ENVX - Why Enovix Stock Is Soaring Today
Shares of Enovix (NASDAQ: ENVX) had skyrocketed more than 32% by 1:28 p.m. ET on Thursday. Powering the battery development company 's surge was news that it had reached several significant customer milestones in the second quarter.
Enovix, the leader in silicon lithium-ion batteries, started shipping commercial cells in the second quarter, enabling it to finally begin recording revenue.
It reported $5.1 million of service revenue and a small contribution from commercial battery-cell sales. That achieved the company's yearlong objective of recording its first product revenue from its Fab-1 facility in Fremont, California.
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Why Enovix Stock Is Soaring Today