Enovix reports Q4 EPS (36c), consensus (27c)

Reports Q4 revenue $7.38M, consensus $3.37M. The company said, “We made tremendous progress in 2023. Notably we: 1) established a strong manufacturing base and team in Malaysia, 2) rebuilt the management team with experienced leaders that have a demonstrated track record in our target markets, 3) strengthened customer and supplier relationships with focus on industry-leading smartphone batteries, and 4) vertically integrated our manufacturing through acquisition and gained a seasoned team in Korea that has shipped batteries for over 20 years. We are now focused on executing our global scale-up plan. We plan this year to demonstrate to customers: 1) high-volume manufacturing from Gen2 equipment and 2) high-energy density batteries tailored to smartphones. Both activities commence in the second quarter of 2024 and our confidence level is high that we will be successful. In parallel, we intend to grow overall revenue meaningfully year-over-year. The need for a higher energy density battery is critically important across all industries. This is particularly the case in the smartphone industry, which is now facing a tidal wave of power-hungry AI-based applications.”