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Sep 29, 2024
Enovix Q3 2024 Earnings Report
Enovix made significant progress on scaling, opened Fab2 in Malaysia, and secured a strategic partnership with a second leading smartphone OEM.
Key Takeaways
Enovix reported revenue of $4.3 million for Q3 2024, exceeding the guidance midpoint and increasing from $3.8 million in the previous quarter. The company opened Fab2 in Malaysia and commenced shipping battery cells to customers. A leading smartphone OEM signed a development agreement for mass production launch in late 2025.
Revenue reached $4.3 million, exceeding guidance.
Fab2 opened in Malaysia, shipping battery cells to customers.
Strategic partnership secured with a second leading smartphone OEM for potential mass production in late 2025.
Cost reduction efforts are on track, leveraging Malaysia operations to extend runway into 2026.
Forward Guidance
For the fourth quarter of 2024, Enovix expects revenue between $8.0 million and $10.0 million, a GAAP EPS loss of $0.23 to $0.29, an adjusted EBITDA loss of $19.0 million to $25.0 million, and a non-GAAP EPS loss of $0.15 to $0.21.
Positive Outlook
- Completing SAT for the High-Volume Line.
- Shipping EX-2M samples.
- Revenue between $8.0 million and $10.0 million.
Challenges Ahead
- GAAP EPS loss of $0.23 to $0.29.
- Adjusted EBITDA loss of $19.0 million to $25.0 million.
- Non-GAAP EPS loss of $0.15 to $0.21.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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