Enovix Corporation's stock experienced a significant after-hours plunge of 12.76% on Wednesday, following the release of its first quarter 2026 financial results.

The battery developer reported a widening non-GAAP loss per share of $0.14 for the quarter, compared to a loss of $0.13 in the same period last year. While the company's revenue of $7.6 million exceeded analyst expectations of $7 million, the increased loss appears to have disappointed investors.

Looking ahead, Enovix provided second quarter guidance projecting a non-GAAP loss between $0.13 and $0.17 per share on revenue of $8 million to $9 million. This outlook, which suggests continued challenges in achieving profitability, likely contributed to the negative market reaction in extended trading.