QuantumScape Stock Is Trading Lower: Here's What's Happening

QuantumScape Corp QS shares are trading lower Thursday on the heels of the company's third-quarter financial results.

What To Know: QuantumScape reported a third-quarter loss of 23 cents per share, which beat estimates for a loss of 30 cents per share, per Benzinga Pro.

The company said operating expenses totaled $121 million in the quarter. Capital expenditures came in at $18 million. 

QuantumScape maintained its full-year cash operating expense outlook of $225 million to $275 million and revised its capex guidance lower to a range of $75 million to $100 million. 

The company ended the quarter with about $1.1 billion in liquidity after raising $300 million in the quarter and now expects its cash runway will extend into 2026. 

Quantumscape highlighted the success of one of its A0 prototype cells in a prospective customer's battery testing lab. The company acknowledged it has work to do on certain aspects of the prototype like reliability, but called the results "exceptional."

"We are not aware of any automotive-format lithium-metal battery that has shown such high discharge energy retention over a comparable cycle count, at room temperature and modest pressure, regardless of C-rate," the company said in a letter to shareholders.

"We believe that no competing electrolyte — solid or liquid — has demonstrated sufficient stability with lithium metal to achieve this, and that this result sets a new high-water mark for lithium-metal battery performance."

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QuantumScape said it planned to continue to focus on moving from prototype to product in 2023. 

"With just a few months remaining in the year, we are maintaining aggressive near-term schedules and remain focused on bringing a potentially disruptive first product to market in the near future," the company added. 

QS Price Action: QuantumScape shares were down 2.02% at $5.49 at the time of writing, according to Benzinga Pro.

Photo: Dean Simone from Pixabay.