QuantumScape Corporation, a company specializing in the development of solid-state lithium-metal battery technology, has completed and filed its annual report for the fiscal year ending December 31, 2023. The report disclosed a net loss of $445.1 million for the year, with an accumulated deficit of $2.9 billion since the company's inception. Despite the losses, QuantumScape reported having $1.1 billion in cash, cash equivalents, and marketable securities. Research and development expenses rose to $347.9 million, reflecting the company's efforts to advance prototype cells and scale up its pre-pilot production line, QS-0. General and administrative expenses also saw an increase to $131.1 million. The company successfully raised $288.2 million in net proceeds from a public offering in August 2023 and anticipates that its current cash resources...Show More

QuantumScape Corporation, a company specializing in the development of solid-state lithium-metal battery technology, has completed and filed its annual report for the fiscal year ending December 31, 2023. The report disclosed a net loss of $445.1 million for the year, with an accumulated deficit of $2.9 billion since the company's inception. Despite the losses, QuantumScape reported having $1.1 billion in cash, cash equivalents, and marketable securities. Research and development expenses rose to $347.9 million, reflecting the company's efforts to advance prototype cells and scale up its pre-pilot production line, QS-0. General and administrative expenses also saw an increase to $131.1 million. The company successfully raised $288.2 million in net proceeds from a public offering in August 2023 and anticipates that its current cash resources will be sufficient into the second half of 2026. QuantumScape is exposed to various market and credit risks, including interest rate, inflation, and foreign currency risks. It is also involved in ongoing legal proceedings, including class action lawsuits and shareholder derivative suits. The annual report noted a stock-based compensation expense of $166.3 million and the implementation of the 2023 Bonus Plan. The joint venture with Volkswagen, QSV Operations LLC, is consolidated in the financial reporting, with Volkswagen's put rights triggered but not exercised as of the report's end date. QuantumScape has placed a full valuation allowance against its deferred tax assets due to the uncertainty of realization. Lastly, the company announced the appointment of Dr. Siva Sivaram as CEO effective February 15, 2024, with Mr. Jagdeep Singh transitioning from CEO to continue as Chairman of the Board.