QuantumScape Corp. (NASDAQ:QS) reported first-quarter results after Wednesday's closing bell, posting a narrower-than-expected quarterly loss.
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QuantumScape Q1 Details
QuantumScape reported quarterly losses of 16 cents per share, which beat the consensus estimate for a loss of 18 cents, according to Benzinga Pro data.
The company reported an adjusted EBITDA loss of $63.2 million in the first quarter, in line with expectations, and reiterated its full-year adjusted EBITDA loss guidance of between $250 million and $275 million.
Management also reiterated full-year capex guidance of between $40 million and $60 million.
Customer billings for the first quarter were $11 million, which QuantumScape described as a mix of customer development activities and ecosystem partner payments.
QuantumScape said it has completed its technology evaluation with an additional (besides Volkswagen) Top-10 global automotive OEM customer.
“The technology of the past is struggling to keep up [with AI], and innovations in energy storage are essential to this transformational change. Thanks to our years of careful planning, consistent execution and constancy of vision, QS is in the middle of this electrotech story,” CEO Dr. Siva Sivaram wrote in a letter to shareholders.
QS Stock Price: According to data from Benzinga Pro, QuantumScape stock was up 10.56% to $8.08 in Wednesday's extended trading.
Photo Courtesy of QuantumScape Corp.
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