ENVX - Enovix falls 20% on Q3 revenue miss wider GAAP loss

• Lithium ion battery maker Enovix ( NASDAQ: ENVX ) is trading ~20% lower premarket after the company missed Q3 revenue estimates.
• The company recorded revenue of $8K. Analysts had estimated $0.4M. While, Non-GAAP EPS of -$0.15 beat estimates by $0.01. GAAP EPS of -$0.53 misses by $0.34.
• The company said the majority of batteries shipped during the quarter were samples that did not generate revenue.
• "We are dialing back Gen1 throughput enhancement activities and anticipate achieving lower overall output from Fab-1 in 2023 in favor of focusing on the Gen2 Autoline," the company said in a letter to investors.
• ENVX continues to expect between $6 million and $8 million of revenue for fullyear 2022 vs $6.44M consensus.
• "For full-year 2022, we now expect to use between $130 million and $150 million of cash, roughly 40% of which will come from capital expenditures. Nominally we expect to exit the year with $300 million of cash. We are lowering our cash use guidance primarily due to the timing of capital expenditures payments for the Agility Line and final payments for the first Gen2 Autoline pushed to 2023," the company said.
• ENVX is down 53.50% YTD.
• Transcript , Presentation

For further details see: