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QuantumScape Corp (NYSE:QS) shares are trading lower Thursday on the heels of the company’s fourth-quarter financial results.
What Happened: QuantumScape reported a fourth-quarter loss of 23 cents per share, which beat estimates for a loss of 43 cents per share, according to Benzinga Pro.
QuantumScape said capital expenditures in the fourth quarter totaled $13.8 million, and operating expenses came in at $124.6 million. Full-year 2024 capital expenditures are expected to be between $70 million and $120 million.
The company said it plans to begin providing adjusted EBITDA guidance for improved comparability to other companies. QuantumScape reported an adjusted EBITDA loss of $60.7 million in the fourth quarter. The company said it anticipates a full-year 2024 adjusted EBITDA loss of $250 million to $300 million.
QuantumScape said it's targeting low-volume QSE-5 prototype production in 2024 and higher volumes in 2025. The company also said it now expects its cash runway to extend into the second half of 2026.
"Our 2024 guidance reflects efforts to maintain our commercialization timeline while conserving cash and extending our runway, primarily by focusing on process improvement. The result is an operating plan that increases QS-0 output while holding 2024 capex to similar levels as 2023," the company said in a letter to shareholders.
QuantumScape appointed current president Siva Sivaram to CEO, effective Thursday. Sivaram will also become a member of the company's board. Co-founder and CEO Jagdeep Singh will continue to serve as the chairman of the board.
QS Price Action: QuantumScape shares were down 5.02% at $7.28 at the time of writing, according to Benzinga Pro.
Photo: courtesy of QuantumScape.
Posted In: QS
