QuantumScape (NYSE:QS) shares are trading lower Thursday after the company reported worse-than-expected Q4 EPS.
QuantumScape reported a fourth-quarter net loss of $0.25 per share, which missed consensus estimates for a loss of $0.21 per share.
For full-year 2023, QuantumScape anticipates capital expenditures in a range of $100 million to $150 million, compared with total 2022 capex of $158.8 million.
“This guidance reflects our efforts to preserve our commercialization goals while conserving cash and extending our runway given the macroeconomic environment, primarily by optimizing non-personnel resources as well as rebalancing personnel,” the company said.
As a result of cost reductions, QuantumScape now believes it has enough cash to last until the second half of 2025 versus previous expectations for a cash runway out to the end of 2024.
QuantumScape aims to transform energy storage with solid-state lithium-metal battery technology. The company’s batteries are designed to enable greater energy density, faster charging and enhanced safety to support the transition away from legacy energy sources toward a lower carbon future.
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QS Price Action: QuantumScape has a 52-week high of $22.21 and a 52-week low of $5.11.
QuantumScape shares are down 19.9% at $9.49 at the time of publication, according to Benzinga Pro.
Photo: courtesy of QuantumScape.
