{
  "id": 19831807,
  "title": "Why Is Enovix Stock Falling Friday?",
  "url": "https://urgent.news/2026/11/13/why-is-enovix-stock-falling-friday",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-11-13T15:40:22.000Z",
  "source": {
    "name": "Benzinga",
    "slug": "benzinga",
    "url": "https://www.benzinga.com/trading-ideas/movers/26/11/63246452/why-is-enovix-stock-falling-friday"
  },
  "original_language": "en",
  "account": "Enovix Corporation (NASDAQ: ENVX) experienced a decline in its stock price on Friday as investors analyzed the company's quarterly loss, staff reductions, and decision to cease smartphone battery testing. Despite this, Enovix reported a stronger revenue and a growing demand for batteries produced outside China. During the company's third-quarter 2026 earnings call on Thursday, executives emphasized the increasing demand from defense and drone customers. They also revealed their plans to focus on smart eyewear over smartphone batteries. In the third quarter of 2026, Enovix reported a loss of 15 cents per share, compared to a loss of 14 cents per share a year earlier. However, revenue increased by 37.7% year over year, reaching $11 million from $7.99 million, which exceeded the $9.7 million estimate made by analysts. The company projected fourth-quarter revenue to fall between $9 million and $10 million and estimated revenue for the year 2027 would be between $65 million and $85 million. Additionally, Enovix announced plans to cut 220 jobs, aiming to save approximately $8.5 million annually. The company ended the quarter with a total cash, investments, and restricted cash amounting to $512.2 million. CEO Ryan Benton stated that U.S. and allied customers are increasingly seeking batteries produced outside China. Benton highlighted Enovix's control over manufacturing and its largely China-free supply chain, which could benefit the company. Chief Revenue Officer Steve Bakos emphasized that manufacturing location and supply-chain compliance are crucial factors in purchasing decisions. Enovix's pipeline of drone, defense, and industrial opportunities grew by 18%, reaching approximately $216 million. The company secured an initial order for 100,000 batteries from drone customers. Benton mentioned that rising demand for batteries is compelling Enovix to prioritize customer allocation of production capacity. Bakos added that Enovix remains committed to expanding manufacturing capacity to meet this growing demand. Enovix has ended system-level field testing of its pre-AI-2 smartphone batteries due to earlier cells falling short of energy-density goals. Instead, the company is now shifting its focus towards smart eyewear. The company has a backlog of 50,000 smart eyewear battery packs and has shipped approximately 19,000 units this year. As of the time of publication on Friday, Enovix shares were down 11.08%, trading at $1.60 per share according to Benzinga Pro data.",
  "summary": "Enovix Corporation (NASDAQ:ENVX) stock fell Friday as investors weighed the battery maker’s wider quarterly loss, workforce cuts and decision to end smartphone battery testing . The stock plunged despite stronger revenue and growing demand for batteries manufactured outside China. During Thursday’s third-quarter 2026 earnings call, executives highlighted rising demand from defense and drone…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}