Enovix Corp (NASDAQ:ENVX) shares are trading higher during Monday’s session after the company announced preliminary second-quarter financial results that exceeded guidance, coupled with the launch of its AI-1 battery platform for the next generation of artificial intelligence-capable smartphones. Here’s what investors need to know.
What To Know: The high-performance battery company reported preliminary second-quarter revenue of $7.5 million, soaring past its guidance of $4.5 million to $6.5 million and nearly doubling revenue from the same period last year. This marks the company’s fifth consecutive quarter of exceeding revenue and adjusted EBITDA guidance.
Enovix also posted a third straight quarter of positive non-GAAP gross profit at $1.2 million and narrowed its adjusted EBITDA loss to $21.4 million, beating its forecast. The company reported a non-GAAP net loss per share of $0.15, outperforming analyst estimates.
Pivoting to future growth, Enovix has launched its “Artificial Intelligence Class” batteries, sampling its first 7,350 mAh AI-1 batteries to a leading smartphone original equipment manufacturer. The company states its patented 100% active silicon anode technology gives the AI-1 the highest commercially available energy density, exceeding 900 Wh/L.
“We are now sampling production AI-1 batteries to those customers who demand not only industry-leading energy density, but have other stringent requirements,” said CEO Dr. Raj Talluri.
Price Action: According to data from Benzinga Pro, ENVX shares are trading higher by 14.7% to $13.07 Monday morning. The stock has a 52-week high of $18.68 and a 52-week low of $5.27.
Read Also: Enovix Corporation Announces Share Repurchase Program
How To Buy ENVX Stock
By now you're likely curious about how to participate in the market for Enovix – be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy “fractional shares,” which allows you to own portions of stock without buying an entire share.
In the case of Enovix, which is trading at $11.39 as of publishing time, $100 would buy you 8.78 shares of stock.
If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to “go short” a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.
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