Enovix Corp ( ENVX ) shares are trading lower. The company on Monday provided a progress update on its planned 2025 launch with a smartphone OEM.

What To Know: Enovix ( ENVX ) said it completed the second milestone under the development agreement it executed in October 2024 with a leading smartphone OEM, triggering a payment for shipped sample battery cells.

Enovix ( ENVX ) noted that the samples were customized to meet specific requirements of the OEM, including cycle life, fast charge and energy density levels.

“I am pleased that our team continues to progress our most advanced smartphone agreement in-line with our aim for mass production late 2025,” said Raj Talluri, CEO of Enovix ( ENVX ).

“Passing the ISO audit and receiving the certification was also a significant milestone, reflecting our deep commitment to quality in manufacturing operations.”

Enovix ( ENVX ) recently announced the completion of an ISO audit of Fab2 in Malaysia with no major or minor findings. The company on Monday said it received formal ISO certification last week.

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ENVX Price Action: Enovix ( ENVX ) shares were down 3.01% at $7.25 at the time of publication Monday, according to Benzinga Pro.