Enovix Corporation's stock experienced a 6.08% plunge in pre-market trading on Thursday, February 20th, 2025. This sharp decline followed the company's weaker-than-expected guidance for the first quarter of 2025 and the absence of significant new orders or major customer announcements in its Q4 2024 earnings release.
In its Q4 2024 earnings report on Wednesday, 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 Enovix's near-term financial performance.
Furthermore, despite reporting record revenue for Q4 2024 and the full year 2024, Enovix's earnings release lacked any major contract wins or high-profile customer partnerships that could have bolstered confidence in the company's future growth prospects. The absence of such positive updates likely contributed to the stock's pre-market sell-off on Thursday.
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