QuantumScape Corp (NYSE:QS) shares are rising Thursday after the company reported better-than-expected results for the third quarter and announced it began shipping B1 samples of its QSE-5 cell.
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What To Know: QuantumScape posted a loss of 18 cents per share in the third quarter, which beat analyst estimates for a loss of 21 cents per share, per Benzinga Pro data.
Customer billings totaled $12.8 million in the third quarter. The company ended the quarter with $1.08 billion in total liquidity and said it believes its cash runway extends through the end of the decade. Moving forward, QuantumScape plans to stop providing updates on cash runway and instead provide updates on billings.
QuantumScape said it made "substantial progress" during the quarter on expanding commercial engagement, engaging new customers and adding additional partners. The company began shipping B1 samples of its QSE-5 cell, which was one of the company's key goals for the year. The cells feature separators produced using QuantumScape’s Cobra process.
“We are working together with our partners to bring our groundbreaking solid-state lithium-metal battery technology to market as quickly as possible. This announcement is another critical step toward achieving our goal of revolutionizing energy storage,” said Luca Fasoli, COO of QuantumScape.
Cobra-based QSE-5 cells are featured in QuantumScape’s first vehicle program with VW Group, the Ducati V21L motorcycle. The Ducati program is designed as a real-world demonstration of the performance profile of the company’s solid-state battery technology.
QuantumScape said in the release that it now expects a full-year adjusted EBITDA loss between $245 million and $260 million.
QS Price Action: QuantumScape shares were up 6.48% at $14.46 at the time of publication on Thursday, according to Benzinga Pro.
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