Quantumscape Corp Reports Q3 Results

Quantumscape Corp (NYSE:QS) saw its shares soar more than 17% in premarket trading Thursday after the company reported Q3 results and offered an update on battery cell testing for automotive customers.

Q3 Financials

• Loss per Share: $0.23, matching analyst expectations.
• Adjusted EBITDA Loss: $71.6 million (slightly higher than expected $70.5 million).
• Annual Adjusted EBITDA Guidance: Between $280 million and $300 million, aligned with original projections.

Production Update

QuantumScape has started the production of low volumes of its first B-sample cells, currently being shipped for testing by automotive customers. Achieving this milestone is a critical goal for 2024.

B-sample Highlights

• Product: QSE-5
• Energy Density: Exceeds 800 watt-hours per liter (Wh/L)
• Fast Charging: 10% to 80% in less than 15 minutes.

These cells are noted as the first anode-free solid-state lithium-metal cells for next-generation automotive applications.

Future Plans

The company aims to ship more samples, gather customer feedback, and refine processes. They acknowledge the need for improvements in cell reliability, yield, and equipment productivity.

QuantumScape targets to bring its advanced Cobra separator process into production by 2025 to achieve higher volumes and meet targets.