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Enovix (ENVX)
NASDAQ:ENVX
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Earnings Data
Report Date
Feb 19, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
-$0.19Last Year’s EPS
-$0.28Same Quarter Last Year
Strong Buy
Based on 9 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Oct 29, 2024
|% Change Since: -18.63%
|Next Earnings Date:Feb 19, 2025
Earnings Call Sentiment|Positive
The earnings call demonstrates positive progress with revenue growth, strategic partnerships, and technological advancements, although ongoing financial losses and the need for additional capital pose challenges. However, the highlights notably outweigh the lowlights.Company Guidance
During the third quarter of 2024, Enovix Corporation reported a revenue of $4.3 million, surpassing the midpoint of its forecast with a 13% sequential growth. The company opened its Fab2 facility in Malaysia, marking a significant milestone in expanding its manufacturing capabilities. In terms of financials, Enovix posted a non-GAAP EBITDA loss of $21.6 million, which was better than its guidance range. The company ended the quarter with approximately $200 million in cash and equivalents, and a CapEx of about $19 million, while cash used in operations amounted to $31 million. Looking ahead to the fourth quarter, Enovix anticipates revenue between $8 million and $10 million, with an adjusted EBITDA loss projected between $19 million and $25 million. The company also announced strategic partnerships with two leading smartphone OEMs, targeting high-volume production by late 2025, and is working on launching its EX-2M battery cells with increased energy density to meet the growing demands of AI-enabled smartphones.Q3 2024 Revenue Achievement
Enovix reported Q3 revenue of $4.3 million, exceeding the midpoint of their forecast and reflecting a 13% sequential growth.
Fab2 Operational Success
The opening of Fab2 in Malaysia was highlighted as a significant milestone, with numerous leading smartphone and IoT companies impressed by the facility.
Strategic Partnership and New Agreements
Enovix executed a new agreement with a leading global smartphone OEM for late 2025, marking their first official entry into the smartphone market. They also formalized a strategic partnership with a second leading smartphone OEM.
Strong Financial Position
The company ended the quarter with approximately $200 million in cash and equivalents, providing runway into 2026.
Positive Outlook for Q4 2024
Revenue is expected to be in the range of $8 million to $10 million for Q4, with an adjusted EBITDA loss projected between $19 million and $25 million.
Advancements in Battery Technology
Enovix is advancing to launch EX-2M, with first sample shipments scheduled for Q4 2024, offering higher energy density over EX-1M.
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ENVX Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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ENVX Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Oct 29, 2024 | $10.63 | $10.48 | -1.41% |
| Jul 31, 2024 | $14.41 | $11.65 | -19.15% |
| May 01, 2024 | $6.51 | $9.47 | +45.47% |
| Feb 20, 2024 | $11.78 | $10.73 | -8.91% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Enovix (ENVX) report earnings?
Enovix (ENVX) is schdueled to report earning on Feb 19, 2025, TBA Not Confirmed.
What is Enovix (ENVX) earnings time?
Enovix (ENVX) earnings time is at Feb 19, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is ENVX EPS forecast?
ENVX EPS forecast for the fiscal quarter 2024 (Q4) is -$0.19.
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