Enovix Sees Q4 Revenue $3M-$4M Vs $530K Est.
Portfolio Pulse from Benzinga Newsdesk
Enovix Corporation (ENVX) expects Q4 2023 revenue to increase to between $3 million and $4 million, up from an estimated $530K, due to partial quarter from Routejade and continued shipments of silicon batteries for the U.S. Army program. The company also revised its operational cash use forecast for 2023 from $120 million to $110 million and CapEx forecast from $70 million to $65 million due to strategic realignment of Fab1 and timing of Gen2 equipment installation in Malaysia.
November 08, 2023 | 1:39 am
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POSITIVE IMPACT
Enovix Corporation's Q4 2023 revenue forecast increase and reduction in operational cash use and CapEx forecasts for 2023 could potentially boost investor confidence and positively impact the company's stock price in the short term.
The increase in revenue forecast indicates a positive outlook for the company's financial performance, which could attract investors and drive up the stock price. Additionally, the reduction in operational cash use and CapEx forecasts suggests improved operational efficiency and cost management, which could further boost investor confidence and positively impact the stock price.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100