Welcome to our dedicated page for Enovix Corporation news (Ticker: ENVX), a resource for investors and traders seeking the latest updates and insights on Enovix Corporation stock.
Enovix Corporation (NASDAQ: ENVX) is a pioneering force in the development and production of advanced silicon-anode lithium-ion batteries. Headquartered in Silicon Valley, California, Enovix is revolutionizing the battery industry with its innovative architecture that offers high energy density and capacity without compromising on safety. The company is at the forefront of creating batteries for a wide range of applications including smartphones, IoT devices, electric vehicles, and energy storage solutions.
Enovix has garnered significant attention for its breakthrough 100% active silicon batteries, which deliver up to 50% more capacity compared to traditional lithium-ion batteries. This cutting-edge technology is the result of a unique orthogonal approach that enables remarkable advancements in materials, design, production, and packaging. Their approach is further validated by strategic investments and support from industry giants such as Cypress Semiconductor, Intel, and Qualcomm.
Recently, Enovix has made headlines with its collaboration with Group14 Technologies to develop a next-generation battery that integrates breakthrough technologies from both companies. According to Dr. Raj Talluri, President and CEO of Enovix, this collaboration aims to address the growing need for higher-performing, fast-charging batteries across various industries.
The company has also seen substantial progress in scaling its manufacturing capabilities. Enovix's Fab2 facility in Malaysia is set to commence high-volume production in 2024, targeting the smartphone market with its EX-1M and EX-2M batteries. These batteries are designed to meet the rigorous specifications of leading smartphone OEMs and are expected to set new standards in energy density and fast charging capabilities.
Enovix’s financial performance reflects its growth trajectory. In the fourth quarter of 2023, the company reported a revenue increase to $7.4 million, a significant rise from $0.2 million in the previous quarter. This growth is supported by robust partnerships and a seasoned management team that has strengthened customer and supplier relationships, particularly in the smartphone battery segment.
Looking ahead, Enovix is focused on executing its global scale-up plan, which includes demonstrating high-volume manufacturing capabilities and delivering high-energy density battery samples to customers. The company is well-positioned to capitalize on the AI megatrend that is driving greater power demands in smartphones and other devices.
For more information about Enovix and its groundbreaking battery technology, please visit www.enovix.com and follow the company on LinkedIn.
Enovix (NASDAQ: ENVX) has announced a proposed public offering of $100.0 million of common stock shares, with an additional 30-day option for the underwriter to purchase up to $15.0 million of shares. Cantor Fitzgerald & Co. will serve as the sole book-running manager. The proceeds will be used for general corporate purposes and to support high-volume manufacturing at the company's Fab2 facility in Penang, Malaysia. The offering is made pursuant to a shelf registration statement filed with the SEC in August 2023.
Enovix reported Q3 2024 financial results with revenue of $4.3 million, up from $3.8 million in Q2. The company formally opened Fab2 in Malaysia and secured a development agreement with a leading smartphone OEM for mass production launch in late 2025. GAAP net loss was $22.5 million, improved from $115.9 million in Q2. The company ended Q3 with $200.9 million in cash and investments. For Q4 2024, Enovix expects revenue between $8.0-10.0 million and adjusted EBITDA loss of $19.0-25.0 million.
Enovix (ENVX) has signed a development agreement with a leading Chinese smartphone manufacturer (top 5 market share) to develop a 100% active silicon anode battery for specific smartphone models launching in Q4 2025. This marks Enovix's second agreement with major smartphone OEMs, alongside growing momentum in IoT and EV markets. The batteries will be produced at Fab2 in Malaysia, targeting high-volume production for smartphone market entry in 2025, subject to meeting specified milestones.
Enovix (Nasdaq: ENVX), a global high-performance battery company, has announced that it will release its financial results for the third quarter of 2024 on Tuesday, October 29, 2024, after market close. The company will host a live video call at 2:00 PM PT / 5:00 PM ET on the same day to discuss business updates, key milestones, and financial results.
