Enovix (ENVX) Pops After Achieving Milestones
Shares of Enovix (ENVX) are up double digits today following the announcement of two milestones.
First, yesterday the company announced the successful completion of Site Acceptance Testing (SAT) for its high-volume manufacturing line at fab2 in Malaysia. This sets up mass production this year.
Second, this morning Enovix announced that the company has received a prepaid purchase order for silicon batteries from a Silicon Valley AI technology company to be used for head-worn mixed reality wearables. We do not yet know how much the purchase order is for, the quantities of batteries ordered or the customer’s name. But we do know that initial shipments should begin by the middle of this year.
These are two significant positive developments that are not unexpected but are still nice to hear. ENVX stock has responded very nicely and has broken through overhead resistance at 14.2 from October 14. BUY
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