Enovix Corp ( ENVX ) reported fourth-quarter financial results Wednesday after the bell. Here’s a rundown of the report.

What Happened: Enovix ( ENVX ) reported fourth-quarter revenue of $9.72 million, beating analyst estimates of $8.77 million, according to Benzinga Pro. The company reported a fourth-quarter adjusted loss of 11 cents per share, beating estimates for a loss of 18 cents per share.

Full-year 2024 revenue increased 202% year-over-year to $23.1 million, and fourth-quarter revenue neared the high end of the company’s guidance.

Enovix ( ENVX ) said it shipped early engineering samples to its lead smartphone OEM and noted that the samples have passed critical safety tests. The company remains on track to launch commercial smartphone batteries in 2025.

“The top milestones we identified at the beginning of 2024 were achieving SAT for agility and our high-volume manufacturing lines in Malaysia and delivering samples of our leading smartphone batteries, EX-1M and EX-2M, to customers,” the company said.

“Not only did we hit these top milestones, we also advanced relationships with market leaders in smartphones, AR/VR, and automotive industries. We believe that these relationships, supported by purchase orders and commercial launch schedules, provide a clear path for us to commence mass production in 2025.”

Enovix ( ENVX ) ended the quarter with $272.9 million in cash and cash equivalents.

See Also: Baidu’s AI Cloud, Robotaxi Growth And Accelerated Buybacks Position It For Strong 2025: Analyst

What’s Next: Enovix ( ENVX ) expects first-quarter revenue to be between $3.5 million and $5.5 million versus estimates of $6.17 million, per Benzinga Pro. The company anticipates a first-quarter adjusted loss of 15 to 21 cents per share versus estimates for a loss of 18 cents per share.

“2025 is off to a fast start, fueled by accelerating AI innovation and a shifting landscape that is driving OEMs to diversify their supply chains. As a leader in high-energy-density battery technology with manufacturing facilities in Korea and Malaysia, Enovix ( ENVX ) is well positioned to capitalize on these industry trends,” the company said.

Enovix ( ENVX ) executives will hold a conference call to further discuss the quarter with investors and analysts at 5 p.m. ET.

ENVX Price Action: Enovix ( ENVX ) shares were down 8.9% after hours, trading at $10.20 at the time of publication Wednesday, according to Benzinga Pro.