Enovix Tops Q3 Estimates as AI-1 Progress Cited, Yet Weak Q4 Outlook Sinks Shares

Cantor Fitzgerald cut its price target after guidance trailed forecasts.

Overview

Revenue came in at $7.99 million with an adjusted loss of $0.14 per share, beating consensus on both metrics, as gross margin improved to 18% and sales rose about 85% year over year.
Fourth-quarter guidance called for $9.5 million to $10.5 million in revenue and an adjusted loss of $0.16 to $0.20 per share, both below analyst expectations.
Shares fell more than 20% on Thursday, recently trading near $8.90 after the report and outlook.
Cantor Fitzgerald maintained an Overweight rating but lowered its price target to $25 from $30 following the guidance.
Management highlighted progress toward commercial launch of the AI-1 smartphone battery, said the cell was independently validated for top energy density, noted steady Fab2 ramp, and ended the quarter with $648 million in cash and equivalents.