Enovix Corporation ( ENVX ) shares are trading higher Wednesday following the company's better-than-expected third-quarter results. Enovix ( ENVX ) also announced a new development agreement with a leading smartphone OEM. Here’s what you need to know.

The Details: For the third quarter, Enovix ( ENVX ) reported revenue of $4.32 million, above estimates of $4.11 million. The company posted a loss of 17 cents per share, beating the estimated loss of 20 cents per share, according to Benzinga Pro.

Enovix ( ENVX ) CEO Raj Talluri highlighted the company’s progress, noting that Fab2 is now operational and shipping customer samples. The company’s key goals for the rest of 2024 include completing SAT for its High-Volume Line and delivering EX-2M samples.

For the fourth quarter, Enovix ( ENVX ) expects revenue between $8 million and $10 million, versus estimates of $7.38 million. The company expects an adjusted loss per share of 15 to 21 cents.

What Else: In addition to the quarterly results, Enovix ( ENVX ) announced a development agreement with "one of the leading global smartphone OEMs with top five market share in China."

Enovix ( ENVX ) said it will develop a fully active silicon anode battery tailored for specific smartphone models under the new agreement, targeting a launch in the fourth quarter of 2025. Enovix ( ENVX ) said the agreement marks the company’s second deal with leading smartphone OEMs.

"The company now has agreements with two of the leading smartphone OEMs and has further sales momentum building in IoT and EV markets," the company said.

Benchmark analyst Michael Legg reiterated Enovix ( ENVX ) with a Buy and maintained a price target of $25 on Wednesday. Cantor Fitzgerald analyst Derek Soderberg reiterated an Overweight rating and price target of $30.

ENVX Price Action: Enovix ( ENVX ) shares were up 5.41% at $11.21 at the time of writing, according to Benzinga pro.

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