What's Going On With Enovix Stock Today?

Enovix Corp ENVX shares are trading higher. The company on Tuesday announced general availability of its standard-sized IoT and wearable cell.

What To Know: Enovix said its IoT and wearable cell is now generally available and has a capacity advantage of up to double compared to products that are currently in the market. It was designed to meet demand for a small, standard-sized pouch cell that has several applications in the IoT space. 

Enovix president and CEO Raj Talluri noted that he expects custom cell development to be one of the company's biggest revenue drivers in 2024 and beyond. 

Enovix cells are crafted using laser cut electrodes that allow for volumetric and active material packing efficiencies and accommodate the use of a 100% active silicon anode. The cells have exceptional energy density, capacity, thermal performance and abuse tolerance.

Last month, Enovix received a purchase order from the U.S. Army. The company will produce commercial cells for Conformal Wearable Batteries that will act as a U.S. Army soldier's central power source for powering communications equipment and other devices.

Enovix is set to report second-quarter financial results after the market close on July 26.

See Also: What Data From 9 Million Bank Accounts Tells Us About The State Of The US Economy

ENVX Price Action: Enovix shares are up nearly 55% over the last month and more than 80% since the start of the year.

The stock was up 5.28% at $22.55 at the time of publication, according to Benzinga Pro.

Photo: Lorenzo Cafaro from Pixabay.

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