Enovix Corporation ( ENVX ) reported its first-quarter financial results after the bell Wednesday. Here's a look at the highlights. 

The Details: Enovix ( ENVX ) reported quarterly losses of 31 cents per share which missed the analyst consensus estimate of losses of 29 cents by 6.9%.

Quarterly sales clocked in at $5.272 million, beating the analyst consensus estimate of $3.779 million by 39.53% and representing a large increase over sales of $21,000 from the same period last year.

Enovix ( ENVX ) said stronger revenues and a favorable product mix helped the company achieve positive non-GAAP gross margins for the first time in its history.

“We are off to a strong start in 2024, with Fab2 scheduled to begin battery production and final EX-1M batteries ready for sampling in the second quarter. Our customer relationships have grown even stronger as leading OEMs are eager to be first to market with a high-energy battery cell capable of using a 100% active silicon anode,” the company said.

The company also announced it has reached a development agreement with one of the top five smartphone OEMs in the world by unit volume.

“We are thrilled to announce we have advanced our engagement further with one of our top customers by reaching a formal development agreement, underscoring the value and competitive advantage our silicon batteries can provide to the next generation of smartphones, beginning with EX-1M,” said Dr. Raj Talluri, president and CEO, Enovix ( ENVX ).

Outlook:  Enovix ( ENVX ) sees second-quarter revenue between $3 million and $4 million, an adjusted EBITDA loss of $26 million to $32 million and a non-GAAP loss of between 22 cents and 28 cents per share.

ENVX Price Action: According to Benzinga Pro, Enovix ( ENVX ) shares are up 21.35 % after-hours at $7.90 at the time of publication Wednesday.

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