UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q 3501 W Warren Avenue x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from__________to __________ Enovix Corporation (Exact Name of Registrant as Specified in Charter) (Successor to RODGERS SILICON VALLEY ACQUISITION CORP.) ...

z1b Last May, I initiated my coverage on Enovix Corporation (NASDAQ:ENVX), rating it as a buy with a price target between $31.9 and $52.9 by 2027, per my scenario analysis. Since then, the stock has climbed by as much as 91%, before recently plunging more than 19% on Enovix's Q2 earnings report. In my opinion, this drop was triggered by an overreaction to the Agility line's yields, exacerbated by a broader tech selloff over fears of a recession. That said, the company shared several promising updates during ...

Enovix Corporation (NASDAQ:ENVX) Q2 2024 Earnings Conference Call July 31, 2024 5:00 PM ET Company Participants Charles Anderson - SVP of IR and Corporate Strategy Raj Talluri - President and CEO Farhan Ahmad - CFO Ajay Marathe - COO Conference Call Participants Ananda Baruah - Loop Capital Markets Colin Rusch - Oppenheimer William Peterson - JPMorgan Jed Dorsheimer - William Blair Gabe Daoud - Cowen Derek Soderberg - Cantor Fitzgerald George Gianarikas - Canaccord Genuity Operator Thank you for standing by ...

Core Viewpoint - Enovix Corporation reported a quarterly loss of $0.14 per share, outperforming the Zacks Consensus Estimate of a loss of $0.22, and showing improvement from a loss of $0.19 per share a year ago, indicating a 36.36% earnings surprise [1] Financial Performance - The company posted revenues of $3.77 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 2.08%, compared to revenues of $0.04 million in the same quarter last year [2] - Over the last four quarters, Enovix has surpassed consensus EPS estimates two times and topped consensus revenue estimates three times [2] Stock Movement and Outlook - Enovix shares have increased approximately 12.6% since the beginning of the year, while the S&P 500 has gained 14% [3] - The company's earnings outlook will be crucial for future stock performance, with current consensus EPS estimates at -$0.18 for the coming quarter and -$0.86 for the current fiscal year [4][7] Estimate Revisions - The trend for estimate revisions for Enovix Corporation is currently favorable, leading to a Zacks Rank 2 (Buy) for the stock, suggesting expected outperformance in the near future [6] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions [5] Industry Context - The Alternative Energy - Other industry, to which Enovix belongs, is currently ranked in the bottom 22% of over 250 Zacks industries, which may impact stock performance [8]

Exhibit 99.1 Enovix Announces Second Quarter 2024 Financial Results FREMONT, Calif., July 31, 2024 -- Enovix Corporation ("Enovix") (Nasdaq: ENVX), a global high-performance battery company, announced today financial results for second quarter 2024, which included the summary below from its President and CEO, Dr. Raj Talluri. Fellow Shareholders, In the second quarter of 2024 we began producing our first batteries in Malaysia and demonstrated strong commercial progress with a handful of leading customers. O ...

FREMONT, Calif., July 31, 2024 (GLOBE NEWSWIRE) -- Enovix Corporation ("Enovix") (Nasdaq: ENVX), a global high-performance battery company, announced today financial results for second quarter 2024, which included the summary below from its President and CEO, Dr. Raj Talluri. Fellow Shareholders, In the second quarter of 2024 we began producing our first batteries in Malaysia and demonstrated strong commercial progress with a handful of leading customers. Our recent highlights include: Strong top-line growt ...

Enovix Corporation (ENVX) closed the last trading session at $15.12, gaining 0.6% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $21.83 indicates a 44.4% upside potential. The average comprises 12 short-term price targets ranging from a low of $11 to a high of $36, with a standard deviation of $6.94. While the lowest estimate indicates a decline of 27.3% from the current price lev ...

The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on July 31. On the other hand, if they miss, the stock may move lower. Estimate Revisions Trend The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings releas ...

According to JPMorgan analyst Bill Peterson, the sentiment among institutional investors is notably cautious, with "elevated short interest pervasive across our coverage universe." This ambivalence is driven by concerns about company execution and balance sheets, keeping investors on the sidelines until clearer signals emerge. Despite the overall uncertainty, Clean Tech stocks have experienced a notable upswing over the past month, with the sector up 9%. Leading the recent rally, however, are EV charging an ...

Enovix's Strategic Business and Factory Updates: Driving Growth and Innovation The company stated, "Our thesis with a Mobile-first approach to product development is that the smartphone sets the standard for battery technology in consumer electronics broadly, which should also allow us to translate success in smartphones to other areas. During our Key Agreements and Partnerships: Driving Enovix's Expansion Analyst Rating Buy Dividend Strength N/A Insider Trading Selling Shares On June 25, 2024, Enovix signe ...