Shares of Enovix climbed after the company's loss in the latest quarter isn't expected to be as steep as analysts are fearing, and revenue is set to come in higher than anticipated.
The stock rose 14%, to $2.80, in premarket trading Monday. Through Friday's close, shares have lost more than two-thirds of their value year to date.
The company before the bell said it expects to report a third-quarter net loss from operations of $39.3 million, or 19 cents a share. On an adjusted basis, the loss is expected to come in at around $29.2 million, or 14 cents a share.
Enovix had forecast an adjusted net loss from operations of between $29 million and $32 million, or between 13 cents and 17 cents a share. Analysts polled by FactSet had expected an adjusted loss of 15 cents a share.
Revenue for the quarter is projected to come in at $11 million. That is ahead of the company's revenue forecast of between $9 million and $10 million, as well as Wall Street models for $9.5 million.
Enovix said it has continued to grow the size and diversity of its drone and defense business, while also expanding its defense manufacturing capacity.
"We are focusing on moving our $216 million drone, defense and industrial pipeline forward into design wins, purchase orders and shipments," interim CEO Ryan Benton said. "The added Korean manufacturing capacity will enable timely delivery of those orders, which in the first part of Q4'26 have already exceeded our Q3'26 total revenue."
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