Enovix Corp ENVX shares are trading lower Wednesday after the company reported earnings results that came in below analyst estimates.
"In the third quarter, we continued to seed our commercialization efforts with Fab-1 shipments of qualification batteries while driving yield improvement activities. This work has assisted our design and procurement of Gen2 equipment as our team has identified over 120 process and design improvements from Gen1," the company said in a letter to shareholders.
"Our goals for the fourth quarter are to 1) complete the design process of all Gen2 equipment and 2) make substantive improvement in productivity and yield in Fab-1."
Enovix expects full-year revenue to be between $6 million and $8 million. The company now expects to use between $130 million and $150 million of its cash, of which roughly 40% will come from capex.
Enovix is engaged in the business of advanced silicon-anode lithium-ion battery development and production.
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ENVX Price Action: Enovix has a 52-week high of $28.17 and a 52-week low of $7.26.
The stock was down 41.5% at $10.53 at time of publication.
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