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QuantumScape | 8-K: QuantumScape Reports First Quarter 2024 Business and Financial Results

SEC announcement · Apr 24 16:24

QS +2.15%

Summary by Moomoo AI

On April 24, 2024, QuantumScape Corporation reported its financial results for the first quarter of 2024, which concluded on March 31. The company, known for its solid-state lithium-metal battery technology, announced the commencement of shipments of its six-layer Alpha-2 prototype battery cells to automotive customers, marking the achievement of one of its four key goals for the year. The Alpha-2 prototype is touted to be more energy-dense than previous iterations and is a significant step towards the commercial product QSE-5, expected to offer high energy density, high discharge power, and fast charging capabilities. QuantumScape's financials for the quarter included capital expenditures of $14.1 million, primarily directed towards low volume QSE-5 prototype production and preparations for higher volume production in 2025. The company reported a GAAP net loss of $120.6 million and an Adjusted EBITDA loss of $76.2 million. Despite these losses, QuantumScape ended the quarter with $1.01 billion in liquidity and maintains its cash runway projection into the second half of 2026. The company's strategic outlook remains focused on bringing its solid-state lithium-metal battery cell to the electric vehicle market.

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