By Sam Boughedda
Enovix (NASDAQ:ENVX) plunged over 40% in Wednesday's session following its third quarter earnings release released after the close Tuesday.
Enovix shares are currently down 41.25%, trading around the $10.57 mark.
The company, which designs and manufactures 3D silicon lithium-ion batteries, reported a wider-than-expected net loss of $82 million or $0.53 per share, compared to a net loss of $10.8 million the previous year.
The company's $82 million loss included a $50.2 million loss from the quarterly change in the fair value of the liability for our private warrants.
On an adjusted basis, its third quarter net loss was $23.2 million, or a loss of $0.15 per share.
Enovix's third quarter total revenue was $8,000, consisting of a "modest number of batteries" shipped to customers for qualification programs and pre-production end-product builds. "The majority of batteries shipped during the quarter were samples that did not generate revenue," the company explained.
Looking ahead, the company continues to expect between $6 million and $8 million of revenue for the full year, with service revenue being a "significant factor."