Enovix Corporation (ENVX) experienced a significant 5.72% plunge in its stock price during after-hours trading on Wednesday, February 19th, 2025. The drop was primarily driven by the company's weaker-than-expected outlook for the first quarter of 2025 and the lack of significant new orders or major customer announcements in its earnings release.
In its Q4 2024 earnings report, Enovix forecasted revenue between $3.5 million and $5.5 million for Q1 2025, missing analysts' expectations of $6.2 million. The company also projected an adjusted EBITDA loss of $21.0 million to $27.0 million and a non-GAAP EPS loss of $0.15 to $0.21, falling short of Wall Street estimates. This disappointing guidance raised concerns among investors about the company's near-term financial performance.
Additionally, despite reporting record revenue of $9.7 million in Q4 2024 and $23.1 million for the full year, Enovix's earnings release lacked any major contract wins or high-profile customer partnerships. Investors had hoped for significant new orders or customer announcements that could have bolstered confidence in the company's future growth prospects.
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