Enovix Corp (NASDAQ:ENVX) shares are rising in Tuesday's after-hours session after the company reported better-than-expected financial results for the third quarter and announced a development agreement with a leading smartphone company.

• Q3 Revenue: $4.32 million, versus estimates of $4.11 million

• Q3 EPS: Loss of 17 cents, versus estimates for a loss of 20 cents

"We are very pleased with our accomplishments in the third quarter. Fab2 is now operational and shipping samples to customers," said Raj Talluri, president and CEO of Enovix.

"We secured a 2025 launch commitment from a major smartphone OEM. And we made progress on our product roadmap for EX-2M and beyond. For the remaining months of 2024, the key objectives are completing SAT for the High-Volume Line and shipping EX-2M samples."

Enovix expects fourth-quarter revenue to be between $8 million and $10 million versus estimates of $7.38 million, according to Benzinga Pro. The company anticipates a fourth-quarter adjusted loss of 15 to 21 cents per share versus estimates for a loss of 20 cents per share.

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Smartphone OEM Agreement: Enovix announced that it executed a development agreement with "one of the leading global smartphone OEMs with top five market share in China."

Under the agreement, Enovix will develop a 100% active silicon anode battery customized for specific smartphone models. The company said it is targeting the launch of its custom battery in the fourth quarter of 2025.

"The company now has agreements with two of the leading smartphone OEMs and has further sales momentum building in IoT and EV markets," the company said.

ENVX Price Action: Enovix shares were up 18.81% in after-hours, trading at $12.63 at the time of publication Tuesday, per Benzinga Pro.

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