Enovix Corp reports better-than-expected Q2 results and new collaborations, leading to share increase.

Enovix Corp (NASDAQ: ENVX) shares increased in after-hours trading following the announcement of better-than-expected Q2 results and new collaborations. The company reported a Q2 revenue of $3.768 million, compared to estimates of $3.693 million, and a loss per share of 14 cents, compared to estimates of 23 cents. Enovix began producing its first batteries in Malaysia and made progress with leading customers. The company anticipates "significant revenue growth" from the first half of 2024 to the second half. Enovix has now signed a collaboration agreement with a Fortune 200 company for its IoT product category and an MOU with a global automotive OEM for scaling Enovix cell architecture for the EV market.

July 31, 2024
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