QuantumScape Corporation QS stock is moving lower on Thursday. The company reported 2024 fiscal year second quarter earnings after the market closed on Wednesday.
What To Know: The battery manufacturing company reported a loss of 25 cents per share missing analyst estimates of a loss of 23 cents per share.
For the second quarter, QuantumScape reported capital expenditures of $18.9 million, mainly for equipment purchases related to low-volume QSE-5 prototype production and preparations for higher-volume production in 2025.
The company ended the quarter with $938 million in liquidity and it maintains its full-year 2024 guidance for an Adjusted EBITDA loss between $250 million and $300 million.
During the second quarter, the company and Volkswagen Group finalized a deal. The deal includes a joint team from both companies to advance the solid-state battery technology and a non-exclusive licensing arrangement with a $130 million prepayment and coverage for up to 80 GWh of annual production, supporting the development and scaling of the battery technology for electric vehicles.
See Also: Nasdaq Q2 Earnings: Revenue Surge, Financial Tech and Index Segments Show Strong Growth
QS Price Action: QuantumScape Corporation shares are trading down 8.71% at $6.81, per data from Benzinga Pro.
Image: Courtesy of QuantumScape
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