NASDAQ$ENVX
Enovix Corporation · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Enovix demonstrated strong top-line growth and made progress toward readying Fab2 in Malaysia to begin production.
Enovix reported revenue of $5.3 million, exceeding their forecast due to strong performance from IoT batteries and achieved positive non-GAAP gross margins for the first time. The company is also reducing cash burn and making progress with smartphone and IoT customers.
- Revenue of $5.3 million, up from $21,000 in Q1 2023, driven by IoT customers.
- Completed Factory Acceptance Testing for Gen2 Agility Line and nearly completed for Gen2 Autoline in Malaysia.
- Accelerating plans to reduce fixed costs by more than $35 million annualized.
- Reached a development agreement with a top 5 smartphone OEM and building EX-1M battery cells aligned with customer specifications.
Headline financials
Revenue & EPS history
Enovix · Revenue · Quarterly
$5.27M
Forward guidance
For the second quarter of 2024, Enovix expects revenue between $3.0 million and $4.0 million, an adjusted EBITDA loss of $26 million to $32 million, and a non-GAAP EPS loss of $0.22 to $0.28.
Tailwinds
- Fab2 scheduled to begin battery production
- Final EX-1M batteries ready for sampling
- Customer relationships have grown even stronger
- Leading OEMs are eager to be first to market with a high energy battery cell capable of using a 100% active silicon anode.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q1 2024
+1.6%
Avg return
Earnings day
+0.9%
Avg return
5 days after
+3.5%
Avg return
30 days after
52%
11 / 21 earnings
Positive
+51.3%
Q1 2024
Best reaction
-44.2%
Q3 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +4.4% | -14.9% | -4.6% | |
| Q4 2025 | -3.3% | -17.6% | -15.0% | |
| Q3 2025 | +0.7% | +4.5% | -33.3% | |
| Q1 2025 | -8.4% | -9.1% | +13.7% | |
| Q4 2024 | +2.6% | -15.6% | -24.5% | |
| Q3 2024 | -8.2% | -20.8% | -19.1% | |
| Q2 2024 | -17.4% | -19.2% | -32.5% | |
| Q1 2024 | +51.3% | +56.2% | +69.6% | |
| Q4 2023 | -12.3% | -22.0% | -29.1% | |
| Q3 2023 | +15.3% | +2.5% | +10.7% | |
| Q2 2023 | -2.0% | +13.1% | -26.8% | |
| Q1 2023 | -16.8% | -13.7% | -4.3% | |
| Q4 2022 | +16.3% | +7.7% | +41.0% | |
| Q3 2022 | -44.2% | -43.1% | -34.9% | |
| Q2 2022 | +46.6% | +72.3% | +46.1% | |
| Q1 2022 | +3.3% | +3.1% | +46.2% | |
| Q3 2020 | +4.6% | +6.0% | -21.5% | |
| Q3 2021 | +0.5% | +14.3% | +12.3% | |
| Q4 2020 | -5.8% | -4.1% | +11.0% | |
| Q2 2021 | -4.8% | -3.8% | +7.9% | |
| Q1 2021 | +12.1% | +23.8% | +60.7% | |
| Q2 2020 | — | — | — | |
| Q1 2020 | — | — | — |
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