By Natalie Weger

Enovix shares rose after the high-performance battery manufacturing company reported preliminary results that showed a narrower loss and higher revenue for the second quarter.

Shares advanced 13% to $12.90 on Monday. The stock is up 17% this year.

The company narrowed its loss to $43.3 million, or 22 cents per share, in the quarter ended June 29, compared to its loss of $115.9 million, or 67 cents per share, for the same time last year. Analysts polled by Factset expected a loss of 24 cents per share.

Enovix reported an adjusted net loss of $28.4 million, or 15 cents per share, compared with $24.9 million, or 14 cents per share, during the same period a year ago. Analysts expected an adjusted earnings per share loss of 19 cents.

The company posted revenue of $7.5 million, beating its guidance range of $4.5 million to $6.5 million. Analysts forecast $5.6 million revenue.

"This marks our fifth straight quarter exceeding the midpoint of guidance for both revenue and adjusted EBITDA," Chief Executive Raj Talluri said. "We're executing to plan, building momentum, and positioned to scale significantly as our new products and customers come online."

Enovix also said it will release its AI-1 platform artificial intelligence class batteries for mobile smartphones that require significantly higher total energy storage and power to perform AI functions locally.

The company last week sampled its first 7,350 milliampere-hour AI-1 batteries to a leading smartphone OEM for qualification in the first 100% silicon-anode battery smartphone launch.

Write to Natalie Weger at natalie.weger@wsj.com

(END) Dow Jones Newswires

July 07, 2025 13:32 ET (17:32 GMT)

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