Enovix stock rallies on sales forecast

Shares of Enovix Corp. (ENVX) rallied after hours on Tuesday after the lithium-ion battery maker forecast fourth-quarter sales that were far above expectations, helped by an acquisition and demand from the U.S. Army. The company -- whose products are used by makers of smartphones and other electronic devices, along with medical equipment and power tools -- said it expected fourth-quarter sales of between $3 million and $4 million, compared with FactSet forecasts for $500,000. Management said that forecast reflected the acquisition of Routejade, a Korean battery maker, and a deal to produce battery cells for the U.S. Army to help power soldiers' communication and navigation equipment. Shares jumped 10.7% after hours. The company reported sales of $200,000 in the third quarter, in line with FactSet estimates, and an adjusted per-share loss of 19 cents, better than the 25-cent loss expected.

-Bill Peters

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11-07-23 1823ET

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