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QuantumScape Corp. Reports Q2 Loss, but Sees Potential in Automotive Market

by Myfxtools
July 28, 2023
in News
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Shares of QuantumScape Corp. (QS) soared 12.8% to a five-month high on Thursday afternoon, following the company’s announcement of a second-quarter loss that was larger than expected. However, the developer of electric vehicle batteries also revealed that it is currently in discussions with a potential launch customer in the automotive industry.

Initially, the stock surged by 41.5% after market open before experiencing a slight pullback. QuantumScape aims to collaborate closely with the automaker to bring its first product, the QSE-5, to market as quickly as possible.

Despite the widening net loss in the second quarter to $113.9 million (26 cents per share), compared to $98.2 million (22 cents per share) in the same period last year, QuantumScape remains optimistic about its future prospects. The company’s performance fell short of the FactSet consensus, which had predicted a narrower loss of 20 cents per share. It’s worth noting that QuantumScape has not yet reported any sales figures.

“While QuantumScape appears to be gaining momentum regarding its upcoming launch cell, we maintain our Hold rating due to the balanced near-term risk/reward profile,” commented Truist analyst Jordan Levy in a note to clients.

Having risen by 46.4% in the past three months, QuantumScape’s stock is on track to achieve its highest closing since February 15. In comparison, the S&P 500 has recorded an 18.3% increase during the same period.

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Tags: automotive marketelectric vehicle batteriesQSE-5QuantumScape
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