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Enovix Corp (NASDAQ:ENVX) shares are trading higher Thursday after the company reported mixed fourth-quarter results.
What Happened: Enovix reported fourth-quarter revenue of $1.09 million, which beat average analyst estimates of $900,000, according to Benzinga Pro. The lithium battery company reported a quarterly net loss of 19 cents per share, which missed estimates for a loss of 16 cents per share.
"We saw significant improvements in yield, output and customer qualification in the fourth quarter. Our team is highly focused on executing on our plans for higher output and customer qualification activities, both of which position Enovix for high growth," said Raj Talluri, president and CEO of Enovix.
Enovix produced 4,442 batteries in the fourth quarter. The company expects to produce 9,000 wearable-size cells in the first quarter and 180,000 cells in full-year 2023 as it ramps production.
"We plan to more than double battery production sequentially in every quarter of 2023. In addition, in 2023 we plan [to] build pre-production smartphone-sized cells from Fab-1 to begin customer qualification, but we do not expect this to impact revenue," the company said in a letter to shareholders.
Following the company's results, EF Hutton analyst Chip Moore reiterated Enovix with a Buy rating and maintained a $18 price target.
ENVX Price Action: Enovix has a 52-week high of $26.30 and a 52-week low of $6.50.
The stock was up 17.9% at $9.75 at time of publication, according to Benzinga Pro.
Photo: courtesy of Enovix.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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