Enovix Corp ( ENVX ) reported first-quarter financial results after market close on Wednesday. Here’s a rundown of the report.

Q1 Revenue: $5.1 million, versus estimates of $4.61 million

Q1 Adjusted EPS: Loss of 15 cents, versus estimates for a loss of 19 cents

Total revenue was roughly flat on a year-over-year basis. Enovix ( ENVX ) said it secured bookings on defense orders, which will support growth into the second half of 2025. The company said its first qualification deliveries for smartphone batteries are scheduled in the second quarter, and noted that it also began development of cells with the exact dimensions of its planned commercial product.

“The north star for Enovix ( ENVX ) is commercialization of our breakthrough battery architecture, beginning with the launch of our first smartphone battery — an important step towards scaling the business to profitability,” the company said.

“In parallel, like many global companies, we are actively monitoring changes in the global trade environment for any potential impacts to our operations and customers. At this time, we do not anticipate a material change in risk to our near-term outlook, as most of our planned sales are concentrated within Asia.”

Enovix ( ENVX ) ended the quarter with $248.2 million in cash, cash equivalents and marketable securities.

See Also: Albemarle Reports Mixed Q1 Results: EPS Beat, Revenues Miss

Outlook: Enovix ( ENVX ) expects second-quarter revenue to be in the range of $4.5 million to $6.5 million versus estimates of $5.12 million, according to Benzinga Pro.

The company also guided for an adjusted loss of 15 cents to 21 cents in the second quarter. Analysts are anticipating a loss of 18 cents.

“With product qualification activities underway with marquee customers, we are positioned to drive volume production, achieve key commercialization milestones, and build the foundation for expanded production scale in 2026,” the company said.

ENVX Price Action: Enovix ( ENVX ) shares were up 1.04% after hours, trading at $6.77 at the time of publication Wednesday, according to Benzinga Pro.

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