Secures a major order for 100,000 drone battery packs, Enovix (ENVX.US) surged over 17% in after-hours trading at one point.

Enovix (ENVX.US), a U.S. lithium-ion battery developer and manufacturer, surged over 17% at one point in after-hours trading on Tuesday after the company said it had received an initial purchase order for 100,000 battery packs from an unnamed multinational drone systems supplier, with deliveries scheduled for the first half of next year. The customer is gradually expanding its use of Enovix cells, which are produced at the company's TAA-compliant factory in South Korea. Enovix said that following the success of the initial deployment, the customer is expected to place additional orders for the project in the second half of 2027 and beyond. Enovix said the latest order means one item from its previously disclosed $216 million potential project pipeline has officially converted into a confirmed order awaiting delivery, and the company expects more pipeline projects to convert into substantive purchase orders in the coming quarters. "Drone manufacturers urgently need high-performance batteries from a compliant, non-China supply chain right now, and this order demonstrates that Enovix has the ability to deliver," said Chief Revenue Officer Steve Bakos.