QuantumScape Shares Rise After Update on Battery Cell Production; Posts Expected Q3 Loss

MT Newswires Live10-24

QuantumScape (QS) shares gained more than 21% in recent trading after the battery maker reported Q3 results late Wednesday and said it has started production of low volumes of its first B-sample cells, which are being shipped to automotive customers for testing.

The company said in a letter to shareholders that the production start was its "most important goal for 2024."

The company reported a Q3 net loss of $0.23 per diluted share, unchanged from a year earlier and matching the estimate of analysts surveyed by Capital IQ.

QuantumScape also said it is on track for a full-year adjusted EBITDA loss of $280 million to $300 million, within its guidance range.

Price: 6.29, Change: +1.11, Percent Change: +21.51

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