Enovix Corporation (NASDAQ:ENVX) shares are trending on Wednesday.
Shares of the Californian advanced silicon battery manufacturer jumped 11.55% to $2.80 in after-hours trading on Tuesday after the company announced a purchase order for 100,000 battery units from a multinational drone maker.
Non-Chinese Supply Source Drives Demand
According to Enovix, the customer provides dual-use drone systems. Deliveries are scheduled for the first half of 2027.
The cells will be made at Enovix’s TAA-compliant, military-qualified facility in South Korea.
Steve Bakos, the company’s chief revenue officer and general manager, said, "Drone makers need high-performance batteries from a qualified, non-Chinese source now, and this order shows Enovix can deliver."
ENVX Backlog Growth and $216 Million Drone Pipeline
The order moves one opportunity from Enovix’s roughly $216 million drone, defense and industrial pipeline into backlog, the company said. Enovix reported that pipeline, and this order is among the fourth-quarter 2026 purchase orders.
Following successful initial deployment, the customer is expected to place follow-on orders in the second half of 2027 and beyond. Enovix also expects more pipeline opportunities to convert into purchase orders in coming quarters.
Trading Metrics, Technical Analysis
Enovix has a market capitalization of about $550.82 million, a 52-week high of $14.21 and a 52-week low of $2.40. The company has approximately 219.45 million shares outstanding.
ENVX has a Relative Strength Index (RSI) of 35.64.
Over the past 12 months, ENVX shares have declined 80.72%.
The stock is currently trading near its annual low.
Price Action: On Tuesday, ENVX closed at $2.51, down 3.09%, according to Benzinga Pro data.
Benzinga’s Edge Stock Rankings indicates Enovix stock has a negative price trend across all time frames.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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