Enovix Corporation (ENVX), a high-performance battery company, experienced a significant after-hours plunge of 5.27% on Wednesday after announcing its fourth quarter and full year 2024 financial results.
The company's stock took a hit after reporting a weaker-than-expected outlook for the first quarter of 2025. Enovix forecasted revenue between $3.5 million and $5.5 million, a GAAP EPS loss of $0.23 to $0.29, an adjusted EBITDA loss of $21.0 million to $27.0 million, and a non-GAAP EPS loss of $0.15 to $0.21. These projections fell short of analysts' expectations, raising concerns among investors.
Another factor contributing to the stock's decline was the lack of significant new orders or major customer announcements in the earnings release. Despite reporting record revenue of $9.7 million in the fourth quarter and $23.1 million for the full year 2024, investors were disappointed by the absence of major contract wins or high-profile customer partnerships, which could have bolstered confidence in the company's future growth prospects.
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