QuantumScape Corp QS reported fourth-quarter monetary outcomes Wednesday after the bell. Right here’s a rundown of the report.
What Occurred: QuantumScape reported a fourth-quarter lack of 23 cents per share, which beat estimates for a lack of 43 cents per share, in keeping with Benzinga Professional.
QuantumScape stated capital expenditures within the fourth quarter totaled $13.8 million, and working bills got here in at $124.6 million.
The corporate stated it plans to start offering adjusted EBITDA steering for improved comparability to different firms. QuantumScape reported an adjusted EBITDA lack of $60.7 million within the fourth quarter. The corporate ended the quarter with $1.07 billion in liquidity.
QuantumScape highlighted key component-level enhancements it made in 2023, together with larger cathode loading, an environment friendly business packaging design and an improved and extra scalable separator course of.
“We count on our transformation to proceed in 2024, culminating within the integration of those enhancements into our goal first business product, the QSE-5 cell,” the corporate stated in a letter to shareholders.
Outlook: QuantumScape stated it’s focusing on low-volume QSE-5 prototype manufacturing in 2024 and better volumes in 2025.
Full-year 2024 capital expenditures are anticipated to be between $70 million and $120 million. The corporate anticipates a full-year 2024 adjusted EBITDA lack of $250 million to $300 million. QuantumScape additionally stated it now expects its money runway to increase into the second half of 2026.
“Our 2024 steering displays efforts to keep up our commercialization timeline whereas conserving money and increasing our runway, primarily by specializing in course of enchancment. The result’s an working plan that will increase QS-0 output whereas holding 2024 capex to comparable ranges as 2023,” the corporate stated.
QuantumScape additionally appointed present president Siva Sivaram to CEO, efficient Feb. 15. Sivaram may also develop into a member of the corporate’s board. Co-founder and CEO Jagdeep Singh will proceed to function the chairman of the board.
Administration will maintain a convention name to debate these outcomes at 5 p.m. ET.
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QS Value Motion: QuantumScape shares had been down 3.21% after hours at $7.42 on the time of publication, in keeping with Benzinga Professional.
Photograph: Shutterstock.
