After sinking 29% in October, lithium battery stock Enovix (ENVX 10.62%) bounced back in November and rose 24%, according to data from S&P Global Market Intelligence.

In addition to beating analysts' top- and bottom-line estimates for the third quarter, Enovix provided outlooks for the fourth quarter and full year that investors found promising.

Better-than-expected financial results were only part of what charged up the bulls

While analysts expected it to book sales of $0.12 million, Enovix reported revenue of $0.2 million and an adjusted loss per share of $0.19, which was narrower than the $0.23 loss per share that analysts had anticipated.

With regard to improving its manufacturing capacity and taking a step closer toward vertical integration, management confirmed that the company began Factory Acceptance Testing (FAT) at Gen2 in August, and it remains on track toward completing testing of all four zones by January 2024. Successful development of Gen2 is a major catalyst for Enovix. Whereas Gen1 has a production capacity of 100 units per hour, Gen2 is expected to achieve production of 1,350 units hourly.

Investors found the company's move to restructure its operations in California at the Fab1 facility to be another source of encouragement. Planning on using Fab1 for research and development as well as customer qualification instead of manufacturing, Enovix estimates it will save about $22 million annually.

Management also pleased investors with the news that it expects to generate revenue of $3 million to $4 million in the fourth quarter thanks, in part, to the contribution from Routejade, which the company acquired in September, and the planned delivery of silicon batteries to the U.S. Army. Addressing the full year, Enovix expects to burn less cash in 2023 than previously thought -- $110 million instead of $120 million. Additionally, management downwardly revised its 2023 capital expenditures forecast to $65 million from $70 million.

Despite a rise, shares are still down big for the year

For growth stock Enovix, there were a variety of developments that rightfully delighted investors. Those who are considering charging up their portfolios with Enovix, however, should tread carefully. While the company has enjoyed recent success with the development of its new production facility in Malaysia, it's not out of the woods yet. Potential investors, therefore, will want to confirm that the project continues to go according to plan. On the other hand, those uninterested in waiting -- and who recognize the risks -- have an opportunity to grab the stock at a price considerably lower than its 52-week high near $24 that it reached over the summer.