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Enovix Corp (NASDAQ:ENVX) shares are falling in extended trading on Wednesday after the company reported third-quarter results and issued weak guidance for the coming quarter.
Highlights From The Report: Enovix beat analyst estimates on the top and bottom lines in the third quarter, posting revenue of $7.99 million versus estimates of $7.93 million, and an adjusted loss of 14 cents per share versus estimates for a loss of 16 cents per share.
Total revenue was up 85% year-over-year, driven primarily by ongoing strength in Korea, including defense program shipments and increased activity with strategic partners.
The company said gross margin improved to 18%, supported by increased sales, product mix and manufacturing efficiencies.
“This quarter was marked by meaningful progress with our lead smartphone customer, as we continued advancing toward commercial launch of our AI-1 cell,” said Raj Talluri, president and CEO of Enovix.
“Our AI-1 battery has been independently validated as having the highest energy density reported for a smartphone battery, our marquee customer programs are moving towards commercial launch, and our manufacturing capabilities at Fab2 are steadily progressing.”
Enovix ended the quarter with $648 million in cash, cash equivalents and marketable securities.
Guidance: Enovix expects fourth-quarter revenue to be in the range of $9.5 million to $10.5 million versus estimates of $12.05 million, according to Benzinga Pro. The company also guided for an adjusted loss of 16 cents to 20 cents per share versus estimates for a loss of 14 cents per share.
“We expect continued operating progress in the fourth quarter, including sequential revenue growth, and ongoing cost discipline as we execute customer ramps and prepare for commercial production of our AI-1 platform,” the company said.
ENVX Price Action: Enovix shares were down 12.54% in after-hours, trading at $11.32 at the time of publication on Wednesday, per Benzinga Pro.
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Posted In: ENVX
