QuantumScape Corp (NYSE: QS) recently released its fourth-quarter financial results, beating estimates for its loss per share. The company reported a loss of 23 cents per share, surpassing expectations of a loss of 43 cents per share.
In terms of expenses, QuantumScape stated that it had capital expenditures of $13.8 million in Q4, with operating expenses totaling $124.6 million. The company also highlighted several key improvements it made in 2023, including higher cathode loading, an efficient commercial packaging design, and an improved and more scalable separator process.
Looking ahead, QuantumScape plans to provide adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) guidance to improve comparability with other companies. In Q4, the company reported an adjusted EBITDA loss of $60.7 million. QuantumScape aims to start low-volume QSE-5 prototype production in 2024, with higher volumes expected in 2025.
For the full year of 2024, QuantumScape anticipates capital expenditures between $70 million and $120 million, with an adjusted EBITDA loss of $250 million to $300 million. The company also extended its cash runway, now expecting it to extend into the second half of 2026.
In a letter to shareholders, QuantumScape expressed its commitment to continue its transformation in 2024, incorporating the aforementioned improvements into its target first commercial product, the QSE-5 cell.
Additionally, the company announced the appointment of Siva Sivaram as CEO, effective February 15. Sivaram, who currently serves as the president of QuantumScape, will also join the company’s board. Co-founder and CEO Jagdeep Singh will continue to serve as the chairman of the board.
QuantumScape’s stock price experienced a slight decline of 3.21% after the release of its financial results, trading at $7.42 after hours.
Overall, QuantumScape’s fourth-quarter financial report indicates progress and positive developments for the company. With its ongoing improvements and the appointment of a new CEO, QuantumScape is positioning itself for continued growth and success in the future.
