From GlobeNewswire: 2025-02-19 16:08:00

Enovix Corporation announced record revenues of $9.7 million in the fourth quarter of 2024 and $23.1 million for the full year, a 202% increase from 2023. Key milestones were achieved in manufacturing, technology, and sales, setting the stage for a successful 2025 with a focus on launching smartphone batteries and diversifying the supply chain.

The company shipped early engineering samples of smartphone batteries to lead OEMs, confirming successful safety tests and cell dimensions. Additionally, Enovix secured a prepaid purchase order for XR batteries from a global technology leader and completed safety testing of EX-1M, achieving energy density and fast charging targets.

Enovix is well-positioned in the high-energy-density battery technology market, with a strategic investment in AI-enabled smart eyewear batteries. The company is preparing for mass production in 2025, aiming to meet the growing power demands of next-generation AI applications in smartphones and IoT devices. Demand is also increasing in the defense sector for compliant battery solutions.

The company reported a GAAP net loss of $37.5 million in the fourth quarter of 2024, with $272.9 million in cash and cash equivalents by year-end. Adjusted EBITDA for the same period was a loss of $11.7 million. Enovix will hold a conference call to discuss business updates and financial results on February 19, 2025.



Read more at GlobeNewswire:: Enovix Announces Fourth Quarter and Full Year 2024