QuantumScape Corporation (NYSE:QS) reported its second-quarter financial results Wednesday. Here's a look at the details:
The Details: QuantumScape reported GAAP quarterly losses of 25 cents per share which missed the analyst consensus estimate of losses of 23 cents by 8.7%.
The company reported capital expenditures in the second quarter were $18.9 million and primarily supported equipment
purchases for low-volume QSE-5 prototype production, as well as the Cobra process and other equipment as the company prepares for higher-volume QSE-5 prototype production in 2025.
QuantumScape ended the second quarter with $938 million in liquidity.
The company said its recent licensing deal with PowerCo offers a capital-efficient path to market and now projects its cash runway to extend into 2028.
The extension of its cash runway forecast is mainly attributable to the avoidance of planned spend on its joint venture which frees up $134 million previously earmarked for our investment into the JV, prepayment of royalties contingent on satisfactory technical progress, inflows of development resources from our collaboration partner and improvements to capital and operational efficiency with respect to existing operations.
Outlook: QuantumScape maintained its full-year 2024 guidance for Adjusted EBITDA loss to be between $250 million and $300 million and expects to be on the lower end of its capital expenditure guidance range of $70 million to $120 million.
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QS Price Action: According to Benzinga Pro, QuantumScape shares are down 5.09% after-hours at $7.08 after falling 7.2% during regular trading Wednesday.
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Image: Courtesy of QuantumScape Corporation