Participants can register for the call using the provided link, which is also available on the Investor Relations section of Enovix's website. Investors have the opportunity to submit questions during registration for the management to address during the call. An archived version of the call will be accessible on the Enovix investor website for one year.
Enovix (Nasdaq: ENVX), a global high-performance battery company, has begun shipping EX-1M battery cell samples from its new Agility Line in Malaysia. This milestone follows the opening of their high-volume Fab2 in Malaysia earlier this summer and marks progress in the company's scaling efforts. Enovix has also completed internal UN38.3 certification for the cells being shipped, ensuring they meet international safety and abuse tolerance standards.
By shipping samples within the third quarter of 2024, Enovix is on track to commence high-volume production in 2025. The company's COO, Ajay Marathe, expressed pride in the Malaysian team's achievement and noted that this success with the Agility line is an encouraging indicator as they prepare for the high-volume line, which is on schedule for Site Acceptance Testing (SAT) completion.
Enovix (Nasdaq: ENVX), a global high-performance battery company, has announced its participation in an upcoming investor event. The event features a Fireside Chat with Enovix CEO Dr. Raj Talluri, hosted by William Blair, scheduled for Thursday, September 12, 2024, at 4:30 PM ET.
Interested parties can access the live webcast through the Events section under News and Events on the Enovix website at https://ir.enovix.com. For those unable to attend the live event, replays of the webcast will be archived in the same Events section following the presentation.
Enovix (Nasdaq: ENVX) has signed a non-binding Memorandum of Understanding (MOU) with a high-performance, global automotive OEM to scale its cell architecture for the EV market. The agreement focuses on cell design and performance validation at the cell, pack, and vehicle levels. Enovix's unique cell design offers advantages in fast charging, swell management, and material flexibility.
Key benefits of Enovix cells include:
- Improved thermal distribution for faster charging and longer lifetime
- Simplified pack assemblies with smaller cooling systems
- swelling during charge/discharge cycles
- Compatibility with high-performing materials, potentially extending OEM roadmaps
This marks Enovix's second agreement with an automotive OEM, validating the potential of their battery design in the EV market.
Enovix (Nasdaq: ENVX) reported its Q2 2024 financial results, highlighting significant progress. Key points include:
1. Revenue of $3.8 million, up from $42,000 in Q2 2023.
2. Signed agreement with a leading California tech company for mixed reality headset batteries.
3. Collaboration with a Fortune 200 company for IoT product batteries.
4. MOU with a global automotive OEM for scaling Enovix architecture.
5. Began production in Malaysia on the Agility Line.
6. On track for over $35 million in annualized savings from relocating manufacturing.
7. Completed an ATM offering to strengthen the balance sheet.
For Q3 2024, Enovix expects revenue between $3.5-$4.5 million, with a GAAP EPS loss of $0.30-$0.36 and a non-GAAP EPS loss of $0.17-$0.23.
Enovix (Nasdaq: ENVX) has signed a collaboration agreement with a Fortune 200 company to provide silicon batteries for a fast-growing IoT product category. The agreement includes milestone payments for building and testing prototype batteries, with a path toward mass production. Enovix's proprietary technology replaces graphite with a 100% active silicon anode, offering enhanced flexibility for product designers to create elegant form factors without sacrificing battery capacity. The collaboration aims to deliver a smaller form factor while meeting energy and recharge needs for a product category with tens of millions of users globally.
Enovix (Nasdaq: ENVX), a global high-performance battery company, has announced it will release its second quarter 2024 financial results on Wednesday, July 31, 2024, after market close. The company will host a live video call at 2:00 PM PT / 5:00 PM ET on the same day to discuss business updates, key milestones, and financial results.
Participants can register for the call using the provided link, which is also accessible via the Investor Relations section of Enovix's website. Investors have the opportunity to submit questions during registration for management to address during the call. An archived version of the call will be available on the Enovix investor website for one year.
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