Enovix Corp Q1 revenue of $5.3M exceeds forecasts and signs a development agreement with a top 5 global smartphone OEM.
Enovix Corp, a lithium-ion battery tech leader, reported Q1 revenue of $5.3M, exceeding forecasts of $3.78M. The company achieved non-GAAP gross margins for the first time and signed a development agreement with a top 5 global smartphone OEM. Q2 guidance is a revenue range of $3M-$4M and an adjusted EBITDA loss of $26M-$32M. The company plans to reduce cash burn by over $35M annually by the end of 2024.
May 01, 2024
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