reality headsets are projected to increase to slightly above 35 million units by 2028 from nearly 10 million units in 2024.
Last month, the company reported quarterly sales of $5.272 million, beating the analyst consensus estimate of $3.779 million by 39.53% and losses of 31 cents per share, which missed the analyst consensus estimate of losses of 29 cents by 6.9%.
Enovix stock gained around 19% in the last 12 months. Investors can gain exposure to the stock via Tidal Trust II YieldMax Ultra Option Income Strategy ETF (NYSE:ULTY) and Invesco WilderHill Clean Energy ETF (NYSE:PBW).
Price Action: ENVX shares are up 30% at $15.65 at the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image from Shutterstock
