QuantumScape shares dip on earnings miss; New CEO appointed
SAN JOSE — QuantumScape Corporation (QS), a pioneer in the development of solid-state lithium-metal batteries, reported a fourth-quarter earnings miss, with an adjusted EPS of ($0.23), which was below the analysts' estimate of ($0.19).
Following the announcement, the company's shares fell by 2.3%.
The company's focus for the upcoming year includes capital expenditures projected to be between $70M and $120M, aimed at supporting the production of QSE-5 prototype batteries and the advancement of the Cobra process in preparation for increased production volumes in 2025.
QuantumScape anticipates an adjusted EBITDA for the full year 2024 to range between ($250M) and ($300M), reflecting a strategy to balance commercialization efforts with cash conservation.
In a recent development, QuantumScape's longstanding partner, Volkswagen Group's PowerCo, validated the performance of the A0 prototype cells. PowerCo CEO Frank Blome expressed confidence in the solid-state cell technology, highlighting its potential for long-range, fast-charging, and durable battery cells.
«The best-performing cell achieved over 1,000 cycles with over 95% capacity retention,» Blome stated, underscoring the progress towards series production with QuantumScape.
Additionally, QuantumScape announced a significant leadership change, with Dr. Siva Sivaram being appointed as CEO and a member of the board of directors, effective February 15, 2024.
Jagdeep Singh, co-founder and current CEO, will transition to the role of Chairman of the Board of Directors.
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