Enovix Corporation (NASDAQ: ENVX), a leading developer of advanced battery technologies, saw its stock price surge 19% in after-hours trading on October 29, 2024, driven by a combination of solid third-quarter financial results and a significant new business development.

In its Q3 2024 earnings report, Enovix delivered better-than-expected results, with adjusted earnings per share of -$0.17 beating analyst estimates of -$0.20, and revenue of $4.317 million exceeding the consensus estimate of $4.110 million. These positive surprises likely contributed to the stock's strong after-hours performance, as investors reacted favorably to the company's improving financial metrics.

However, the more significant catalyst for Enovix's share price rally was the announcement of a development agreement with one of the top global smartphone OEMs. Under this agreement, Enovix will work to develop a customized 100% active silicon anode battery for specific smartphone models targeted for launch in Q4 2025. This deal represents a substantial opportunity for Enovix to enter the high-volume smartphone market and highlights the potential of its advanced battery technology.