MW Here's how Enovix's soft guidance derailed the battery maker's stock
By Claudia Assis
Shares of Enovix Corp. dropped more than 12% in the extended session Wednesday after the high-density lithium-ion battery maker unveiled weaker short-term prospects for its business.
Enovix $(ENVX)$ said it expects first-quarter revenue between $3.5 million and $5.5 million, and an adjusted per-share loss of between 15 cents and 21 cents.
That contrasts with Wall Street expectations of first-quarter revenue of $6.2 million and an adjusted loss of 17 cents a share for the current quarter, according to FactSet.
It comes as the battery maker late Wednesday reported fourth-quarter numbers that were better than expected, saying it has taken a "disciplined approach to commercialization" that aims to secure near-term revenue and also "a foundation for long-term leadership in high-energy-density battery solutions."
Enovix said it remains focused on mass production of high-density smartphone batteries as its No. 1 commercialization goal for this year.
The company reported sales of $9.7 million in the fourth quarter, around the high end of its guidance and up more than 30% year over year. FactSet consensus called for revenue of $8.8 million.
Most of Enovix's quarterly sales came from its conventional battery capacity in South Korea, the company said. That is seeing demand from defense customers, it said.
Enovix also reported an adjusted loss of 11 cents a share in the quarter, which compares with expectations of an adjusted loss of 19 cents a share.
Shares of Enovix have dropped nearly 9% in the past 12 months, contrasting with gains of around 23% for the S&P 500 index SPX.
-Claudia Assis
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February 19, 2025 18:05 ET (23:05 GMT)
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