Enovix Corporation (ENVX) shares plummeted 10.34% in after-hours trading on Wednesday following the release of its third quarter 2025 financial results. The sharp decline came despite the company reporting significant year-over-year revenue growth, suggesting investors were disappointed with other aspects of the earnings report.

For Q3 2025, Enovix reported revenue of $8.0 million, representing an 85% increase compared to the same period last year. The company attributed this growth primarily to continued strength in its Korea operations, including increased defense program shipments. However, Enovix still posted a non-GAAP net loss per share of $0.14, which may have fallen short of market expectations.

Despite the revenue growth, investors appear to be focusing on the company's ongoing losses and the pace of its commercialization efforts. Enovix highlighted progress with its lead smartphone customer, stating it was advancing toward the commercial launch of its AI-1 battery technology. However, the lack of a definitive timeline for this launch may have contributed to investor uncertainty. The company's capital expenditures for the quarter were relatively modest at $3.0 million, which could raise questions about the scale and speed of its production ramp-up plans.