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Jun 30, 2024
Enovix Q2 2024 Earnings Report
Enovix began producing first batteries in Malaysia and demonstrated strong commercial progress with leading customers.
Key Takeaways
Enovix Corporation announced financial results for the second quarter of 2024, featuring revenue of $3.8 million, progress in commercial agreements, the start of production in Malaysia, and actions to extend their financial runway. The company is scaling up in Malaysia and anticipates significant revenue growth in the second half of 2024.
Revenue of $3.8 million, up from $42,000 in Q2 2023 and above the midpoint of forecast.
Signed agreement with a leading California-based technology company for mixed reality headset batteries.
Signed MOU with a global automotive OEM to scale Enovix architecture for the automotive market.
Began production of first batteries in Malaysia on the Agility Line.
Forward Guidance
For the third quarter of 2024, Enovix expects revenue between $3.5 million and $4.5 million, a GAAP EPS loss of $0.30 to $0.36, an adjusted EBITDA loss of $23.0 million to $29.0 million, and a non-GAAP EPS loss of $0.17 to $0.23.
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