- Enovix Corporation has unveiled its third quarter earnings.
- Rising demand in Lithium asks for a more sustainable approach from the company.
- ENVX stock was trading at the market value of $17.99 at the time of writing.
Enovix Corporation Reveal Their Third Quarter Financials
Enovix Corporation (ENVX) is trying to dig a path to emerge as a leading organization in the Lithium-ion battery producers. Recently the company announced their Q3 2022 financial report where they are lagging behind in their revenues. ENVX stock price may possibly increase considering the rising demand of electric vehicles globally.
The company balance sheet shows $428.74 Million worth of equities. Change in the net income has risen by 92.06% year on year. Net change in cash has gone negative by 182% in July 2022 as compared to the previous quarter. Enovix witnessed their major change in cash flow during October 2021, when the figure crossed $333 Million.
Enovix Corporation’s financials show a loss in most of its quarterly earnings, where they lost a 14.3 Million during June 2021, $10.84 Million in October 2021. January 2022 reports major monetary damage when the firm lost over $84 Million in the quarter. They tasted victory during the Q2 2022 and brought $42.71 Million in profits during the period.
ENVX Stock Price Analysis
Enovix was founded on January 8, 2007 and has raised some significant amounts through various funding rounds on its journey. ENVX stock was trading at a market value of $17.99 at the time of writing. The chart shows bearish patterns in company shares since the beginning of the year.
ENVX Stock creates a triple top pattern from August 2022 to October 2022, still the company’s current position remains better than the year’s start. Experts anticipate that the share price may rise up to $100 in a year, a whopping 455% gain in contrast to the current value.
Enovix Corporation needs to adjust and optimize their operations according to the latest trends in the metal mining industry. According to the reports, 2.8 Billion Tonnes of metal ore was excavated through mining in 2021, where Lithium accounts for 106K tonnes. Lithium is a vital element for electric batteries used in EVs, and constant depletion of natural resources compels the companies to become more sustainable.
Research says that only 73 Megatonnes of Lithium is remaining on the Earth. Experts believe that the EV industry will grow at a CAGR of 24.3% to become a $1.3 Trillion market by 2028. The forecast points towards increasing demand for Lithium in future. If the company takes this into consideration and takes steps to become more sustainable, it may seriously help in pushing ENVX stock price to the roof.
Carbon emissions from vehicles are giving rise to a demand for electric vehicles. A concept of a ‘three-degree world’ has emerged, which highlights the aftermath of global warming. Scientists believe that a 3-degree world will see the majority of cities drowned under the oceans and people will experience never-before-seen climatic catastrophes around the globe.
Source: https://www.thecoinrepublic.com/2022/11/02/how-sustainability-can-push-envx-stock-price-higher/