Enovix Corporation's stock plummeted 15.50% during intraday trading on Thursday, extending losses from earlier sessions.

The sharp decline was driven by the battery maker's disappointing second-quarter revenue guidance, which fell below consensus estimates, and ongoing delays in its key smartphone segment that are weighing on growth. The company's first-quarter results also showed a widening loss, further disappointing investors.

Analyst sentiment turned negative, with Benchmark cutting its price target on Enovix from $25 to $15, reflecting concerns over slower-than-expected revenue growth due to manufacturing bottlenecks and smartphone qualification delays.