Enovix Shares Rise After Chip-Shipping Milestone

Dow Jones

2024-12-20

By Chris Wack

Enovix shares were up 14% to $9.12 after the company said it reached a major milestone of shipping second-generation EX-2M samples to customers manufactured in its Malaysian Fab 2 plant.

The high-performance battery manufacturing company said the samples demonstrated an energy density improvement of 10% over EX-1M products scheduled for mass 2025 production in Malaysia.

The Fremont, Calif., company said the EX-2M products are expected to launch in 2026 to the smartphone industry.

The company also said it had received its first mobile phone customer purchase order this week. The order for custom samples from a customer with an NDA was predicated on a major joint-development agreement milestone achievement. The product is expected to ramp into mass production in late 2025.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

December 20, 2024 10:22 ET (15:22 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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