Enovix Corp (NASDAQ:ENVX) reported financial results for the second quarter after the market close on Thursday. Shares are moving lower in after-hours trading. Here’s a look at the key highlights from the quarter.

• Q2 Revenue: $7.47 million, versus estimates of $5.57 million

• Q2 Adjusted EPS: Loss of 13 cents, versus estimates for a loss of 17 cents

Total revenue was up 98% on a year-over-year basis, driven by “strong demand” for the lithium-ion battery company’s products. Enovix highlighted the launch of its AI-1 cell platform, a core battery architecture featuring advanced materials and a fully automated manufacturing process.

“In the second quarter of 2025, Enovix delivered on key milestones in product development, manufacturing readiness and commercialization. We finalized the AI-1 battery platform, shipped production samples for product qualification, exceeded revenue expectations, and achieved our third straight quarter of positive gross margin,” the company said in a letter to shareholders.

“With AI-1 launched, mass production advancing, and new customers entering qualification, we are moving into the commercialization phase.”

Enovix ended the period with $203.4 million in total cash, cash equivalents and short-term investments.

Guidance: Enovix expects third-quarter revenue to be between $7.5 million and $8.5 million versus estimates of $7.3 million. The company anticipates a third-quarter loss of 14 cents to 18 cents per share versus estimates for a loss of 18 cents per share.

ENVX Price Action: Enovix shares were down 17.61% in after-hours, trading at $11.04 at the time of publication on Thursday, according to Benzinga Pro.

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