So, here's a classic earnings story: a company beats expectations, but then tells everyone the next quarter might not be as rosy. That's the tale from Enovix Corp (ENVX) after it reported fourth-quarter results on Wednesday.

The battery technology company managed to top what analysts were looking for on both the top and bottom lines. Revenue came in at $11.27 million, beating the consensus estimate of $10.27 million. On the earnings side, the adjusted loss was 14 cents per share, which was better than the expected loss of 18 cents per share.

For the full year 2025, Enovix said revenue increased 38% compared to the previous year. The company pointed to shipments for defense and industrial applications as the main drivers of that growth. Financially, it's sitting on a comfortable pile of cash, ending the quarter with roughly $621 million in cash, cash equivalents, and marketable securities.

"Our top priority remains completing smartphone qualification and moving into commercial production," said Raj Talluri, the company's president and CEO. He added that during the quarter, customer evaluation samples met key requirements for energy density, fast-charging, and safety, while cycle-life performance improved toward qualification targets.

Now, for the part that gives investors pause. Looking ahead to the current first quarter, Enovix's guidance was a bit softer than the Street wanted. The company expects revenue between $6.5 million and $7.5 million. According to market data, analysts were expecting about $8.34 million. On earnings, it guided for an adjusted loss of 14 to 18 cents per share, which straddles the consensus estimate for a loss of 16 cents.

In a separate move, the company's board gave the green light for a new share repurchase program, authorizing buybacks of up to $75 million worth of stock.

Following the report, Enovix shares were moving higher in extended trading, up 2.28% to $6.29. Company executives were scheduled to discuss the results on an earnings call starting at 5 p.m. Eastern Time.