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Investing.com -- Enovix Corporation (NASDAQ:ENVX) stock surged 14% after the battery company announced preliminary second quarter 2025 financial results that exceeded its guidance range.
Enovix reported revenue of $7.5 million for the quarter ended June 29, surpassing its guidance range of $4.5 million to $6.5 million. This represents nearly a doubling of revenue compared to the second quarter of 2024, driven by customer demand across multiple end markets.
The company achieved positive gross profit for the third consecutive quarter, reporting GAAP gross profit of $0.8 million and non-GAAP gross profit of $1.2 million. This compares favorably to gross losses of $0.7 million (GAAP) and $0.6 million (non-GAAP) in the same period last year.
Enovix’s GAAP operating loss narrowed to $43.8 million from $88.8 million YoY, while non-GAAP operating loss was $27.8 million, beating the company’s guidance range of $31 to $37 million. Adjusted EBITDA loss improved to $21.4 million from $26.4 million in the second quarter of 2024, coming in ahead of the guidance range of $23 million to $29 million.
"This marks our fifth straight quarter exceeding the midpoint of guidance for both revenue and adjusted EBITDA," said Dr. Raj Talluri, Chief Executive Officer. "We’re executing to plan, building momentum, and positioned to scale significantly as our new products and customers come online."
The company ended the quarter with approximately $203 million in cash, cash equivalents, and short-term investments after completing the SolarEdge (NASDAQ:SEDG) asset acquisition in South Korea and making capital expenditure payments related primarily to its Fab2 facility.
Enovix plans to host its complete second quarter earnings call in late July or early August.
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